Foreign Currency in Thailand
Dec 28th, 2018, 02:33 PM
#1
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Foreign Currency in Thailand
I don't want to carry a lot of cash and I do live cheap like $25.00 a night lodging or less . Does a Mastercard work well at alot of places. I have 2500 baht plus $100.00 in Canadian cash and $100.00 in USD. Any and all advice appreciated. I am mainly thinking about the withdraw fees charged by my bank and then the Thai bank charges.
I am Canadian.
I am Canadian.
Dec 28th, 2018, 04:49 PM
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I know that there are banks in Europe or the US which do not charge their own foreign withdrawal fees, but all Thai ATMs charge a set fee of 200 THB (I hope, I remember the amount correctly).
Whether you should rather take cash and exchange in Bangkok bit by bit, or just don't think about the fee is more a matter of your personal taste (or "risk" avoidance).
With some exaggeration allowed, Bangkok has a two-tier system, one for working-class Thai, and another one for affluent Thais and foreigners.
The affluent system with shopping malls, department stores, some (touristy) night markets, chain restaurants, mid to upscale restaurants, rooftop bars will most likely accept any kind of plastic money you throw at them. At least Mastercard and Visa.
Typical tourist/sightseeing spots like the Grand Palace can be hit and miss.. I think the palace takes only cash (you pay a bit more than Thais, which is not unusual in the country), Jim Thompson house was accepting plastic (I think).. I would not expect it, to be on the safe side
The other system works mostly cash-oriented, e.g. street food for 20b, bus ticket for 10b, dinner at cheap/local restaurant 100-200b pP, fruits 15b and so on.
Taxis also don't take plastic, and I think you also need cash for BTS (elevated urban trains) and MRT (subway/underground).
So it's a bit hard to estimate how much money you will actually need per day. But the more you stay away from places like Starbucks or mall food courts, the more likely you will be able to go through the day with the equivalent of 10 dollars or less (not saying that you should aim for that.. "wasting" the same amount on one drink at one of the famous rooftop bars is also not a bad thing).
Whether you should rather take cash and exchange in Bangkok bit by bit, or just don't think about the fee is more a matter of your personal taste (or "risk" avoidance).
With some exaggeration allowed, Bangkok has a two-tier system, one for working-class Thai, and another one for affluent Thais and foreigners.
The affluent system with shopping malls, department stores, some (touristy) night markets, chain restaurants, mid to upscale restaurants, rooftop bars will most likely accept any kind of plastic money you throw at them. At least Mastercard and Visa.
Typical tourist/sightseeing spots like the Grand Palace can be hit and miss.. I think the palace takes only cash (you pay a bit more than Thais, which is not unusual in the country), Jim Thompson house was accepting plastic (I think).. I would not expect it, to be on the safe side
The other system works mostly cash-oriented, e.g. street food for 20b, bus ticket for 10b, dinner at cheap/local restaurant 100-200b pP, fruits 15b and so on.
Taxis also don't take plastic, and I think you also need cash for BTS (elevated urban trains) and MRT (subway/underground).
So it's a bit hard to estimate how much money you will actually need per day. But the more you stay away from places like Starbucks or mall food courts, the more likely you will be able to go through the day with the equivalent of 10 dollars or less (not saying that you should aim for that.. "wasting" the same amount on one drink at one of the famous rooftop bars is also not a bad thing).
Dec 29th, 2018, 03:12 AM
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Happy New Year!
In Thailand you will have to change cash money to Thai baht or use a debit card in an ATM. Most of the cheaper things you pay for is in cash. Thai baht cash!
When you do bring cash avoid all the little denominations and stick with the hundred dollar bills. Hundred dollar bills take up less room in your wallet. US hundred dollar bills get a slightly better rate of exchange than smaller denominations, nor sure about CN. (Not much but a little better.) Ten 100 dollar bills don't take up any more room in your wallet than ten $10 dollar bills anyway. No real fee to change USD or CN in Thailand through the many banks or a few of the better known private money changers.
Years ago I used to bring Travelers Checks but the fees for cashing one have gone up. Now more USD cash in hundred dollar denominations. (Newer bills, no writing on them, no rips or tears and no stains. Some banks can be fussy with what they accept.)
If you do bring a debit card have another back up debit card. You could lose or damage a single card and then be out of money. Getting a replacement card could take a long time. (I always have a couple credit cards with me for emergencies that may come up or buying flights somewhere.)
