The Thai Baht (THB) has been Thailand’s currency since the 19th century. It was originally a unit of weight for gold and was used as a standard for measuring the value of goods. The baht has been a floating currency since the 1997 Asian financial crisis. Banknotes – 20, 50, 100, 500, 1000 THB and coins – 1, 2, 5, 10 THB; 25, 50 satang. This guide covers all you’ll need to know about the official currency in Thailand, where to get it and how to keep your costs down during your trip. Because the person on Thai Baht cash is the king of Thailand, it is considered offensive to carry money in your back pocket.
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Coinage was streamlined in 1897, when the 11 denominations were simplified into two (satang and baht) under a decimalized silver standard system. For more on understanding exchange rates, consult an exchange rate guide. You can also check with your bank or your favorite money transfer company for current Thai baht exchange rates. You’ll be able to use a travel debit card from a provider like Wise or Revolut to make convenient payments and cash withdrawals and to convert funds online. Order a Wise travel card online or in the Wise app, to hold and exchange 40+ currencies and manage your money from your phone. You’ll be able to spend conveniently in THB – and all currency exchange uses the mid-market rate with no markup.
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Instead you may find that the GBP/THB rate you get when exchanging travel cash includes a markup – an extra fee. Usually, having a few different ways to pay and get cash is the best option for travelers and tourists. That’s because you’ll have a back up plan in case one payment method isn’t accepted for any reason, and you can pick Arbitrage forex the method that’s best suited to the specific transaction. Having a multi-currency card from a provider like Wise or Revolut, plus your normal bank debit card, and some local cash in THB should mean you’ve always got options. This was soon followed by banknotes issued by foreign banks. In 1857, Thailand acquired its first minting machine and Thai silver coins began to be minted in the area.
Thai Baht facts and figures
Formerly referred to as Siam, and officially named the Kingdom of Thailand, it boasts a colorful currency called the Thai baht (THB). Continue reading to learn more about the Thailand currency. The Thai Baht, originally known as “tical”, has been the currency of Thailand since the 19th century. It was originally a unit of weight for precious metals and was adopted as the country’s currency with the creation of a decimal system in 1897. If the service charge is not included in the bill, you can tip 10% of your bill.
Planning smart and convenient ways to spend in THB when you’re away is likely to mean you save on costs in the end. If you’re paying for things in Thailand with a GBP bank card you might find a foreign transaction fee is added. This pushes up your costs when you spend in a foreign currency, and can be tricky to calculate.
- Or if you prefer an offline solution you can carry some cash in GBP to exchange when you arrive.
- Order a travel card from a provider like Wise or Revolut for cheap and fast transactions, including card payments and cash withdrawals as and when you need travel money in THB.
- ATMs are widely used in Thailand so withdrawing money in target-currency is easy, particularly in big cities and Bangkok.
- All account plans let you hold and exchange multiple currencies in the same account, and there’s no-fee to spend currencies you hold.
Or taking in a few different countries after your Thai travels? Please note that rates may vary depending on whether you buy instore, online or by phone. Get great rates for your getaway and experience all Thailand has to offer with help from Sainsbury’s Bank. As we’ve seen, the official currency in Thailand is THB. If you carry GBP with you on your trip, you’ll probably need to exchange it before you can spend. Whether you’re heading there for work or pleasure, you’ll need to know how to pay your way as you travel.
The currency is most regularly referred to as Thai baht or simply baht, and the symbol for it is an uppercase B with a perpendicular line down the center (฿). You can identify the baht by its three-letter code, THB, on foreign currency exchange markets. Convert pounds to Thai Baht and discover the exchange rate before you fly. Use our currency converter to see the Thai Baht rate today. You’ll only be able to spend in THB while you’re in Thailand. Carrying some money in cash and using a travel debit card from a service like Wise is usually the best way to spend while you’re away from home.
What is the currency exchange rate for £ 1 GBP/THB?
