Money and payment in Thailand

When planning a trip to Thailand, it is important to understand the issues related to money and payment in advance. The country's main currency is the Thai baht (THB), but not all payment methods are equally convenient and beneficial for tourists.

In Thailand, only the Thai baht is officially used, although in some tourist areas you can find prices in dollars or euros. However, the exchange rate will be unfavorable and such payments are rare.

Before going to Thailand, it is worth considering payment methods. Bank cards are not accepted everywhere in the country, especially in small shops and markets, and a commission is charged when withdrawing cash from ATMs. The exchange rate can vary greatly depending on the location, and Russian bank cards do not work in most cases. All this requires preparation so as not to encounter financial difficulties during the trip.

Tourists often have questions about where it is more profitable to exchange money, which cards work, whether it is possible to use electronic payments or cryptocurrency. It is also important to know what banknotes are in circulation and how to protect yourself from counterfeits.

Thai baht as the main currency of the country

The Thai baht exchange rate fluctuates depending on the situation on the financial markets. On average, 1 US dollar is 35-37 baht, 1 euro is 38-40 baht. It is important for tourists to take into account that the exchange rate may differ in different exchange offices and banks, and that the rate at the airport is usually less favorable.

The country uses banknotes in denominations of 20, 50, 100, 500 and 1000 baht. Coins are also in circulation, their denominations are 1, 2, 5 and 10 baht, but there are also smaller coins - satangs, which are practically not used.

When handling cash, it is important to be able to distinguish real banknotes from counterfeit ones. Genuine banknotes have watermarks, relief elements, and special security threads that are visible in the light. When exchanging money, it is better to use official banks or exchangers to avoid the risk of receiving counterfeit money.

Currency exchange in Thailand

You can exchange money in different places, but not all of them offer favorable conditions.

Where is it more profitable to exchange money:

●       SuperRich exchange offices offer the best rate and operate in major cities;

●       Banks and their exchange offices are a safe way to exchange, but the rate may be slightly lower than in specialized exchange offices;

●       Exchange offices in shopping centers and airports are convenient, but the rate is less favorable than in banks and SuperRich;

●       Hotels and tourist areas are the least profitable option, the exchange rate is usually very low;

●       The black market is risky and subject to fraudulent schemes.

The choice of currency for exchange also plays an important role. It is best to bring US dollars or euros, as they are exchanged at a favorable rate. Pounds sterling and Australian dollars can also be exchanged without problems, but the rate may be less attractive. Russian rubles, Ukrainian hryvnias and Kazakhstani tenge are accepted extremely rarely and at an unfavorable rate, so it is better to exchange them for dollars or euros in advance.

If you exchange dollars, it is worth remembering that large bills (50 and 100 USD) are exchanged at a more favorable rate than smaller ones.

Payment by bank cards in Thailand

In Thailand, bank cards of international payment systems are widely accepted, but there are nuances that tourists should take into account.

Most large shops, restaurants, hotels and tourist attractions accept Visa, Mastercard, American Express, Discover and JCB cards. However, in smaller shops, markets and some cafes, cash is preferred. Therefore, it is recommended to always have a certain amount of cash on hand for such cases.

When paying by card in Thailand, there is usually no additional fee from the merchant. However, some small shops or restaurants may set a minimum amount for non-cash payments or charge a small fee (usually 1-3% of the transaction amount) for using the card. In addition, card issuers may charge fees for transactions abroad, so it is worth checking with your bank before traveling.

Visa and Mastercard cards issued by Russian banks have stopped working abroad, including in Thailand. However, UnionPay cards issued by some Russian banks are accepted in Thailand, although their use may be restricted in some places. For hassle-free payments, it is recommended to apply for Visa or Mastercard cards issued by banks in friendly countries such as Kazakhstan, Turkey, Kyrgyzstan or Uzbekistan. These cards work in Thailand without restrictions and allow you to withdraw cash and pay for purchases.

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Cash withdrawal from ATMs

Withdrawing cash from ATMs in Thailand is a common practice among tourists, but it is important to be aware of the fees and restrictions involved.

ATMs are widely available in Thailand, in cities, tourist areas, shopping malls, and even in small towns. To withdraw cash, insert your card into the ATM, enter your PIN, and follow the on-screen instructions. Most ATMs offer English-language menus, making the process easier for foreign users.

Almost all ATMs in Thailand charge a fixed fee for cash withdrawals from foreign cards, which ranges from 200 to 250 baht per transaction. This amount does not depend on the amount withdrawn, so it is more profitable to withdraw large amounts at a time to reduce the percentage of the fee.

Cash withdrawal limits vary by bank and ATM. They are usually between 20,000 and 30,000 baht per transaction. If you need to withdraw a larger amount, it is recommended to go to a bank branch where you can get cash without using an ATM.

Some banks offer more favorable conditions for cash withdrawals:

●       Kasikorn Bank (KBank): Offers a user-friendly interface and English language support.

