|Bring Money with you - Exchange in Thailand
Bring the actual cash with you (for example: in a money belt). Not recommended for
large amounts. Once you arrive in Thailand you can go into a bank and exchange
your money into Thai Baht. By exchanging cash for Baht you will receive the best
exchange rate. This way you also avoid additional fees such as International Fee
of 1%; ATM Fees; Wire Transfer Fee; etc.
Large denominations of money will get you a better exchange rate than small
denominations. For example: $100 bills will have a better exchange rate than $20
Note: Make sure your bills are in very good condition with no defects, or they may
be rejected as possible counterfeit.
NOTE: When you exchange travellers cheques in Thailand as of March 1, 2014
there is a 153 baht fee per cheque (up from the previous 33 baht)
.To minimise this 153 baht fee it is wise to get your cheques in larger
denominations fewer exchanges).
Traveller's cheques are accepted in many major establishments, but not all. You
should convert them into the local Thai baht as soon as possible. The value
between traveller's cheques and regular money is almost the same.
Note: Make sure the name on your Traveler's Checks matches the name on your
Passport or you may have a difficult time cashing them.
Note: Sometimes you can get a slightly higher rate for traveller's checks than cash
Wire Money from Your Home Bank
Once you have established a Savings Account at a bank in Thailand, you can have
your bank wire money to that bank. The drawback is that your home bank will
charge you a wire transfer fee. That could cost you from $37 to $60 depending on
your Bank's fee schedule
ATM in Thailand
ATMs are all over Thailand, even in small towns, so you'll never have a problem not
being able to find an ATM machine. You can use your Credit or Debit Card to
withdraw funds from your home bank. Most banks here will charge you a 150 baht
to 180 baht service fee (approximately $4.50 to $5.40 US). In addition, you will still
be charged a service fee by your home bank plus a 1% international transfer fee.
Note: If your home bank has a per transaction limit and you wanted to withdraw
more than the limit, you would have to make two withdrawals. For example: you
wanted to withdraw $600 and your limit is $400, you would have to make 1
withdrawal for $400 and another withdrawal for $200. Hence, all of the above fee
would apply for each transaction.
Some banks will allow you to increase your daily limit for a 12 hour period to allow
you to withdraw a larger amount, then revert back to the regualr limit after 12 hours.
Using a ATM is not always the most reliable, as machines are often down, especially
in the provinces. Therefore, it pays not to be entirely dependent on your card (carry
some cash with you)
Western Union is the fastest way to send money, usually the same day, but is the
most expensive way. You have to go pick up the money at the Western Union office.
They usually have an office in Central Department stores (largest Dept Store chain
Go into the bank and request a Cash Advance. They will need to make a copy
of your Passport. See above, the exchange rate for a Credit Card and a Debit
Card can be different. They run your card through the machine, give you papers to
sign and you have your money. The only fee is a 1% to 2% international fee
charge by your home bank.
As of August, 2014 the Exchange Rate in Thailand is still lower than in the USA. I
always ask, for example, 45,000 baht cash advance. This way the funds are
deposited into my saving account, in Thailand, and the electronic transaction is
sent to my bank in the USA. Then my Bank will use the exchange rate in the US to
determine how much to charge my account there.
If you ask for Dollars, for example, $1400, they will calculate the exchange
immediately (the lower rate) to determine how much money to give you.
Bangkok Bank - New York Branch
Holders of US bank accounts can save on fees for international funds transfers by
transferring funds from the United States to Thailand via the US Automated
Clearing House system (US ACH) and Bangkok Bank's New York branch.
For complete Details CLICK HERE
To Transfer money from UK to Thailand CLICK HERE
NOTE - Bangkok Bank will use the Exchange rate in Thailand. At the present time,
the exchange rate is higher in the USA than in Thailand. For Example: You
transferred $2000 US
Bangkok Bank uses Exchange rate in Thailand = 64,000 Baht
Exchange Rate in USA - 66,000 Baht
So, in addition to the Int'l Fee, you would receive about 2000 less baht.
You can usually do an exchange at your Hotel, but they usually offer the worst
exchange rate. Like anywhere else in the world, exchanging money at your hotel
will get you one of the lowest rates in Thailand.
What's the exchange rate at Bangkok airport ?
Unlike airports in most other places in the world, the exchange rate at Bangkok
airport is just about as good as you can get anywhere else downtown.
A way to avoid Wire Transfer Fees; ATM Fees; and International Transfer Fees is
to set up a Thailand PayPal account. Click on this link to set up your account:
Paypal gets their fee by giving you a lower exchange rate (usually about 0.30%
lower than the regular rate.
Once your account has been set up and verified you must link it to your Thai Bank
Savings account. Now you are ready to transfer money from your Home Bank to
the Thailand PayPal Account (This takes about 3-5 working days). When you
receive an email that the funds are in the PayPal account you can transfer it to the
Thai Bank (again 3-5 working days)
Note: You cannot get a checking account in Thailand, only a savings account. But
that's ok. PayPal will not transfer money to a Thai Checking account anyway. Only
large companies can get a checking account.
Click Here for information of setting up a Thai Savings Account
Click Here To set up a PayPal Account
Once you have set up your PayPal Account follow the instructions below:
|Currency Exchange Options
How To Bring Money To Thailand
Exchange In Thailand
Wire Money From Your Home Bank
Bangkok Banks' New York or UK Branch