Unofficially, the Thai Baht is used in Laos, Cambodia, and Myanmar. Whether you need to make cross-border payments or FX risk management solutions, we’ve got you covered. Schedule international transfers across 130 currencies in 190+ countries. However, many shops in Thailand display some smaller baht banknotes as a symbol of respect to the king. Check the Thai Baht exchange rate today and convert pounds to Baht before you leave. That way, you can enjoy the Land of Smiles from the get-go.
Consider the processing time when planning your payment to ensure timely delivery. The iBanFirst Payment Tracker can help you track those payments, and ensure a smooth and efficient payment experience. We compare currency exchange and money transfer services in over 200 countries and territories worldwide. We only display reputable companies which we have researched and approved. The information supplied on this site does not constitute financial advice.
- This pushes up your costs when you spend in a foreign currency, and can be tricky to calculate.
- Financial CrisisIn 1997, Thailand fell into financial crisis.
- Introduction of the Thai BahtUntil 1880, the Thai Baht was fixed to the British Pound at a rate of 8 TBH to 1 GBP.
- Thailand is known as one of the most popular destinations in the world.
Can I Use Cards in Thailand
Tipping is not a common culture in Thailand, but it is appreciated. You can tip off a few dollars as an appreciation of your drivers, tour guides, or the cleaning staff and porters in the hotel. For a fine dinner of two in a mid-range restaurant, it may cost between 500 to 2000 THB (15 to 59 USD). lmfx review In some inexpensive restaurants or street food, the cost may vary from 210 to 450 THB (6 to 14 USD).
In fact, we buy most foreign currency notes in denominations we sell (buy back rates vary daily). If you’re asked if you’d rather pay in GBP instead, say no. That’s a sign of dynamic currency conversion, which usually means extra costs. ATMs are widely used in Thailand so withdrawing money in target-currency is easy, particularly in big cities and Bangkok. You can easily find an ATM that is available for withdrawing cash throughout Thailand. Withdrawing Thai Baht from an account that will not charge an international ATM or currency conversion fee is one of the best ways to get Thai Baht.
You can check the official sites of different banks to ensure you get the best rate. We recommend you bring enough local money only for the cost of your first day before your trip to Thailand. The exchange rate of Thai Baht is always better in Thailand, so you can just change your money after arriving in Thailand. Thai Baht is the most convenient currency to use in Thailand. However, if you are curious about can other currencies be used in Thailand. US Dollars may be possible to use in certain circumstances, such as in some tourist areas, larger hotels, airports.
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Coins are issued in denominations of 1, 2, 5, and 10 Baht, and 25 and 50 satang, while banknotes come in denominations of 20, 50, 100, 500, and 1,000 Baht. The Bank of Thailand also plays a crucial role in maintaining the stability of the Thai Baht. While the Baht is floated freely in the foreign exchange market, the Bank sometimes intervenes to prevent excessive volatility that could disrupt economic stability. All you have to do is tell us your Nectar account number when you buy your travel money.
Likewise, if you send money to Thailand, make sure it’s in baht, not in U.S. dollars (USD), British pounds (GBP), or euros (EUR). Do you still have Thai Baht leftover from your trip of a lifetime? Just bring any spare notes to your local travel money bureau and we’ll convert your Thai Baht to pounds in no time. Revolut offers several different account plans so you can pick the one that suits your needs and spending, including some with no monthly fees. All account plans let you hold and exchange multiple currencies in the same account, and there’s no-fee to spend currencies you hold.
Other actions that might stain the note, such as stepping on, or throwing away notes and coins, are highly offensive. Taking BTS Skytrain and MRT in Bangkok costs from 24 to 42 THB (0.7 to 1.2 USD). Trains can be a good choice for you to transfer from city to city.
Or if you prefer an offline solution you can carry some cash in GBP to exchange when you arrive. Currency exchange providers are often in airports and hotels, although the exchange shops in a city center are likely to be cheaper overall. It’s helpful to get to know the live GBP/THB rate so you can easily calculate how much things are costing you while you’re on your trip abroad.
Whenever you pay with plastic, choose to overview xtrade be charged in the local currency of Thailand. You may be charged a small transaction fee, but the exchange rate between THB and USD is better than you choose to pay in your home currency. Of course, exchange rates fluctuate all the time, so these are just a snapshot of each currency conversion.
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