The fee for most ATMs now is around 220 baht. The fee is the same if you take out a couple thousand baht or take out the maximum the ATM or your bank allows. Know how much per day your bank allows. Where some tourists screw up is by taking out small withdrawal amounts with the same big fee. AEON ATMs are a little cheaper. But they are not as easy to find.
ATMs. When I use an ATM I choose one during the day hours when the parent bank is nearby. That way if my card does not come back I have someone to report to and not play phone tag with some random phone number posted on the ATM. This means planning ahead and not go hunting up an ATM late at night in some dark location.
For my USD the worse exchange rate at the airport when I arrive is still better than what I can get in the US and without any real commission too. At the airport I will change a hundred bucks for first night spending and paying taxi or train ride to the city area. Some tourists try to find the best rate they can get and change everything all at once. That is not me. I change money as I need it. The exchange rate is fluid and a day later or a few hours later it will change a little.
This currency exchange rate link shows in many Thailand travel forums. In Thailand for major cities changing money is easy. Even on weekends and most holidays there will be banks or bank kiosks available with decent hours in locations popular with tourists.
https://daytodaydata.net/
* I use MasterCard debit cards through my credit union. No real fees through the CU and for using other ATMs they do pay a little bit back but not much and one ATM fee Thailand wipes it out. (I do have other debit cards for back up and I can transfer money using Bill Pay between various banks and credit unions if my preferred card runs low.)
Some posts from tourists who come from the UK claim that Halifax Clarity cards work best for them. For my debit cards there are no annual fees. For the fee charged in Thai ATMs I don't think there is any way out of paying it. (A particular debit card may claim to pay the fees for you but if you have a high annual fee you are really still paying a fee anyway.)
I just consider the ATM fee to be a charge for convenience and a little safety.
Good luck.
In Thailand you will have to change cash money to Thai baht or use a debit card in an ATM. Most of the cheaper things you pay for is in cash. Thai baht cash!
When you do bring cash avoid all the little denominations and stick with the hundred dollar bills. Hundred dollar bills take up less room in your wallet. US hundred dollar bills get a slightly better rate of exchange than smaller denominations, nor sure about CN. (Not much but a little better.) Ten 100 dollar bills don't take up any more room in your wallet than ten $10 dollar bills anyway. No real fee to change USD or CN in Thailand through the many banks or a few of the better known private money changers.
Years ago I used to bring Travelers Checks but the fees for cashing one have gone up. Now more USD cash in hundred dollar denominations. (Newer bills, no writing on them, no rips or tears and no stains. Some banks can be fussy with what they accept.)
If you do bring a debit card have another back up debit card. You could lose or damage a single card and then be out of money. Getting a replacement card could take a long time. (I always have a couple credit cards with me for emergencies that may come up or buying flights somewhere.)
The fee for most ATMs now is around 220 baht. The fee is the same if you take out a couple thousand baht or take out the maximum the ATM or your bank allows. Know how much per day your bank allows. Where some tourists screw up is by taking out small withdrawal amounts with the same big fee. AEON ATMs are a little cheaper. But they are not as easy to find.
ATMs. When I use an ATM I choose one during the day hours when the parent bank is nearby. That way if my card does not come back I have someone to report to and not play phone tag with some random phone number posted on the ATM. This means planning ahead and not go hunting up an ATM late at night in some dark location.
For my USD the worse exchange rate at the airport when I arrive is still better than what I can get in the US and without any real commission too. At the airport I will change a hundred bucks for first night spending and paying taxi or train ride to the city area. Some tourists try to find the best rate they can get and change everything all at once. That is not me. I change money as I need it. The exchange rate is fluid and a day later or a few hours later it will change a little.
This currency exchange rate link shows in many Thailand travel forums. In Thailand for major cities changing money is easy. Even on weekends and most holidays there will be banks or bank kiosks available with decent hours in locations popular with tourists.
https://daytodaydata.net/
* I use MasterCard debit cards through my credit union. No real fees through the CU and for using other ATMs they do pay a little bit back but not much and one ATM fee Thailand wipes it out. (I do have other debit cards for back up and I can transfer money using Bill Pay between various banks and credit unions if my preferred card runs low.)
Some posts from tourists who come from the UK claim that Halifax Clarity cards work best for them. For my debit cards there are no annual fees. For the fee charged in Thai ATMs I don't think there is any way out of paying it. (A particular debit card may claim to pay the fees for you but if you have a high annual fee you are really still paying a fee anyway.)
I just consider the ATM fee to be a charge for convenience and a little safety.
Good luck.
