Money & Banking In Pattaya and Thailand

Currency Exchange, Money Transfer, Thai Bank Accounts

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

Thailand's Currency: The Thai Baht

Thailand's currency is the Thai Baht (plural "Baht", 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 Baht can be subdivided into 100 Satangs with currently only 25 and 50 Satang coins in use. Due to their low value, however, an average tourist will hardly ever have to use Satangs - except for when paying in supermarkets? The most frequently traded coins are 1, 5 and 10 Baht coins. On one side they display an image of 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 current dynasty, some tourist guides will advise you not to tear banknotes apart or step on them; your sensibility is taken for granted here.

Currency Exchange

As banks in Thailand generally close early at 15.30 p.m. (except for a few branches in shopping centers which close later) most tourists will use the services of currency exchange booths that stay open till late evening hours. More than a hundred of such exchange booths can be found all over town, 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 you want to exchange, however, it might be worth comparing different exchange rates before actually 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 neighbouring countries such as Cambodia or Laos, 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, however.
If you travel with your international credit-card or have a Thai bank account with a Thai debit card you should, no matter where in Pattaya, easily find an ATM (Automatic Teller Machine) where you can withdraw money 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 every bank and shopping center, 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

Even though the Thai Baht exchange rates show only minor short-term fluctuations and will therfor not affect the average tourist, a comparison of long-term foreign exchange rates displays a far more differentiated image.
Despite the unstable political situation following the bloodless coup in 2006 Thai economy has continuously surged and the value of the Thai Baht has significantly appreciated - by over 20% - within a year and surged to a 9-year high against the US dollar in July 2007. Being rated as a so-called emerging currency, the Thai Baht is not only one of the strongest regional 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 with sufficient funds and are in search of an additional income.
Easy FOREX Trading Online
Business/ Investment In Pattaya

Safety Tips

For safety reasons it's recommended not to carry large amounts of cash on you, especially when exploring Pattaya's nightlife or strolling along Beach Road promenade during late evening hours. Even though in terms of crime Pattaya (as Thailand in general) is relatively safe in comparison with other exotic destinations such as the Philippines and namely South American or African countries, there have been numerous reports of bag snatching from unnecessarily careless tourists.
Do not 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 both for tourists and residents, 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 ATM card holders, electronic money transfers within Thailand are quick and easy; however, such transactions are only possible at ATM machines owned by your 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 can be obtained from a local immigration office; most branches of banks, however, might 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 Thai savings accounts without submitting any form of residency certificate. In many cases a simple smile and polite behaviour can facilitate an official process in Thailand and ease requirements. Just try your luck at the bank branch of your choice; if they should refuse your application
there, just move on to another bank! Good luck!
Additionally 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. 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 provides the easiest and fastest way of money transfers to Thailand and allows you to send and receive money worldwide within minutes only. Their service can be extremely helpful if you should unexpectedly run out of funds during your holidays or 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 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 money you only need your passport, the correct contact details and the ten-digit transaction code = easy! Western Union's disadvantage is that their service is quite expensive, however. Especially when sending only small amounts of money Western Union charges a relatively high percentage of the total amount being sent, furthermore 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. Reportedly it is also possible to hook up a Thai debit card (Visa electron) to a Thai PayPal account in order to verify it.
Whereas this apparently works with certain Thai debit cards (such as Be1st cards issued by Bangkok Bank) or Kasikorn Bank's virtual credit card, other banks (e.g. Thai Military Bank) still do not co-operate with PayPal and won't allow you to hook up their debit cards to a PayPal account.
www.paypal.com
Moneybookers provide a similar online payment method, their advantage, however, 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 give you an alternative option for international money transfers but can be essential for your business success.
Internet Business In Thailand

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