 |
Banks & Foreign Exchange
Banks, ATM machines & Exchange Kiosks
abound everywhere in Chiangmai although independent
money changers are a rarity. There are also
"Baht Buses" (mobile banks) in tourist areas
outside of normal banking hours. Bank staff
in tourist areas can often speak a little English.
Banking & money changing is therefore
fairly convenient. Best exchange rates are still
obtained from the black market.
|
|
Currency
The basic unit of currency in Thailand is the Baht
(baat), often misspelt as Bath!. There are
100 sataang in one baht; coins include 25 sataang and
50 sataang pieces and baht in 1B, 5B and 10B coins. Older
coins exhibit Thai numerals only, while newer coins have Thai
and Arabic numerals. Twenty-five sataang equals one
saleung in colloquial Thai, and people still refer to 25-sataang
coins as saleung on occasion. These are rarely used these
days except in supermarkets and departmental stores. Banks
will not change these little copper coins, so best use them up
in the grocery store.
Paper currency comes in denominations of 10B (brown), 20B (green),
50B (blue), 100B (red), 500B (purple) and 1000B (beige).
A 10,000B bill was on the way when the 1997 financial crisis hit
Thailand, and has heen tabled for the moment. Ten baht bills
are being phased out in favour of the 10B coin and have become
rather uncommon. Notes are also sized according to the amount
they're worth; the larger the denomination, the larger the note.
Large denominations 500B and especially 1000B bills can be hard
to change in small towns, but banks will always change them.
Prior to June 1997 the baht was pegged to a basket of currencies
heavily weighted towards the US dollar, and for over 20 years
its value hardly varied beyond 20B to 26B to US$1. A year
after flotation, the baht had slipped approximately 30% against
the US dollar. At one stage, the baht dipped to as low as
45B to the US dollar, although it rose back up again due to strong
exports and tourism. However, with current political uncertainties
after the recent coup, it is possible that the baht goes through
another roller coaster ride again. Hence it would be a good
idea to stay abreast of exchange rates during your stay in Thailand.
At the time of writing, the baht is worth approximately 35B to
the US dollar. Changing currencies at the right time could
extend your budget significantly. Exchange rates are printed
in the Bangkok Post and the Nation every
day, and you can walk into any Thai bank and ask to see a daily
rate sheet or take a peek at the electronic display boards behind
the bank tellers who service passing foot traffic.
Go To Top
Thai Coins
25 Sataang
Front Side
|
50 Sataang
Front Side |
1 Baht
Front Side |
5 Baht
Front Side |
10 Baht
Front Side |
25 Sataang
Back Side |
50 Sataang
Back Side |
1 Baht
Back Side |
5 Baht
Back Side |
10 Baht
Back Side |
Go To Top
Thai bank notes
10 Baht Front Side |
10 Baht Back Side |
20 Baht Front Side |
20 Baht Back Side |
20 Baht Front Side |
20 Baht Back Side |
50 Baht Front Side |
50 Baht Back Side |
50 Baht Front Side |
50 Baht Back Side |
50 Baht Front Side |
50 Baht Back Side |
100 Baht Front Side |
100 Baht Back Side |
500 Baht Front Side |
500 Baht Back Side |
500 Baht Front Side |
500 Baht Back Side |
1000 Baht Front Side |
1000 Baht Back Side |
1000 Baht Front Side |
1000 Baht Back Side |
Go To Top
Exchanging Money
There
is very limited black market money exchange for baht in Chiangmai
and you would have to look very hard to find them, but you would
certainly get a slightly better exchange rate with them than at
the banks. Banks and legal money changers offer quite similar
exchange rates within the country. For buying baht, US dollars
are the most readily acceptable currency and travelers’
cheques get better rates than cash, except at some moneychangers
where it's the opposite. Since banks charge 23B commission
and duty for each travellers cheque cashed, you will save on commissions
if you use larger cheque denominations (e.g., a US$50 cheque will
only cost 23B, while five US$10 cheques will cost 115B).
British pounds are second to the US dollar in general acceptability.
Avoid changing money at hotel counters. They offer exorbitant
exchange rates; the nearest bank in Chiangmai being often only
a stone's throw away.
Note that you can't exchange Malaysian ringgit, Indonesian rupiah,
Nepali rupees, Cambodian riel, Lao kip, Vietnamese dong or Myanmar
kyat for Thai currency at banks, although some money changers
along Thanon Charoen Krung and Thanon Silom in Bangkok carry these
currencies. In Chiang Mai you can try International Business
Center (053 216 283) on Thanon Thaphae. At such places the
rates are comparable with black market rates in countries with
discrepancies between the 'official' and free market currency
values.
