ATM's

ATMs dispense local currency. If you are using an ATM in the Czech Republic unless it has huge signs on it showing that it dispenses Euro it will dispense Czech currency.

Thanks Nigel!

Hi there, try and avoid using ATM's called "Euronet" as they have a steep charge. Go for a Raiffeisen Bank ATM because you can then choose the denomination of the notes i.e. if you want to withdraw CZK1000 most ATMs will give you a CZK1000 note, Raiffeisen allows you to pick 5x 200 or 2x 500 i.e. whatever is available. Always choose a bank ATM over a shop ATM. Both have an equal chance of breaking down but it's easier to get your card back from the bank. You can pay in Euros in some places but expect a poor rate and change in CZK.

Jason -can you show the Euronet charges by giving information from your statements? I have never noticed a conversion rate from a Euronet ATM that was not on the same percentage increase over the Interbank rate as seen at other bank ATMs.

Thanks all!

I would even go further on choosing ATM's. Choose one that is located just outside of the bank that owns it. In case your card is swallowed by the ATM you can just walk inside the bank for assistance. Have fun.

Larry, to my knowledge on the statement it just shows the equivalent in your own currency of the value that you withdrew i.e. you have to work out the rate. I did a test last year and found the following. I simply decided to see if I spent 100 Euros in different methods, how much CZK would I have got. No doubt the numbers today are different but the order should be the same. By the way DCC is Dynamic Currency Conversion (what you would normally say no to as it carries the worse rate):
Exchange Office for Cash: I spend 100 Euros and I get CZK2520.
Bank ATM Debit Card – Local: I spend 100 Euros and I get CZK2419.
Bank ATM Credit Card – Local: I spend 100 Euros and I get CZK2406.
Bank ATM Debit Card – DCC: I spend 100 Euros and I get CZK2356.
Bank ATM Credit Card – DCC: I spend 100 Euros and I get CZK2341.
Euronet ATM – DCC: I spend 100 Euros and I get CZK2290.

Hence why I said avoid Euronet. Another ATM tip: When you look at the screen it will show options for the amount you can take but look for something like "other amount". If this is allowed then enter something like 1800 and you are guaranteed at least 4x CZK200 notes.

Jason - First, if you have the date of the transaction you can always look up the exchange rate for that day, there are numerous sites that will get you historical data. But it appears that the problem here is that you allowed the ATM to use DCC and favor you with their own inflated "guaranteed for your convenience" exchange rate, rather than rejecting this and doing the exchange in local currency which will be converted behind the scenes at the interbank rate, plus an amount that will be less than one percent. DCC cannot be mandatory, if it can't be rejected then the transaction itself needs to be cancelled. As I said, those times that we chanced Euronet our transaction was in fact converted properly by our bank, and if we ever see DCC we automatically reject it. DCC is more of a problem with credit cards as some places try to slip through DCC by not letting you see that the transaction is set up that way on their machine.

Can you use Euros in Prague, or only korunas?

I'm sure you might find some shops that accept foreign currency (yes, Euro is a foreign currency in Prague), but the rate they give you will most likely be highly skewed in the shop's favor. I would not attempt to rely on anyone taking anything other than the local currency in any country.

Can you use Euros in Prague, or only korunas?

Sure, in the same way someone in the US on the Canadian border might take CAD instead of USD. Unlikely but you might get them to do it in a pinch at a terrible exchange rate for the Canadian. In a tourist town like Prague, hotels and restaurants can exchange Euros for Krona fairly easily but would want to do it at a really good exchange rate for them, not for you, to make it worth their hassle or at least so it doesn't cost them anything.

If you don't want to subsidize somebody don't use Euro in Prague. A lot of merchants will gladly allow you to do that.