Your guide to exchanging money in Thailand at a favorable rate

Monday, January 23, 2023 Travel Tips and Hacks by admin

Thailand is a beautiful tourist country with tropical beaches, palaces, and ancient ruins. It is also the homeland of Muay Thai, one of the best martial arts systems in the world. It is important to exchange your money favorably to enjoy more wonders of this amazing country. For this, we will describe the best ways to exchange money while in Thailand, so you don’t have to worry about it.

Thailand – a country everyone must visit

Thailand is a beautiful country in Southeast Asia, with Bangkok being the nation’s capital and largest city. The population is almost 60 million people. The country experienced the world’s highest economic growth between 1985-96, and George Soros made a billion bet against Baht in 1997. Thailand is known for its natural beauty and being the birthplace of Muay Thai. Beautiful beaches and other marine wonders await tourists in Thailand. Nature in the country is one of the wonders. Add to this ancient ruins and beautiful palaces, and it is a must-see place with wonders straight out of movies and anime. There is something for everyone in Thailand, from elephants to Muay Thai boxing events, tourists can train with world champion Tai boxers like Saenchai, offering unforgettable experiences.

Thai Baht, Thailand’s currency

If you know any of the languages spoken in Thailand, browse Thai resources about various financial tips here. For international people and tourists, we will describe a quick overview of the Thai Baht. The Thai Baht is the fiat currency in Thailand issued by the Bank of Thailand, it is also one of the currencies George Soros made a billion-dollar trade back in 1997 since the Bank of Thailand was unable to maintain the Baht’s price as it was out of resources. He as usual betted against the Bank of Thailand, successfully predicting the price fall.

From November 2022 Thai baht started gaining momentum against the dollar despite the Fed’s battle against inflation with interest rate hikes. This is good news for people living in Thailand and not so great for tourists, who will get fewer Bahts for their dollars. USDTHB is considered to be a minor currency pair, meaning that one side of the pair is a major currency. Explaining Forex majors and minors are out of the scope of this article, so visit the links above for more details about Forex specifics. Overall, the Thai baht is a stable currency despite the current world instability caused by Russian aggression and other post-pandemic effects.

Exchanging money – online vs in place

There are two ways of acquiring Thai Baht, one is online exchanges and the other is to exchange money when you visit the country. Both of the methods have their advantages and disadvantages. Online is more comfortable, and you can start your sightseeing right from the airport without the need to search and exchange your currency. But usually, it is more expensive to buy Baht online than at local exchange booths. Another advantage of exchanging money in Thailand is that you will need to cash out your Baht from ATMs, so you will need to visit the nearest ATMs in the airport anyway. In this regard, it would be better to exchange your currency in Thailand rather than online. But it is always better to equip yourself with proper knowledge in advance about currency rates. So try to see the rates on local and international exchanges to make your decision about which one is better for you. The Bank of Thailand has currency rates updated daily. This is crucial not to waste time while in Thailand to maximize your experiences.

Main takeaways

Being the homeland of Muay Thai and many beautiful places and palaces, Thailand is an amazing country that attracts many tourists each year. The country’s currency is Baht and there are two ways to exchange your currency depending on where you are. The best overall solution is to exchange money in Thailand as it offers the best exchange rate. You can and always should compare online exchanges and currency booths to find the best rate. Since the Baht started to strengthen against the dollar the previous year, it could be an attractive minor pair for trading as well. There are many ATMs to withdraw money easily in Thailand, and it is better to know exactly your action plan so as not to waste precious time before you visit the country.