Prague Currency Exchange Scam 2026: Survival Guide
The 'no commission' window trick on Wenceslas Square and Old Town — why Chequepoint went bust and Exchange.cz / Praha Exchange are the only safe options.
The Prague currency exchange scam is the textbook EU tourist rip-off, so notorious it triggered a unique 2019 Czech law giving foreign tourists a 3-hour right to reverse any currency exchange. Despite the law, despite Chequepoint losing its licence in 2018, and despite multiple Česká národní banka (CNB) sweeps, the scam persists in 2026 — concentrated in Wenceslas Square, the bottom of Old Town Square, Pařížská street, and the streets immediately around the Astronomical Clock.
The pattern: an exchange window displays a "BUY" rate in huge letters (e.g., "1 EUR = 26 CZK") that is almost exactly the market mid-rate. The tourist hands over €200. The teller returns 4,400 CZK and a receipt. The actual rate applied was 22 CZK/EUR, not 26 — a 15% spread quietly buried in the fine print, and the "no commission" sign turns out to apply only to amounts above €1,000.
This guide is the 2026 picture: how the rate-board scam works, the 2019 cancellation-right law and how to invoke it, the three exchanges in central Prague that consistently give honest rates (Exchange.cz, Praha Exchange and the Stříbrná Exchange), and why ATMs at Komerční banka or Česká spořitelna with a no-foreign-fee card now beat all of them. The Czech koruna remains a free-floating currency at roughly 25 CZK to 1 EUR / 23 CZK to 1 USD in May 2026.
| Scam / petty-crime risk | High |
|---|---|
| Violent crime (tourists) | Low |
| Most common scams | Prague currency exchange scam; Euronet ATMs with dynamic currency conversion; taxi overcharge in tourist zones |
| Safer neighbourhoods | Old Town, Wenceslas Square, Karlova |
| Data sources cited | 5 |
| Last verified |
What the score means
- Prague overall score: 82/100 — one of the safer mid-size European capitals; low violent crime; excellent public transport; weighed down only by tourist-zone financial scams (exchange, taxi, restaurant overcharge).
- Compensating factor: the 2019 cancellation-right law (Act 222/2019) is unique in the EU and gives tourists genuine legal recourse to reverse a bad exchange within 3 hours.
- The persistent risk: the scam exchanges are concentrated in 4-5 streets in Old Town and Wenceslas Square; outside those streets, the rates are mostly honest.
The pattern — how the exchange-window trick works
- The big-board rate vs the applied rate: the window displays a "BUY" rate (e.g., 26.50 CZK/EUR) in 30cm letters. The fine print below says "for amounts over €1,000". The actual rate for smaller amounts is buried on a smaller board inside the booth (e.g., 22.00 CZK/EUR). The difference: a 15-17% spread.
- The "no commission" sign: technically true — they charge no commission. The spread itself is where they make the money. The sign is designed to short-circuit price comparison.
- The fast-receipt routine: the cash is counted out fast, the receipt slid across, the next customer beckoned. Tourists who try to argue after seeing the receipt are told "this was the rate displayed" and pointed at the small-print board.
- The location pattern: Wenceslas Square (bottom half, around Můstek Metro), Na Příkopě, Pařížská, Karlova (the main tourist street between Old Town Square and Charles Bridge), and the Old Town Square perimeter itself.
- Who runs them: independent kiosks, often with English-only signage. Many turn over ownership annually to stay ahead of CNB inspections.
Spotting honest vs scam exchanges
- Honest exchanges in central Prague: Exchange.cz (Kaprova 14, near Old Town Square; also at Národní 32 and Václavské nám. 33) — consistently 0.5-1% spread vs mid-market. Praha Exchange (Panská 6) and Stříbrná Exchange (Štěpánská 30) — similar honest rates.
- The honest-board tell: only one rate displayed; same buy and sell rates posted with no asterisks; receipt shows the same rate as the window.
- The scam-board tell: multiple "BUY" rates with different thresholds; one rate in huge letters and asterisks pointing to fine print; tellers reluctant to confirm the rate before you hand over money.
- The rule: always ask "how many CZK will I receive for [X] euros?" before handing money over. The teller must legally answer in writing on request; an honest exchange will simply write it down.
- The €1,000 ceiling test: if the board's main rate applies only to amounts over €1,000, walk away — that's the scam tell.
If you got scammed — the 2019 cancellation right
- The law: Act 222/2019 (Section 31 of the Currency Exchange Act) gives consumers a unilateral right to reverse a foreign-currency exchange within 3 hours, provided the original currency, the receipt and a passport are presented at the same exchange office.
- How to invoke it: return to the exchange within 3 hours. Present the receipt, the cash (in the same denominations you received), your passport. Say "I am exercising my right to cancel under Section 31 of the Currency Exchange Act". The exchange must reverse the transaction at the original rate.
