How to Handle Your Money in Thailand

Travelling to any foreign country can entail different money issues, based on the currency, how it is used and levied surcharges for withdrawals. Here are some pointers to keep in mind while travelling to Thailand. These will allow you to spend your money more wisely and perhaps save some cash as well.

The best means of obtaining Thai Baht?

Bring some money in your home currency. Exchanging pounds or dollars at a money exchange office will give you a more profitable rate than other places like banks or airports. Airports tend to lower the exchange rates, so opt out of exchanging money there. You will get a more promising exchange rate in Thailand than in your home country. Travellers’ cheques, provide a sounder rate in Thailand than money, and they’re uncomplicated to trade, but these days they’re seldom used.

Cash withdrawal in Thailand

Each time you operate a cashpoint (ATM) in Thailand there is a surcharge of at least 200 Baht, which is about $7 US. The surcharge varies from time to time, and some charge 220 Baht and can increase further.

Do look about for the most reasonable ATM. But don’t worry too much, it is unlikely to locate such a one because an increase in fees occurs in unison.

Save on Every Electronic Payment

You can request for funds to be drawn in Thai Baht. You can usually do this with some sites like Agoda when booking hotels, ATMs or in some shops. The conversion rate of the currency will be more profitable at your home bank. It applies to almost every country.

Prepaid travel money cards

Some stores will take prepaid travel money cards without any fee, so they’re worthwhile getting as a backup when travelling. They are a sound purchase if your home currency is undergoing a real high exchange rate in comparison to the Thai Baht. Check with your bank to buy them and do some research into this option before buying them. As some entail a fee, while others don’t.

Withdrawing cash without fees in Thailand

Go to a bank and request at the counter a cash advance. You will be required to produce your passport and your bank card. The bank officer will only accept cards with your full name printed on them. The officer will then take a photocopy of the card and passport, and you will have to sign this along with the withdrawal paper slip.

After this, just take these papers to the cashier to get your cash. All of which is just a 5–10-minute appointment, and acceptable in most banks in Thailand. However, a recent change is that the cash advance is not free for Visa Cardholders, but only for Master Card. Those with a Visa will have to part with additional 200 Baht ($6) fee each time a cash advance is taken. On the bright side, this process will still save you from your local home bank charges. If you’re looking for a Koh Samui resort, certain places like Santiburi Koh Samui may prove to be good accommodation options.

Limit cash usage and carry what is essential

However, you will require cash while in Thailand, when visiting markets, using tuk-tuks, taxis, or songthaews and eating out in small food outlets. But do try to avoid it for major buys.

Book accommodation and settle it online. Consistently getting cash can get cumbersome when on the go, so keep your cards ready and use them whenever possible. Thailand is mostly safe, but some places like big tourist spots and beaches can be riskier, so don’t carry too much cash at one go and put it all in your wallet. Use a discrete satchel bag or disperse the money among companions or place it in several pockets in your bag, and most importantly be mindful.