Exchanging cash in Thailand is Easy and Safe

Background: 

The official currency of Thailand is the Thai BAHT (pronounced - baaht). 

One baht is divided into 100 satangs.

Coins come in denominations of: 1, 2, 5 and 10 baht, as well as (relatively rare)  1, 5, 10, 25 and 50 satang. (You may get some 25 or 50 satang coins in change at a supermarket.)

Banknotes come in denominations of: 20, 50, 100, 500 and 1,000 baht.

The most commonly used coin is the 10 baht and the most commonly used note is the 100 baht.

*There are still some old 10 baht notes in circulation, and you may even encounter a special "Commemorative issue" 60 baht note. It is reported that the 50 baht note is being phased out of general circulation.

Thailand's Baht and a street cash exchange (forex) booth

Chiang Mai Airport and Bangkok Airport Cash Exchange (forex) booths

• Travellers Cheques are generally accepted only at dedicated foreign exchange shops or banks. 
  
• Automated Teller Machines (ATMs) are plentiful throughout Thailand, and most will accept cards issued by any of the major international banking networks (Plus, Cirrus, etc.)

Since April 2009, most foreign debit and credit card withdrawals from Thai ATMs MAY incur a 150 baht fee levied by the local ATM owner, in additon to any fees added by your home financial institution.

• Major credit cards such as Visa, Mastercard, JCB and American Express, are readily accepted at most hotels, airlines, restaurants and upscale merchants.
  
• To prevent your credit/debit card from being declined, it is important to advise your card issuer of your travel plans in advance.
  
• Some institutions routinely block/deny unexpected charges from Thai merchants for fear of possible fraudulent use.

Exchanging cash in Thailand is EASY 

FOREX (FOreign EXchange)  booths are very common and clearly post their daily exchange rates on an electronic notice board.

• Cash exchanges in Thailand incur NO commissions or fees.
  
• Do not buy any Thai currency until you arrive in Thailand.
  
• The rates offered in Thailand are ALWAYS BETTER than you could get back home *(for "mainstream" currencies).
  
• FOREX booths accept ALL MAJOR currencies.
  
• DO remember to bring ONLY bank notes in good overall condition.
  
• FOREX booths generally WILL NOT accept bank notes that are torn, ripped, damaged or are excessively marked/stamped

Which is best for me?

Cash

• There are NO fees or charges to bring your home currency, and NO fees or charges to exchange it into baht in Thailand.
• There are no surcharges, commissions or disadvantageous exchange rates when exchanging cash at the airport.
  
• It is the easiest to use, and in most cases the cheapest as well, but has obvious risks associated with loss.
  
• You do not have to present ID to exchange foreign currency.
  
• Make sure you count your money for clerical errors BEFORE you walk away from the exchange counter.
  
• Again, you do not need to buy any Thai baht BEFORE arriving in THAILAND.

At Bangkok's Suvarnabhumi Airport, there are exchange booths right in the Customs Hall (after clearing Passport Control, in the baggage claim area) as well as in the general arrivals area. ATMs are also readily available in the airport.

Thai Military Bank (TMB) are largely represented at the Airport. Their advertised rates of exchange are notoriously lower (-3% -4%) than ALL others, irrespective of their location (Airport , City, Country - they offer the same low rate everywhere).

For LARGER amounts to be exchanged (more than a couple hundred dollars), wait until you reach the Arrivals concourse, where other exchange services operate, so you can shop around. Be aware that away from the airport there are many additional exchange service providers, some of which offer slightly better rates than the few which have a monopoly at the airport.

Airport currency exchange services operate 24 hours a day, 7 days of the week.

If you prefer the security offered by Travellers cheques, then take them in your home currency if available. i.e. If you are from Britain, do not get USD cheques or you will lose money on that exchange before you have even started. In some cases there is a fee to buy travellers cheques.

• When you exchange Travellers Cheques in Thailand there is a mandatory 33 baht fee per cheque  (incl. the 3 baht government duty).
  
• To minimise this 33 baht fee it is wise to get your cheques in larger denominations (i.e. fewer exchanges).
  
• T/Cs actually get a marginally better exchange rate than cash, which will help offset part of the fee.
  
• When cashing T/Cs you will be required to present your ID (i.e. Passport).
  
• T/Cs provide improved security for you, as they can be replaced if lost/stolen.

