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Currency Exchange, Money Transfer, Thai Bank Accounts

Money Exchange, Foreign Credit Cards, ATMs  Money Safety Tips For Pattaya Tourists
Open A Thai Bank Account: Money Transfer, Credit Cards  Western Union  PayPal In Thailand


Thailand's Currency: The Thai Baht

Thailand's currency is the
Thai Baht (currency code THB). With surprisingly only little fluctuation in foreign exchange rates, it's one of the most stabile currencies in Southeast Asia.
One Thai Baht can be subdivided into 100
Satangs, with currently only 25 and 50-satang-coins in use. Due to their low value, however, the average tourist will hardly ever get to use satangs.
The most frequently traded coins are
1, 5 and 10-Baht-coins. On one side, they display an image of Thailand's king, while the other side typically displays images of various temples. Therefore, in Thailand, it's not "heads or tails" but "king or temple".
Newly-established 2-Baht-coins, easily confused with 1-Baht coins or satangs, are still very rare.

Banknotes available in Thailand are 20, 50, 100, 500 and 1,000-Baht notes.
They all differ in colour and size but, without exception, display an image of King Bhumibol and his highly appreciated predecessors. Therefore, Thai banknotes should be treated, well, with the natural respect a banknote deserves. Due to the high respect Thai people pay to members of the royal family, some travel guides will even advise you not to tear banknotes apart or step on them (your sensibility is taken for granted here).











Currency Exchange, Automatic Teller Machines, Foreign Credit Cards

Banks in Thailand close early, generally at 15.30pm (except for branches in shopping malls that may close later). Therefore, most tourists will use the service of money exchange booths, which stay open till late evening hours.
Probably more than a hundred money exchange booths can be found all over Pattaya, namely in locations with plenty of tourist traffic, e.g. South Pattaya Beach Road or Walking Street.
Apart from a number of private money changers, most currency exchange services are provided by banks, and exchange rates do not vary significantly. Depending on the amount of money you want to exchange, though, it can be useful to compare different exchange rates before changing a larger amount.
All established Western currencies are accepted - either in
cash or as traveller cheques (better exchange rates and security in case of loss).
Do not change your money at a hotel reception; exchange rates offered there are well below the average. Do not take a chance either by not changing your foreign currency to Thai Baht and try to pay for your bills with US dollars or Euros.
Even though some shops or beer bars may accept payments in established foreign currencies, it's not their job (and illegal, too) to operate as money changers, so expect rather low exchange rates there. (Unlike the currencies of less-developed neighbouring countries such as Cambodia, the Thai Baht is well-established and payments are expected to be made in Baht.)
Shopping malls, hotels, upscale restaurants and similar tourist-oriented businesses are likely to accept
payments by credit card, though (all major credit cards accepted).
If you travel with an international credit card, or have a Thai bank account and a Thai debit (ATM) card, you should easily find an
ATM (automatic teller machine) anywhere in Pattaya, from which you can withdraw cash instantly.
Most ATMs offer easy-to-operate menus both in Thai and (usually) English language. In general, they provide reliable services but may sometimes crash late at night, especially on weekends or during Thai holidays.
Hundreds of ATMs are located outside banks and shopping centres, at most supermarkets or in other tourist-oriented areas. In general, all major credit cards are accepted and should work with most local ATMs. However, always look out for the appropriate logos.
The
transaction fee for withdrawing cash with foreign credit cards is 150 Baht (per transaction!).
If you have a Thai debit card, there's no transaction fee when using ATMs provided by your bank; when withdrawing cash from other banks' ATMs, the service fee is usually 20 Baht.