Visa and MasterCard credit card holders can get cash advances of up to US$500 (in baht only) per day through some branches of the Thai Farmers Bank, Bangkok Bank and Siam Commercial Bank, and also at the night time exchange windows in Chiang Mai, Mae Hong Son, Chiang Rai and Phitsanulok.
American Express (AmEx) card holders can also get
advances, but only in travellers cheques. The AmEx agent
in Chiangmai is SEA Tours (053 271441), 2/3 Thanon Prachasampan,
off Thanon Chang Khlan near the Night Bazaar area.
Regular bank hours are 8.30am to 3.30pm weekdays. Several
banks in Chiang Mai have special foreign exchange offices in tourist
oriented areas that are open longer (8.30am to 8pm) and every
day of the week. In major tourist areas e.g. Loi Kroh Rd.,
they even have a "Baht Bus" (mobile bank) which opens
on weekends and in the evenings when regular banks close.
It is indeed heartening to see these unguarded mobile banks (which
have been around for donkey's years) as it speaks very loudly
in favour of the people that makes up Chiangmai. It is a
wonder that they have never been held up and driven away.
Conveniently also, some departmental store sub-branches are open
10am to 8pm daily. Exchange kiosks are also available at
the Chiangmai International Airport. Note that all banks
are closed on public holidays.
Go To Top
Exchange Controls
 |
|
Legally,
any traveller arriving in Thailand must have at least the following
amounts of money in cash, travellers cheques, bank draft or letter
of credit, according to visa category: US$500/1000 per person/family
with a Non-Immigrant Visa; US$250/500 per person/ family with
a Tourist Visa; US$125/250 per person/ family with a Transit Visa
or no visa. Your funds may be checked by authorities if
you arrive on a one-way ticket or if you look as if you're at
`the end of the road'.
There is no limit to the amount of Thai or foreign
currency you may bring into the country. Upon leaving Thailand,
you're permitted to take no more than 50,000B per person without
special authorisation; exportation of foreign currencies is unrestricted.
An exception is made if you're going to Cambodia, Laos, Malaysia,
Myanmar or Vietnam, where the limit is 500,000B.
It's legal to open a foreign currency account at any commercial
bank in Thailand. As long as the funds originate from abroad,
there are no restrictions on their maintenance or withdrawal.
After the recent coup on 19 Sep 2006, the interim government
of Prime Minister Surayud Chulanont introduced new capital controls
on 18 Dec 2006 to curb rising short-term inflows which pushed
the baht to a new 9-year high of 35B to one US Dollar. Financial
institutions are now required to withhold 30% of all capital inflows
as a reserve. Funds withheld from inflows for foreign direct
investments e.g. to purchase a condominium, can be returned as
soon as evidence of the investment is provided. Otherwise,
all of the withheld funds can only be returned after one year,
as long as it can be documented that the initial funds remained
in the country for the entire period. If the funds are withdrawn
from the country in less than one year, only two-thirds of the
amount withheld will be returned to investors.
So be prepared to send in 50% more of the funds that you require
for any short-term purposes so that by the time 30% of it is withheld
by the Thai government, you are left with the original sum to
spend. And also remember to keep all manner of receipts
and diaries of your expenditures if you want to receive the full
amount of monies withheld by the financial institution after a
period of one year since the onus of proof (that the initial funds
have remained in the country for that entire period) will rest
on your shoulders.
Go To Top
ATMs &
Credit/Debit Cards
Debit cards (also known as cash cards or check cards) issued by
a bank in your own country can be used at several Thai banks to
withdraw cash (in Thai baht only) directly from your cheque or
savings account back home, thus avoiding all commissions and finance
charges. You can use MasterCard debit cards to buy baht
at foreign exchange booths or desks at the branches of either
the Bangkok Bank or Siam Commercial Bank. Visa debit cards
can buy cash through the Thai farmers Bank exchange services.
These cards can also be used at most Northern Thai ATMs, 
although
a surcharge of around US$1 is usually subtracted from your home
account each time you complete a machine transaction. Some
travellers now use debit or ATM cards in lieu of travellers cheques
because they're quicker and more convenient, although it's a good
idea to bring along an emergency travelers cheque fund in case
you lose your card. One disadvantage of debit card accounts,
as opposed to credit card accounts, is that you can't arrange
a "charge back" for unsatisfactory purchases after the
transaction is completed. Once the money's drawn from your
account it's gone.
Credit cards as well as debit cards can be used for purchases at many shops, hotels and restaurants. The most commonly accepted cards are Visa and MasterCard, followed by AmEx and Japan Card Bureau (JCB). Diner's Club and Carte Blanche are of much more limited use.
