Local Currency and Exchange Information

The local currency in Prague, Czech Republic, is the Czech Koruna (CZK). As of October 2023, the exchange rate fluctuates around 1 USD = 22 CZK, but it's advisable to check current rates before your trip as they can vary significantly.

Currency exchange services are widely available, including at airports, banks, and currency exchange offices. However, be cautious of exchange offices that offer rates below the standard market rate or charge high fees. It's generally better to exchange money at banks or withdraw cash from ATMs.

Payment Methods and Banking Options

In Prague, both cash and card payments are widely accepted, but it’s recommended to carry some cash for smaller purchases, especially in local markets or smaller establishments.

• Credit and Debit Cards: Visa and Mastercard are the most commonly accepted cards. American Express is less widely accepted.
• ATMs: ATMs are plentiful and offer a convenient way to withdraw local currency. Look for ATMs affiliated with major banks to avoid high fees.
• Mobile Payments: Mobile payment apps like Apple Pay and Google Pay are increasingly accepted in larger shops and restaurants.

Tipping Customs and Payment Etiquette

Tipping in Prague is customary but not mandatory. If you receive good service, it’s polite to leave a tip of about 10-15% of the total bill. Here are some guidelines:

• In restaurants, it’s common to round up the bill or leave small change.
• For taxi drivers, rounding up to the nearest whole number or adding a small tip is appreciated.
• In bars or cafés, leaving a small tip on the table is customary.

Important: Always check if a service charge is included before tipping, as this is sometimes automatically added to the bill.

Cost Considerations and Budgeting Tips

Prague is generally affordable compared to many Western European cities, but costs can vary based on your lifestyle and preferences. Here are some average costs to consider:

• Meals: A meal at a mid-range restaurant costs around 300-600 CZK.
• Coffee: A cup of coffee typically costs between 50-100 CZK.
• Public Transport: A single ticket costs about 32 CZK.

When budgeting, consider allocating funds for sightseeing, dining, and transportation. It’s wise to keep track of your expenses and adjust your budget accordingly throughout your trip.

Practical Financial Advice for Travelers

To make the most of your financial experience in Prague, follow these tips:

• Notify Your Bank: Inform your bank about your travel plans to avoid any issues with card usage abroad.
• Use Local Currency: Always opt to pay in the local currency when given the option, as this can often save you on conversion fees.
• Keep Small Bills: Having smaller denominations can be helpful for tips and small purchases.
• Watch Out for Fees: Be mindful of ATM withdrawal fees and currency conversion fees charged by your bank.

By staying informed and planning ahead, you can manage your finances effectively while enjoying the beautiful city of Prague.