Money in Thailand: Banks, ATMs, cards & currency exchange

Thailand, often called "The Land of Smiles," is renowned for its welcoming atmosphere, stunning landscapes, vibrant culture, and rich history. It's a popular destination for tourists seeking relaxation and adventure, as well as expats looking for a change of pace or a place to retire.

Whether you're planning a short holiday on Thailand's beautiful beaches or considering a longer-term stay, understanding the local currency can be a bit tricky at first.

This guide provides an overview of Thailand's currency (the Thai Baht), banking, and exchange services, giving you a head start on managing your money when you arrive. It also introduces Wise as a great tool for managing your finances while in Thailand.

Currency in Thailand

The official currency of Thailand is the Thai Baht (THB). Both coins and banknotes are used.

Characteristics of the Thai Baht

There are currently two different series of banknotes in circulation in Thailand. Both are legal tender, but they have slightly different designs. Both series feature the image of the King of Thailand, and it's important to treat Thai currency with respect, as the monarchy is highly revered.

You can check the validity of banknotes against images provided on the Bank of Thailand's website if you have any concerns.

The Thai Baht is the only legal currency in Thailand. While some tourist-oriented businesses might accept other currencies (like U.S. dollars), the exchange rates offered will almost certainly be very unfavorable. It's best to use Baht for all transactions.

Exchanging Currency in Thailand

Exchange Your Money in Thailand (Generally)

Generally, you'll find better exchange rates for Thai Baht in Thailand compared to your home country. However, it's always wise to be informed and compare rates.

Beware of "No Fees" or "Zero Commission" Offers

Many exchange services in Thailand advertise "zero commission" or "no fees." However, these businesses typically make their profit by offering a less favorable exchange rate. Always check the offered rate carefully.

Use the Mid-Market Rate as a Benchmark

To determine if you're getting a fair deal, you need to know the mid-market rate (the same one you usually see on Google). This is the "real" exchange rate – the midpoint between the buy and sell rates on the global currency market. Use an online currency converter to find the current mid-market rate and compare it to the rates offered by exchange services.

Avoid Airport and Hotel Exchanges (Usually)

Currency exchange desks at airports and hotels often offer poor exchange rates. If you need Baht immediately upon arrival, exchange only a small amount. For larger amounts, wait until you can find a bank or currency exchange service in a more competitive area (like a city center). ATMs are also an option at the airport, and often offer better rates than the exchange counters.

Bring Clean, Undamaged Banknotes

When exchanging cash, make sure your banknotes are in good condition – clean, crisp, and without any significant damage or markings. Exchange bureaus may refuse to accept damaged notes.

Using Traveller's Checks in Thailand

American Express Traveller's Checks can be exchanged at banks and some exchange offices in Thailand, but other types of Traveller's Checks may be difficult to cash. You generally can't use them for direct payments. Exchanging Traveller's Checks often involves fees per check, so it's more economical to use larger denominations. However, even with larger denominations, the exchange rates are often not competitive, and you'll have limited options for where to cash them.

For convenience and better value, most travelers now prefer to use ATMs and debit/credit cards.

Using Credit Cards and Debit Cards in Thailand

Carry Cash – It's Essential

Major credit and debit cards (Visa, Mastercard, American Express) are accepted in larger businesses, hotels, and restaurants, especially in tourist areas. However, many smaller shops, local markets, and street food vendors only accept cash. It's crucial to carry sufficient Thai Baht at all times.

Inform Your Bank of Your Travel Plans

Notify your bank of your travel dates to Thailand before you depart to prevent your card from being blocked due to suspected fraudulent activity.

Decline Dynamic Currency Conversion (DCC)

When using your credit or debit card, you may be asked if you want to be charged in your home currency. This is Dynamic Currency Conversion (DCC). Always decline DCC. It allows the merchant's bank to set the exchange rate, which is almost always worse than your own bank's rate. Always choose to be charged in the local currency (THB).

ATMs in Thailand

ATMs are readily available throughout Thailand, particularly in cities and tourist areas. Cash is the preferred payment method for many Thais, so ATMs are a convenient option for travelers.

Use these locator tools to find ATMs near you:

• Visa ATM Locator
• Mastercard ATM Locator
• Amex ATM Locator

Check Your Bank's Fees and Thai ATM Fees

Before you travel, check with your home bank about their fees for international ATM withdrawals and foreign transactions. Additionally, be aware that most Thai ATMs charge a fee per withdrawal (typically around 220 Baht, but this can vary).

Decline DCC at ATMs

As with credit/debit card transactions, ATMs may offer DCC. Always choose to be charged in the local currency (THB) to get the best exchange rate from your bank.

Banks in Thailand

Thailand has a well-established banking network. The largest banks often have operations beyond Thailand's borders. Bangkok Bank is the largest, with a significant presence in Southeast Asia and offices in major international cities. Krung Thai Bank is majority state-owned, and Siam Commercial Bank is Thailand's oldest bank.

Check if your home bank has any partnerships with Thai banks. This could potentially allow you to use ATMs in their network for free or at reduced fees.

Major Retail Banks in Thailand

• Bangkok Bank
• Krung Thai Bank (KTB)
• Siam Commercial Bank (SCB)
• Kasikornbank (KBank)
• Bank of Ayudhya (Krungsri)

International Banks Operating in Thailand

• Bank of Tokyo-Mitsubishi UFJ (BTMU)
• HSBC Thailand
• Standard Chartered Thailand
• Citibank Thailand
• UOB Thailand

Managing Your Money in Thailand with Wise

While traditional banking methods are available, Wise offers a convenient and cost-effective alternative for managing your finances in Thailand.

• Mid-Market Exchange Rate: Wise uses the mid-market exchange rate (the same as the one you usually see on Google) when you convert currencies, eliminating hidden exchange rate markups.
• Low, Transparent Fees: Wise charges a small, upfront fee for currency conversion and transfers, clearly displayed before you complete the transaction.
• Wise card: Residents of supported countries can additionally order the Wise card to make payment like a local, in-store or online.

Get started with Wise 🚀

By using Wise, you can potentially save a significant amount of money on currency exchange and international transactions, making your trip to Thailand more affordable.