Do you, like several others, want to find out how to send money to Czech Republic quickly, easily, and in a cost effective way? Fortunately, there are several service providers based out of different parts of the world that let people transfer money to Czech Republic. For instance, while someone who lives in the U.S. might benefit by using a particular service provider, a different company might work better for someone who lives in the UK.
Transfer Money to Czech Republic
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
Currency Corridors & Swift Codes
Currency Symbol and Swift Codes
The Czech koruna (CZK) has served as the official currency of Czech Republic since 1993. As part of the European Union, Czech Republic is required to switch to the euro at some point in the future. The Czech koruna is also referred to as the Czech crown.
If you plan to transfer money to a bank account in Czech Republic, you will need the bank’s SWIFT code. The corresponding table lists SWIFT codes of some of the leading banks in the country.
|Ceskoslovenska Obchodni Banka||Prague||CEKOCZPPXXX|
Popular Currency Corridors
The size of the country notwithstanding, a considerable amount of money flows in and out of Czech Republic regularly. In 2016, over U.S. $3.12 billion was sent in remittances to Czech Republic from other countries. During the same period, around U.S. $2.02 billion made its way out of the country as remittances.
The corresponding tables show you how much money entered and left the country across its most popular currency corridors in 2016. The numbers are listed in U.S. dollars.
How Do I Compare Companies When Sending Money to Czech Republic?
Since several companies let you send money to Czech Republic in different ways, it is important that you compare them across some basic parameters.
- Cost. If you wish to find the most cost effective way to transfer money to Czech Republic, you do not have to complicate the comparison by looking at exchange rates and fees. Instead, simply look at how much money will get to the recipient through different companies.
- Speed. The best way to send money to Czech Republic quickly is to get the recipient to collect cash from a physical location. Transfers to cash pickup centers tend to process almost immediately. Transfers to bank accounts in Czech Republic may take up to five working days. Factors that affect the turnaround time in this case include where you live, the service provider you choose, and the receiving bank.
- Modes of payment. Paying through a bank account transfer is the most common method. You may find companies that accept debit and credit card payments with ease. Some companies even accept payments through various region-specific methods such as ACH, POLi, iDEAL, and SOFORT.
- Customer service. Online platforms such as Trustpilot and Feefo give you an easy way to check what customers of different companies have to say about their services. Some of the leading companies provide phone support in different countries. Online support via chat and email is easier to find.
How to Transfer Money to Czech Republic?
How you wish to initiate the process of sending money to Czech Republic is entirely up to you.
- Online. If you are thinking about using your bank’s online system to transfer money to Czech Republic, take some time to compare its cost effectiveness and speed with some of the top money transfer companies.
- Over the phone. Some of the leading companies give their customers the ability to send money to Czech Republic over the phone. With some, you even get access to a dedicated currency dealer.
- In-person. You may send money to Czech Republic in person by visiting your bank’s closest branch. However, it might be worth your while to compare its services with money transfer companies that have offices or agent locations in your vicinity.
Jakub had lived in Prague for most part of his life. When he was required to relocate to Germany because of work, he was certain that he wanted to return to Czech Republic in the future. Upon moving to Germany, he had to keep making repayments toward his home loan. A friend told him that specialist money transfer companies typically offered better deals than banks, so he decided to compare his options. This is what he found.
|Bank||Money Transfer Service|
|Exchange rate||EUR 1 = CZK 25.0161||EUR 1 = CZK 25.2489|
|Transfer fee||EUR 20||EUR 0|
|Amount received for EUR 5,500||CZK 137,088.23||CZK 138,868.05|
|Transfer time||2 to 5 days||1 to 2 days|
|Transfer options||Bank account||Bank account|
|Difference of||CZK 1,780.72|
Jakub benefited in more than one way by selecting the money transfer company instead of the bank. Not only did he manage to make slightly larger repayments toward his loan, he could lock in exchange rates for up to 12 months. In addition, he could schedule his transfers so he did not have to carry them out every month.
Cash Pickup Locations in Czech Republic
You may use the services of companies such as Western Union and MoneyGram if you want to send money to Czech Republic quickly. Sending money to a cash pickup center is also an option if the recipient does not have a Czech bank account.
|Western Union in Czech Republic|
|Prague Phuong Nam Tuan Spol S R O Libusska 319 Shop Tp 07 Prague||Tipsport Americka 339/39 Praha|
|Brno Ceska Posta S P Postovska 3 5 Brno 1 Brno||Ceska Posta S P Husova 4 Brno 10 Brno|
|MoneyGram in Czech Republic|
|Prague Fortuna Game Stanice Metra Namesti Miru Praha||Aurelium Industries Legerova 62 Praha|
|Brno Fortuna Game Solnicni 636/3a Brno||Smenarna Exchange Masarykova 32 Brno|
Safety Tips for Picking Up Cash in Czech Republic
Instances of violent crime in Czech Republic are rare. However, petty crimes such as bag snatching and pickpocketing are common, especially in and around Prague. When exchanging currency, make sure you do so at a bank or a currency exchange office, because you may get counterfeit banknotes when exchanging currency on the street.
Remain vigilant at Prague’s main station, at popular tourist spots, at major hotels, and when using public transportation. There have been instances of thieves operating in gangs and robbing victims by swarming and jostling them. Do not leave valuables or any other luggage in parked cars because car break-ins are known to occur in the bigger cities.
Do not leave your food or drink unattended, and do not accept food, drinks, or cigarettes from strangers or acquaintances. This is to avoid getting drugged and put yourself at risk of robbery and sexual assault.
What Information Do I Need to Transfer Money to Czech Republic?
When you transfer money to Czech Republic you will need to provide some information depending on the transfer method you select.
- Sending to a bank account. You will need the recipient’s complete name and IBAN along with the receiving bank’s name and SWIFT code.
- Sending to a cash pickup center. Get the recipient to identify a suitable cash pickup center because you will need this information along with the recipient’s complete name. The recipient may collect the transferred money by presenting a valid form of ID and a transaction number.
Regulations When Transferring Money To and From Czech Republic
The Czech koruna is a fully convertible currency and the Czech Republic does not have any exchange controls that affect trade in goods. The Czech National Bank is responsible for overseeing the country’s payment systems, and it also works in safeguarding the stability of the koruna. The Clearing and Settlement System owned by the Czech National Bank functions as the country’s only interbank settlement system.
Now that you know of the different ways you may send money to Czech Republic, take some time to compare your alternatives well. By looking for ongoing promotional offers, you may save even more money.
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