Job Discussion Forums

[lucid_dreamer26]

I'm coming to Prague for a month in January to do CELTA. I'm wondering -- what's the best way for me to maximize the exchange I get between Canadian dollars and Czech crowns? Is it smarter for me to withdraw money from an ATM when I get there, rather than get crowns in Toronto before I leave? Thanks!

[ITTP]

Hi Lucid_Dreamer26!
This is a very good question and an issue which affects all newbies and expats who arrive/live in Prague.
If you are getting rid of Czech Crowns then we definitely recommend the exchange office on the corner by the Old Town Square Clock Tower.
They provide if not the best deal for selling Crowns then definitely one of the best.
HOWEVER!!!
If you are BUYING Czech Crowns then these places should be avoided.
Here is an example with USD:
If you have Czech Crowns (CZK) and you wish to change up into USD then this exchange place will offer you a rate of approx 18CZK to 1USD - which means that you pay 18 CZK for every 1 USD which you purchase.
If you have USD and wish to buy CZK then you will get a rate of approx 13 CZK for 1 USD - which means that you exchange 1 USD and received 13 CZK (when the official rate should be approx 18 USD).
In short, it is a complete rip off and hence the occassional banging on the exchange office windows by disgruntled people who have realized this.
(the exchange offices at the airport though seem to offer good rates).
Also, NEVER exchange money on the street no matter how good a deal it seems.
The best way to exchange money is through your ATM card and the second best way is through a Czech bank (who will charge you a fee for the pleasure of processing the transaction).
1 last piece of advice and this concerns purchases made with your credit card and this is always look at the purchase receipt as it is quite common for these receipts to show your credit card number in full (not with the usual 1st digits removed for security). If you leave the receipt on the table when you leave you might be opening yourself up to identity theft or credit card fraud.
Hopefully others will contribute to this thread with their tips for places to exchange money too in case there are even better options than the banks.
Take care and all the best!

[lucid_dreamer26]

Awesome, thanks so much....that's very helpful!!

[Sigma]

I have a Canadian bank account, and they charge around $3-$5 for each withdrawl from a Czech ATM.

[merlin]

You probably won't be walking around Venceslav square in a drunken stupor with more than a few day's worth of cash in your pocket, so it looks like getting it from the ATM and swallowing the $3-5 fee is the only real choice.
You don't want to be carrying 5000 crowns cash, nor leaving it in your hotel room!
There's really no reasonable alternative to the ATM. You have to go to a bank to cash traveller's checks and who wants to go therough that evey few days. Plus you get charged double for cashing the check and then for the exchange.

Plastic is king.

[spiral78]

Actually, there was an AmEx office on Vaclavske nam. - is it gone? That was a pretty reasonable way to cash traveler's cheques, in term of fees.

[ITTP]

Hi Spiral!

The office is still there and I believe it still has the AMEX sign on BUT it is now a private exchange office and hence the usual rates you can expect from any private exchange office in town.
Shame as it was once the only decent place in town to cash checks.

I agree that plastic is King/Queen now.
Just NEVER let your card out of your sight though in restaurants or other places where you are purchasing.

Definitely wouldn't bother with traveler checks as they are really difficult to change up and the charges and rate you receive makes for a lousy exchange here.

Have a great day!

[scot47]

Travellers Cheques are definitely from the past. Plastic and cash - that is the way to go. I would suggest Euros are better CAN$.

[spiral78]

Euros over CAD? No kidding!

[lucid_dreamer26]

Any advice on approximately how many Crowns I would need for living in Prague for a month?

[ITTP]

Hi again Lucid_dreamer26!

Costs vary tremendously in Prague depending on where you eat, live, etc.
Aside from accommodation, you can get by comfortably on 500 CZK per day and this translates as approx 28 USD.
This will cover city transport (a monthly season ticket is going to be roughly 650 CZK in 2008)/ meals out and in (even in Prague 1 you can still find a horde of cheap eateries serving traditional grub for under 100 CZK per main meal)/ nights out on the town over beers (approx 25 CZK for a beer - if that's your thing).
BUT, you CAN get by on a lot less if you cut back and you can still enjoy the odd night out.
On the other hand, you can find a beer for 200 CZK quite easily in the tourist areas and find it hard to eat for under 500 CZK but upon arrival you will soon realize where to spend and where not to.
Electronics and clothes are expensive BUT, and I know that this statement does turn some backs up here; Prague can be still VERY AFFORDABLE.
Accommodation costs are high (on a par with Brussels in fact) but as always, sharing cuts those costs if you don't mind finding roommates.
For further info on Czech economics the following link might come in handy and was swiped from the expats.cz forum:
http://www.czso.cz/eng/redakce.nsf/i/inflation_rate
Hope it helps!

[ITTP]

Just wanted to add that this accommodation link comes highly recommended:
http://www.spolubydlici.cz

[spiral78]

To help clarify total monthly costs, it might be useful to consider what newbie-level teachers make, generally. TEFL-Prague will have a better idea, but I am told the current monthly net pay is somewhere in the range of 17,000kc - 21,000kc.

For this salary, you can live pretty well if you don't mind roommates - or you can be very much on the edge, finanically, if you are renting on your own and/or spending considerable time eating and drinking in the tourist areas.

I've just done the currency conversion and I'm a bit surprised to find that this is roughly in the $1,000USD/month range these days! When I moved to Prague, the dollar was considerably stronger...

[ITTP]

Yes Spiral, the Dollar has weakened considerably and estimates place it as going as low as even 15 CZK to 1USD by the end of Feb 2008
On the other hand the housing market might pick up again and this might give the jault needed to strengthen the USD again.

Teachers teaching FULL-TIME in Prague can expect to earn in the region of 15,000 CZK - 30,000 CZK per month.
It really depends on where you teach/ how you got the job/ if you had any support in finding the job/ how much you are taxed/ how many hours you are prepared to teach.
When I was teaching full-time I was bringing in a consistent 25,000 CZK and that was nearly 10 years ago but I was teaching 30-35 hours per week.

22,000 CZK - 28,000 CZK per month is the norm for a 24-30 hour week.
The exchange drop of the USD to CZK has actually been a blessing in disguise for teachers here as every time the USD drops they automatically receive a pay rise

Either way, teaching full-time in Prague still gives you a pretty good local standard of living and you soon get to realize where to eat and drink and where not to.
Having supoport from your TEFL/TESOL school is of course important in this process as it means you save money straight away by avoiding those tourist traps


Would like to hear some teachers viewpoints on this too though as the difference in wages can be as we see a big difference.

[merlin]