Money

1.Currency Exchange

The currency in Prague is the Czech Crown (czk). The Czech republic plans to join the Euro in 2010. Some of the hotels and restaurants do accept Euro; even so, it is advisable to carry Czech Crowns instead of Euro. This is because many of the establishments accept only Czech crown. Banknotes in Czech Republic are available in denominations of 50,100,200,500,1000,2000 and 5000.

Credit cards are accepted in almost all hotels, big restaurants and international shops but cash is preferred in small shops and restaurants.

ATM's /cash point machines are spread throughout the city of Prague. Visa, Mastercard, Maestro, Visa debit and American Express cards can be used for the withdrawal of cash from the ATM's of almost all the Czech & International banks in Prague. Cash point machines are also located inside the airport terminal building.

For currency exchange in Prague, you can go to tourist bureau de change, located in the corner of Kaprova and Maiselova streets. Czech and International banks are good options for currency exchange as they offer good rates and low commission. In addition, there are currency exchange offices in small booths but they do not offer good rates.

2. What A Dollar Will Buy You

1 liter Milk $0.54

Butter 55gr $1.07

Cheese 500gr $1.16

Bread (white loaf) 1 kg $0.36

Bread whole (wheat loaf) $0.72

Coffee (instant) $1.79

Tea bags (pack 25) $1.34

3. Telecommunications

Public phones are found almost everywhere in Prague and they can be operated with a telephone card. Telephone cards are readily available with the newsagents, magazine kiosks, department stores, hotels, airports and train stations or even the cigarette stands. Post offices also give you the facility to use their phones to make calls. They also offer fax and telegram service. For long distance calls within Czech Republic, you need to dial 00, then the area code and number without any space in between. Important companies that allow travelers to call United States from anywhere in Prague are:

AT&T operator (direct) 00-420-00101

MCI operator (WorldPhone) 00=420-00112

If you want to reach international operator from home then dial 0133. International calls can also be made from the Main post offices in Prague.

4. Cab Fares

In Prague, it is always advisable to get a rough estimate of the cab fares beforehand, to make sure that you are not overcharged. For short distances like the ones that take about 15-20 minutes to walk, the cost would be about $4.48, for longer rides (roughly take 20-30 minutes walk) the cab fare should be round $6.72. For the outskirts of Prague, the cab fare is around $8.9 or above. Honest taxi drivers are an exception in Prague and there are always chances of you getting ripped off your money. So it is always better to phone for a cab. Most of the cab companies charge a maximum of $0.76 per km. The cab fares also depend on the time of the day and the number of people to be picked up.

5. Currency Exchange Rates

1 CZK US $0.044

GBP 0.024

EURO 0.035

CAD 0.049

AUD 0.060

NZD 0.074

6. Taxes

VAT or value added tax in Prague is about 19 % on most of the services and products. VAT on nearly all food items, hotels, restaurants and telecommunications is charged at the rate of 5 %. Travelers can claim VAT refund if they make purchase for more than 1000 CZK in value. Refund has to be claimed within three months after the date of purchase. For that a VAT refund form has to be filled and is to be validated by the Czech custom authorities upon departure.

7. Tipping

Giving tips is not customary in Prague and workers do not really ask for it. However, instances of giving and readily accepting tips are not unknown. A tip of 5%-10 % is considered appropriate if the service rendered is satisfactory.