Exchanging Foreign Currency in Bangkok
Accessing foreign currency in Bangkok is convenient, with ATMs and currency exchange bureaux readily available throughout tourist areas and at the airport. You’ll rarely encounter difficulties when it comes to withdrawing or exchanging money.
Using ATMs
The most efficient way to exchange currency is by using ATMs, which are widely available across Bangkok, especially in tourist zones. ATMs operate 24/7 and typically offer competitive exchange rates. The exchange rate margin is usually around 2%.
However, note that Thai banks charge a fee of 150 baht (approximately US$5) per international transaction. To minimize fees, it’s advisable to withdraw larger sums at once. Most ATMs allow a maximum withdrawal of 20,000 baht per transaction, which is sufficient for several days of typical tourist spending.
Currency Exchange Bureaux
Money can also be exchanged over the counter at bank branches, currency exchange kiosks, tourist centres, and airports. A valid photo ID (such as a passport) is required. Credit card cash advances incur a 3% fee, and while exchange rates are generally fair and clearly displayed, cash and traveller's cheque transactions may involve a slightly wider spread.
Private exchange services—such as those offered at hotels or local shops—typically offer poorer rates and should be used only as a last resort.
Exchange Rates and Spending
The Thai baht generally exchanges at approximately:
- 33 THB to 1 USD
- 37 THB to 1 Euro
- 44 THB to 1 British pound
(Note: Exchange rates fluctuate, so check current rates before making transactions.)
Thailand remains an affordable destination. On average, a daily budget of 2,000 baht covers meals, drinks, and entrance to tourist attractions for those traveling comfortably. Even a modest budget of 500 baht can go a long way. Cash is still the primary mode of payment, so carrying sufficient local currency is recommended.
Practical Tips
Cash can go quickly in Bangkok, with plenty of enticing shopping, food, and entertainment options. Since ATMs often dispense 1,000 baht notes, consider visiting a convenience store like 7-Eleven to break them into smaller denominations.
Thailand is generally a safe country, so carrying cash isn't a major concern, though normal precautions should be taken.
Credit Cards
Major hotels, upscale restaurants, and tourist-oriented shops typically accept credit cards. However, many businesses apply a 3% surcharge for card payments. While this practice isn’t officially sanctioned, it's commonly used to offset VAT and bank fees. For smaller vendors or local markets, expect cash-only transactions.
Bet you didn’t know that!
The stark income gap between Thailand’s rich and poor is on display all around, yet the country is rated by the Gini co-efficient to be less unequal than both Singapore and the United States. It’s more noticeable here as a developing country, yet Thailand has an unemployment rate of just three per cent and less than five per cent live below the poverty line. Throughout the eighties, Thailand frequently boasted the world’s fastest growing economy.