Money Safety Tips For Pattaya Tourists

For safety reasons it's recommended not to carry large amounts of cash on you, especially when exploring Pattaya's notorious nightlife or strolling along Pattaya Beach in the early morning hours when the dimly-lit promenade turns into an infamous meeting point for transvestites and freelance prostitutes, or similar creatures of the night. Even though in terms of crime, Pattaya - as Thailand in general - is relatively safe in comparison with other exotic tourist destinations, there have been numerous reports of
bag snatching, necklace theft, night-time robberies etc. from (unnecessarily) careless travellers.
Do not provoke potential wrongdoers by visibly displaying large sums of cash in public places or by wearing eye-catching jewellery or gold necklaces, which might draw the attention of potential thieves. Pay the same attention to your wallet, handbag, camera, cell phone, and other valuable items, as you would when visiting less safe tropical destinations.
Pattaya provides a safe environment for tourists; due diligence, however, is recommended!
For maximum security, it is recommended to deposit your cash in a safety box at the reception desk of your hotel.
Safety boxes are provided by most hotels as well as a few private safety box providers.
Alternatively you can use traveller cheques (slightly better exchange rates). Due to the relatively high cost of transactions, credit cards might not be the smartest choice but useful when paying larger amounts.
Another option is to open a ...

Open A Thai Bank Account & Money Transfers To Thailand

Due to generally low interest rates paid out by Thai banks - especially in case of foreign account holders - large-scale investors may be better off with an offshore bank account. For most tourists or expats, though, it's obviously the best and most economic option to open a
Thai bank account (savings account) and apply for a Thai debit card, with which you may withdraw cash from ATMs nationwide, irregardless of what banks provide their services.
No transaction fees are charged when using ATMs provided by your own bank; when withdrawing cash from other banks' ATMs, the transaction fee is usually 20 Baht. For Thai debit card holders, electronic money transfers within Thailand are also quick, reliable and convenient; however, such transactions are only possible at ATM machines owned by your partner bank.
It's usually free to open a bank (savings) account in Thailand, with no minimum deposit required. An ATM card costs about 300 Baht.
In order to
open a bank account (fixed deposit and foreign currency accounts available, too), you will need your passport and - officially - either a long-term (Non-immigrant) visa, eventually with a valid work permit, or some kind of certificate of residency. An official residency certificate can be obtained from a local immigration office (for Pattaya residents, that's on Jomtien Soi 5).
Although most banks have become stricter over the years, some branches may also accept less official forms of documentation, such as a copy of your condo lease or a letter from your landlord. In many cases, even short-term tourists have managed to open savings accounts locally without submitting any form of documentation. A simple smile and polite behaviour can often be helpful in the "Land of Smiles" and may enormously ease "complicated" official requirements.
E.g. Kasikorn Bank and Bangkok Bank both have a reputation for being rather "tolerant" in terms of which documents you have to produce. It's also recommended to try your luck at smaller bank branches, located outside main tourist areas. If they should refuse your application at one bank, just move on to another bank, or try your luck at another branch of the same bank.
(Although in general it's virtually impossible for a foreigner to obtain a
Thai credit card, i.e. unless you have a valid Thai work permit and an income deemed high enough, you might be lucky if you manage to open a savings account with Kasikorn Bank, Thailand's fourth-largest bank, and apply for online banking. Upon application you'll receive a code, sent to you via email within usually one working day, that you can use to log into your 'K-Cyber Banking' account on their website. Once logged in, you may apply for their so-called "K-Web Shopping Card". This virtual credit card may be conveniently used for online shopping and also to verify a Thai PayPal account.
This is not a physical card you can take to a shop, nor is it actually a "credit card". Although the limit may be up to 100,000 Baht, the amount of your transactions must not exceed your available balance. However, this virtual card - basically just a code - can be used for all online transactions where credit cards are required.)
In addition, a Thai bank account allows you to take maximum advantage of foreign exchange rate fluctuations when you're back in your home country. If you monitor the Thai Baht exchange rates on a regular basis, you could - in case of an extraordinary weakening of the Baht, simply transfer money from your home bank account to your Thai savings account and profit from the savings on your next holiday.
On average, a
money transfer to a Thai bank account should take between three and five working days.
If you want to transfer a larger sum of money from your home country to your Thai bank account, it's highly recommended to ask your home bank for a document which states that the respective amount has been legally transferred from abroad and was due to foreign exchange rates. Such a document is officially required if you want to take a larger amount of money out of Thailand again or if you wish to purchase a condominium with it. (Of course, this is to prevent money laundering and to ensure that foreign currencies flow into Thailand, but also to stop farangs working illegally in the country from using an untaxed income from illegal work for purchasing property.)
Note: IBAN codes aren't yet provided by Thai banks. For money transfers to Thailand, you must therefore indicate the SWIFT code of the respective bank. All
details necessary for international bank transactions can be obtained from any branch of your bank.
Other options for money transfer include...

