Entering a country without prior knowledge of money matters is like going for a battle without weapons. Necessary information regarding transaction of money in Thailand is given below. It would come very handy for one when on tour of the country.
Currency of Thailand is Baht which consists of 100 Satangs. Coins are
minted in five denominations: 25 satang, 50 satang, 1 baht, 5 baht and
10 baht. Currency notes are in denominations of 1,000 (brown), 500
(purple), 100 (red), 50 (blue), 20 (green) and 10 (brown) baht.
Exchange of Money
Money can be exchanged for Thailand currency at the international
airports on arrival. Banks and exchange bureaus are located in
international airports. Pound Sterling, Euros, US dollars and other
currencies can be promptly exchanged for Thailand currency. US dollars
and Euros are widely accepted. Authorised money changers and banks offer
better exchange rate than shopping centers and hotels.
Taking in travellers' cheques is a good idea. You must keep the receipt
in a safe place so if the cheques are stolen, you could quickly replace
them. One gets a better rate of exchange for travellers' cheques than
cash. Duty is charged per cheque, rather than a percentage of the total
amount. It would be advisable to carry the cheques of larger
denominations. You can encash the cheques at banks, major shopping
centers and with money changers. Passport is needed to encash
travellers' cheques at banks.
ATMs are available in all major towns and resorts. Visa sign indicates
the ATM is international. A charge would be levied on withdrawal as well
as an exchange fee. ATM transfers usually incur a small home bank fee
and may be
your best bet to get Thai money. However, double check fees and exchange
rates as policies vary considerably from bank to bank. Some Thai ATMs
only take a 4 digit PIN and you should change yours to 4 digits.
Major credit cards are welcome though the shopkeepers might charge some
extra as the transaction cost.
Foreign visitors in Thailand are entitled to refund of the 7% V.A.T.
(Value Added Tax) on products purchased at registered retail outlets.
You could get the refund at the airport at your departure.
Foreign currency a tourist is carrying out of the country must not be
more than the amount declared on arrival. No limit has been imposed on
amount of foreign currency brought into the country.