Owais Crawford
If you're planning to exchange US dollars for Thai baht at the airport, it's important to consider the exchange rates and potential fees. While airport exchange services offer convenience, they often provide unfavourable rates and may charge additional fees. It is generally recommended to exchange only a small amount of money at the airport for immediate expenses and seek better exchange rates elsewhere. Local exchange booths, such as SuperRich, typically offer more competitive rates than airport exchange services. Additionally, using a debit card or international debit cards like Wise and Revolut can provide better exchange rates and lower fees, making them a more cost-effective option for accessing cash in Thailand.
| Characteristics | Values |
|---|---|
| Exchanging currency at the airport | Not recommended due to poor exchange rates |
| Exchanging USD at the airport | Possible, but not as good a rate as exchanging Euros |
| Best place to exchange money | Local exchange booths such as SuperRich, Happy Rich, and Suvarnabhumi Airport Exchange Zone |
| Best exchange rates | When using a low-cost currency exchange service |
| Using an ATM | Possible, but there is a fee of around THB200-250 per withdrawal for foreign cards |
| Using a credit card | Not recommended due to withdrawal and cash advance fees |
| Using a debit card | Better exchange rates than credit cards, but not as good as low-cost currency exchange services |
| Using a Wise card | Recommended for low fees and real exchange rates |
| Using a Revolut card | Recommended for free ATM withdrawals and international money transfers |
| Using cash | Recommended for markets and street vendors |
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What You'll Learn
Exchange rates at Thailand airports
If you're looking to exchange currency at a Thailand airport, it's important to know that exchange bureaus located in the most convenient spots, like the airport, tend to offer poor exchange rates.
Exchanging money at banks is an option if you're only changing a small amount. Bank-owned exchange counters are widely available in tourist areas, including airports. Their rates are similar to what most credit card companies charge for foreign currency payments or withdrawals. However, you'll get a better rate with a debit card.
If you're exchanging US dollars, one source recommends SuperRich, which has locations all over Bangkok and an office at Suvarnabhumi Airport. Another source recommends the exchange closest to the ARL (Airport Rail Link) for the best rates.
When exchanging money in Thailand, it can be confusing to know whether you're getting the buying or selling exchange rate. The "buy" column on the exchange rates chart shows how much the bank is buying your currency for in Thai Baht, while the "sell" column shows how much they're selling your home currency for in exchange for Thai Baht.
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Customs declarations for large amounts
When travelling to and from the United States, there is no official limit on the amount of money you can carry with you. However, if you are travelling with more than $10,000, you must declare it to a Customs and Border Protection (CBP) officer when entering or exiting the country. This rule applies to both cash and monetary instruments, including foreign currency. Failure to declare large sums of money can result in serious consequences, including the forfeiture of the money, civil penalties, and even criminal charges. To declare cash, you must fill out the FinCEN Form 105, either online or on paper, and provide documentation showing the source of the cash.
When travelling to Thailand, you can bring up to $9,999.99 USD or its currency equivalent into the country before needing to make a customs declaration. If you are carrying more than $10,000 USD, you must declare it upon arrival at a Thai airport or port by following the 'goods to declare' or 'red channel' signs. The same rules apply for taking cash out of Thailand, and you can take up to $20,000 USD or its currency equivalent out of the country. Failing to declare cash or making a false declaration in Thailand is a criminal offence and can result in fines or even prison sentences.
It is important to note that carrying large sums of cash can put you at risk for robbery or loss. Therefore, it may be advisable to consider alternatives such as traveller's checks, prepaid travel cards, or international wire transfers. Additionally, when exchanging currency, it is generally recommended to avoid exchanging it into the local currency in your home country or at the airport, as these options often offer poor exchange rates. Instead, consider using a debit card, international debit card, or exchanging your money at a local bank or money exchange kiosk in the destination country.
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Using ATMs in Thailand
ATMs are widely available in Thailand, especially in major cities and towns. You can find them at bank branches, on street corners, at major stores (e.g., 7-Eleven), in shopping malls, and at major airports. However, ATMs may be harder to find in rural areas and smaller, lesser-known islands, so it is advisable to withdraw cash beforehand if you plan to visit such locations.