Dec 29th, 2018, 11:35 AM
#4
In October, I was traveling with a friend who had a MasterCard CC . Our experience might not have been typical, but she couldn't use it anywhere except one high end restaurant. I've never had problems with using Visa cards.
Definitely second the idea of bringing two debit cards. Even if they don't get eaten, I often have machines refuse to accept them. It happens in machines I used earlier on the same trip, and often the same bank's machines- a block away, will accept one card, but not the other. Speaking from experience, there's nothing worse than not being able to get cash when you need it!
Definitely second the idea of bringing two debit cards. Even if they don't get eaten, I often have machines refuse to accept them. It happens in machines I used earlier on the same trip, and often the same bank's machines- a block away, will accept one card, but not the other. Speaking from experience, there's nothing worse than not being able to get cash when you need it!
Dec 30th, 2018, 12:52 AM
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We travel a lot and have a number of different cards in £ UK , $ US and € Euro. Mostly MasterCard based but my main bank account is VISA. I have never had any issues using Mastercard to pay for goods and services or to withdraw from ATMs anywhere in Thailand.
Most accomodations should accept cards but smaller restaurants and markets won’t.
I think most of the problems reported using bank cards stem from issues with the account holders own bank, rather than Mastercard or Visa or theThai Banks. US banks seem to have more problems as there retail banking/ card payment systems are less advanced than much of the rest of the world. As you are Canadian, you should be fine, but it may be advisable to let your bank know when and where you are travelling so they don’t block any transactions as potential fraud.
Always use ATMs attached to banks during banking hours. I have had my cards swallowed by machines more than once in Thailand. It helps if there is someone there to get it back!
Most accomodations should accept cards but smaller restaurants and markets won’t.
I think most of the problems reported using bank cards stem from issues with the account holders own bank, rather than Mastercard or Visa or theThai Banks. US banks seem to have more problems as there retail banking/ card payment systems are less advanced than much of the rest of the world. As you are Canadian, you should be fine, but it may be advisable to let your bank know when and where you are travelling so they don’t block any transactions as potential fraud.
Always use ATMs attached to banks during banking hours. I have had my cards swallowed by machines more than once in Thailand. It helps if there is someone there to get it back!
Dec 30th, 2018, 11:33 PM
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How annoying for me, and many others, when someone in the shopping queue shows some kind of telephone code thing, or drags out an obscure plastic card to pay the bill. And a problem arises so the clerk is helpless and those in line 'steam'.
The moral: use cash and no one complains or is inconvenienced. US$100 will get you 3000 Thai baht (+-), which could last you a week in Thailand (if frugal).
The moral: use cash and no one complains or is inconvenienced. US$100 will get you 3000 Thai baht (+-), which could last you a week in Thailand (if frugal).
Dec 31st, 2018, 01:38 AM
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No more annoying is waiting behind someone who takes ages searching for the right change, doesn’t understand what each note is worth! The use of cash has been in decline for years. In countries like Canada, UK, Australia, New Zealand more transactions are done by card. Get used to it.
Dec 31st, 2018, 02:48 AM
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A bout of spontaneous Tourettes comes to mind in whichever of the situations.
Cash can't fail, and despite the virtues of cards you still have to be careful, and definitely not just rely on one card.
Cash can't fail, and despite the virtues of cards you still have to be careful, and definitely not just rely on one card.
Last edited by LancasterLad; Dec 31st, 2018 at 02:53 AM.
Dec 31st, 2018, 03:55 AM
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For my cards I notify my card holder that I will be using their card overseas before heading out on the trip. I haven't had any problems with MasterCard. I have come across other tourists whose home bank got a little worried when ATM withdrawals suddenly start coming in from a foreign country. On the side of safeguarding the account balance the bank denied the withdrawal. So, for me it is no big deal to call my card provider ahead of time.
* Overseas I never put cheap stuff on plastic. Stuff from Seven Eleven type stores, drinks in cheap bars, meals in cheap restaurants, cheap things from vendors - all cash purchases! (Easier to do when you stay in cheap hotels.) The more I expose my card numbers for random cheap purchases the greater chance of credit card fraud is what I think about. Back home charging for cheap things it is much easier to work things out later if a problem comes up.
Good luck.
* Overseas I never put cheap stuff on plastic. Stuff from Seven Eleven type stores, drinks in cheap bars, meals in cheap restaurants, cheap things from vendors - all cash purchases! (Easier to do when you stay in cheap hotels.) The more I expose my card numbers for random cheap purchases the greater chance of credit card fraud is what I think about. Back home charging for cheap things it is much easier to work things out later if a problem comes up.
Good luck.