●       Siam Commercial Bank (SCB): Widely distributed and provides stable operation with foreign cards.

●       Bangkok Bank: One of the largest banks in Thailand with an extensive ATM network.

It is recommended to use ATMs of these banks for security and convenience when withdrawing cash.

Commissions and hidden fees

When using bank cards abroad, it is important to be aware of possible additional costs.

In addition to the fixed fee for ATM withdrawals, your issuing bank may charge additional fees for transactions abroad. These may include:

●       Currency Conversion Fee: If your card account is in a currency other than Thai Baht, a conversion will occur during the transaction, for which the bank may charge an additional fee.

●       Percentage of transaction amount: Some banks charge a percentage fee for transactions abroad.

How to reduce payment and currency conversion costs?

●       Use cards with minimal fees: before your trip, check the terms of service for your card abroad and, if necessary, get a card with more favorable terms.

●       Withdraw large amounts at once: this will allow you to spread the fixed fee over a larger amount, reducing its percentage.

●       Consider alternative ways to get cash, such as exchanging currency at reputable exchange offices to avoid ATM fees.

Why it is important to know your bank's terms and conditions in advance

Each bank sets its own terms for servicing cards abroad. By familiarizing yourself with them in advance, you will be able to:

●       Avoid unexpected expenses – knowing about possible fees, you can plan your travel budget in advance and choose the best way to withdraw cash or pay by card.

●       Choose the best bank and card - some banks offer better conditions for international transactions, including reduced fees or cashback on purchases.

●       Set up card security – before your trip, it’s worth checking what limits are set on the card, and also connecting SMS notifications or a mobile application to control your expenses.

Some banks may block transactions when trying to pay in another country if the client has not notified them about the trip. Therefore, before leaving, it is recommended to inform the bank about planned trips to avoid possible card blocking.

Alternative payment methods in Thailand

In recent years, Thailand has been actively developing legislation in the field of digital assets. In 2022, the Securities and Exchange Commission of Thailand banned the use of cryptocurrency for payment of goods and services, but it can be used for investment and exchange.

Despite the official ban, some establishments in tourist areas such as Bangkok, Phuket and Samui unofficially accept cryptocurrency (usually Bitcoin, Ethereum, USDT). However, such payments are made by agreement, and the conversion rate is set by the seller.

The most convenient way to use cryptocurrency in Thailand is to exchange via P2P platforms (Binance P2P, OKX P2P), where you can sell USDT for Thai baht and then withdraw it to a local account or cash.

Electronic wallets and payment systems

Thailand actively uses electronic payments, and many tourists can do without cash. However, it is worth considering that Russian payment systems do not work in the country.

Comparative table of payment systems

The best options for payments in Thailand are PayPal, Wise, Western Union, and if you have a local account, TrueMoney Wallet.

Transfers via international systems

How to transfer money to Thailand if cards don't work?

1. Through international systems – Western Union, MoneyGram, Wise allow you to send money in Thai baht and receive cash at branches.
2. Through cryptocurrency platforms - Binance P2P or other exchangers, you can quickly exchange crypto for baht.
3. Through foreign bank cards – if you have a card from Kazakhstan, Armenia, Turkey, you can top up your account via SWIFT and withdraw cash.

The least profitable way is to withdraw money from a Russian card through intermediaries, as the commission can reach 10-15%.

How to keep money safe while traveling?

●       Don't carry the entire amount at once - divide the money into several parts.

●       Use the money on the card and withdraw cash as needed.

●       Keep extra money in your hotel room or in a safe.

●       When exchanging currency, choose official exchange points.

How to avoid being scammed?

●       Be wary of people offering unofficial currency exchange.

●       Don't trust offers of "profitable translation" from strangers.

●       Check your bills when you receive change, especially at street vendors.

●       At ATMs, cover the keypad when entering your PIN.

What to do if you lost your card or money?

●       Block your card via the mobile app or by calling the bank.

●       Contact your consulate - sometimes they can help with temporary financial support.

●       Ask friends or relatives to send a transfer via Western Union or Wise.

●       If cash is stolen, be sure to file a police report to obtain an official document.

Conclusion

Money and payment in Thailand is a key aspect of a comfortable trip. Tourists should take care of a working card, alternative transfer methods and cash security in advance.

Depending on the type of trip, you can choose a convenient payment method:

●       If the trip is short, it is better to take cash in baht and use a foreign bank card.

●       If the trip is long, it is worth opening an account in a Thai bank and using local e-wallets.

●       To transfer money you can use Western Union, cryptocurrency, P2P exchangers.

Budget planning tips:

●       Always have backup funds in case your card is blocked.

●       Check cash withdrawal limits and fees before your trip.

●       Compare exchange rates and choose the best currency conversion options.

By following these recommendations, you can avoid financial problems and enjoy your holiday in Thailand without unnecessary hassle. 🚀