10 Thai Baht Exchange Tricks
Obtaining, carrying and spending foreign currency is something any first time traveller would like to know about. It starts with the exchange of home currency with a Money Changer or a bank, knowing its value in the host country, spending and re exchanging the unspent currency back into own currency. In every step there is something important that one needs to remember. Here are some smart currency exchange tricks to easily and profitably save the Thai Baht (THB) while spending it!
The currency of Thailand is Baht and it costs about Rs 2.3 to buy 1 Baht as per current exchange rates. Click this link for today’s Exchange Rate . Remember this rate may vary when you do actual currency conversion as money changers have two different rates for buying and selling.
Cash Vs Travel Card, My Pick
As per my experience, in Thailand cash is king. Although Visa Travel cards are widely accepted, hard cash gives you much more flexibility. Thailand Currency – Must Know Details is essential. You may like to carry a Travel Card if you are a lover of cards, however, daily retail spending on street food, transportation etc will be in cash. So, plan well. If you are planning to travel to more than one country, I would recommend a Transferwise card that allows you to store 40 different currencies at a time and offers free* currency withdrawal in such countries.
* Within set limits
How Much Cash To Carry
Visa on Arrival charges* have to be paid only in THB. So it is wise to carry THB for first couple of days of stay and carry the rest in US dollar as it is the easiest to exchange in Thailand and you get a better rate than exchanging any other currency. For emergencies keep your debit card for ATM withdrawal.
*Waived of till 30 April 2020
Using Your Debit Card on Thai ATMs
Thai banks charge around 200-300 THB as transaction charges and a 3% charge is levied by your bank in India for each such transaction. The max amount that can be withdrawn in one transaction is limited to THB 30,000 in KrungSri Bank, Thai Military Bank and CIMB Bank while CitiBank allows THB 50,000 while the rest allow only around THB 20,000. So withdraw all the money you need in one transaction to avoid paying the exorbitant bank charges. Never Use Credit Cards to withdraw cash.
Can Indian Rupee Be Exchanged in Thailand
It is almost impossible to exchange Indian Rupee in Thailand at a good exchange rate. I do not recommend this.
Which Money Changer in Thailand
Airport money changers in any country give the worst currency exchange rate. So only approach individual outlets farther from tourist areas to get a good rate. I got good rates at Super Rich which has outlets all over Thailand especially in Metro Stations, Malls etc.
Which Money Changer in India
In India certain online aggregators pose as direct money changers and promise good rates. What they actually do is to direct you to a regular money changer and charge a commission from both. Instead approach established brands like Western Union or other authorized brick and mortar agencies to get a reasonable rate. Here is the city wise list of Reserve Bank of India authorized Money Changers
Currency Exchange Process
You are supposed to provide original passport for verification while changing money. Always keep the receipt issued by a money changer as it may be asked for by authorities in both country for verification.
What To Do With Unspent Coins
Use all the unspent coins before you leave for the airport in Thailand. No one accepts coins in the airport or back home.
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