Currency

Thailand’s currency is the baht represented by the symbol ฿. Your dollar (USD) currently buys a bit more than 35 (THB). Check the current exchange rate so you can get a sense for your anticipated cost of living as you look into various on-site expenses at xe.com – USD to EUR.

Thai baht (THB) comes in denominations of coins of 1, 2, 5 and 10 bahts, and banknotes of 20, 50, 100, 500 and 1,000 Thai bahts. One baht is divided into 100 satangs with 50 and 25 satang coins.

Currency & Exchange Rates

One of the first things to consider when leaving your home country to travel abroad is how to best handle the local currency. It can be a bit intimidating to think about, but this guide is here to help ease that anxiety. This section will cover when, where, and how to convert your money, cash, and bank accounts in Thailand.

There are a few things to keep in mind:

Before getting on the plane, make sure you call your bank. There are a few reasons for doing so. If you plan on using your home country's debit or credit card, ensure that you notify your bank of your travel dates before you leave. If you don't, your bank may think your information has been stolen and block your card. It is also important to know about any foreign transaction fees your bank may have for using your card in another country. This could save you a lot of money during your time in Thailand.
Get an understanding of the exchange rate. Currency exchange rates are constantly changing and shifting, so it is important to keep track of them in order to keep an eye on how much you're spending. Luckily, there are now many apps that keep updated lists of currency exchange rates. One recommendation is the Xe Currency Exchange app, which keeps an active update of the current currency exchange rates around the world.
When should you exchange your home currency? Deciding when to exchange your currency can vary. Many banks offer currency exchange. Some offer it to their members for free, while others charge a rate depending on the current exchange rate. You may also be able to exchange through travel companies and agencies.
Many people will commonly wait until getting to the airport either in their home country or when they arrive at their destination. If this is the case, be sure to keep your eye out for the lowest rate you can find. There will be plenty of currency exchange counters at the airport, but your first option may not be your best option. Be sure to keep an eye out for the rates and fees for exchange that are listed.

Banks & ATMs

Most Thai banks offer currency exchange services and most bank hours are Monday - Friday 9:00am - 3:30pm, though some larger banks have late hours for currency exchange windows and/or limited weekend hours.
Most ATMs operate until 23:00 but many are open 24 hours. You will find them in banks and also at convenience stores. ATMs that accept international cards are sometimes marked with a “Global” sign or the logo of the international banks they accept cards from. Most offer foreign language services, including English.
Banks usually offer the best exchange rates to travelers.
Using ATMs in Thailand may come with additional fees from your home bank, usually around 2-3% for international withdrawals and a set fee for using ATMs not affiliated with your bank.
Check with your bank for details on these fees and withdrawal limits.
To minimize the fees, you can withdraw larger amounts less frequently, and make sure that the ATM card you use is linked to a checking or money market account, not a savings account.
Verify that your PIN is a four digit number. Keep in mind that the keypad on Thai ATMs does not have letters, and you will need to use a 4-digit number as a password.
Be cautious when using ATMs. Try to use machines that are attached to banks and are located in well-lit, familiar locations. Be aware of your surroundings when entering your PIN or withdrawing cash.
Cash Advances. You may be able to use a credit card (rather than an ATM card) to obtain cash advances from ATMs. Interest rates on cash advances, however, normally begin to accrue from the date on which the money is withdrawn. As such, credit card cash advances can be very expensive and should only be used as a last resort.

Should you have trouble finding a machine that works with your card, check with your home financial institution, as they should be able to give you the location of a machine that functions on your network.

Credit and Debit Cards

Thailand is still very much a cash-based country, though this is slowly changing and larger establishments sometimes accept cards. However, unlike in the US where debit cards are widely accepted for small purchases, many stores, restaurants, and especially street vendors in Thailand, will only accept cash.
A general rule of thumb is to always have both cash and cards on you no matter where you are in Thailand. While some places might offer card payments as an option, there will be many more circumstances where cash will be the only option of payment.
Having a debit card that you can use to withdraw cash at ATMs in Thailand will be important.

Tipping

Tipping is not a Thai custom and will not be expected by service personnel. However, many major hotels and upscale restaurants add a 10 percent service charge to the bill. Taxi drivers do not expect tips, but do appreciate it if you let them keep the change.

Wiring Money

If you find yourself in an emergency and need to access money, the best option is to use an international wire transfer service such as Moneygram or Western Union. Both these services provide general information and FAQs on how to perform an international wire transfer on their websites, which can be useful for you to understand the process and fees involved. This method can be a bit slower than an ATM withdrawal but it is an option available to you.

Welcome to Thailand