Welcome in Cloister Inn Hotel

The Cloister Inn Hotel is located  in the heart of the Old Town, in a side lane almost free of traffic only an inch to the major tourist attractions.

3-min walk            National Theatre

7-min walk            Charles Bridge

5-min walk            Old Town Square

10-min walk          Jewish Quarter with Cemetery

5-min walk            Wenceslas Square

15-min by tram     Prague Castle

The building lies on the premises of a medieval convent and offers good-quality services and family atmosphere in a quiet location in Prague´s oldest historical quarter.

After a whole day of walking you definitely appreciate the immediacy of the Cloister Inn location and complimentary refreshing cup of coffee or tea in the lobby.

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How to handle currency exchange and cashless payment options

Welcome to the Cloister Inn Hotel, where the cobblestone streets of Prague's Old Town and the majestic National Theatre form our daily backdrop. For our international guests, one of the most common questions regarding financial logistics concerns how to handle currency exchange and the increasing prevalence of cashless payment options across our city. This guide aims to clarify the local monetary landscape, ensuring you can enjoy your stay in Prague with confidence and without unnecessary financial stress, whether you are dining in our restaurant, shopping in the nearby shops, or settling bills at our front desk.

Understanding the Local Currency Landscape

To begin, it is essential to understand that the official currency of the Czech Republic is the Czech Koruna, abbreviated as CZK. While English is widely spoken, especially in tourist areas, financial transactions often require a specific local currency. When arriving in Prague, you will likely encounter two primary methods for obtaining Korunas: exchanging your foreign cash at a bank or utilizing Automated Teller Machines (ATMs). It is important to approach this process with caution to avoid unfavorable rates that can erode your travel budget significantly.

The Art of Exchanging Foreign Cash

For travelers carrying physical notes from their home countries, visiting a bank is generally the most reliable method for obtaining Korunas at competitive rates. Banks in Prague, such as those located near the National Theatre or within the Cloister Inn vicinity, operate during standard business hours and offer a wide variety of currency exchange options. When you exchange cash, the bank will provide you with Korunas in crisp, usable notes that are perfect for smaller transactions like buying bread, tips, or tipping a taxi driver.

However, before you leave the bank, ensure you verify the exchange rate displayed on the screen or asked by the teller. Be wary of "cash-out" counters located inside malls or convenience stores, as these often charge significantly higher fees and offer poor rates compared to professional banks. Additionally, remember that while Korunas are legal tender, they can sometimes be considered "traveler's currency" in very remote villages, though this is rarely an issue in the vibrant Old Town where we are situated. If you are unsure about the status of the Korunas, simply ask the shopkeeper or your hotel concierge before attempting a transaction.

Utilizing ATMs and Bank Card Payments

For most modern travelers, using an ATM to withdraw Korunas is the most convenient method. There are numerous ATMs scattered throughout Prague, and many are located directly inside banks, which is the safest place to use them. To minimize fees, look for ATMs that display a logo from your own bank, such as Visa, Mastercard, or American Express. Using a card from your home bank usually incurs lower fees than using a foreign card at a standalone ATM, which might charge a usage fee on top of your bank's own withdrawal fee.

When inserting your card at an ATM, ensure you select the option to use your home currency (e.g., USD, EUR, GBP) rather than the Koruna, as this will allow your home bank to convert the amount at their own rates, which are typically better than the local ATM rates. After withdrawing cash, keep your receipt from the transaction, as it contains the exact number of Korunas you received, which is helpful for verifying the amount if you need to exchange small change later.

Cashless Payment Options in Modern Prague

Prague has rapidly transitioned toward a cashless society, and the trend is accelerating even further. Many restaurants, including our own Cloister Inn dining room, cafes, and shops in the Old Town, do not accept Koruna cash at all. They operate entirely on card payments, mobile wallets, or credit chips. This shift means that even if you bring Koruna cash, you might find yourself unable to spend it in certain establishments, rendering it useless if you run out before using it for smaller tips.

Consequently, carrying a mix of Koruna cash and a reliable credit card is the most practical strategy. While cash is still king for small vendors, street vendors, and older establishments that may not have card terminals, cards are standard for larger transactions. It is also worth noting that many hotels in Prague, including ours, are moving away from requiring cash for room charges in favor of direct billing to your credit card. This simplifies the process and ensures you are charged the correct rate without the hassle of exchanging small change.

Practical Tips for Seamless Transactions

To ensure a smooth experience while staying with us, please consider the following practical tips for handling money effectively:

  • Notify your bank: Before you travel, inform your bank of your plans to visit Prague to prevent your cards from being blocked due to suspected fraud.
  • Keep small change: Even if you rely on cards, keep a small amount of Koruna cash for tips, entry fees to small museums, or buying drinks from street vendors.
  • Use digital wallets: Consider downloading mobile payment apps like Apple Pay or Google Pay, as many terminals in the Old Town support contactless payments.
  • Avoid dollar bills: If you have excess US Dollars, do not exchange them at a counter; instead, use an ATM to withdraw Korunas or return the dollars to your home country for a more favorable exchange rate.
  • Check fees: Always check your bank's international transaction fees before traveling to understand how much you will be charged for each currency conversion.

By following these guidelines, you can focus on exploring the magic of the National Theatre and the historic charm of the Old Town, leaving the complexities of currency and payment methods to our expert team at the Cloister Inn Hotel.

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