Czech Republic official currency is Česká (Czech) Koruna (CZK) or Czech Crown which is further subdivided into:

Coins: 1 Kč, 2 Kč, 5 Kč, 10 Kč, 20 Kč, 50 Kč.

Banknotes: 100 Kč, 200 Kč, 500 Kč, 1000 Kč, 2000 Kč, 5000 Kč

As the official currency of the country, Czech Crown is widely consumed by the citizens. Despite the fact that Czech Republic is a part of the Eurozone, however, Euro is not widely accepted in the country. Only some stores, restaurant and hotels accept payments in euros but the exchange rate is not quite good.

One Czech Koruna is equivalent to 0.0326 British pond and 0.0407 US dollar. 

Over the years the banking sector of the Czech Republic has experienced a significant level of stability. The past years has shown a tremendous growth in the banking sector, while country is considered as one of the strongest economic pillar of the European Union.

While transferring cash to Czech bank account, there are some requirements that will be provided for the easy transfer. The requirements include recipient’s full name, bank account number, SWIFT code and IBAN. However, all the deposits of foreign currency or Czech Koruna made by the person in the account are insured as per the laws of Czech Republic.

Moreover, according to the law governed by the government authorities, the exchange of cash cannot exceed up to the limit to CZK 270, 000. Further, the amount would not be accepted by the authorities of the country, until the payment is done by wire transfer.

Additionally, the banks charge 2% of fee from the total transfer while exchanging the cash, while some banks adds minimum fee in the conversion of the cash. Moreover, it is advisable to never opt for the money exchanger on the streets and don’t accept offer from the people who offer an exchange rate outside banks as mostly they turn out to be scammer.    

With the increasing demand and strong connectivity of internet has allowed individuals to transfer the cash at an instance. Many people are opting for the online cash transfer firms to get their desired amount transferred.

However there are various ways to receive the cash which includes bank-to-bank transfer, online transfer and recognised pickup cash points. At the same time online cash transferring is considered as the most suitable option for receiving or sending cash to the recipients. Additionally, people usually opt for the cash pickups as they find it convenient yet easily approachable. The transferred money can be easily received by the receiver by providing the details of the transferred money.

The second preferred way to transfer the cash is to send money through bureaus. However they charge pre-transferring fee but most of the people in Czech Republic opt for the reliable bureaus for the transference of money, as they offer attractive exchange prices as compared to banks.   

Different banks charge different fee for the transferring the money to the Czech account and they also have different rules and policies in transfers, but usually Czech banks does not charge not more than 2% from the total amount. However, the government does not impose any restrictions on the import and export of the local and foreign currency but if the amount exceeds to €10,000 or equivalent, the traveller had been alert by the concerned authorities. If he has been travelling in or out the Europe Union.

In addition, under the laws of money laundering, payments of any kind must not exceed to CZK 270,000 in one day, as for the coins the limit is 50 pieces. Also, banknotes must be accepted without limitation, those that are damaged in a non-standard manner may be refused.

The rules must implies to the residents and non-residents of the country, who tries to run any business in Czech Republic. Additionally, the notification must be issued to the individual by the orders of Czech National Bank.