Thailand - Bank And Money

Currency
The currency of Thailand is the Baht which consists of 100 Satangs. Coins include 25 satang, 50 satang, 1 Baht, 5 Baht and 10 Baht pieces but the confusing fact about coins is that they are of different sizes for the same value coin and only the newer coins have Arabic numerals. The 5 Baht coin (silver with copper edge) and the 1 Baht coin (silver) each come in three sizes. The 10 Baht coin has a copper center with silver border, the 50 and 25 satang coins are copper colored, and both circulate in two sizes.

Paper money is clearer since the notes have Arabic (as well as Thai) numerals and are color coded as well as of different sizes for different denominations - the larger the denomination the larger the size. 10’s are brown, 20’s green, 50’s blue, 100’s red and 500 Baht notes are purple, and the 1000 Baht notes are grey.

Bank
Banks are normally open 9:30-15:30 Monday to Friday except holidays. Currency exchange services of banks have varying office hours; many are open 8:30-22:00 every day. The authorized money exchange counters of hotels often change 24 hours a day.

Bank clerks usually speak at least some English; communication in main branches is seldom a problem. Many but not all bank forms are in English as well as in Thai.

Bank clerks are often very particular about comparing signatures, when changing traveller checks as well as in other banking matters. A slight lack of similarity will typically prompt the clerk to demand from the customer to "sign like this" - and he or she will show the client’s passport or bank book or traveller check to him.

Probably, the training institutions for Thai bank clerks have missed out informing their pupils that only professional forgers will copy signatures from samples while genuine owners of signatures will write them without having to look at the sample (and will only be confused by such a request). However, the author doesn’t know of any case where a bank has refused to accept a genuine signature because it hasn’t been similar enough to a sample.

There is a high density of banks in the Sukhumvit Road area as well as the Silom Road area, the Wall Street of the Thai capital.

Traveller Checks
The rate is higher for traveller checks but there is an 8 Baht commission and duty on each check cashed so larger denominations save money. 5 checks of 20 US Dollar each are charged 40 Baht as compared to a charge of 8 Baht for a single 100 US Dollar check.

Exchange Control
Foreign visitors may freely bring in foreign banknotes or other types of foreign money. Upon leaving Thailand, a foreign tourist may freely take out foreign means of payment which he brought in with him. However, there is a limit on foreign notes or coins to a maximum equivalent of 10,000 US Dollars unless the visitor has declared a higher amount upon arrival. Forms to declare the amount of foreign currency brought in are available at the immigration counters of border check points.

Attempts to take out of the country amounts higher than 10,000 US Dollars without having them declared upon arrival can lead to arrest, confiscation of the excess amount involved and/or prosecution.

According to a brochure on "Exchange Regulations in Thailand", published by the Foreign Exchange Department of the Bank of Thailand, there is since April 1, 1991, "no restriction on the amount of Thai currency that may be brought into the country. A person travelling to Thailand’s bordering countries and to other countries may take out local currency up to Baht 100,000 and Baht 50,000 respectively without authorization... Foreign tourists are freely allowed to take out gold ornaments."

Credit Cards
Credit cards are widely accepted in Thailand and most businesses display stickers for the cards they accept. Shops will sometimes add an additional charge of 3 to 5 percent when a client pays with his card.

Those who are residents in Thailand and like to use credit cards can get American Express and Diners cards as Baht cards. As credit card companies often apply exchange rates disadvantageous to their customers, there should be a considerable saving by using a Baht card instead of a Dollar card. Otherwise it’s better value to get cash advances, exchange them into Baht and pay cash in Baht rather than with the foreign currency credit card.

Cash advances of up to 200 US Dollars a day can be obtained from some branches of the Thai Farmers Bank on Visa cards.

American Express cards will get advances but only as traveller checks. It’s more convenient to go to the American Express representative office at Sea Tours, 1st floor, Suite 414, Siam Center, 965 Rama I Road than to the main office on Phahonyothin Road.

A report in the Bangkok Post of November 14, 1991, gave reason to wonder how safe it is to use credit cards in Thailand. The paper verbatim: "Card holders have been warned to beware of shopkeepers making out more than the required number of sales slips." The paper quotes the president of the Chiang Mai Banker’s Club, Surivasak Suriyamanee: "We recommend that card holders pay cash while shopping in small shops or keep close watch while using the card to stop additional slips being made out."

A similar recommendation was given by the chief inspector of the Chiang Mai police, Police Major Montri Sambunyanond. Mr Montri advised card holders to be especially careful in shops in the Chiang Mai Night Bazaar and in places of entertainment.