Money in Thailand: everything you need to know about currency exchange and withdrawals

Managing your money while traveling is an essential step to avoid unpleasant surprises. Here is a complete guide to understand the different exchange options, common practices in Thailand, and practical advice to optimize your finances during your stay.

The basics: Don't put all your eggs in one basket

When you travel, diversify your payment sources: have a combination of credit cards (or debit cards, for example), cash and solutions like Revolut or Wise. Don’t keep everything in one place to minimise the risk of loss or theft. This seems obvious, but many travellers only think about it after they’ve faced a problem. Also, make sure you have digital access to your bank accounts to track your spending.

Understanding the Thai Baht and Exchange Rates

The baht (฿) is the official currency of Thailand. It is useful to monitor the exchange rates before you travel to get a general idea of ​​the value of the currency.

• Current average rate: 1€ = around 36 to 40 baht (depending on fluctuations).
• Quick Conversion Tip: Divide the amount in baht by 30 to get an approximation in euros.
• Tickets available: Baht notes come in denominations of 20, 50, 100, 500 and 1 THB. Coins range from 000 to 1 THB.

For accurate and up-to-date rates, use apps like XE Currency or conversion widgets built into your phone.

Options for exchanging money in Thailand

1. Airports

Exchanging some money at the airport can be convenient when you arrive, but the rates are often less favorable.

• Exchange rate at the airport: Typically 5-10% lower than the best rates available in town.

Normally I would say "Limit yourself to a small amount sufficient to cover your initial expenses". EXCEPT! At Suvarnabhumi Airport (the main one you should use to arrive in Bangkok), you will find in the basement, in the area next to the access to the SRT train that goes to the city center, a whole area with exchange offices, most of them with the same good rates as in the city.

2. Banks

Thai banks offer competitive exchange rates. The advantage is that you will find ATMs in all tourist areas, shopping malls and major cities. In shopping malls, banks are usually open 7 days a week.

In secondary provincial towns, this is often the only solution for exchanging money, due to the lack of independent offices.

3. Super Rich: the reference for foreign exchange

Super Rich is a renowned exchange company in Thailand, known for offering the best rates. They have several branches in Bangkok and other major cities. Remember to bring your passport, which is necessary for exchanging money.

• Practical tip: Change small amounts so you don't carry too much cash.
• Key address: There is an agency located just opposite the Central World shopping mall in Bangkok.
• Hours: Offices are open daily but hours vary by location (usually between 9:00 a.m. and 20:00 p.m.).
• The official website : https://www.superrich1965.com/en

Even though the office offers similar rates, do not confuse it with another company also called superrich, which you will also find opposite Central World, the logo is different and the website too (see here)

Location of the “other” superrich.

4. ATM and bank withdrawals

ATMs are ubiquitous in Thailand. However, regardless of your bank, each withdrawal incurs a fixed fee (local tax, usually 220 THB, or around €6). Focus on withdrawing large amounts to reduce the impact of fees.

• Tip: Use a bank card with no fees abroad, such as Revolut, Wise or certain N26 offers.
• Please note: ATMs often display a “Dynamic Currency Conversion” option. Decline it to avoid unfavorable exchange rates.
• Rare case : Note that some isolated islands may not have an ATM, find out in advance and plan to have enough cash in this case!

ATMs are your friends (Source).

5. Hotels and shops

Exchanging money in hotels or small, non-specialized exchange shops is often disadvantageous. Avoid unless it is an emergency.

Managing your money in Thailand

Card payments

• Credit cards are accepted at department stores, upscale restaurants and hotels.
• Cash payments remain predominant for small transactions, particularly in markets and transport.

To be more precise, locally, cash tends to disappear to make way for a payment system with the phone, linked to our banking app, using QR Codes. Very practical, because it allows you to pay quickly and simply even in the smallest shops, especially if there are no ATMs nearby, when you find yourself without cash.

Cash payments

Unfortunately, for tourists, Cash remains king, especially since, apart from the sites mentioned a few lines above, card payment is not very widespread in Thailand, even less so since the popularization of the QR Code.

If you need to change money from a large denomination (1 baht note since there is no bigger one), the trick is to go to a 000-7 (Seven Eleven) supermarket. Since they are found absolutely everywhere, they will always have change (except in rare cases), even for a purchase of a few baht.

Tips

In Thailand, tipping is not mandatory, but like everywhere, it is appreciated. Leave a few bahts for services such as taxis, restaurants or massages. Generally, we leave 20 to 40 bahts depending on the circumstances. It is also common to round up, this avoids juggling small coins and accumulating small change (for example, a trip costs 113 bahts, you leave 120 bahts to the driver).

• Special case for restaurants : if you see a "service charge" displayed, which is then 10%, I do not leave a tip in these cases.

Indicative budget

Here is an idea of ​​the average costs for a stay in Thailand:

• Local meal: 60 to 120 THB (1,5 to 3,5 €).
• Public transport: 15 to 50 THB (from 0,50 €).
• Accommodation : 500 to 1 THB (500 to 13 €) for simple to mid-range hotels.

Money Limits and Customs

When entering or leaving Thailand, you must declare any amount over USD 20 or its equivalent in foreign currency. This is for the purposes of anti-money laundering laws.

• Tip: Check your country's regulations regarding cash to avoid unpleasant surprises.

Tips to avoid scams

1. Check the tickets: Counterfeit notes are rare but do exist. Compare the texture and security features if in doubt.
2. Change in reliable places: Favor banks, Super Rich or well-established exchange offices.
3. Beware of hidden costs: Some restaurants display “tax-free” prices; in addition to the 10% service charge mentioned above, you will sometimes have VAT on top of that at 7%.
4. Distribute your species: Don't keep all your money in one place. Use a money belt or a secure bag.

In a nutshell

To optimize your money management in Thailand, combine several solutions: exchange in reliable offices like Super Rich, payments by credit card without fees, and careful withdrawals at ATMs. Prepare your finances before leaving and fully enjoy your stay without financial worries.

Have a good trip !