Money related issues

The Czech currency is the Czech crown (koruna česká in Czech). The following denominations are in circulation: 100; 200; 500; 1,000; 2000 and 5,000 CZK notes; and 1, 2, 5, 10, 20 and 50 CZK coins.

The Czech Republic is still what we call a “cash economy”; majority of transactions are still carried out in cash, but in Prague pay cards are now accepted in almost all major shops. Many large shops (mainly supermarkets) also accept euros; in such case the exchange rate is written by the cashier.

To get an idea of how much things cost in the Czech Republic see for example

Money exchange

The exchange rate is approximately 25 CZK for 1 EUR; 20 CZK for 1 USD; and 31 CZK for 1 GBP. There is a lot of exchange offices mainly in the city centre. One of the cheapest ones is called Exchange and is located near the Staroměstská metro station (the green line); see for current exchange rates. You can also exchange money at any bank. To get a general idea of exchange rates in the Czech Republic see the page of the Czech National Bank at (scroll to the bottom of the page).

Good exchange office is also near the student’s dormitory Volha and Sázava. It is situated inside the Chodov centre.


You will receive your salary in cash once a month from IAESTE (upon your arrival you will get more information about when and where you can get your salary). As IAESTE exchange programme is registered with the Czech Ministry of Education, Youth and Sports, we have been granted an exception and our trainees do not have to pay an income tax. From the money we receive from your employer as your salary we will pay your accommodation (if you stay at the dorm) and give the rest to you.

Trainees of the IAESTE CTU will receive 4000 CZK upon their arrival which we will deduct from their first salary. As you will receive your salary at the end of the first month, make sure to have some money of your own to cover your expenses during the first month.

Trainees of the IAESTE UCT Prague will receive their salary at the end of month (last week in the month).

If you lose a credit card

American Express – information at: +420 222 800 222
Visa/MasterCard/Eurocard – information at: +420 272 771 111
Diners Club Czech – hot line: +420 267 197 450
If your credit card gets hold in an ATM machine (don’t enter wrong PIN three times in a session), call the help number written on the ATM machine. In the correct case ATM machine spits out a receipt. Banks usually shred foreign captured cards. If ATM machine doesn’t spit out a receipt and hold the card, call the number and wait near the machine because you may be victim of a fraud.

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