I just made reservations in Prague for 5 days and the hotel I picked accepts cash only....Do most people take travelers checks and cash them at a local bank in Prague to pay for this.... is there is some other option?
Few people use travelers checks in Europe these days - ATM's are everywhere and the easiest means of accessing cash via your debit card. Be sure to contact your bank or credit union that you will be traveling in Europe and to make sure that your daily limit will fit your needs.
Thanx
If your hotel will accept a bank draft in Koruny, you can avoid going to an ATM each day by opening an account with www.xe.com/fx and having a bank draft mailed directly to the hotel.
I use my account to send money to relatives in the UK and to pay deposits for lodging at places that don't accept credit cards. Money is taken from my checking account by electronic transfer, a bank draft is issued in the currency of my choice, and the draft is mailed to the recipient of my choice. The exchange rate is only slightly higher than the international rate on the day the transaction is processed. There are no other fees. For security reasons it takes a little time and effort to set up an account, but everything goes swiftly and smoothly after that. If you're in a hurry, XE will also do wire transfers, but there is a fee for that.
bring cash
Depending on how much cash you need you can either use an ATM before and after it resets for the day (new daily limit) or open a couple of accounts here and take a couple of debit cards (or more) to increase your daily limit.
Another alternative is to ask your bank how to up your daily limit. It used to be easy to set up a higher limit (not sure if it still is).
Even if your bank here ups your daily limit many of the European ATM machines will only allow you to take out either 3 or 400 euros at a time.
I would have to disagree with the gentlemen who said to bring cash. Use your debit or credit card (beware of fees) to withdraw cash from an ATM or use one of the other suggestions and open an account to use for transfers.