Thai Baht exchange rates and currency converter
Thai Baht exchange rates and currency converter

What Is The Money Called In Thailand: Your Baht Guide

Are you planning a trip to Thailand and wondering, What Is The Money Called In Thailand? The official currency is the Thai Baht (THB). At money-central.com, we offer financial clarity so you can manage your travel budget and explore Thailand worry-free. Unlock seamless currency exchange insights and travel confidently, optimizing your spending with our expert advice. We cover exchange rates, using credit cards, and smart ATM usage.

Table of Contents

  1. Understanding the Thai Baht (THB)
  2. Thai Baht Bills and Coins
  3. Decoding Exchange Rates in Thailand
  4. Alternatives to Exchanging USD to THB
  5. The Wise Account: A Modern Solution
  6. Navigating Traveler’s Checks in Thailand
  7. Credit and Debit Cards in Thailand: What to Know
  8. ATM Usage in Thailand: Tips and Tricks
  9. Banking in Thailand: An Overview
  10. Major Retail Banks in Thailand
  11. FAQs: All About Thai Currency

1. Understanding the Thai Baht (THB)

So, what exactly is the money called in Thailand? The official currency of Thailand is the Thai Baht (THB). You’ll encounter both coins and banknotes during your stay. Each Baht is divided into 100 satang. Knowing this fundamental fact is the first step in managing your finances effectively in Thailand.

The Thai Baht is the only legal tender accepted in Thailand. While some tourist-oriented establishments may offer to accept US dollars, it’s generally not advisable to rely on this. These establishments often apply unfavorable exchange rates, leading you to pay significantly more than you would if you used THB.

When planning your trip, it’s wise to familiarize yourself with the current exchange rates between your home currency and THB. This will allow you to budget accurately and recognize fair exchange rates when you see them. You can use online currency converters to stay informed.

Understanding the Thai Baht is more than just knowing its name. It’s about understanding its value, how it’s used, and the best ways to manage your money while in Thailand. With this knowledge, you’ll be better prepared to navigate the financial aspects of your trip and enjoy your time in this beautiful country.

2. Thai Baht Bills and Coins

What do the Thai Baht bills and coins look like? Familiarizing yourself with the Thai Baht (THB) bills and coins will make transactions smoother during your trip. Here’s a quick overview to help you recognize and use them effectively:

THB Bills THB Coins
20 THB 25 satang
50 THB 50 satang
100 THB 1 THB
500 THB 2 THB
1,000 THB 5 THB
10 THB
1, 2, and 5 satang (rarely seen)

There are currently two editions of banknotes in circulation. Although they look slightly different, both are legal tender. The Thai King is depicted on the back of each bill, with one series showing him in military uniform and the other in traditional attire. Thai currency is treated with respect due to the King’s image, who is highly revered in Thailand.

Treat Thai currency with respect. Given the King’s image on the banknotes and coins, showing respect for the currency is culturally important. Avoid folding the bills excessively or defacing them in any way.

Knowing the denominations and appearances of Thai Baht bills and coins will help you manage your cash effectively. It also ensures you can quickly verify the authenticity of the currency you handle. This knowledge will enhance your overall travel experience in Thailand.

3. Decoding Exchange Rates in Thailand

How do I decode exchange rates in Thailand? Understanding exchange rates in Thailand is crucial to getting the most value for your money. Generally, you may find better exchange rates within Thailand compared to your home country. Exchange services often advertise “zero commission,” but it’s essential to scrutinize the offered exchange rate.

Often, when services advertise “no commission,” their profit is built into the exchange rate. This means you might not be getting the best possible deal.

To protect yourself from hidden costs, it’s crucial to understand the mid-market rate. This is the benchmark rate used to compare the rates offered to tourists. You can find the current mid-market rate using an online currency converter, like the one available at money-central.com, which will help you determine if an exchange rate is fair.

While currency exchange desks at international airports and hotels may seem convenient upon arrival, they typically offer poor exchange rates. It’s better to use ATMs to withdraw baht or consider alternative ways to manage your money internationally, as discussed later in this article.

Exchange desks may refuse to exchange damaged or defaced banknotes. Ensure that any cash you bring is in good condition.

Understanding exchange rates is essential for making informed financial decisions while traveling in Thailand. Always check the mid-market rate, avoid airport and hotel exchange desks, and ensure your banknotes are in good condition to get the best value for your money.

