When traveling to Thailand (or anywhere abroad), planning how you’ll access and exchange money can save you a lot of stress—and cash.
Step 1: Estimate Your Budget
Figure out how much you plan to spend—and then add a buffer. You’ll probably go over. Once you’ve got a number in mind, withdraw at least 1/4 of that amount in brand new $50 or $100 bills from your bank. (I prefer $100s.)
Why new bills?
• Currency exchange booths won’t accept ripped, old, or soiled bills.
• You’ll get better exchange rates for $50s and $100s than smaller denominations.
• Exchange booths are easy to find on most Thai streets—especially in tourist areas.
Step 2: Use ATMs—But Be Smart About It
You’ll use your debit/credit card to withdraw Thai baht from ATMs, but here’s what to know:
• Thai ATMs charge a 250 baht (~$7 USD) fee per transaction.
• Your home bank may also charge you.
• Tip: Get a debit card that reimburses ATM fees. (I use a Charles Schwab debit card—lifesaver!)
Step 3: Always Bring Backup
Travel with at least two debit/credit cards, and keep one locked in your hotel safe. If you lose one, you’ll have a backup ready to go.
Warning: Thai ATMs give your cash first and then your card—but there’s a delay. Many travelers (myself included!) have forgotten their card. If left behind, the machine will suck it back in and keep it. You’ll have to cancel and replace it, which is a pain abroad.