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Thailand Money Matters
Currency and Currency Exchange:The Thai unit of currency is the baht 1 baht is divided into 100 satang. Note are in denominations of 1000, 500, 100, 50 and 20 baht. Coins consist of 25 satang, 50 satang, 1 baht, 2 baht, 5 baht and 10 baht. All bills and all coins have a picture of His Majesty the King, and are therefore supposed to be shown some respect.Major currency bills and travellers cheques are cashed easily at hotels, tourist shops, all provincial banks, shopping centres and money changers. Travellers cheques are best changed in banks (you will need your passport). Rates of exchange at banks or authorized money changers are better than those at hotels and department stores. Any amount of foreign currency may be brought into the country. Visitors may take foreign currency out of Thailand, but no more than the amount stated in the customs declaration made on arrival. Travellers leaving Thailand may take out no more than 50,000 baht per person in Thai currency. Credit Cards:Credit cards are accepted in major hotels, department stores, and upscale shops and restaurants. They can also be used at major banks (and some exchange kiosks) for cash advances. A surcharge will be applied. VISA and MasterCard are the most widely accepted cards; the use of Dinners Club and American Express is more limited.MasterCard debit cards can be used to withdraw cash at the most foreign exchange booths, and at Bangkok Bank and Siam Commercial Bank. VISA debit cards can do the same at the Thai Farmers Bank. Debit cards can also be used at local ATMs, but a surcharge will be levied. At the popularity of plastic money increases, so too does the incidence of credit-card fraud. Visitors should always carefully check what they sign. Credit cards are widely accepted. For lost cards: American Express: Tel. 02 273 5100 or 02 273 0022 Diners Club: Tel. 02 238 2920 or 02 238 2680 MasterCard: Tel. (001 800) 11887 0663 VISA: Tel. 02 256 7326-7 ATM:ATMs are found in all major cities and almost all provincial banks accept the most widely used cards including major credit cards and debit cards such as cirrus and maestro cards. Most ATM services provide intructions in both Thai and English.Banks in Thailand:Thai and foreign banks provide standard services nationwide, Monday through Friday, except public and bank holidays, between 08.30 AM and 3.30 PM.Foreign visitors are welcome to open a foreign currency account with any commercial bank in Thailand. As a special gesture to nonresidents, no restrictions are imposed on the maintenance of and withdrawal from the account, as long as the funds originate from abroad. Major banks such as Bangkok Bank, Thai Danu Bank, Thai Farmers Bank and Siam Commercial Bank operate currency exchange centres in most tourist areas from 7.00 AM to 9.00 PM, seven days a week, including holidays. Many first-class hotels provide 24-hour money exchange services, but only for major currencies such as American dollars, British pounds, German marks and Swiss francs. Travellers cheques are generally accepted only from bona fide hotel guests. Tipping:Tipping is not a usual practice in Thailand although it is becoming more common. Most hotels and restaurants add a 10% service charge to the bill. Taxi drivers do not require a tip, but the gesture is appreciated and 10-20 baht is acceptable for porters.Bargaining: Fixed prices are the norm in department stores, but at most other places bargaining is to be expected. Generally, you can obtain a final figure of between 10-40% lower than the original asking price. Much depends on your skills and the shopkeeper's mood. But remember, Thais appreciate good manners and a sense of humor. With patience and a broad smile, you will not only get a better price, you will also enjoy shopping as an art. VAT Refunds: Visitors entering the Kingdom on a tourist visa are entitled to refund of the 7% V.A.T. on goods and services, generally levied only in upscale hotels, restaurants and shops. It is not possible to claim VAT back. |    |
