Unlike many currencies that are divided into 100 cents, the Baht is divided into 100 satang, though these are rarely encountered in daily commerce due to their low value. The Baht lost half of its value prompting the adoption of a floating exchange rate regime. Unofficially, the Thai Baht is used in Laos, Cambodia, and Myanmar.
The Thai Baht, abbreviated as THB, holds a unique place in Thailand’s rich history and culture. Originating from a traditional unit of mass, its journey as the official Thai currency reflects the nation’s economic evolution. The Baht’s history dates back to the Sukhothai Kingdom in the 13th century when it was a unit of weight for silver. This historical context is not just a how to read and interpret trading charts for beginners financial legacy but also a testament to Thailand’s longstanding economic traditions and resilience.
United States Dollar
That’s because you’ll have a back up plan in case one payment method isn’t accepted for any reason, and you can pick the method that’s best suited to the specific transaction. Having a multi-currency card from a provider like Wise, plus your normal bank debit card, and some local cash in THB should mean you’ve always got options. You can use your cash for small purchases and tipping, and make low cost payments and cash withdrawals with your multi-currency card, while keeping your bank card in reserve for emergencies. A few providers in Australia offer multi-currency cards which come with a linked payment account that lets you convert, hold and spend in THB. That allows you to add a balance in AUD and switch over to THB to lock in the exchange rate and set your travel budget. If you’re going to use a mobile wallet for payments in Thailand make sure you’ve linked your preferred payment cards, and check for any fees which may apply.
Astrology and Horoscopes: How They Differ in Thailand Compared to Europe
Offshore banks (banks outside Thailand) cannot exchange THB with foreign currency. Series 10 banknotes were produced by Thomas De La Rue & Company Limited. Due to heavy counterfeiting, series 10 was issued in series 9’s stead.67 The 100-baht note is the only denomination issued in this series. In 2018, the Royal Thai Mint and the Ministry of Finance issued a new series of general circulation coins, featuring the same standard specifications, but feature a portrait of its current king, Vajiralongkorn. In 1972, cupronickel 5-baht coins were introduced, switching to cupronickel-clad copper in 1977.
Exchange rates and fees vary by the amount being sent and the method of transfer. Western Union provides a price estimator tool online that offers transparency on the total cost of your transaction before you commit to sending money. Our currency rankings show that the most popular Thai Baht exchange rate is the THB to USD rate. However, generally having a few different payment methods is a good plan. That means that if a merchant won’t accept one, you’ve got a back up. It’s also reassuring to know you have a different way to pay if you were unlucky enough to have a card or some travel cash stolen.
You can’t usually pay in USD in Thailand, so you’ll need to plan in advance to get your travel money sorted. You can’t usually pay in AUD in Thailand, so you’ll need to plan in advance to get your travel money sorted. You won’t be able to pay in USD when you visit Thailand – so learning about the currency you need is essential. Whether you decide to use a travel debit card from a service like Wise , or stock up on THB in cash in advance, knowing the mid-market exchange rate can help you get the best available deal. Use this guide to learn all you need to know about the options, rates and fees for exchanging USD to THB, and make your money go further while you’re away. You won’t be able to pay in AUD when you visit Thailand – so learning about the currency you need is essential.
USD US Dollar
King Rama V introduced decimalization of bull flagging the Thai Baht, which at the time was known as the Thai Tical by westerners. The U.S. dollar is the currency most used in international transactions. Several countries use the U.S. dollar as their official currency, and many others allow it to be used in a de facto capacity.
Being aware and taking preventive measures is crucial to safeguard your finances. In Thailand, navigating the landscape of sales tax and understanding the importance of receipts is crucial for managing financial transactions effectively. Navigating the banking system and understanding ATM usage in Thailand is crucial for foreigners living in or visiting the country. Yes, Western Union provides a tracking option where you can use the Money Transfer Control Number (MTCN) provided upon sending money to track the status of your transfer until it reaches the recipient. Thailand’s economy grew on average by 6.6% between 1950 and 2000, making it one of the best performing economies of the second half of the 20th century. But, since the Asian financial crisis of 1997, growth has slowed considerably.
However, many shops in Thailand display some smaller baht banknotes as a symbol of respect to the king. This law prohibits any verbal, physical, or written act that exhibits disrespectful behavior toward the king or any member of the royal family. Since all money in Thailand bears the portrait of the king or a deceased royal family member, this law extends to the handling of currency. Thai coins come in denominations of 1, 2, 5, 10, 25, and 50 satangs.
