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money exchange scam!

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money exchange scam!

Be very careful when exchanging money in Prague city center (area around Vaclavske namesti). Companies like MoneyUnion, Cash Exchange usualy show the exchange rates on a screen but when you want to exchange money they will give you contract with completely different exchange rate! Look twice before signing. My yesterday experience in subway below Legerova street towards Muzeum was CZK/EUR exchange rate 27.21 CZK for EUR but on a contract they offered 16.71 CZK for EUR. I didnt py attention and was ripped off... Hope it helps to others.

27 replies to this topic
Czech Republic
Destination Expert
for San Antonio, Lubbock, Prague
Level Contributor
15,671 posts
81 reviews
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1. Re: money exchange scam!

sorry you learned the hard way...should've checked here first.... its a never ending topic as see in the topics in the right column

thanks for posting, always worth a reminder

Ashkelon, Israel
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61 posts
51 reviews
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2. Re: money exchange scam!

We were recommended the eXchange company (see huge X in their logo) as honest and best rates and no commission. Kaprova 13

Brno, Czech Republic
Destination Expert
for Czech Republic, Slovakia, Train Travel
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28,806 posts
14 reviews
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3. Re: money exchange scam!

Use the cashpoint ('ATM') and you will experience no such problems.

beijing
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9 posts
54 reviews
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4. Re: money exchange scam!

Use a bank or ATM.

Bristol, UK
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1,380 posts
12 reviews
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5. Re: money exchange scam!

We always go to Cerna Ruze Exchange near the bottom of Wenceslas Sq. Always honest and reliable.

http://www.cernaruze-exchange.cz/

Can't believe it's over Kc34 to £. Will be living well on my next trip in Nov.

Knoxville, Tennessee
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52 posts
2 reviews
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6. Re: money exchange scam!

mango exchange across the street from Lucerna, at the extrance of Mustek is pretty good

Washington DC
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1,392 posts
23 reviews
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7. Re: money exchange scam!

If you must use an exchange, simply tell them how much money you want to exchange, and ask exactly how many crowns you will receive in return. Then check the math and decide if it is still worth it to you. As for me, I use the ATM.

Cleveland, Ohio
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3,780 posts
11 reviews
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8. Re: money exchange scam!

The thing to remember is money exchange businesses make money exchanging money. They need to make enough to pay rent, employees and other business costs. They also need to exchange the foreign currency they get, which costs them money. Banks don't need to exchange money and earn high fees to stay in business. They get the interbank rate and even make money exchanging foreign currency in large quantities, when they do it at favorable times. They can also keep large amounts in house. ATMs are the best bet, however. There is no exchange, just a withdrawal, so no commission, other than what one's bank may charge. Even if one's bank charges a $5 fee per withdrawal, if one takes out $500, the fee is only 1%, which is better than any bank or money exchange business will offer.

Glasgow, United...
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2 posts
7 reviews
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9. Re: money exchange scam!

I had very similar experience at the CHANGE shop Na Příkopě next to the MANGO store.

When I wanted to cancel the transaction and have a refund I was told that it cannot be done.

Go to the banks! Plenty of them on every corner in central Prague.

Glasgow, United...
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2 posts
7 reviews
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10. Re: money exchange scam!

NO. Don't go there. This is where I got ripped off

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