ATMs in Thailand generally accept Visa and Mastercard debit and credit cards, which are commonly issued in the UK. Thai ATMs usually accept a 4-digit PIN, similar to those in the UK. It is recommended to use a debit card instead of a credit card to avoid additional fees and charges. Before your trip, it is advisable to check with your bank or card provider about any potential charges for using your card abroad. Additionally, informing your bank about your travel plans can prevent transactions from being blocked or flagged as fraudulent.
When using an ATM in Thailand, you will typically be charged a fee, which is usually around 220 baht (approximately $6.50 USD). Some ATMs, such as those from AEON Bank, charge a lower fee of 150 baht (around $4.40 USD), but they may be less common. It is important to note that the ATM fee is separate from any foreign transaction fees that your bank may charge for using your card overseas. Additionally, if you opt for currency conversion at the ATM, a conversion fee may also be applied.
To get a better exchange rate, it is recommended to choose to withdraw cash in the local currency, Thai Baht (THB), instead of converting it into your home currency. ATM conversion rates are often unfavourable, and allowing your bank to handle the conversion typically results in a better rate. It is also important to be mindful of the withdrawal limits, which are usually around 20,000 THB per transaction, but can vary depending on your bank's limits and the ATM you are using.
Overall, using ATMs in Thailand can be a convenient way to access cash during your trip. However, it is essential to be aware of the associated fees and to take necessary precautions, such as using ATMs located in secure areas and keeping your card and cash secure at all times.
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Credit card fees
While it is possible to exchange US dollars at Thailand's airports, it is not recommended due to poor exchange rates. This applies to exchanging money at any bank-owned exchange counters in tourist areas. The exchange rates at these locations are similar to what most credit card companies would charge for foreign currency transactions.
Credit card cash advances are an expensive way to get cash fast. They are short-term cash loans taken against the credit line on your credit card. They come with various expenses, including cash advance fees, withdrawal fees, and high-interest rates. The typical cash advance fee is 5% of each cash advance requested, and there may be additional ATM or bank fees of several dollars. Interest on cash advances starts accruing as soon as the advance is granted, with no grace period.
Due to the high cost of cash advances, it is recommended to consider them only for emergencies and infrequent use. It is essential to understand the full cost of a cash advance before taking one out by reading the card issuer's terms and conditions. Less expensive borrowing options, such as personal loans, may be more suitable.
If you plan to exchange currency, it is better to do so once you arrive in Thailand, as exchanging money into Thai Baht in your home country or at the airport is generally more expensive.
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Local exchange booths vs. airport booths
When it comes to exchanging currency in Thailand, it's generally recommended to avoid airport exchange booths due to their unfavourable rates. Local exchange booths in cities like Bangkok and Chiang Mai tend to offer better rates and are often open late into the night. SuperRich is a well-known local exchange booth that offers great rates, sometimes even better than those found at the airport. These booths can be found in central Bangkok and other locations throughout the city.
However, if you need to exchange money at the airport, the Suvarnabhumi Airport Exchange Zone in Bangkok Airport is recommended. This area has several currency exchange counters that offer better rates than bank branches within the airport. It's worth comparing rates, as they can vary slightly between booths, and larger notes tend to get better rates in Thailand.
ATMs are another option, but they typically charge a fee for withdrawals, and it's advised to avoid using them in isolated areas. Credit cards should also be avoided due to withdrawal and cash advance fees. If you're looking for convenience and security, using a debit card or international apps like Revolut and Wise might be a better option, as they offer good exchange rates and low or no fees.
In summary, while airport exchange booths offer convenience, local exchange booths like SuperRich are likely to provide better exchange rates and are worth considering if you're looking to get the most out of your money.
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Frequently asked questions
Yes, you can exchange US dollars at Thailand's airport. However, the exchange rates at the airport are usually poor and higher than those in the city.
The exchange rates at Thailand's airport are usually around 7% less than those down by the ARL station.
Local exchange booths like SuperRich offer great rates compared to your home bank.
It is best to carry your home currency and exchange it in Thailand as an additional exchange would result in losing money. You can also use a Wise card, which is an international debit card that works in 150+ countries and has no foreign transaction fees.
