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I'm traveling to Prague and I want to know where I can pay with euros (EUR) and where I have to pay with Czech korunas (CZK). I'm going to Prague's stadium to watch a football match and I know I can buy the tickets for that with EUR, but what about freeway tolls, hostels, restaurants, public transport and museums?

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I just can tell you about my personal experience: Most often it would have been possible for me to pay with Euros in restaurants, bars or hotels, but the exchange rate was really bad. So I preferred to exchange money in a bank and then use Czech crowns. If you book tickets or accommodation online, it wasn't a real problem for me because the prices in Euros where reasonable. So I chose to use Euros there.

Ticket machines such as for public transport were not accepting Euros last summer, but maybe this has changed in the meantime.

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    Update for 2014: vending machines still don't take Euros :(
    – Piskvor left the building
    Jul 29, 2014 at 9:47
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    Update from 2016: Ticket machines at the airport now take cards.
    – JonathanReez ♦
    Jun 23, 2016 at 22:43
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And here is my personal experience from Prague:

  • Exchange rate in the banks was between 23,5 and 24,5 Crowns for 1 Euro
  • ticket machines for public transport are still not accepting Euros, but parking automats are accepting Euro coins(only 1 and 2 Euro coins), exchange rate: 1 EUR= 25 CZK
  • in the hotel we could pay with Euros too, and the exchange rate was 1 EUR= 30 CZK and it was much better to use Euros
  • There were some shops and restaurants accepting Euros, but only few of them have a good exchange rate and there it was better to use Czech crowns

So the best way is to exchange some money in a bank, but also to keep some money in Euro and use it where the exchange rate is about 1 EUR= 25 CZK

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Most places will let you pay with Euro cash, but at an atrocious exchange rate; vending/ticket/etc. machines won't take euros or plastic (with very few exceptions).

Withdrawing CZK at an ATM will likely hit you with a foreign withdrawal fee, so this is the second least advantageous option (check with your bank/card issuer, apparently there are banks which don't charge for foreign ATM withdrawals; note also that you'll be withdrawing in a currency different from your account's currency).

If you are in a hurry, there are money exchanges in the touristy places - but take care which rate you're looking at - the CZK buy rate is what interests you here.

Exchanging money at a bank will get you the best exchange rate.

One option I don't see mentioned yet is paying with an electronic card - Visa/Mastercard is the most commonly accepted combo, and the money gets debited at current exchange rate. Of course, the further from bigger cities you get, the higher the chance that the venue would only accept cash; even in Prague, the acceptance rate is somewhere at 80%, but continually getting better with the contactless card/terminal rollout.

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    "Withdrawing CZK at an ATM will hit you with a foreign withdrawal fee, so this is the second least advantageous option." - that depends on your personal bank, at least if the bank the ATM belongs charges my account in CZK. There are banks where no foreign withdrawal fee is charged and exchange rates are good or at least the same as changing cash at a local bank.
    – greyshade
    Sep 1, 2014 at 15:12
  • @greyshade: Fair point - I haven't used such a bank yet, but I trust they exist. Edited.
    – Piskvor left the building
    Sep 1, 2014 at 15:16

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