Rates at FOREX booths/kiosks:
The bank's current buy/sell rates will either be prominently displayed on an electronic display board or by a fax paper attached to the window. These are the banks offical rates in use at that point in time. When rates change-- and they do frequently throughout the day -- the display board and/or fax page will be replaced and updated accordingly.

Rates offered will be the SAME at ALL branches of the SAME bank, when measured at the SAME point in time.  In other words, the rates offered by the airport branch of Bank X, will be the same as offered at the Sukhumvit Road branch of Bank X, when measured at the same time. Rates DO vary between different banks, but NOT within branches of the same bank.  You can use the link below to get a idea of the more competitive banks for your chosen currency. Once again: there are no surcharges, commissions or lower rates if you exchange your cash at the airport, compared to a branch of the same bank anywhere else in Thailand.

Some non-bank Forex specialists (such as Super Rich) offer more advantageous rates than any of the banks. You must decide if it is worth spending the time and money to get to one of these dealers, in order to get what may be only a small amount more than at the next bank-owned booth.

• Most Thai banks are now charging a 150 baht fee per withdrawal when you use their ATMs.
  
• Your home bank may also levy a fee.
  
• Using ATMs is a safer option than cash and more convenient than T/Cs.
  
• This may be the way to go if your home bank does not charge high fees.
  
• ATMs are plentiful and located just about everywhere.
• Most Thai ATM machines will deliver a maximum of 20 banknotes per withdrawal, so the effective limit of an ATM withdrawal is 20,000 baht.
  

AEON ATMs can be difficult to find, but do not charge a fee and provide exchange rates amongst the highest available. Here's a link to their location throughout Bangkok. Several of them are indeed in "tourist-friendly" locations: the ground floor of the Terminal 21 mall at Sukhumvit-Asoke, 2nd floors of both MBK and Siam Center, in Central Chitlom department store, as well as the Tesco Lotus at Fortune Town (Phra Ram 9 MRT stop) first floor. On Phuket there are 2 AEON ATM's: one at the Central Shopping Mall, and one at the BIG C shopping center.

*Prepaid Cash Cards - Like ATMs, may also be subject to fees by issuer as well as the local Thai bank ATM.

Remember, you DO NOT need any Thai baht before your arrival in the Kingdom, to get baht ahead of time will subject you to a considerably poorer rate of exchange plus probable commission fees.

Exchanging Cash or T/Cs at the HOTEL

• While Hotels DO offer cash and T/C exchange facilities, the rate offered is usually VERY POOR compared to that offered by Banks/Forex booths.

Dynamic Currency Conversion (DCC)

• When paying by Credit Card (hotels restaurants shops etc), insist on being billed in Thai baht.
• Being billed in your home currency, (a practice which has become more prevalent recently) involves both a hidden surcharge and bad exchange rates and can add 5% to the nett cost in some cases.
  
• The best advice is to insist on paying the local currency amount.
  
• If you are charged in your home currency, someone is going to make a profit on the deal, and it won't be you.
• If DCC is offered at an ATM machine, refuse, allowing the exchange rate to be set by your home bank at international market rates.

THE BEST ONLINE SOURCE FOR UP-TO-THE-MINUTE EXCHANGE RATES IN THAILAND

http://bankexchangerates.daytodaydata...

To determine the current rate of exchange of your home currency to the Thai baht, you can check this web site which shows the rates offered by all major Thai banks/FOREX specialists.

• Use the first drop down box to insert your home currency.
  
• You can also check ATM rates (option TT), and Travellers Cheque rates (option cheque)
• These rates are exactly what the banks listed are offering at this moment
  

BE RESPECTFUL WHEN HANDLING THAI CURRENCY!

All currency in Thailand, paper and coin, bears a portrait of His Majesty King Bhumibol Adulyadej or a deceased relative.

Remember that Thailand has and does enforce the national lèse majesté laws. These laws expressly prohibit any act - verbal, physical or written, that shows insolent or disrespectful behaviour toward any member of the royal family.

With this in mind;

• DO NOT EVER step on a coin to stop it from rolling away.
  
• DO NOT step on a Thai banknote to stop it from blowing away.
  
• DO NOT throw a note or coin in anger towards another person. 
  
• DO NOT tear, burn or otherwise deface a note or coin.

These acts can easily been perceived as disrespectful toward his Majesty The King, or another member of the royal family (and would be highly offensive to any Thai person that witnessed such an occurrence), and in keeping with lèse majesté laws, you may be subject to unpleasant consequences.

Please show respect accordingly.