Money Exchange in Thailand

In Thailand, the official currency is the Thai Baht (THB), which is subdivided into 100 satangs. The currency is issued by the Bank of Thailand and comes in various denominations, including notes of THB 20, 50, 100, 500, and 1000, as well as coins of THB 1, 2, 5, and 10, along with smaller satang coins

Currency Exchange Rates

The exchange rate for THB fluctuates daily based on market conditions. As of recent reports, the exchange rates are approximately:

Where to Exchange Money

1. Banks: Major Thai banks like Bangkok Bank, Siam Commercial Bank (SCB), and Kasikorn Bank offer money exchange services at branches and airports. Rates can be slightly better at city branches than at airports.

2. Money Exchange Counters:

   • Superrich: Known for offering the best rates in Thailand, particularly at their branches in Bangkok and Chiang Mai. Green Superrich (SuperRich Thailand) and Orange Superrich (Superrich 1965) are two prominent ones.
   • Vasu Exchange: Another popular exchange in Bangkok known for competitive rates.
   • Airport Counters: Available at both Suvarnabhumi and Don Mueang airports, but rates here are generally lower than in the city.

3. Hotels & Tourist Areas: These spots often offer the worst exchange rates due to the convenience factor. It’s better to avoid exchanging money here.

Fees and Charges

• Commission Fees: Most exchange services in Thailand do not charge a commission fee. However, it's always smart to confirm before exchanging.

• Bank Fees: If you exchange money at a bank, there may be a small service charge depending on the amount.

• Currency Spread: Always check the buy and sell spread. A narrow spread (the difference between buying and selling rates) is a good sign of fair rates.

ATM Withdrawals

ATMs are convenient but come with fees:

• ATM Fees: Thailand charges a fixed fee of 220-250 THB (around $7) for foreign card withdrawals. Your home bank may also charge additional fees, including a foreign transaction fee or currency conversion fee.

• Exchange Rate: The exchange rate for ATM withdrawals is generally set by the bank managing the ATM, and it may not be as competitive as exchange counters like Superrich.

• Daily Limits: Thai ATMs often have a withdrawal limit of 20,000-30,000 THB per transaction, though you can withdraw multiple times.

Comparing Money Exchange vs. ATM Withdrawal

• Money Exchange: Lower fees, more competitive rates (especially at places like Superrich), and no fixed ATM charge make money exchanges a better option if you’re converting large amounts.

• ATM Withdrawals: Convenient, especially in remote areas, but can result in higher overall costs due to multiple fees.

What to Look Out For

• Avoid Dynamic Currency Conversion (DCC): Some ATMs and POS terminals may offer to convert your withdrawal into your home currency. Always opt to be charged in Thai Baht (THB) to avoid poor exchange rates.

• Fake Exchange Counters: Stick to known places like Superrich, major banks, or reputable counters. Be cautious of small, independent exchange booths offering unusually high rates.

• Cash: Cash is still widely used in Thailand. Larger sums should be exchanged in secure areas, while smaller sums can be handled at more convenient spots.