Take an N26 card to Prague
- N26 is a great option to take to Prague
- Order now and it can arrive within 10 business days
- No ATM fees
- No transaction fees
- Strong European presence
Bisected by the Vlatava River, Prague’s Gothic grace and Renaissance architecture is enough to draw millions of tourists every year, not to mention the pull of its many world-class museums and baroque churches.
While the city rivals that of any European capital, the Czech Republic is not actually a member of the Eurozone. This means that Czech Crown (Koruna) is the national currency in Prague.
As with any trip it’s important to get your finances in order before you go. Here, find out how much Koruna you might need and the best forms of payment to use.
Good for any potential traveller to bear in mind is that while the traditional way of getting travel money is all well and good, there’s a range of digital apps that can make the process even simpler. These include Starling, Revolut and N26. If these new age solutions float your boat, you can read our guide to learn more about them.
Although the city still enjoys a lingering reputation as a bargain basement destination, prices have risen considerably in recent years. It remains affordable in comparison to western European countries, though, with 1 British pound worth around 30 Koruna.
Travellers to Prague will find debit, credit and travel cards can be used throughout the city. Visa, Mastercard and American Express branded products can be used at point of sale terminals for purchases and at ATM machines (bancomats) for withdrawals too. Expect to be able to use these cards at restaurants, hotels, supermarkets, retailers, train and metro stations throughout the city.
If you need to withdraw more cash, the good news is that most banks in Prague don’t charge ATM usage fees.
Most digital banking apps, which are a great option owing to very low if not flat transaction and withdrawal fees, come with either a Visa or Mastercard bank card. They work as normal bank accounts do, so the “topping up” process simply consists of transferring money into the account.
Find out whether you should be using debit or credit cards, prepaid cards, traveller’s cheques or cash for your time in Prague.
Having a travel-friendly debit card with you means you are able to buy things cheaply over the counter or make withdrawals from ATMs overseas, without being charged a fee.
These cards can be used with ease in Prague where Visa and Mastercard are accepted, and you can make contactless payments too.
For the best travel-friendly debit card options you’ll need one with a no currency conversion fee and no international ATM withdrawal fee. If you bank with a digital-only bank like Monzo or Starling you can avoid these extra fees. Find out more here.
A travel-friendly credit card gives you a cost-effective way to make purchases outside the UK. Look for a card which waives the fee for currency conversion when you make a transaction in Czech Koruna.
These accounts also offer handy features for travellers such as providing complimentary travel insurance when you charge the cost of your return travel ticket to your card, and you’re also protected by the card scheme (Visa/Mastercard/American Express) anti-fraud guarantees (debit cards and travel cards are also covered), which should allay any fears about card fraud in Prague.
These are good for allowing you to load the currency of the destination you’re travelling to. Unfortunately, no British travel cards allow you to load and spend in Czech Koruna, but if you want to take a prepaid card, there are only two budget-friendly options.
Either you get a no currency conversion fee travel card, or a no international ATM withdrawal fee card. Be aware that there are cards which waive one fee, but not the other.
If your stay in Prague is temporary and you have plans to move onto other European countries, this product shouldn’t be overlooked.
Traveller’s cheques can be cashed at banks and exchange offices in Prague. Although these products are not a popular way to carry funds to another country any more, they are are still in use in the city. When you cash your cheques, you’ll pay a commission. Exchange offices (up to 10%) charge a higher commission than banks (2%).
While cards are widely accepted in Prague, there are more than a handful of times when you’ll need cash — markets, hole-in-the-wall bars, small transactions at stores and in rural areas.
Despite being a full member of the European Union, The Czech Republic has yet to introduce the Euro as the official currency. Although the economy is relatively stable and is considered ready to integrate into the Eurozone, popular opinion remains against the move.
But, as is the case in so many neighbouring countries, the Euro acts as a kind of unofficial currency in Prague, often readily accepted, sometimes even more than cards.
However, it is still advised to change euros into Koruna and pay with that instead, because of the unpredictable exchange rate.
You should also try to purchase Koruna in the UK before you depart. Your bank will be able to sell you cash and you can buy the currency from the Post Office and other foreign exchange providers in shopping centres, but be sure to avoid airports.
It’s relatively easy to get cash exchanged in Prague. Look for the word ‘valuty’, meaning literally ‘change’. If you have foreign currency to change to Czech Koruna, you’re looking for the ‘buy’ rate. But look for the ‘sell’ rate if you need to change your Koruna back to foreign currency.
If there is a large difference between the ‘buy’ rate and the ‘sell’ rate, take your business elsewhere.
Some exchange places will charge a flat fee for the service, and others will charge a commission. A commission is more suitable if you are changing a small amount of money and a fixed rate is better for larger amounts.
Stay away from the exchange places in the Old Town, for example, as they often have poorer exchange rates and higher commission designed just for tourists. Banks generally charge 2%.
It’s important to have more than one way to access your money when you’re in Prague, or anywhere for that matter. While emergency cash assistance from companies such as Visa and Mastercard can give you the money in your account if your card is lost or stolen, this request can take a up to a couple of days to process.
A travel card may not be the best product to use in Prague; however, prepaid travel cards are worth considering if you’re on a extended trip in the European Union.
Whereas, travel-friendly debit cards combine some of the benefits of a travel card, minus the fees and you might also want to take a credit card so you can access an emergency line of credit. This may also be useful if you need to put down a credit card as a security deposit. Similarly, most leading digital banking apps offer a range of benefits, not least of which is zero transaction and withdrawal fees.
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