Money Matters 2018
Though the Czech Republic is a member of the European Union, Czech Republic’s official form of currency is the Czech Republic’s Koruna (CZK), or Czech crown.There are six different coin denominations and six different bill denominations in circulation. Coins are denominated in 1, 2 5, 10, 20 and 50 CZK. Bills are denominated in 100, 200, 500, 1000, 2000, 5000 CZK, and each vary in size and colour.
Exchanging cash can be expensive, as hotels charge 5% and private exchange offices charge 10%. The best way to carry money is by credit card, obtaining cash advances in banks or by using an ATM/money machine. Current exchange rate– Czech National Bank Website
Or you can use services of our partnering exchange office. You will receive VIP rates after producing HOE 2018 participant card.
|CITY CENTER – Riegrova 5
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Banking and ATMS
Banks are regularly open on weekdays during working hours. Some banks are open later, for example until 8 pm. Busy branches in the city centres are usually open longer. Automated Teller Machines (ATMs) are widely available throughout major cities in the Czech Republic. Most Czech ATMs offer instructions in multiple languages. They operate 24 hours a day. The press has reported that criminal organizations are illegally obtaining users’ ATM card numbers and PIN codes by electronically “skimming” the information from victims’ cards at ATMs. This activity has reportedly occurred at ATMs in public areas– even bank lobbies covered by security cameras. Visitors requiring ATM services should attempt to use machines at more secure or heavily traveled and monitored locations, such as commercial banks, large hotels, and the airport.
Branches of Banks in Olomouc
View the maps of branches of banks in Olomouc
Air bank, Olomouc
AXA Banka, Olomouc
Ceska sporitelna, Olomouc
Fio banka, Olomouc
Komercni banka, Olomouc
Oberbank AG, Olomouc
Postovni sporitelna, Olomouc
UniCredit Bank, Olomouc
Cash is still the best option when traveling in the Czech Republic, as not everyone outside of the city center will accept credit cards. However, credit cards are still useful in a bind when you need to withdraw money from bank machines (albeit at the steep interest rate charged).
This is just starting in the Czech Republic. Currently the CSOB bank in association with the Albert supermarket chain as well as the “post insurance” company offer the service. It’s bad enough trying to make yourself understood in Czech let alone trying to persuade a cashier in English that you want cashback so, we expect it will take some time to get fully working. It’s the same as in the United Kingdom. If you have purchased something and you want extra cash then you just make a separate transaction with the credit card. The Czech cashback system does not appear to support debit cards at present (at least one’s not supported by the CSOB bank).
Since May 1st 2004 the Czech Republic has been a member of the European Union. It is not however a member of the Euro Zone and as such it is not required to use the Euro as its main currency until at least 2018. Currently there are a few places that take the Euro but these are limited to towns close to the German and Austrian borders. In Prague itself if a restaurant etc accepts the Euro it will state that your change will be in Euros if available. Others will state immediately that change is in Czech Koruny.
Value Added Tax (VAT)
The standard VAT rate in the Czech Republic is 21% since 1 January 2013. There is a reduced rate of 15% on food and the supply of some services. Since 2015 there is also second reduced rate of 10% on books and for baby food and baby suplies. A number of services are exempt from Czech VAT, such as financial and postal services.
It is usual to leave a tip in restaurants – especially as an expression of your satisfaction with the services of the establishment. A member of staff usually brings the bill and leaves. When he or she returns, it is up to you to say how much you actually want to pay. Another option is to pay the precise amount and to leave the tip on the table. Tips are usually left at the level of roughly 10 percent of the bill. Tipping of taxi drivers is welcome, but not expected. Tips are also welcomed but not expected by bartenders, and the amount is completely at your discretion.
ISIC Card & EYCA Card
It is recommended that students look into purchasing an ISIC. The ISIC card is an internationally recognized student ID card that gives students thousands of discounts worldwide from travel to cinema, meals and more. While you will likely have a student ID from your host university abroad, it may not grant you discounts that an ISIC card could. You will likely be able to purchase an ISIC card abroad, but it is most convenient to purchase this card BEFORE you arrive, as it may grant you travel discounts, and you won’t have to deal with the hassle of international delivery. To find out how to get an ISIC card, visit www.isic.org. Once there, you can find information on discounts in Czech Republic, and what is needed to obtain an ISIC card.
Another option for European youth, not just students, is European Youth Card www.eyca.org Once there, you can find information on discounts in Czech Republic, and what is needed to obtain an EYCA card.