Traveling abroad is somewhat restrictive at present, and a little more care should be taken to plan your trip. Apart from the obvious issues of health requirements, passports that are still valid, and booking of flights, there is also the pertinent issue of finances and how to carry these finances when on vacation. Can you use USD banknotes in a foreign country, for example:
You can use USD in Thailand, but only in a tiny percentage of establishments, and almost always smaller banknotes only. Moneychangers and banks abound and will exchange USD for Thai Baht if you can produce your valid passport. Complete banknotes must be exchanged each time.
No need to get hung up on bringing cash to the kingdom: I am in Chiang Mai for the umpteenth time as I write this, and I always bring 70% of my travel funds in travelers’ checks and the balance in good ol’ USD. Let me explain why:
Is it better to take USD to Thailand?
Better than what? It is undoubtedly better than changing your green-backs into Thai Baht (THB) before leaving home, as you will certainly get a better rate in Thailand. Since they are fully geared to tourism, and more importantly, know the value of holding a strong currency, they love the U$D.
Unlike some third-world countries, there is not a thriving black market in currency in Thailand, but most banks will exchange your banknotes, as will money-changing agents and a great many smaller vendors, who will ‘know a man’ and direct you to him.
Banks do not charge a fee to exchange your U$D for THB.
Better than carrying the funds in a credit or travel card? Carrying any form of cash in a foreign country is riskier than having the same amount in a credit card, but drawing funds at an ATM in Thailand has a charge of THB200. For this reason, it makes sense to draw several days’ worth of funds rather than return to the ATM time and again. I would still leave home with 30% in U$D for sure.
If you decide to take the credit card route, then be sure to advise your bank of your intention to travel, in case they freeze your card when you start using it abroad, as it will be flagged ‘unusual activity.’
Still unable to shake the stigma they acquired more than 20 years ago, Diners Club and Amex are welcome at far fewer establishments than Visa and Mastercard, so bear this in mind when planning.
Better than taking travelers’ cheques with you? As mentioned, I have always carried travelers’ cheques (TCs) with me when traveling, and I started doing so in the previous century! I would never travel to Thailand without some cash on me, and it is always around 30% of the total is nice crisp U$ currency. Many doors have opened for me when a George Washington or two were proferred.
Travelers’ Cheques will face a commission and duty charge when being cashed in for THB in the kingdom. In truth, they are a little more hassle to exchange than cash or credit cards.
What is the Best Currency to take to Thailand?
The U$D is the best currency to take to the kingdom but switch to Thai Baht for daily expenses. Accommodation can still be paid by credit card, except for the smallest guesthouses, vehicle rental, etc. Buying food at the market, trinkets, and incense at the temples and traveling on those wonderful tuk-tuks is best done in Baht.
Other Currencies Accepted for Exchange in Thailand
(These currencies are the easiest to exchange for THB on arrival or at banks and moneychangers throughout Thailand):
- European Euro
- Australian Dollar
- Japanese Yen
- Chinese Yuan Renminbi
- Canadian Dollar
- Russian Ruble
- British Pound
- South African Rand
- Neighboring countries’ currencies – (Indonesia, Malaysia, Singapore, Cambodia & Laos)
Always check with the Thai Embassy in your home country, but basically, every major currency globally is recognized and accepted in Thailand. However, if your country’s currency is a little obscure, you may be limited to exchanging it for THB at international airports, at certain banks, and very few hotels.
Converting Your Country’s Currency into U$D Before Visiting Thailand
Unless you hail from one of the countries in my list above, I suggest contacting a major bank before leaving and checking if your currency is accepted in Thailand. If not, you may want to exchange your currency for U$D before leaving. In this way, when you land in Thailand, it will be far easier to get the local currency for your visit.
This method does mean you pay exchange commissions twice, so check carefully before doing so.
The Dangers of Carrying Cash U$D and Other Currencies Abroad
Unless you have been in a monastery (with no WIFI) for the past 50 years, you are certainly well aware of the dangers of traveling abroad with cash on your person. Unlike a vast swath of South America, however, Southeast Asia, in general, is still very safe to visit, and unless you draw attention to yourself, you have very little chance of getting robbed.
Just before Covid-19 hit Thailand, the kingdom had 38 million visitors for the year, so your chances of having a hassle-free vacation are enormous. (Safety in numbers, and all that)
Many cities of the US and Europe have far higher crime statistics than Thailand. Still, the problem is that visitors abroad sometimes forget that they are not in Utopia and wear rose-tinted glasses instead of being sensible.
Unfortunately, there is no recourse if you have your cash stolen, hence the suggestion to keep the more significant part of your travel funds in either travelers’ cheques or electronic cards.
How Much Money Do I Need to Show to Enter Thailand?
When I arrived in Bangkok recently, I was required to have THB 10 000.00 for my visit. At present, the exchange rate is U$1 = THB31.40, so U$320.00 give or take the price of a banana.
How Much Money Will I Need Per Day in Thailand?
Naturally, there is no easy answer to this, but U$25.00 per day is ample if you are reasonably frugal. If two of you are sharing, it will be even less. I generally stay at the cheaper places, maybe two or three hundred meters from the main accommodation area, and require a double bed and private bathroom. This type of stay generally costs me around U$10.00 per day.
If you want air conditioning, a swimming pool, and a garden, expect to pay U$15.00 upward. Meals are in the region of U$2.00 for something nourishing and straightforward if you eat at markets, but paying U$60.00 for a meal in some of the more prominent hotels is commonplace.
Please note that if you are planning on top-end travel, many hotels charge in the high hundreds of U$D for you to sleep overnight.
Some Tips on Carrying Cash in Thailand
Paranoia will ruin your trip for sure, but so will stupidity. Let’s see what we can come up with that allows you some peace of mind regarding your valuables (and I include passport and airline tickets in this) without your nerves permanently jangling:
- Keep your five most valuable items next to your body at all times. Your passport, airline tickets, non-Thai cash, Travelers’ Cheques, and any medical clearance papers you may have for prescribed medicines must be well hidden.
- I have made a cotton pouch on a thin webbing belt – which I tie around my waist and rests in my undies – for all of these items, and one really can’t do more than that.
- Apart from the cash, each is photocopied with copies in my luggage and my room. It’s worth mentioning here that I only stay in guesthouses where I can lock my room with my own lock; unless there is a safe in the room or at reception.
- Even where there is a safe, I keep the original items mentioned on my person. I would rather have them against my skin than leave them in the care of a stranger at reception or in a room safe.
- I have a bum-bag which contains my international driver’s license, my Thai Baht, a few U$D in cash as a diversion, and a pocket camera. This bag is carried around my waist in plain sight, but not in a flashy way.
- If you are not traveling alone, it might be an idea to split everything up between you so that if you do become a rare victim of a robbery, at least you may not lose everything.
Conclusion
I recommend that you split your visit funds into two parts and carry at least 20% in U$D cash, though I am happier with 30%. The rest can be taken in travelers’ cheques or put on a travel card/credit card (or two). I have never (in 15plus visits) had a mugging or robbery happen to me or anyone else I knew, but being sensible is something we should all try.