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Currency Exchange, Money Transfer, Thai Bank Accounts

Money Exchange - Safety Tips - Thai Bank Accounts & Credit Cards
Western Union - PayPal & Moneybookers


Thailand's Currency: The Thai Baht

Thailand's currency is the
Thai Baht (plural "Baht", currency code THB). The
Baht is one of the strongest currencies in Southeast Asia with surprisingly
only little fluctuation in foreign exchange rates - given the unstable political situation in recent years.
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 use or even see Satangs.
The most frequently traded coins are
1, 5 and 10 Baht coins. On one side they all display an image of HM The King Bhumiphol whereas the other side typically displays an image of various temples. Newly established two Baht coins, easily confused with 1 Baht coins, are still very rare.
Banknotes available in Thailand are 20, 50, 100, 500 and 1000 Baht notes.
They all differ in colour and size but, without exception, display an image of
HM The King and his highly appreciated predecessors. Thus 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

Banks in Thailand close early, generally at 15.30pm (except for branches in shopping centers which may close later). Therefor most tourists will use the service of currency exchange booths which stay open till late evening hours. More than a hundred money exchange booths can be found all Pattaya city, namely in locations with lots of tourist traffic such as South Pattaya Beach Road or Walking Street.
Apart from a few private money changers most currency exchange services are provided by banks and foreign exchange rates do not differ significantly. Depending on the amount of money you want to exchange, however, it may
be useful to compare different exchange rates first before changing a larger amount.
All established Western currencies are accepted both in
cash or as traveller cheques (better exchange rates and security in case of loss).
Do not change money at your hotel reception as the exchange rates hotels
offer 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 certain shops or Beer Bars might 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. Unlike the currencies
of less-developed neighbouring countries such as Cambodia or the Lao PDR, the Thai Baht is well-established and payments are expected to be made in
Baht.
Shopping centers, hotels, established restaurants or similar tourist-oriented businesses are likely to accept
credit-card payments, though.
If you travel with your international credit-card or have a Thai bank account
and a Thai debit (ATM) card you should, no matter where in Pattaya, easily find an
ATM (Automatic Teller Machine) from which you can withdraw cash instantly.
Most ATMs offer easy-to-operate menus, available both in Thai and English language. Usually they provide reliable services but may sometimes crash
late at night, exceptionally on weekends or during Thai holidays.
Hundreds of ATM machines are located outside banks and shopping malls,
at most supermarkets or in other tourism-oriented areas. In general all major credit-cards are accepted and should work with most local ATMs but always look out for the appropriate logos.

FOREX (Foreign Exchange) Trading

Although the Baht exchange rates show only minor short-term fluctuations and will therfor not affect the average Thailand tourist, a comparison of long-
term foreign exchange rates displays a more differentiated image.
Despite the unstable political situation following the bloodless coup in 2006 Thailand's economy has continuously surged and the value of the Thai Baht has significantly appreciated. In July 2007, following an appreciation by over 20% within one year, it had surged to a 9-year high against the US dollar. In mid-2008 the Thai Baht may have weakened again against the US dollar but is continuously on the rise against the Euro or the British pound.
Being rated as a so-called 'emerging currency', the Thai Baht is not only one of the strongest Southeast Asian currencies but provides serious
investment opportunities as well. FOREX Trading might be risky but potentially beneficial for those who have settled down or retired here, provided with sufficient funds, and are in search of an additional income.
Easy FOREX Trading Online
Business/ Investment In Pattaya

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 Road during late evening hours when the dimly-lit promenade turns into an infamous meeting points for freelance prostitutes, transvestites or similar creatures of the night. Even though in terms of crime, Pattaya and Jomtien beach (as Thailand in general) are relatively safe in comparison with other exotic tourist destinations such as, for example, the Philippines, there have been numerous reports of
bag snatching from unnecessarily careless travellers.
Don't provoke potential wrongdoers by visibly displaying large sums of cash in public places or by wearing eye-catching jewellery or gold necklaces that might draw the attention of potential thieves. Pay the same attention to your wallet, handbag, mobile phone and other valuable items as you would when visiting less safe tropical destinations. Pattaya provides a safe environment for foreign 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 gotel.
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 ...

