You may have already heard the news that this year’s holiday may be more advantageous for Czechs. Not that it wouldn’t be more expensive in the countries they are going to, but this time one thing plays into their hands in a significant way. And this is a very favorable exchange rate for the crown, which has never been as strong in the summer season as it is currently.
Don’t make the bank
Today you pay 23.7 crowns for one euro, which is significantly less than the usual 25 to 26 crowns per euro in previous years. At the same time, it was not so long ago that the Czech currency was artificially kept at even lower values, namely 27 crowns for the European single currency. In contrast, today you save more than ten percent.
Unfortunately, however, others are trying to feed themselves on your advantage, especially the banks with which you have a crown account. If you withdraw money from it abroad, the bank will convert it for you using its exchange rate, which is usually 2 to 5% of the central rate. That’s money you lose. Few people have accounts in foreign currencies, although it pays off. This is one of the ways to save on vacation. Today, most banks offer at least one euro account for free, including a payment card. So why not take advantage of it. You can then exchange euros in the Czech Republic at a favorable rate at a foreign exchange company, and then deposit them into this account. Then choose from it abroad and you won’t lose out on the exchange rate difference.
There are a number of foreign exchange companies operating in the Czech Republic, just type it into the internet search engine. Usually everything is very simple. In the relevant interface, you arrange a trade, i.e. the amount of the exchange, and then send crowns to the given company. She will then immediately send euros or another currency to your account. The advantage is a decent course, which usually does not differ much from the center.
You can save a lot
Another option is to set up the popular Revolut application, with which you also get a multi-currency payment card. A big advantage of this company is the fact that it already has practically mid-range courses incorporated. It is enough to transfer crowns to it, and when you pay or withdraw abroad, you can count on a good exchange rate. The app and the card basically cost nothing. Only if you want to do larger transactions, there are some additional fees, but everything still remains convenient.
Everything is best illustrated by an example. If we start from the current central exchange rate of 23.7 crowns per euro, then, for example, mBank would sell you a euro for 24.5 crowns, while Revolut would sell you for approximately 23.8. If you would like to exchange crowns for one thousand euros, the difference is seven hundred crowns.
Surprisingly, even ordinary exchange offices may not be a bad choice. But there it is ideal to have a recommendation for one of those that provide very favorable courses. We can find quite a few of them in Prague, the famous ones are for example in Jindřišská or Rybná Street.
Foto: Shutterstock
2023-06-12 18:00:00
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