Managing your finances is one of the most important and challenging aspects of a successful and enjoyable stay in the Czech Republic. Dealing with a new currency and cost of living is the beginning of the challenge. Before you leave home, please pay attention to the exchange rate between your country’s currency and the Czech crown.
It is important to speak to your Faculty representative about your salary and ask for written confirmation. Prepare a budget for yourself based on the estimated expenses. Use the list below to help you think about all the possible expenses you may have.
- Accommodation, including utility fees
- Telephone and Internet
- Transportation
- Personal expenses
- Food
- Family expenses
- Leisure time expenses
Opening a bank account in the Czech Republic
One of the first things you should do after you arrive in the Czech Republic is to establish a bank account. It is not a good idea to carry large amounts of cash and keep it in your apartment. Banks are generally open Mondays through Fridays, usually from 9:00 a.m. until 4:00 p.m.
In the Czech Republic, you will find a variety of national as well as international banks which can provide a wide range of services and facilities for foreign customers. These services include checking and savings accounts, traveller’s checks, credit/debit cards, money orders, safe deposit boxes for valuables, and more. You should look for a bank that is near your residence or CZU campus, pays favourable interest rates on your accounts, and has conveniently located ATM machines. In general, rules for opening a bank account are similar in each bank, but each bank has its own terms and conditions.
Most banks require at least your passport and another form of identification, such as a driver’s license or identity card. They can also ask for a residency card, an employment contract, or an accommodation agreement to prove your link to the Czech Republic.
Please contact our Welcome Centre if you need further help or accompaniment when visiting the bank.
Recommended banks
You may need a Czech telephone number for creating a bank account. To obtain a Czech telephone number, you can visit one of the phone operators, for example T-Mobile at Vítězné náměstí 828/11, Praha 6 - Dejvice and ask for a SIM card with the Czech telephone number.
UniCredit Bank
Tel.: +420 222 010 222
https://www.unicreditbank.cz/en
Recommended by our international researchers with benefits for CZU employees.
Address: Dejvická 575, Praha 6
Raiffeisen bank
Tel: +420 412 440?000
This bank offers a special account for scientists with no fees (make sure to let them know when opening the account), free ATM withdrawals around the world, and free foreign currency accounts. Proof of your connection to the Czech Republic is required when opening an account. Both the mobile app and internet banking are in English.
Česká spořitelna
Tel: +420 800 207 207
ČSOB
Tel: +420 800 300 300
Moneta
Tel: +420 224 444?666
The mobile app and internet banking are in English.
mBank
Tel: +420 222 111 999
Fio banka
Tel: +420 224 346 800
AirBank
Tel: +420 515 202?202
The website, internet banking and mobile app are in Czech only.
KB (Komerční banka)
Tel: +420 800 521?521
The mobile app and internet banking are in English, KB has a special “expat premium branch”.
Direct contact: Štěpánská 42, Prague 1
International bank transfers
International payment transfers take two to seven days to complete. Most banks offer the option of express transfers, where the money is credited to the recipient’s account one business day after the due date. Do not forget that banks charge fees for international payments.
Bills and Coins
The official currency of the Czech Republic is the Czech crown (CZK). Czech coinage consists of 1, 2, 5,10, 20 and 50 Crown pieces. Banknotes come in 100, 200, 500, 1000, 2000, 5000, increasing in size with value and varying in colour and graphic designs - https://en.wikipedia.org/wiki/Czech_koruna
Store price tags frequently have odd amounts, such as 34,70 Kč or 9,60 Kč (note European decimalization). These prices are rounded up or down at the register to the nearest crown.
Buying currency in the Czech Republic will get you a much better rate but usually only in the banks, not exchange o?ces. It is still advisable to get your cash from cash points (ATMs) using a debit card.
How to pay for goods and services in the Czech Republic
Generally, credit or debit cards are widely accepted forms of payment. However, you are expected to use cash when buying goods at street markets, local shops, cafes, bars, sightseeing and entertainment venues, public restrooms, and many vending machines. Tipping in cash is also often preferred.
Although the o?cial currency in the Czech Republic is still the Crown, many restaurants or tourist attractions cash desks in Prague will now accept Euros. However, it is not advisable to pay in Euros as the exchange rate given by the establishments is usually poor.
Currency exchange office
- Please be aware that different exchange offices sometimes offer widely varying rates. Commission fees are not legal on currency exchange transactions, so the frequently advertised “0% commission” is simply the norm.
- To ensure you are getting the rate you expect, ask the clerk to write the amount on a piece of paper before you hand over your money.
- Always demand a printed receipt, to which you are entitled, and count your money at the counter and save the receipt.
- You can cancel the transaction within 3 hours after the exchange was completed, provided that the transaction value didn’t exceed 1,000 Euros.
We recommend the exchange office in Prague 1.
Exchange, website: https://www.exchange.cz/#kontakt
Address: Kaprova 15, Praha 1 – Josefov - near subway/metro station Staroměstská (green line)
General safety tips
- Do not carry large amounts of cash with you.
- Do not send cash through the mail.
- Protect your credit/debit card, and do not share your “PIN” number with anyone.
- Carefully read all financial documents and contracts before you sign your name.