ATMs vs. Exchange Services?
 

Since my hostel in Prague wants payment up front, is it a smarter idea to pull the money from the ATM once I reach Prague, get money from an Exchange Services place in Prague, or order the koruny before my trip from my US bank?

I'm hearing different things from different sources. My major concerns are being unable to pull out the full amount from the ATM due to ATM withdrawal limits and transaction fees charge by the exchange services.

Thanks.

Take the money from an ATM! You may take two cash cards from different banks.
Yes, there are withdrawal limits .. but I never had any trouble.
Worst case: You arrive at the hotel and pay in $, Euro and some Krone....
Why don't they take credit card?

They just don't accept credit cards. Most of the hostels are that way.

You are talking of hostels... youth hostels? In this case the withdrawal limit is going to be way up from what you will have to withdraw.
Which card are you going to use? What is the hostel rate? Remember that you pay fees for each transaction at an ATM. So withdraw a larger sum than just what you may need. It is the easiest and cheapest way.
Once you tell me which card you'll use, I'll lead you to a homepage for the different ATM's.

I used an ATM machine at the Prague airport last November. The machine did not charge a fee for using my ATM card (I haven't encountered ATM machines in Europe that do charge a fee). The bank that issued my ATM card charged me $2.00.

I withdrew 10,000 crowns, which was well below the $500 daily limit on my ATM card. Note that there's an approximate 1% surcharge on the exchange rate (I believe that Visa/Mastercard branded ATM cards impose this fee; I am going to experiment with an HSBC ATM card with no Visa/Mastercard logo on my next trip). This is a slight premium over the wholesale foreign exchange rate and is likely to be the cheapest way to change money.

There are ongoing scams in Prague involving individuals offering to change money with tourists. These should be avoided.

Have fun in Prague and don't drink too much Pilsner!

11/18/2004 ATM ATM MAC KB ATM LETISTE PRAHA 6 420.43