In November 2024, I found myself back in Kraków for the first time since February 2018. Kraków and I have history. This time, however, nostalgia didn’t hit hard as I strolled around the streets of the Old Town. Instead, I was preoccupied with trying to right the wrongs in what’s become one big rip-off tourist trap. Indeed, let’s get into the topic of currency exchange in Kraków.
The Lowdown on Currency Exchange in Kraków
When it comes to currency exchange in Kraków, or any other large city in Poland, you’re better off avoiding exchange offices on the main streets in the Old Town.
Some people are lazy. Others are gullible. A select few are in desperate need of brain surgery. Get away from Grodzka and Floriańska streets and head to an exchange office on another street which doesn’t take advantage of poor tourists. I’ll provide some recommendations below.
Those ever-so-tempting selling rates
In my point of view, the most important thing is not to be lured in by big colourful signs, usually orange and white and yellow and black, which ONLY display selling rates. To be clear, the selling rate is the rate at which money dealers sell foreign currency – and not the Polish złoty. For example, the selling rate is valid should you wish to sell your unused Polish zlotys at the end of your stay, perhaps in exchange for British pounds again. Presumably, most people wouldn’t do this, preferring instead to retain their zlotys for a future visit to Poland.
Conversely, the buying rate is the rate at which money dealers purchase foreign currency.
If a so-called exchange place only displays one rate for a currency – i.e. the selling rate – it is guaranteed to be a ploy to deceive distracted, drunk or gullible tourists:
The moral of the story is this. In order to identify an honest “kantor”, their sign in the window, for example, should display TWO rates for each currency. These are the buying and selling rates. Even then, the buying rates may still be alarmingly low so make sure you compare the rates offered with the mid-market/national bank rates online. The exchange office below at Grodzka 13 offers unreasonably low buying rates:
Further observations
When I was in Kraków between 15-19 November, the mid-market British Pound to Polish Złoty conversation rate was around 5.17-5.18.
When I sell British pounds at Najlepszy Kantor in Gdańsk, I usually receive 0,02 zł below the middle exchange rate. This is because I’m a regular client and have changed quite a lot of money there over the five six years. The best exchange offices operate on margins as low as 0.02 zł. Judging by the margins below at my favourite exchange office in Gdańsk, this is certainly one top “kantor”:
Let’s get back to Kraków. If the buying and the selling rate differs by more than 0,10 zł on major currencies, you’d be right to think that something fishy is going on. I came across one exchange office where the difference for buying and selling GBP was a criminal 1,2 zł.
Finally, you may have to actively seek out buying rates. At those dubious exchange offices on Floriańska and Grodzka streets, the buying rates are either hidden somewhere in small print or shown on a screen inside.
What are some of the best exchange offices in the centre of Kraków?
If you’re prepared to use your legs and get away from Floriańska Street, Grodzka Street and the Main Square, currency exchange in Kraków does not have to be such a rip-off experience. Here are three reputable exchange offices in Kraków which are within a ten-minute walk of the Main Square:
- Kantor Grosz – Sławkowska Street 4
- Kantor Kurs – Plac Jana Matejki 3
- Kantor Karmelicka – Karmelicka 1
Final Thoughts
Reading reviews of people’s experiences at rip-off kantors on Floriańska and Grodzka streets, it seems that many people fail to realise that a deal is done once the receipt is printed. This will probably be in the small print somewhere as well. So you can count the money at the counter and complain all you want. The vultures behind the counter will just laugh at you, point at the sign behind your back and tell you to leave.
If you’re serious about currency exchange in Kraków, please don’t fall for big numbers, which are actually selling rates, colourful branding and the “no commission” nonsense.