Best currency exchange method?
 

I know there have been multiple threads on currency exchange but I searched and did not find an answer to my dilemma.

We are going to be in the Czech Republic and our accommodations require payment in cash (Czech Koruny). What would be my best bet for getting the money exchanged that we need? Should I go to a US bank, wait to use an ATM in Prague or is there a better option?

Thanks in advance

Do you need to pay the entire amount up front? I would wait until I get there and use the ATM's to get your cash. That's probably the least expensive. What your bank's daily limit for withdrawals? ((b))

The best answer is always ATM !
Just be sure your bank knows you are there and check your daily limit.

We always use ATM and we almost always pay cash for our 1-3 star hotels and pensiones. You can usually get a five to 10 percent discount for cash. On a three week trip, it really adds up. Do the deal first, then ask for the cash rate.

Thanks for the advice - Yes, all of the funds are due up front. I'm not positive what my ATM max is per day but I think it may be $500.

Your bank will raise your daily limit if you ask them. I do it before every trip to Europe.

flem16, I have a $500 limit on my ATM card, and my wife has a $500 limit on her ATM card -- same checking account. I've tried it out & it works.

Check with your bank and find out what rules they have and/or have them increase your daily limit. Unfortunately, my bank will not up my over the $500 limit, but I'm OK with that. ((b))

DH and I just discovered that not only could we both use the ATM card for our same business card (for $1000/day) but when we went to a German bank at the train station in Stuttgart, we could also each get an immediate cash withdrawal of 2500 euro, on the spot. WOW!! I told DH it was going to be treated like a cash advance, but it wasn't. It was taken immediately out of the business account, just like ATM withdrawals.

We didn't need to get all that much each day, but if we had needed it, we could get it. Our bank cards are with Wells Fargo.

Hi f,

As noted, cash from an aTM is the best way.

You can:

1. Have two ATM cards on your account. That doubles your limit.

2. Open a second account with two cards. That's another doubling.

3. Raise your daily limit for a limited time.

This way you can withdraw about $2000 on one day.

Keep in mind that the ATM will not give you that amount in one transaction. It will likely be limited to about 250E at a time.

Also, one machine might not have enough money.

Hope this helps.

((I))

Thank you all very much! Both my wife and I have cards so it looks like we'll be able to withdraw $1000/day which will be plenty sufficient.

Thanks again!

Does all this mean that you SHPU:D NOT take Traveller's Checks? By "ATM" do you all mean ATM card? USing it at regular trattorias and such? Or should you exchange money there and have cash on you?

The ATM advice means use an ATM card to withdraw local currency from the machine/bancomat/cashpoint and pay for restaurants,etc. with that cash. No travelers checks or exchanging of one currency for another. But it is a good idea to have a stash of several hundred dollars in U.S. twenties (under-the-clothing pouch or moneybelt) for the very unlikely emergency.

Yes, use an ATM card, with a 4-digit pin, which is connected to your home checking account. Take out local currency and pay in cash.

As a back-up you may also want: a 2nd ATM card, credit cards, some US cash, and/or travelers checks. That's about all the methods possible that I can think of.

Use your ATM card to get koruna in the airport, since you will probably need some right away. ((*))