Is USD accepted in Thailand?
This guide will walk through all you need to know, including US dollar/Thai Baht rates and where best to get your travel money from. You’ll need to have THB to spend in Thailand – however, you don’t necessarily need to carry cash. Card payments can be more convenient and are accepted in many shops, restaurants and hotels. Banknotes – 20, 50, 100, 500, 1000 THB and coins – 1, 2, 5, 10 THB; 25, 50 satang. This guide covers all you’ll need to know about the official coinmama review currency in Thailand, where to get it and how to keep your costs down during your trip.
In addition to the royal portraits, the notes are adorned with images of significant temples, palaces, and historical figures, reflecting the country’s rich heritage. It is generally better to exchange money in Bangkok, Phuket, or other major cities or tourist areas in Thailand rather than in Australia. Exchange rates in Thailand are often more favourable, especially at reputable local money exchange offices compared to rates offered in Australia.
The currency was originally known as the tical and this name was used in the English area text on banknotes until 1925. Series 3 type 2 banknotes were produced by Thomas De La Rue & Company Limited. It was the first series to hold King Rama VIII’s portrait, which replaced King Rama VII’s portrait in the type 1.
Sometimes when you’re away on a trip abroad you’ll find that merchants will take payments in a selection of major foreign currencies. However, the chances are that where this is offered, you won’t get a good exchange rate for your USD. Planning smart and convenient ways to spend in THB when you’re away is likely to mean you save on costs in the end. If you want to exchange THB in Australia you’ll need to shop around, looking at the currency exchange options available to you online and in your local area. Bear in mind that as well as any quoted exchange cost, you may also find fees are added to the exchange rate offered. You’ll need to review the overall costs looking at both fees and rates before you choose the right place to exchange THB in Australia, so you know you’re getting the best available deal.
- The Baht lost half of its value prompting the adoption of a floating exchange rate regime.
- Limits may vary depending on your transaction history, the recipient’s location, and the service used.
- Western Union offers a fast, reliable, and convenient way to send money to Thailand, whether you’re supporting family or managing property expenses.
- Banknotes – 20, 50, 100, 500, 1000 THB and coins – 1, 2, 5, 10 THB; 25, 50 satang.
Refund Options for Tourists (VAT Refunds)
- Bank transfers are normally used for larger purchases, and to make ongoing payments like rent or utilities.
- At the end of World War II, Thomas De La Rue & Company Limited’s printing house suffered damage from German bombing, thus the Royal Thai Government turned to the United States government to produce the series 8.
- Using these tips when handling Thai currency will help in making your financial dealings in Thailand both respectful and efficient.
- The reason is not clear, though it is a common understanding that it is to ease the facilicitation of trade within Siam.
- However, its usage never really became predominant, since people preferred to use pot duang.
Thai Baht (THB) has been used to refer to money in Thailand for centuries. However, the modern incarnation of the currency came about in the early 20th century, following the reforms of Chulalongkorn. Chulalongkorn is also known as King Rama V and reigned from 1868 to 1910.
Banking and ATMs in Thailand
At that point, people started using the “pee,” a type of currency they could exchange for money at the casinos. King Chulalongkorn wanted to avoid its use, so he introduced a low-value paper currency called “Att Kradat,” while waiting for copper coins that were supposed to come from England. The currency is most regularly referred to as Thai baht or simply baht, and the symbol for it is an uppercase B with a perpendicular line down the center (฿). You can identify the baht by its three-letter code, THB, on foreign currency exchange markets.
Notably, the word “Anachak” (อาณาจักร) was initially misspelled as “อานาจักร,” causing controversy. King Rama V intervened, insisting that the most accurate phrasing should be “Siam Ratcha-Anachak” (สยามราชอาณาจักร; Kingdom of Siam). In 1897, the first coins denominated in satang were introduced, cupronickel 2+1⁄2, 5, 10, and 20 satang. However, 1 solot, 1, and 2 at coins were struck until 1905 and 1 fueang coins were struck until 1910. In 1908, holed 1, 5, and 10 satang coins were introduced, with the 1 satang in bronze and the 5 and 10 satang in nickel. The 1 and 2 salueng were replaced by 25 and 50 satang coins in 1915.
