Foreign Exchange Guide to Thailand
In this guide we review :
- Travelling in Thailand - Practical tips
- Buying Thai Baht Cash Online - Travel money for Thailand
- Thai Baht (THB) - Currency Market News
- Sending Money to Thailand - Save on Thai Baht bank transfers
- Thai Baht Exchange Rates - Latest info & charts.
Thailand Travel Practical Tips
Thailand is a very popular and safe place to travel to, but still always use common sense. Depending on the type of hotel, try not to leave credit cards, passports, and other valuables lying around your room when you are not there. Instead use the room safe, or the hotel main safe. If you want to store your cards there while out shopping (shopping is considered a national pastime) you could get a Travel Card before flying in to ease your mind. Another good reason to get a Prepaid Travel Card is that credit card fraud exists in Thailand, as in any other country. If you must pay by credit card, don't let your card out of your sight. Watch as it's used, and double check the purchase amount and currency, before signing or entering your pin number.
Be prepared to pay more than locals for many tourist attractions have two rates, where there can often be a rate for locals and a larger rate for tourists. Many tourists head to Thailand for its lovely beaches, just know that Thai beaches do not have lifeguards so try to stay in sight on other people, check all the signs, and avoid swimming on deserted beaches. Drink bottled water, it's cold and cheap and since it can be hot all the time in Thailand have some on you at all times to avoid dehydration.
Taxi's are available everywhere, just when getting in make sure the meter is set to THB35 to avoid being made to pay extra.Getting around in Tuc-Tuc's is part of the experience but can get annoying as the driver may often try to take you to shops on the way. Just negotiate a fare before jumping in, don't pay until you arrive, and be prepared to jump out and take another one if they go to a shop and refuse to leave until you check it out.
Travel Money for Thailand - Thai Baht (THB)
Save money and time by Ordering your Thai Baht Online from Travelex, you get better rates and can pick up the THB cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in Thai Baht otherwise you may get much worst exchange rates.
Thai Baht (THB) - Currency Market News
The baht remains Asia’s best performing currency of the year, having gained 8.2% against the US dollar by mid-October.
In September and October, USD/THB continually threatened the major support of 33.0, reaching as low as 33.05 on six separate days, but found no luck in reaching or breaking the level. A breach of September’s low of 33.038 is all that’s needed to take the baht to its strongest level against the dollar since May 2015 but a convincing break of 33.0 is required to convince of further strength ahead.
Sub-33 prices are on the way though according to Standard Chartered, who in August predicted a further 7% rise in the baht’s value to 31 per dollar sometime in 2018.
Also in August, analysts at Scotiabank predicted continued support for the baht, citing Thailand’s large current account surplus as their reason. The bank advised buying the baht on dips.
Further to Thailand's current account, the baht has been supported this year by strong economic growth, which is now 3.7% – Thailand’s fastest rate of growth in more than four years.
In October, ahead of the US Treasury’s report on the foreign exchange practices of its trading partners, Thailand’s Minister of Commerce, Apiradi Tantraporn, denied that the baht had been manipulated in order to gain trade advantages.
Sending Money to Thailand
When sending money to Thailand it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 3 simple steps :
- Open an account with a provider (id docs may be required)
- You specify the local or Thai Baht amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted THB amount will be transfered to the recipient account you specify in Thailand.
You can save around 5% and maybe more - end result is more Thai Baht deposited into the recipient bank account in Thailand and less margins and fees kept by the banks!Compare Transfer Exchange Rates to Thailand