Prague City Council weeding out dishonest exchange offices

27-01-2019

The Prague City Council has started delivering on its promise to close down dishonest exchange offices that rip off foreign visitors to Prague.

A number of them still offer high commissions with some selling the euro for 16 crowns compared to the official exchange rate of just over 25 crowns per euro. Or else the offer „zero commission” and favourable exchange rates that only apply to large transactions.

Two such Chequepoint outlets have been closed since November of last year and councillors are looking at around two dozen others which may follow suit.

Last year MPs approved an amendment to the Exchange Act that will allow customers up to three hours to cancel a currency exchange transaction that they find to be highly disadvantageous and get their money back, but the law will only come into force in April of this year.

Exchange offices set their rates independently of the official exchange rates announced by the Czech National Bank.