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Money

Although the Czech Republic is still generally a bargain by Western standards, Prague remains the exception. Hotel prices in particular are often higher than the facilities would warrant, but prices at tourist resorts outside the capital are lower and, in the outlying areas and off the beaten track, very low. The story is similar for restaurants; with Prague being comparable to the U.S. and Western Europe, while outlying towns are much more reasonable. The prices for castles, museum, and other sights are rising, but still low by outside standards.

ATMs are common in Prague and most towns in the Czech Republic and more often than not are part of the Cirrus and Plus networks, meaning you can get cash easily. Outside of urban areas, machines can be scarce and you should plan to carry enough cash to meet your needs.

In Czech, an ATM is called a bankomat, and a PIN is also a PIN, just as in English.

Prices throughout this guide are given for adults. Substantially reduced fees are almost always available for children, students, and senior citizens.

Banks in the U.S. never have every foreign currency on hand, and it may take as long as a week to order. If you're planning to exchange funds before leaving home, don't wait until the last minute.

ATMs & Banks

Your own bank will probably charge a fee for using ATMs abroad; the foreign bank you use may also charge a fee. Nevertheless, you'll usually get a better rate of exchange at an ATM than you will at a currency-exchange office or even when changing money in a bank. And extracting funds as you need them is a safer option than carrying around a large amount of cash.

PIN numbers with more than four digits are not recognized at ATMs in many countries. If yours has five or more, remember to change it before you leave.

ATMs are safe and reliable. Instructions are in English. If in doubt, use machines attached to established banks like Ceská Sporitelna, Komercni Banka, and CSOB.

Credit Cards

Throughout this guide, the following abbreviations are used: AE, American Express; DC, Diners Club; MC, MasterCard; and V, Visa.

It's a good idea to inform your credit-card company before you travel, especially if you're going abroad and don't travel internationally very often. Otherwise, the credit-card company might put a hold on your card owing to unusual activity -- not a good thing halfway through your trip. Record all your credit-card numbers -- as well as the phone numbers to call if your cards are lost or stolen -- in a safe place, so you're prepared should something go wrong. Both MasterCard and Visa have general numbers you can call (collect if you're abroad) if your card is lost, but you're better off calling the number of your issuing bank, since MasterCard and Visa usually just transfer you to your bank; your bank's number is usually printed on your card.

If you plan to use your credit card for cash advances, you'll need to apply for a PIN at least two weeks before your trip. Although it's usually cheaper (and safer) to use a credit card abroad for large purchases (so you can cancel payments or be reimbursed if there's a problem), note that some credit-card companies and the banks that issue them add substantial percentages to all foreign transactions, whether they're in a foreign currency or not. Check on these fees before leaving home, so there won't be any surprises when you get the bill.

Before you charge something, ask the merchant whether he or she plans to do a dynamic currency conversion (DCC). In such a transaction the credit-card processor (shop, restaurant, or hotel, not Visa or MasterCard) converts the currency and charges you in dollars. In most cases you'll pay the merchant a 3% fee for this service in addition to any credit-card company and issuing-bank foreign-transaction surcharges.

Dynamic currency conversion programs are becoming increasingly widespread. Merchants who participate in them are supposed to ask whether you want to be charged in dollars or the local currency, but they don't always do so. And even if they do offer you a choice, they may well avoid mentioning the additional surcharges. The good news is that you do have a choice. And if this practice really gets your goat, you can avoid it entirely thanks to American Express; with its cards, DCC simply isn't an option.

Visa, MasterCard, and American Express are widely accepted by major hotels, restaurants, and stores, Diners Club less so. Smaller establishments and those off the beaten track, unsurprisingly, are less likely to accept credit cards.

Reporting Lost Cards

American Express (800/992-3404 in U.S.; 336/393-1111 collect from abroad. www.americanexpress.com). Diners Club (800/234-6377 in U.S.; 303/799-1504 collect from abroad. www.dinersclub.com). MasterCard (800/622-7747 in U.S.; 636/722-7111 collect from abroad. www.mastercard.com). Visa (800/847-2911 in U.S.; 410/581-9994 collect from abroad. www.visa.com).

