Czech Currency

The Czech Republic utilizes a Czech currency referred to as the Ceska Koruna. More commonly referred to as the Czech Crown, the currency is abbreviated by the following terms: KC or CZK for Koruna Ceska. A Crown is divided into a Haller or Heller (H) in amounts of 100. Notes are available in coin denominations of 1, 2, 5, 10, 20 and 50. Dollar denominations are as follows: 50, 100, 200, 500, 1000, 2000 and 5000 KCZ and also in 50 H denominations.

In October, 1993, old notes that were readily available from old Czechoslovakia ceased to have further legal financial tender in the Czech Republic. Known as Czechoslovak currency, borrowers should be wary if offered these old notes in present day. The Crown is readily available for exchange on the currency market. The Prague Stock Market is in control of fixing rates. This is done on a daily basis. Although the value of Czech currency fluctuates from day to day, it seldom, if ever, falls below the equivalent of 20 KCZ to one United States Dollar.

Other foreign denominations can easily be converted into Czech Crowns at available locations throughout the Czech Republic. American Express is among the main locations available for Czech currency exchanges. In addition to changing cash denominations for Crowns, travellers’ checks can be converted to Czech currency free of charge. Another financial institution, Thomas Cook, also converts currency and travellers checks to Czech Crown denominations. Other financial institutions convert travellers’ checks for a charge of 1 – 2 % commission. Local hotels also provide the service for around 5% commission charge.

Other foreign exchange locations include: Ceska Obchodni bank; Komercni bank; and Zivnostenska bank. These locations have operating hours of 08.00 – 17.00 and charge 2 – 3 % commission rates. There are 24 hour currency exchange locations such as Chequepoint and Exact Change. These should be utilized as a last resort source for financial currency exchanges. This is due to the overwhelmingly high commission rates charged for the convenience of round the clock service. The typical commission rate of a 24 hour currency exchange is up to 9%. A more suitable location would be E-Travel. Open 08.00 – 22.00 CET time, this location charges 2 – 4% commission, similar to most banking institutions.

Each Czech Crown paper denomination are represented by a famous person from Czech Republic history. This list includes King Charles IV, the face of 100 Crown denomination; Tomas Garrigue Masaryk, Czech philosopher on the 5000 Crown denomination; and Bozena Nemcova, the founder of modern Czech literature on the 500 Crown denomination. In 2003, Czech Heller 10 and 20 coin denominations no longer carried legal tender. Now prices for goods and services are rounded up to the nearest 50 Heller.

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