Money in Thailand

Money in Thailand

As friendly as the Thai people are, they are also excessively capitalistic and know how to play the game. If you’re not careful, you can find the travel money evaporating out of your account in a place that is supposed to be cheap!

Money in Thailand

The unit of Thai currency is the Baht. You will see paper money which comes in denominations up to 1000 Baht and coins that go up to 10 Baht. A Baht is further divided into 100 Satang, but you will rarely deal with these little coins other than getting them in change in some grocery stores. In fact, you might as well make a wish and toss them in the city moat.

Don’t be a sucker! Before you go, check the exchange rate at www.xe.com.

The best way to get spending money in Thailand is to use the ATM machines which are available nearly everywhere. You will get a better rate than using a teller at one of the banks or cash kiosks.

Don’t help your banker make his next BMW payment! Make sure your bank doesn’t add a gigantic fee for international cash withdrawal (1 – 5% is normal).

Read about:

Negotiating Prices in Thailand

ATM Machines Thailand

Using Traveler’s Checks while Backpacking

Carrying a credit card in Thailand

Thailand scams to avoid

Tuk-tuk scams for backpackers

Exchanging Money in Thailand

Just as food and shopping are usually a rip-off in airports, so is money exchange in Thailand. However, you WILL get the best rates from travelers in an airport! If you meet someone on their way out of the country, they may be willing to swap currencies with you at a great rate.

Use a tiny keychain calculator for doing the math and always count your money before someone walks away. If the guy is grinning like the Joker or something doesn’t feel right – abort!

You usually won’t get great exchange rates from the windows at banks. The good news is that they advertise their current rates on big LED signs. It is always best to use the ATM machines if possible – look for the gold or purple ones and keep that receipt!