Money Matters 2020
Though the Czech Republic is a member of the European Union, the Czech Republic’s official form of currency is the Koruna (CZK), also known as the 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, and 5000 CZK, whilst they 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, or by using an ATM. Current exchange rate (Czech National Bank Website).
Or you can use the services of our partner exchange office. You will receive VIP rates after showing them the Heart of Europe 2020 International Debating Tournament participants’ card.
Banks are regularly open on weekdays during working hours. Some banks are open later until 8 pm. Busy branches in the city centre are usually open longer. ATMs are widely available throughout major cities in the Czech Republic. Most Czech ATMs offer instructions in multiple languages; they operate 24/7.
ATM map
Branches of Banks in Olomouc
View the maps of branches of banks in Olomouc
Air bank, Olomouc
Credit Cards
Cash is still the best option when traveling in the Czech Republic, as not everyone outside of the city centre 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).
Cashback
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 the ones not supported by the CSOB bank).
The Euro
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 2019. Currently, there are a few places that take the Euro but these are limited to towns closer 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 your 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 a 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.
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| Rate | Type | Which goods or services |
|---|---|---|
| 21% | Standard | All other taxable goods and services. |
| 15% | Reduced | Foodstuffs (excluding essential child nutrition and gluten-free food); non-alcoholic beverages; take away food; water supplies; medical equipment for disabled persons; children’s car seats; some domestic passenger transport; some books (excluding e-books); admission to cultural events, shows and amusement parks; writers and composers; social housing; renovation and repair of private dwellings; cleaning of private households; some agricultural supplies; hotel accomodation; admission to sporting events; use of sporting facilities; social services; supplies to undertaker and cremation services; medical and dental care; domestic care services; firewood; some pharmaceuticals; some domestic waste collection and street cleaning; treatment of waste and waste water; food provided in restaurants and cafes; cut flowers and plants for decorative use and food production. |
| 10% | Reduced | Foodstuffs (selected baby food and gluten-free food); newspapers and periodicals; some pharmaceutical products; some books (excluding e-books). |
| 0% | Zero | Intra-community and international transport. |
Tipping Protocol
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 the European youth, not just students, is a European Youth Card. On the website, you can find information on discounts in the Czech Republic, and what is needed to obtain an EYCA card.