You’ll need money in Thailand. In Thailand, the currency is the baht, and 30 baht is roughly equivalent to US $1. If you want to check the current exchange rates, a good site is xe.com. Dollars are not very widely accepted here in Thailand, so you will have to get some baht when you’re here.
So what’s the best way to get it? Forget traveller’s checks; they are a total waste of time and money. You actually get WORSE exchange rates for traveller’s checks, and they aren’t honored everywhere. And don’t bring a lot of US dollars to Thailand, either. The best way to access your money is through the thousands of ATMs all over Thailand. This gives you several advantages:
- The best exchange rates – since the banks are negotiating the rates, you get much better exchange rates than if you go to a bank with US dollars and definitely better rates than the tourist exchange booths.
- Convenience – ATMs are literally everywhere in Thailand. Just make sure you know your pin number!
- Reasonable fees – the transaction fees are reasonable. It’s about $1.00 for the Thai bank and $1.50 by your US bank. To minimize fees, you’ll want to minimize the number of withdrawals. I usually withdrew about $150 at a time, and I never had to go to the ATM more than once a week.
- Security – Now you can withdrawl funds as you need them, and not have to carry large amounts of currency or traveller’s checks.