- If they refuse: call the Česká národní banka (CNB) consumer protection line +420 800 160 170. CNB inspectors enforce Section 31 and can revoke an exchange's licence on the spot.
- The general consumer protection route: Česká obchodní inspekce (Czech Trade Inspection Authority, ČOI) — coi.cz — handles longer-running complaints.
- For tourist police support: Tourist Police, +420 974 821 261 (Jungmannovo nám. 9, near Wenceslas Square; English-speaking 24/7).
The 2026 default — ATMs with a no-foreign-fee card
- The Czech ATM picture: Komerční banka, Česká spořitelna, ČSOB, UniCredit and Raiffeisenbank ATMs all give the live interbank rate plus a small spread (~1%). Withdrawal cap typically 10,000 CZK per transaction.
- What to avoid: Euronet ATMs (bright yellow, in tourist zones) — they apply a poor "dynamic currency conversion" rate by default and charge a 200-400 CZK service fee. Always decline DCC and select "Continue without conversion" / "Charge in CZK".
- Best card: any card with no foreign-transaction fee (Wise debit, Revolut, Chase Sapphire, UK Starling, Halifax Clarity). Total cost: roughly market mid-rate.
- Card vs cash in Prague: cards are accepted almost everywhere in 2026 — restaurants, museums, public transport (Litačka app + contactless), even most cafés and bakeries. You need very little cash. Tip in cash where possible (5-10% in restaurants).
- Exchange.cz online order: if you must use a window, the Exchange.cz online pre-order function gives the same honest rate and skips the queue.
Practical info — emergency numbers and authorities
- CNB consumer protection: +420 800 160 170 (free), [email protected]. Handles currency-exchange complaints under Act 222/2019.
- Czech Trade Inspection Authority (ČOI): coi.cz. Handles general consumer complaints.
- Tourist Police: Jungmannovo nám. 9, +420 974 821 261. English/German/Russian-speaking, 24/7.
- Emergencies: 112 (EU all-emergencies), 158 (Police), 155 (medical), 150 (fire).
- Travel advisories: UK FCDO and US State Department both list the Prague exchange scam under their Czech Republic pages.
Frequently asked questions
What is the Prague currency exchange scam in 2026?
An exchange window displays a 'BUY' rate (e.g., 26 CZK/EUR) in huge letters but applies a much worse rate (e.g., 22 CZK/EUR) to amounts under €1,000 — a 15-17% spread hidden in fine print. The 'no commission' sign is technically true; the spread itself is where the scam lives. Concentrated in Wenceslas Square, Karlova, Pařížská and Old Town Square.
Can I get my money back from a Prague exchange scam?
Yes — Czech Act 222/2019 (Section 31) gives a unilateral 3-hour right to cancel any currency exchange. Return to the same office within 3 hours with the receipt, the cash in the same denominations, and a passport. Say you are 'exercising your right to cancel under Section 31'. If refused, call CNB consumer protection on +420 800 160 170.
Which Prague exchanges are honest?
Exchange.cz (Kaprova 14, Národní 32, Václavské nám. 33), Praha Exchange (Panská 6) and Stříbrná Exchange (Štěpánská 30) consistently give 0.5-1% spread vs mid-market. Their tell: a single rate posted, no asterisks, and tellers willing to write down 'X EUR = Y CZK' before you hand money over.
Are ATMs better than exchange offices in Prague?
Yes — Komerční banka, Česká spořitelna, ČSOB, UniCredit and Raiffeisenbank ATMs give the live interbank rate plus ~1% spread. Avoid bright-yellow Euronet ATMs (poor dynamic currency conversion rates plus 200-400 CZK fees). Always decline DCC and select 'Charge in CZK'. Pair with a no-foreign-fee card (Wise, Revolut, Chase Sapphire) for the best total cost.
Do I need much Czech koruna cash in Prague?
Very little. Cards are accepted almost everywhere in 2026 — restaurants, museums, supermarkets, public transport (Litačka app + contactless tap), even most cafés. Carry 500-1,000 CZK for tips, small bakeries and the occasional cash-only spot. Tipping (5-10%) is best done in cash.
What is dynamic currency conversion and why decline it?
Dynamic currency conversion (DCC) is when an ATM or card terminal offers to charge you in your home currency instead of CZK. The exchange rate applied is significantly worse than your card issuer's rate, plus a service fee. Always select 'Charge in CZK' or 'Continue without conversion'. Your card issuer applies the better rate.
Will the tourist police help with an exchange scam?
The Prague Tourist Police (Jungmannovo nám. 9, +420 974 821 261, English/German/Russian, 24/7) handle the complaint and can accompany you back to the exchange to invoke Section 31. For exchange-specific issues, the Česká národní banka consumer protection line (+420 800 160 170) is more direct — CNB inspectors can revoke an exchange's licence on the spot.