The Czech koruna (CZK) has served as the official currency of Czech Republic since 1993. As part of the European Union, Czech Republic is required to switch to the euro at some point in the future. The Czech koruna is also referred to as the Czech crown.
If you plan to transfer money to a bank account in Czech Republic, you will need the bank’s SWIFT code. The corresponding table lists SWIFT codes of some of the leading banks in the country.
|Ceskoslovenska Obchodni Banka||Prague||CEKOCZPPXXX|
Jakub had lived in Prague for most part of his life. When he was required to relocate to Germany because of work, he was certain that he wanted to return to Czech Republic in the future. Upon moving to Germany, he had to keep making repayments toward his home loan. A friend told him that specialist money transfer companies typically offered better deals than banks, so he decided to compare his options. This is what he found.
|BANK||MONEY TRANSFER SERVICE|
|Exchange rate||EUR 1 = CZK 25.0161||EUR 1 = CZK 25.2489|
|Transfer fee||EUR 20||EUR 0|
|Amount received for EUR 5,500||CZK 137,088.23||CZK 138,868.05|
|Transfer time||2 to 5 days||1 to 2 days|
|Transfer options||Bank account||Bank account|
|Difference of||CZK 1,780.72|
Jakub benefited in more than one way by selecting the money transfer company instead of the bank. Not only did he manage to make slightly larger repayments toward his loan, he could lock in exchange rates for up to 12 months. In addition, he could schedule his transfers so he did not have to carry them out every month.
You may use the services of companies such as Western Union and MoneyGram if you want to send money to Czech Republic quickly. Sending money to a cash pickup center is also an option if the recipient does not have a Czech bank account.
|WESTERN UNION IN CZECH REPUBLIC|
|Prague Phuong Nam Tuan Spol S R O Libusska 319 Shop Tp 07 Prague||Tipsport Americka 339/39 Praha|
|Brno Ceska Posta S P Postovska 3 5 Brno 1 Brno||Ceska Posta S P Husova 4 Brno 10 Brno|
|MONEYGRAM IN CZECH REPUBLIC|
|Prague Fortuna Game Stanice Metra Namesti Miru Praha||Aurelium Industries Legerova 62 Praha|
|Brno Fortuna Game Solnicni 636/3a Brno||Smenarna Exchange Masarykova 32 Brno|
Instances of violent crime in Czech Republic are rare. However, petty crimes such as bag snatching and pickpocketing are common, especially in and around Prague. When exchanging currency, make sure you do so at a bank or a currency exchange office, because you may get counterfeit banknotes when exchanging currency on the street.
Remain vigilant at Prague’s main station, at popular tourist spots, at major hotels, and when using public transportation. There have been instances of thieves operating in gangs and robbing victims by swarming and jostling them. Do not leave valuables or any other luggage in parked cars because car break-ins are known to occur in the bigger cities.
Do not leave your food or drink unattended, and do not accept food, drinks, or cigarettes from strangers or acquaintances. This is to avoid getting drugged and put yourself at risk of robbery and sexual assault.
When you transfer money to Czech Republic you will need to provide some information depending on the transfer method you select.
The Czech koruna is a fully convertible currency and the Czech Republic does not have any exchange controls that affect trade in goods. The Czech National Bank is responsible for overseeing the country’s payment systems, and it also works in safeguarding the stability of the koruna. The Clearing and Settlement System owned by the Czech National Bank functions as the country’s only interbank settlement system.