Money and Costs in Thailand
The overall consumption level is not high in Thailand, the price level in central and northern regions is moderate and low, and the price level in southern coastal areas and islands is relatively high.
Thailand Currency
The official currency of Thailand is Thai Baht (฿, THB, บาท). There are five denominations notes in circulation, including 20, 50, 100, 500 and 1000 baht. Coins come in denominations of 25, 50 Satang and 1, 5 and 10 Baht. 1 Baht is equal to 100 Satangs.
Consumption Level
The overall consumption level is not high in Thailand. Take Bangkok as an example,
A bottle of beer: 100B
A bowl of pilaf: 30-50B
Two dishes and a soup: 500B
Bike rental: 30-150B
Motorbike rental: 150–250B
Car rental: 800B per day
Youth hostel: 200B
budget hotel: 1000B
Three-star economy hotel: 1500-3000B
Luxury hotel: 10000B
Attractions ticket: 500B
Lady-boy Show: 600-800B
Visa on Arrival: 2000B
Tourist Visa: 1000B
Changing Money
It's relatively easy to exchange cash in Thailand. You can exchange Thai baht at local airport, train stations, street exchange shops, and some banks. When buying baht, US dollars is the most accepted currency, followed by British pounds and euros. It is highly recommended to exchange cash on arrival instead of beforehand as the rate is more advantageous.
In general, the bank's exchange rate will be slightly lower than the street exchange store. ATM machines and exchange shops everywhere in Thailand and are closed on Sundays. Super Rich is quite prestigious in these exchange stores, so many tourists choose to exchange money at Super Rich.
Exchange Rates
All rates only for reference, transaction is subject to real-time rate of bank.
Australia A$1 24B
Canada C$1 25B
China Y10 47B
Euro €1 38B
Japan ¥100 28B
New Zealand NZ$1 22B
South Korea 1000W 29B
UK £1 42B
US US$1 33B
ATM Service
ATMs and FOREX (Foreign Exchange) booths are easy to find in the country almost everywhere. Debit and ATM cards issued by a bank in your own country can be used at ATMs around Thailand to withdraw cash (in Thai baht only) directly from your account back home.
Please keep in mind that most banks charge an extra service fee for withdrawals.
Credit Cards
Credit cards are generally accepted in high-end hotels, restaurants and other commercial establishments in Thailand, but cash is more convenient. These places can use mainstream credit cards such as VISA, MasterCard, American Express and Diners Club. VISA and MasterCard can be used for cash advances at many banks and exchange points in Thailand. However, a 1.5% handling fee will be charged.
Banking Hour
Thai domestic banking hours are usually 8:30 am to 15:30 pm from Monday to Friday, and are closed on Saturdays and Sundays. Daily exchange rates are usually shown on the electronic board in the bank.
On the bustling streets where foreigners gather in Bangkok, Chiang Mai, and Phuket, there are many exchange offices that directly under the jurisdiction of banks. At these exchange offices, business hours are until 8:30 pm, and some even open until late at night. It is important to note that some Banks do not accept the 96th edition and previous US dollars.
Tipping
Thailand is not a tipping country in the strict sense, but tipping is already a customary courtesy. Generally, the tip is around 20-50 baht, and high-end hotels and restaurants will increase the amount of consumption by 10% - 15% on the bill. You can tip 20 baht to a bellman, cleaner and waiter at an ordinary hotel, and the tour guide's tipping fee is generally 50 baht. Don't give coins when you are tipping, because international practice considers coins are given to beggars.
VAT Refunds
Visitors who buy goods in Thailand can claim a refund of 4% - 6.1% VAT when they leave Thailand. Since September 1, 2013, Thailand has implemented a step-by-step tax refund system with a tax refund of 4%-6.1% of the spending amount. The minimum refundable taxable amount is THB 2000, the tax refund rate is 4%, and the tax refund rate of THB 200,000 or more is 6.1%.