Thai Bank Account

Due to usually low interest rates paid out by Thai banks, especially in case of foreign account holders, investors are probably better off with an offshore bank account. For long-term tourists and expats, however, it's obviously the best and most economic option to open a local
Thai bank account (savings account) and apply for a Thai debit card in order to withdraw cash from ATM machines nationwide, irregardless of what banks provide their services.
For Thai debit card holders, electronic money transfers within Thailand are quick, reliable and convenient; however, such transactions are only possible at ATM machines owned by your partner bank.
In order to
open a bank account (foreign currency accounts available, too) you'll need your passport and either a long-term visa with a work permit or some kind of residency certificate. An official residency certificate may be obtained from a local immigration office.
Some bank branches may also accept less official forms of documentation such as a simple proof of residency issued by your landlord. In many cases even short-term tourists have managed to open savings accounts in Thailand without submitting any form of certificate. In many cases a simple smile and polite behaviour can facilitate an official process in Thailand and enormously ease the official requirements. Kasikorn Bank and Bangkok Bank both have a reputation for being rather tolerant; 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.
(Tip: Though in general it's virtually impossible for a foreigner to obtain a
Thai credit card, i.e., unless you have a Thai work permit and an income deemed high enough, you should be lucky if you manage to open a savings account with Kasikorn Bank, the Kingdom'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, in addition, it can be used to verify a Thai PayPal account. However, although the limit may be up to 100,000 Baht, the amount of your transactions must not exceed your available balance.)
In addition, a Thai bank account allows you to take maximum advantage of Foreign exchange rate fluctuations when 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 future holidays.
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 amount of money from your home country to your Thai bank account, it's recommended to ask your bank for a document which states that the respective amount has been - legally - transferred from abroad and was due to foreign exchange rates. for example, you would have to produce such a document in case you would like to take a larger amount of money out of the country again or if you want to purchase a condominium or other properties with it.
Note: IBAN codes are not yet provided by Thai banks. For money transfers from abroad you should therefor indicate the SWIFT code of the respective Thai 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 probably the most convenient and fastest method of money transfers from/ 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 funds before your holidays are over or if your Thai girlfriend urgently needs cash "for take care mama papa" or the chronic illness of a water buffalo.
Funds can be sent either
online or via a Western Union agent and 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 centers (Big C Supercenter, Tukcom, Tesco Lotus), banks (Bank Of Ayudhya, Siam City Bank) or Thailand Post offices.
For a complete list of Western Union agents in Chonburi province please visit Western Union Thailand, click "Find A Location" and enter "Chonburi" in the city and Thailand in the country field.
Before sending or requesting money you'll 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
ten-digit transaction code will be issued which the sender must pass on to the recipient.
To receive cash instantly you only need your passport, the correct contact details and the ten-digit transaction code = easy!
Western Union's great disadvantage is that their service is quite
expensive, though. Especially when sending small amounts, Western Union charges a relatively high percentage of the total amount being transferred, in addition, there is a minimum charge per transaction, no matter how low the amount.
www.westernunion.com
Western Union Thailand

PayPal & Moneybookers

PayPal is not only the world's most prevalent online payment method for all kinds of e-commerce and Ebay sales but enables you to send, require and receive electronical money transfers to/ from anyone with a PayPal account. Since 2006 it is possible to send/ receive online payments via a Thai verified PayPal account in Thailand. By adding your Thai credit-card to your PayPal account you can easily link your Thai PayPal account to your local savings account. Once your account has been verfified you can withdraw funds from your PayPal to your bank account.
Thai credit card?! Reportedly it may be possible to hook up certain Thai debit cards (Visa electron) to a Thai-registered PayPal account in order to verify it.
But whereas this apparently works with certain Thai debit cards (Be1st cards issued by Bangkok Bank), most Thai banks, e.g. TMB, 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? Kasikorn Bank, one of the Kingdom's most reputed banks, provides an easy solution for all those who do not qualify for a regular Thai credit card - their so-called "K-Web Shopping Card", a virtual credit card which can conveniently be used for online shopping and, most importantly, to verify a Thai-registered PayPal acount. Please read our "Thai Bank Account" section to find out how to apply for a virtual credit card in Thailand.
www.paypal.com
Moneybookers provide a similar online payment method as PayPal. The advantage is that Moneybookers accounts can much easier be linked to Thai bank accounts and the verification process is much simpler. Provided you've got an email account, all you have to do is verify your Thai address and Thai bank account details to be able to send and receive payments online. Online payments via email are possible from bank accounts, credit and debit cards.
Click here to visit www.moneybookers.com and sign up

If you plan on running an
internet/ website-based business from Thailand or earn some extra cash with Ebay auctions, a Paypal Business account or a Moneybookers account do not only make online payments easy and provide you with an alternative option for international money transfers; they can also be essential for your business success.
Internet Business In Thailand


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