Worst-Case Scenario

All your money and credit cards have just been stolen. In these days of real-time transactions, this isn't a predicament that should destroy your vacation. First, report the theft of the credit cards. Then get any traveler's checks you were carrying replaced. This can usually be done almost immediately, provided that you kept a record of the serial numbers separate from the checks themselves. If you bank at a large international bank like Citibank or HSBC, go to the closest branch; if you know your account number, chances are you can get a new ATM card and withdraw money right away. Western Union (800/325-6000. www.westernunion.com) sends money almost anywhere. Have someone back home order a transfer online, over the phone, or at one of the company's offices, which is the cheapest option. The U.S. State Department's Overseas Citizens Services (202/647-5225) can wire money to any U.S. consulate or embassy abroad for a fee of $30. Just have someone back home wire money or send a money order or cashier's check to the state department, which will then disburse the funds as soon as the next working day after it receives them.

Currency & Exchange

The unit of currency in the Czech Republic is the koruna, or crown (Kc), which is divided into 100 haléru, or hellers. There are coins of 50 hellers; coins of 1, 2, 5, 10, 20, 50 Kc; and notes of 50, 100, 200, 500, 1,000, 2,000, and 5,000 Kc. Notes of 1,000 Kc and up may not always be accepted for small purchases.

Try to avoid exchanging money at hotels or private exchange booths, including the ubiquitous Chequepoint and Exact Change booths. They routinely take commissions of 8% to 10%. The best places to exchange money are at bank counters, where the commissions average 1% to 3%, or at ATMs. The koruna is fully convertible, which means it can be purchased outside the country and exchanged into other currencies. Of course, never change money with people on the street. Not only is it illegal, you will almost definitely be ripped off.

On arrival at the airport, the best bet for exchanging money are with one of the ATM machines lined up in the terminal just as you leave the arrivals area. The currency-exchange windows at the airport, happily, offer rates that are no worse than you will find anywhere in town, if not quite as good as those at banks.

At this writing the exchange rate was around 23 Kc to the U.S. dollar.

Even if a currency-exchange booth has a sign promising no commission, rest assured that there's some kind of huge, hidden fee. (Oh…that's right. The sign didn't say no fee). And as for rates, you're almost always better off getting foreign currency at an ATM or exchanging money at a bank.

Exchange Services

Exchange (2 nám. Franze Kafka).

Traveler's Checks & Cards

Some consider this the currency of the cave man, and it's true that fewer establishments accept traveler's checks these days. Nevertheless, they're a cheap and secure way to carry extra money, particularly on trips to urban areas. Both Citibank (under the Visa brand) and American Express issue traveler's checks in the United States, but Amex is better known and more widely accepted; you can also avoid hefty surcharges by cashing Amex checks at Amex offices. Whatever you do, keep track of all the serial numbers in case the checks are lost or stolen.

American Express now offers a stored-value card called a Travelers Cheque Card, which you can use wherever American Express credit cards are accepted, including ATMs. The card can carry a minimum of $300 and a maximum of $2,700, and it's a very safe way to carry your funds. Although you can get replacement funds in 24 hours if your card is lost or stolen, it doesn't really strike us as a very good deal. In addition to a high initial cost ($14.95 to set up the card, plus $5 each time you "reload"), you still have to pay a 2% fee for each purchase in a foreign currency (similar to that of any credit card). Further, each time you use the card in an ATM you pay a transaction fee of $2.50 on top of the 2% transaction fee for the conversion -- add it all up and it can be considerably more than you would pay when simply using your own ATM card. Regular traveler's checks are just as secure and cost less.

Contacts

American Express (888/412-6945 in U.S.; 801/945-9450 collect outside of U.S. to add value and speak to customer service. www.americanexpress.com).