Western Union

Western Union probably offers the most convenient and fastest method of money transfers from and to Thailand, and allows you to send and receive money worldwide within minutes only. Their services can be extremely helpful if you should unexpectedly run out of cash before your holiday is over, or when(ever) your Thai girlfriend urgently needs money.
Funds can be sent
online or via a Western Union agent and may be received at one of Pattaya's Western Union service points where payments will be made cash in Thai Baht.
Western Union agents in Pattaya can be found at various locations such as shopping malls (Big C, Tukcom, Tesco Lotus), banks (Bank Of Ayudhya, Siam City Bank), or post offices.
For a complete list of Western Union agents in Pattaya, please use the "Find a location" function on their website, click "Chon Buri" in the scroll-down menu ("Select province") and "submit".
Before sending or requesting money you will have to make sure that both the sender and receiver fill in the same contact details (names and addresses) on the sending/ receiving forms. A
10-digit transaction code will be issued, which the sender must pass on to the recipient.
To receive cash instantly, all you need is your passport, the correct 10-digit transaction code and contact details.
Western Union's great disadvantage is that their service is rather
expensive, however. Especially when sending small amounts, they charge a relatively high percentage of the total amount being transferred. There's also a minimum charge per transaction, no matter how low the amount.
www.westernunion.com  www.westernunion.co.th (Thai, English, German)

PayPal & Moneybookers

PayPal is not only the world's most prevalent online payment method for all kinds of e-commerce but enables you to send, require and receive electronical money transfers to/ from anyone with a PayPal account.
Since 2006, it's also possible to send/receive online payments via a Thai verified PayPal account in Thailand. By adding a Thai credit card to your (Thai) PayPal account, you can easily link your Thai PayPal account to your local bank account. Once your account has been verfified, you can withdraw funds from your PayPal to your bank account.
Thai credit card?? While reportedly it may be possible to hook up certain Thai debit cards (Be1st cards issued by Bangkok Bank) to Thai-registered PayPal accounts in order to verify them, most Thai banks, however, still don't co-operate with PayPal and won't allow you to hook up their debit cards to your PayPal account.
So what to do? Now Kasikorn Bank provides an easy solution for all those who don't qualify for a regular Thai credit card. Their so-called "K-Web Shopping Card" is a virtual credit card which can conveniently be used for online shopping and e-commerce, but also, most importantly, to
verify a Thai-registered PayPal acount.
When opening a bank account with Kasikorn Bank, you'll need to apply for online banking. Upon application you'll receive a code, sent to you via email within usually one working day, which you can use to log into your K-Cyber Banking account on their website.
Once logged in, you can apply for their so-called "K-Web Shopping Card". This virtual credit card - basically just a code - can be used to verify a Thai PayPal account.
www.paypal.com
Moneybookers.com
provides a similar online payment method as PayPal. The advantage is that Moneybookers accounts can much easier be linked to Thai savings accounts and the verification process is much simpler (no credit-card code required). Provided you have an email account, you only have to verify your address in Thailand and Thai bank account details to be able to send and receive payments online.
If you plan on running an internet-based business in Thailand, or earn some extra cash with Ebay auctions, a Paypal account or a Moneybookers account do not only make online payments easy and provide you with an extra option for international money transfers; they can also be essential for your business success.


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