Another alternative to carrying arounds large amounts of cash
or travellers' cheques is to open an account at a Thai bank and
request an ATM card. Major banks in Thailand now have 24
hour ATMs in provincial capitals and in many smaller towns as
well. Once you have a card you'll be able to withdraw cash
at machines throughout Thailand, whether those machines belong
to your bank or another Thai bank. ATM cards issued by Thai
Farmers Bank or Bangkok Bank can be used with the ATMs of 14 major
Thai banks. 
A 10B transaction charge is usually deducted
for using an ATM belonging to a bank with which you don't have
an account. If you plan on making frequent ATM withdrawals,
using a Thai ATM card will yield significant savings, in transactions
fees, over foreign ATM cards.
Go To Top
Card Problems
Occasionally when you try to use a card at upcountry hotels or
shops, the staff may try to tell you that only cards issued by
Thai Farmers Bank or Siam Commercial Bank are acceptable.
With a little patience, you should be able to make them understand
that the Thai Farmers Bank will pay the merchant and that your
bank will pay the Thai Farmers Bank and that any Visa or MasterCard
issued anywhere in the world is indeed acceptable.
Another problem concerns illegal surcharges on credit card purchases.
It's against Thai law to pass on to the customer the 3%
merchant fee charged by banks, but almost all merchants in Thailand
do it any way. Some even ask 4% or 5%! The only exception
seems to be hotels (although even a few hotels will hit you with
a credit card surcharge). If you don't agree to the surcharge
they'll simply refuse to accept your card. Begging and pleading
or pointing out the law doesn't seem to help.
The best way to get around the illegal surcharge is to politely
ask that the credit-card receipt be itemized with cost of product
or service and the surcharge listed separately. Then when
you pay your bill, photocopy all receipts showing the surcharge
and request a “charge back”. Not all banks in
all countries will offer such refunds the banks in the UK, for
example, refuse to issue such refunds, while the banks in the
USA usually will.
To report a lost or stolen credit/debit card, call the following
telephone hotlines:
AmEx: (022 730 022) / (022 735 544) www.americanexpress.com/thailand;
MasterCard: (022 608 572) / (001 800 11 887 0663), www.mastercard.com;
Visa: (022 567 326) / (001 800 441 3485),
www.visa-asia.com;
Diners Club: (022 383 660), www.dinersclub.com.
Go To Top
International
Money Transfer
If you have a reliable place to take mail in Northern Thailand,
one of the safest and cheapest ways to receive money from overseas
is to have an international cashier's cheque (or international
money order) sent by courier. It usually takes no more than
four days for courier mail to reach Thailand from anywhere in
the world.
If you have a bank account in Thailand or your home bank has a branch in Chang Mai, you can have money wired direct via a telegraphic transfer. This costs a bit more than having a cheque sent; telegraphic transfers take anywhere from two days to a week to arrive. International banks with branches in Bangkok include Bank of America, Bank of Tokyo, Banque lndosuez, Banque Nationale de Paris, Citibank, Deutsche Bank, Hongkong Bank, Chase Manhattan Bank, Merrill Lynch International Bank, Sakura Bank, Standard Chartered Bank, United Malayan Bank and many others.
Western Union, justifiably claiming to be ”the fastest
way to send money worldwide”, has an office in Chiang Mai
(053 224 979) at the Central Department Store, 3rd floor, Kad
Suan Kaew shopping centre, Huaykaew Road. Western Union
services are also available at many banks and at even branches
of Thailand Post. For your friend to receive money in Thailand,
be sure to advise him/her of the Money Transfer Control Number
(MTCN) after you have transfered the amounts from abroad.
These days, you can even use your credit card to upload funds
to Western Union online and transfer that to the recipient without
leaving your desk. Locate agents online at www.westernunion.com.
Go To Top
Security
Give some thought in advance to how you're going to carry
your financial media whether travellers cheques, cash, credit
and debit cards, or some combination of these. Many travellers
favour pouches that can be worn hidden beneath clothing.
Hip pocket wallets are easy marks for thieves. Pickpockets
work markets and crowded buses throughout the country, so it pays
to keep your money concealed. Thankfully, however, such
misfortunes as suffered by travellers in other parts of the country
is seldom encountered in Chiangmai.
It's a good idea not to keep all your money in one place; keep
an “emergency” stash well concealed in a piece of
luggage separate from other money. Long-term travellers
might even consider renting a safety deposit box at a bank in
Chang Mai. Keep your onward tickets, a copy of your passport,
a list of all credit card numbers and some money in the box just
in case all your belongings are stolen while you're on the road.
It's not common especially in Chiangmai, but it does happen once
in a while when your luck is down.
Go To Top
Google Adsense
