Tips on Making The Most Out of Your Dollar
Exchanging your money for a Baht can be tricky. Like other countries, different establishments follow different exchange rates. No one, not even the billionaires, like being cheated of what their money’s real worth is. Below are some tips on how you can make sure you are getting your real money’s worth.
Don’t Swap Money at the Airport or Hotel
Airport and Hotels have the lowest exchange rates. US$1 could go up to THB32 but in airports and hotels, it could go down to less than $28. If you need money for cab, just exchange what you will immediately need and a bit more for emergency. However, save the big exchange for later.
Use your ATM Card
Drawing money at the ATM in a Thai airport is a good idea because you will get a fairly decent exchange rate. Is it is also usually best to draw funds from your ATM card as and when needed during your stay. The exchange rate given electronically is fair. At most, keep about one hundred dollars cash – draw the rest of the money as and when needed. This safeguards you if you lose your wallet. Most towns in Thailand have ATMs so you will not have a problem withdrawing money.
Watch Out for Tourist Traps
When it comes to exchanging money, the little booths for exchanging money are pretty much going to be the worst tourist traps. The rates that you will be offered will be fairly bad than what you would get at the large Thai banks. Look out for branches of the bigger banks like the Bangkok Bank, the Kasikorn Bank or the Siam Commercial Bank and compare exchange rates. Exchange at the bank that offers good rates.
These will get you a better rate than you would get with cash but not quite as good a rate as with the ATM card.
Your Credit Card
You can use a credit card just about anywhere in Thailand (except in certain markets). You are likely to get a rate comparable to what you would get using an ATM card but you may find that the bank charges are higher. Be careful with your credit details as well – you do not want your card rung through for other purchases.