Thai Baht exchange rates and currency converterThai Baht exchange rates and currency converter

4. Alternatives to Exchanging USD to THB

Are there alternatives to exchanging USD to THB in Thailand? Yes, there are several alternatives to exchanging USD for Thai Baht (THB) upon arrival in Thailand. Carrying USD and exchanging it might not always be the most cost-effective or convenient choice. Here are some options:

  • Using Credit and Debit Cards: Major credit and debit cards are widely accepted in larger establishments. However, smaller stores may not accept cards.
  • Withdrawing Cash from ATMs: ATMs are readily available throughout Thailand. Visa and MasterCard are widely accepted.
  • Getting a Wise Account: A Wise Account allows you to hold and exchange multiple currencies and avoid international fees.
  • Traveler’s Checks: While still an option, traveler’s checks are becoming less common and can be difficult to use.

These alternatives offer various advantages in terms of convenience and cost savings. Each option caters to different preferences and needs.

When choosing an alternative to exchanging USD to THB, consider factors such as convenience, fees, and acceptance at different establishments. Weighing these factors will help you make the best financial decisions during your trip to Thailand.

5. The Wise Account: A Modern Solution

What is a Wise Account and how can it help? The Wise Account offers a modern solution for managing your money internationally. Before your trip, get a multi-currency Wise account and Wise Multi-Currency Card. This will allow you to spend and make withdrawals in Thailand and 150+ other countries conveniently.

Wise personal accounts are free to open in the US, with a one-time fee to order your Wise Multi-Currency Card. There are no ongoing fees or minimum balance requirements. It’s free to spend any currency you hold in your account.

You can convert your funds in advance or leave your balance in USD and let the card make the conversion for you. The conversion uses the mid-market rate with low fees. You’ll also get some free ATM withdrawals every month. Wise does not charge for these withdrawals, but some independent ATM networks may have additional charges.

Wise offers competitive exchange rates, often close to the mid-market rate, which is the rate banks use when trading with each other. This can result in significant savings compared to traditional currency exchange services.

With a Wise Account, you can easily manage your money across multiple currencies, making it an ideal solution for international travelers. The transparency and convenience of the Wise Account can help you save money and enjoy a hassle-free travel experience.

6. Navigating Traveler’s Checks in Thailand

How do I navigate Traveler’s Checks in Thailand? Traveler’s Checks are becoming less common. It can be challenging to use them these days. You may be able to exchange American Express® Traveller’s Checks at banks and currency exchange offices in Thailand. However, exchanging other types of Traveller’s Checks might be difficult.

You typically cannot pay directly with Traveler’s Checks, and exchanging them comes with a fixed fee per check. If you choose to use Traveler’s Checks, you might find that exchange rates are not very competitive. Additionally, only a limited number of places are willing to make the exchange.

For greater ease, most travelers prefer using ATMs and credit or debit cards to manage their finances during their trip.

Due to the limited acceptance and additional fees, Traveler’s Checks are not as convenient as other modern methods of managing money in Thailand.

Traveler’s Checks are not the most efficient way to handle money. Consider using ATMs, credit cards, or a Wise Account for a more convenient and cost-effective travel experience.

7. Credit and Debit Cards in Thailand: What to Know

What should I know about using credit and debit cards in Thailand? All major credit and debit cards are accepted in larger businesses, hotels, and restaurants in Thailand. However, smaller stores and cafes might not accept cards. It is advisable to carry some cash at all times.

Before your trip, inform your bank that you will be using your card in Thailand. Some financial institutions may be suspicious of sudden card use abroad. If you don’t notify your bank, your card might be blocked by anti-fraud software, causing inconvenience.

Be aware of Dynamic Currency Conversion (DCC). DCC allows you to see the cost of the transaction in your home currency instead of THB. While it might seem simpler, it is not a good idea. DCC exposes you to poor exchange rates and hidden fees. Always choose to be charged in THB, the local currency, to get the best available deal.

Notifying your bank, carrying some cash, and avoiding DCC are important steps to ensure a smooth financial experience when using credit and debit cards in Thailand.

When using credit and debit cards in Thailand, you can avoid unnecessary fees and inconveniences. This ensures you manage your finances effectively.

8. ATM Usage in Thailand: Tips and Tricks

What are the tips and tricks for ATM usage in Thailand? ATMs are widely available in Thailand. Cash is the preferred method of payment for most Thai people. Using an ATM to withdraw cash can be a convenient option for travelers. Visa and MasterCard are very widely accepted, as is American Express®.

