It’s advisable to compare exchange rates and fees to secure the best deal. Avoid exchanging money at hotels or high-traffic tourist areas, as the rates may not be as favorable. ATMs are prevalent in cities and tourist areas, allowing visitors to withdraw Baht using their international debit or credit cards. Be mindful of withdrawal fees, and notify your bank of your travel dates to avoid any issues with international transactions.
Best place to exchange currency in Thailand
The reverse sides of each denomination differ, each carrying an image of a preceding ruler of the country. As of 2020, coins in the Thai baht are minted in denominations of 1, 5, 10, 25, and 50 satangs. The Thai economy expanded at a 5% average annual rate between 1999 and 2005, and GDP growth slowed further to an average annual rate of 3.5%.
Despite ongoing political unrest in the country, the Thai baht was one of the best-performing currencies in the foreign exchange (forex) market as of 2018. Remitly is on a mission to make international money transfers faster, easier, more transparent, and more affordable. Since shakepay review 2011, millions of people have used Remitly to send money with peace of mind. If you need to send money to family and friends in Thailand, it’s safest to use a money transfer service—especially if you’re sending sizeable sums of money at once.
What is Thai Baht (THB)?
- A big part of the coins circulating in Thailand still feature the portrait of H.M.
- Sure they can offer you a great exchange rate than most other options.
- You’ll be able to use a travel debit card from a provider like Wise to make convenient payments and cash withdrawals and to convert funds online.
- The value of tin and copper in the world market rose above the face value of the coins.
- The baht is subdivided into 100 satang and has been in use since 1897 when King Rama V introduced a new currency system consisting of silver and bronze coins.
He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem. Analyze rate trends for any currency over a few days, weeks, months, or years. Get an automated currency feed through the Xe Currency Data API. It is often in the top 10 rankings of the world’s most used currencies. When compared to other Asian currencies, the Thai Baht is currently one of the strongest. This lasted until 1997 when a currency crisis forced a decoupling.
What’s the currency in Bangkok?
In 1857, Thailand acquired its first minting machine and Thai silver coins began to be minted in the area. Coinage was streamlined in 1897, when the 11 denominations were simplified into two (satang and baht) under a decimalized silver standard system. The baht is the only legal tender in Thailand, so if you travel there, you’ll need your money exchanged into baht. Likewise, if you send money to Thailand, make sure it’s in baht, not in U.S. dollars (USD), British pounds (GBP), or euros (EUR).
- Use “Swap currencies” to make United States Dollar the default currency.
- When the first ATM showed me a message saying your card is blocked, contact your bank, I naively thought that the ATM was not working.
- Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader.
- However, it’s wise to have some cash on hand for places that may not accept electronic payments.
- In the U.S., people may not handle bills and coins with much care.
- Even if credit cards are increasingly accepted, for most day-to-day purchases when dealing with small businesses in Thailand you will have to use cash.
THB – Thai Baht
Sometimes when you’re away on a trip abroad you’ll find that merchants will take payments in a selection of major foreign currencies. However, the chances are that where this is offered, you won’t get a good exchange rate for your USD. Planning smart and convenient ways to spend in THB when you’re away is likely to mean you save on costs in the end. For more on understanding exchange rates, consult an exchange rate guide. You can also check with your bank https://www.forex-world.net/ or your favorite money transfer company for current Thai baht exchange rates. You’ll be able to use a travel debit card from a provider like Wise to make convenient payments and cash withdrawals and to convert funds online.
Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master’s in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses.
How to Get Thai Baht
For a fine dinner of two in a mid-range restaurant, it may cost between 500 to 2000 THB (15 to 59 USD). In some inexpensive restaurants or street food, the cost may vary from 210 to 450 THB (6 to 14 USD). A bottle of wine is about 350 to 900 THB (11 to 26.5 USD), and domestic beer is about 40 to 80 THB (1.2 to 2.4 USD). Immerse yourself in a virtual journey through the rich tapestry of this enchanting Forex timeframe country, as we unveil iconic landmarks and hidden gems. Packed with vivid descriptions and insider tips, this e-book is your ultimate guide to exploring the diverse and captivating destinations that make Thailand a must-visit destination. Download now for an immersive experience that will inspire your next adventure in the Land of Smiles.
Stay connected in Thailand
Currency exchange booths are found in all international airports and in most of touristy areas so you won’t be short of local currency if you will bring enough cash. It’s a great tool for sending and receiving money internationally with low fees — much cheaper than using your local bank. You can also get your own local bank account details in Europe, UK, US, Australia and New Zealand with the Wise Multi-currency account. Whenever you pay with plastic, choose to be charged in the local currency of Thailand. You may be charged a small transaction fee, but the exchange rate between THB and USD is better than you choose to pay in your home currency. You can exchange Thai Baht in most large hotels and international airports.
The cost of a Thailand tour varies in different travel styles, optional activities, and so on. To better understand the price of things in Thailand, we list some of the costs you may need to consider for your information. The symbol for the Thai Baht is ฿, and the currency is often abbreviated as THB.