Compare fees and exchange rates to get the best deal on your next money transfer to the Czech Republic.
Although it might seem unlikely, a quick internet search reveals a strong presence of Czech-born and Czech-origin Australians, most of whom are settled in Melbourne and Sydney. The first Czech citizens arrived in small numbers during the Gold Rush in the 1850s, followed by a wave of World War 2 refugees after the communist takeover in the late 1940s, and then again after Soviet occupation in the late 1960s.
Many young people from the Czech Republic still favour Australia as a favourite destination to continue their studies. In terms of bilateral trade agreements, Australia has made significant investment in the Czech Republic, while an Investment Promotion and Protection Agreement was signed to improve commercial relations.
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Banks versus money transfer companies
Marek is a second-generation Czech-Australian. Recently his brother and sister-in-law moved back to the Czech Republic after both accepted positions in a prominent law firm in Prague. Marek has just become an uncle and would like to send cash as a gift for his new niece. He has the choice between two money-sending services.
| Money transfer service 1 | Money transfer service 2 | |
|---|---|---|
| Exchange rate | $1 = 16.82 CZK | 1 = 16.32 CZK |
| Transfer fee | $3.48 | $37 |
| Amount received for $500 | 8,354 CZK | 7,515 CZK |
| Transfer time | 1 to 4 working days | 10 minutes |
| Transfer options | Online transfer, bank transfer | Online transfer |
| Difference | 839 CZK |
How do I compare transfer companies when transferring and receiving money via the Czech Republic?
When comparing transfer services for getting money to the Czech Republic, it’s important to consider the following factors:
- Exchange rates. The aim is to find a service that combines low fees and competitive exchange rates. This may impact on the delivery time, but your choice depends on how urgently the money needs to get to your recipient.
- Pick-up methods. Depending on what best suits the recipient, you can choose to have the money deposited directly into their account or have them collect it at the agency.
- Transfer methods. You can send money to the Czech Republic via bank-to-bank transfer, online transfer to a bank account, cash deposit to be collected at an agency or to a recognised pick-up point. Choose the service that best suits your requirements and fee expectations.
- Turnaround time. Some services can get the money to its destination within minutes, while others can take up to five business days. Often you incur a higher fee for faster delivery.
- Minimum transfer amounts. Most transfer services specify a higher minimum amount when sending to certain countries.
- Customer service. Reputable money transfers services keep close track of transfers and send confirmations when the transfers land. You can contact your money transfer service on their direct lines provided on their websites, by email or visiting the agency in person.
How do I send money to the Czech Republic from Australia?
When comparing money transfer services online, the money is sent in Australian dollars and received in Euro, US dollars and Czech koruna. The following transfer services will get your money to its destination:
- MoneyGram. Money is sent in Australian dollars and delivered in Euro, US dollars or Czech koruna. Recipients can collect money at a pick-up agency 15 to 20 minutes after the transfer has been effected. However, the service charges a $37 fee for the transfer and currency conversion.
- Transferwise. This transfer service delivers within one to four working days, but you pay very low transfer fees. If your concern is saving on transfer fees rather than turnaround time, this would be the better option.
- Western Union. This online transfer service can have money delivered to a pick-up point within minutes of the transfer. Money can also be deposited directly into your recipient’s bank account. Western Union has pick-up points and branches in major Czech cities.
How do I receive money from the Czech Republic in Australia?
Here are a few money transfer options to consider for sending money to Australia from the Czech Republic.
- WorldFirst. A well-reputed online money-transfer service, this company charges no transfer nor receiving fees. Money is deposited directly into the recipient’s account.
- Currency Fair. Compared to the standard fees charged by most banks, Currency Fair charges a very low transfer fee and delivers within one business day for a priority transfer.
- Global Reach. If you’re looking to transfer bigger amounts, this service is ideal since it charges zero fees for transfers exceeding $5,000. Otherwise, a transfer fee of $10 applies.
Emergency cash transfers in the Czech Republic
In case of an urgent transfer, you may have to pay an additional fee for faster delivery, but in if’s an emergency, a few extra dollars won’t make that much of a difference.
- Cash pick-up service. It’s the business of money-transfer companies like MoneyGram, Western Union and Ria to provide quick, convenient delivery at designated pick-up points. Check their locations online.
- Travel insurance. Your travel insurance will cover certain cases of theft, but you may have to wait a while before the payout is ready.
Cash pickup locations in the Czech Republic/ Western Union / MoneyGram branches in the Czech Republic
If you’ve opted to use Western Union or MoneyGram to make a transfer, here are a few locations in Prague and Olomouc from which to make a collection.
Western Union
Prague
- Ceska Posta
Italska 3 Praha 24
Praha,12004
+420-224247570
Open Monday to Friday 8am to 7pm - MoneyUnion SRO
Pasaz Legerova 101
Podchod Nad Muzeem Smer
Vinohradska Praha 1, 11000
+420-224-229524
Open Monday to Sunday 7am to 12am
Olomouc
- Unni Trading
Polska 1 Galerie Santovka Olomouc,
Czech Republic 77900
+42-728296665
Open Monday to Friday 9am to 8pm,
Saturday 9am to 7pm, Sunday 10am to 4pm - Ceska Posta
Polska 1201 1 Olomouc,
Czech Republic 77006
+420-954370245
Monday to Friday 8am to 8pm, Saturday 8am to 7pm,
Sunday 10am to 4pm
MoneyGram
- Change
Jugoslavska 13
Metro IP Pavlova
Prague 120 00
777636544
Open Monday to Friday 8am to 11:59pm,
Saturday and Sunday 8am to 10pm - Mango Change
Jindrisska 5
Prague 110 00
720998745
Open Monday to Friday 9am to 7pm,
Saturday 9am to 6pm
- Smenarna Opava
Horni Nam. 1
Opava, 746 01
604342342
Open Monday to Friday 8am to 6pm,
Saturday 8am to 12pm, Sunday 9am to 5pm - VP Thuhien
Olomoucka 65
Cernovice
BRNO, 627 00
775347484
Open Monday to Sunday 11am to 8pm
Tips for picking up cash in the Czech Republic
Smartraveller.gov.au advises that you exercise normal safety precautions while travelling in the Czech Republic. That said, the influx of migrants has caused disruptions to public transport systems. Be aware of suspicious individuals and watch out for pickpocketing and other petty street crime. If you need to collect money from a pick-up point, make sure you get there during opening hours. If possible, take someone along - especially if you don’t speak the language.
What are the steps to send money to Czech Republic?
Most money transfer services require that you register and become a member first. Signing up is quick and usually free. Most services will require some or all of the following information:
- Your name
- Email address and contact number
- The recipient’s name, address and bank details
You can effect the transfer online whenever you like, or visit an agency and do it in person. In most cases, you’ll receive a reference or tracking number.