To find an ATM near you, use one of these locator tools:

When using an ATM abroad, you will likely be charged by both your home bank and the ATM operator. Before you leave, ask your local bank about their fees and if they have any arrangements with Thai banks to reduce fees.

Due to DCC, you might be asked if you’d like to be charged for the ATM withdrawal in your home currency. The answer should always be no. Always select to be charged in local currency to get the best deal.

Knowing where to find ATMs, understanding potential fees, and avoiding DCC can help you use ATMs effectively and economically during your trip to Thailand.

By following these tips, you can minimize costs and ensure easy access to cash throughout your travels.

9. Banking in Thailand: An Overview

What is an overview of banking in Thailand? Thailand has a well-developed banking network. Many of the largest banking groups also operate beyond Thailand’s borders. You may also want to check if your home bank partners with any Thai banks. If so, you might be able to use ATMs in their network for free or at reduced fees.

Understanding the banking landscape in Thailand can help you manage your money more efficiently, especially if you plan to stay for an extended period or need to handle larger transactions.

If your bank has partnerships with Thai banks, you may be able to reduce or avoid ATM fees. This can save you money on withdrawals.

Exploring banking options in Thailand can provide you with financial flexibility and convenience during your stay. Understanding the banking landscape will ensure you are well-prepared for any financial needs that may arise.

10. Major Retail Banks in Thailand

What are the major retail banks in Thailand? Here’s a look at some of the larger banks in Thailand to give you a feel for what to expect when you arrive:

  • Bangkok Bank®⁵
  • Krung Thai Bank®⁶
  • Kasikorn Bank®⁷
  • Bank of Ayudhya (Krungsri)®⁸
  • HSBC Thailand®⁹

Knowing the major retail banks in Thailand can be beneficial if you plan to open an account, transfer money, or seek financial services during your stay.

Being familiar with these banks can help you make informed decisions about your financial needs while in Thailand.

Understanding the major retail banks in Thailand is useful for anyone planning an extended stay or needing to manage their finances within the local banking system.

11. FAQs: All About Thai Currency

Here are some frequently asked questions about Thai currency to help you better understand and manage your money while in Thailand.

Q1: What is the official currency of Thailand?

The official currency of Thailand is the Thai Baht (THB). Each Baht is divided into 100 satang.

Q2: Can I use US dollars in Thailand?

While some tourist-oriented establishments may accept US dollars, it is generally better to use Thai Baht for transactions. These establishments often offer unfavorable exchange rates.

Q3: What do Thai Baht banknotes and coins look like?

Thai Baht banknotes come in denominations of 20, 50, 100, 500, and 1,000 THB. Coins are available in denominations of 25 and 50 satang, as well as 1, 2, 5, and 10 THB.

Q4: Where can I exchange currency in Thailand?

You can exchange currency at banks, currency exchange booths, and some hotels. However, airport and hotel exchange desks typically offer less favorable rates.

Q5: What is the mid-market rate, and why is it important?

The mid-market rate is the benchmark exchange rate used by banks when trading with each other. Knowing this rate helps you compare exchange rates and find the best deals.

Q6: Are credit cards widely accepted in Thailand?

Major credit cards are accepted in larger establishments. However, smaller stores and cafes may not accept cards, so it’s wise to carry some cash.

Q7: What is Dynamic Currency Conversion (DCC)?

DCC allows you to see the cost of a transaction in your home currency rather than THB. Always choose to be charged in THB to avoid poor exchange rates and hidden fees.

Q8: Is it better to exchange currency before or after arriving in Thailand?

Generally, you may find better exchange rates in Thailand compared to your home country. However, it’s essential to research and compare rates before making a decision.

Q9: How can a Wise Account help me manage my money in Thailand?

A Wise Account allows you to hold and exchange multiple currencies and offers competitive exchange rates, making it a convenient and cost-effective option for international travelers.

Q10: What should I do if my credit card is blocked while in Thailand?

Inform your bank of your travel plans before your trip. If your card is blocked, contact your bank immediately to resolve the issue.

Understanding these FAQs can help you manage your finances effectively and ensure a smooth travel experience in Thailand.

If you’re planning a trip to Thailand soon, you can exchange your dollars in advance or upon arrival. For the best deals, plan ahead. Check out the Wise account, which supports 40+ currencies for holding and exchange, with mid-market rates and low fees when you spend overseas*.

*Sources: Sources checked on 04.09.2024

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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