Banking and currency exchange in Thailand

In Thailand the best ways to exchange money are ATM Card, Credit Card, Travelers Checks, Cash. However each method has advantages, disadvantages and things to watch out for. Carefully check out any transaction and make an informed decision.

On arrival in Bangkok currency exchange counters are conveniently located in the arrival hall after you pass customs inspection. There are also some TM machines in the hall. Thailand receives visitors from throughout the world and can exchange most currencies. I save up my left over bank notes from other countries and take them to Thailand to exchange. The exchange rate at the Bangkok airport is reasonable compared with what you can get in town. If you want to shop rates, just exchange enough for your first day.

Money exchange counters are very easy to find in the visitor areas of Bangkok. Most of the money changers you see are outlets of Thai banks. Generally their rates are competitive with one another. You can get a better rate with travelers checks than bank notes although they charge 23 baht in handling fees and stamps for each travelers check. Try to bring large travelers checks.

If you bring bank notes, try to bring newer notes. This is especially true of the new US banknote designs. US dollar bank notes and travelers checks are the most widely accepted, easiest to exchange and give the best rates.

When changing travelers checks you'll need your passport for identification and they will ask you where you are staying. And of course always recount and check to see that you've gotten the full amount.

ATM and credit cards

Using your ATM or Credit card is a convenient way to get Thai currency and can offer you the best exchange rate. With an ATM card or Credit card you should get the inter bank exchange rate. Unfortunately credit card companies will charge you 3-4% on the exchange plus a 2-3% cash advance fee so be cautious.

On the other hand ATM transfers usually just incur a small home bank fee and may be your best bet to get Thai money. But double check fees and exchange rates as policies vary considerably from bank to bank.

Unfortunately trying to use your ATM or Credit card in a cash machine is a very hit and miss affair. Some machines won't accept your card or the display will be entirely in Thai. Some machines are open 24 hours and some shut down after 10pm. Sometimes machines are out of commission to foreigners for a day or two because the overseas link is down. 

Cirrus and Plus seem widely accepted, but some machines have the symbol but won't take your card. Realize too that Thai ATMs don't have any letters on the buttons so memorize your NUMERIC pin code. There have been reports that some Thai ATMs only take a 4 digit PIN and you should change yours to 4 digits.

Then again, some say to just enter your first 4 digits.

Just in case, bring cash and travelers checks as backup.

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