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What is the currency of Thailand? Thailand’s official currency is the baht (THB).
What do Thailand’s banknotes and coins look like? Thai baht banknotes come in various denominations, including ฿20, ฿50, ฿100, ฿500, and ฿1,000. These notes are made exclusively from cotton-fiber paper and are not plastic. The colors range from green to blue, red, purple, and brown. The front side of the current notes features an image of King Maha Vajiralongkorn, while the back showcases different historical scenes.
Thai coins are available in denominations of 1, 5, 10, 25, and 50 satang, as well as ฿1, ฿2, ฿5, and ฿10. Similar to the banknotes, the King’s portrait is displayed on the front of each coin, and his monogram is featured on the reverse.
Economy Thailand’s economy, expected to reach USD $549 billion by the end of 2022, is ranked 26th globally in terms of nominal GDP. Thailand is a tiger economy, recognized as one of the newly industrialized countries with a strong focus on exports. Over the last four decades, Thailand has made remarkable social and economic progress, transitioning from a low-income to an upper-middle-income country. The country’s rapid economic growth and success in poverty reduction have made it a notable example of development success.
Brief currency history The Thai baht is one of the oldest currencies still in use, with a history stretching back nearly 800 years to the 13th century. Originally, the baht was based on a mass of 15 grams, similar to the British pound sterling. Early Thai banknotes were made of pure silver with a specific weight and purity, which also applied to baht coins. Until the late 19th century, the baht was pegged to silver. Later, Thailand adopted a decimal system, making one baht equal to 100 satangs. Throughout its history, the Thai baht has been linked to various currencies and even gold. It was pegged to the British pound sterling in the early 20th century, with fluctuations in the exchange rate between 11 and 22 baht per pound over a span of about 20 years. After World War II, the baht was briefly tied to the Japanese yen and later pegged to gold, with one baht equaling 0.25974 grams of gold. From the mid-1950s until 1997, the baht was pegged to the US dollar, initially at 20 baht per dollar. During Ronald Reagan’s presidency, when the US economy was booming, the peg was adjusted to 25 baht per dollar. The Asian Financial Crisis of 1997 led the Bank of Thailand to allow the baht to float freely in the foreign exchange market, causing the exchange rate to soar to a record high of 56 baht per US dollar. By 2022, the baht had devalued to around 37 baht per dollar.
Bringing Travel Money to Thailand
What is ATM access like in Thailand? You can withdraw cash from ATMs in Thailand using both debit and credit cards. ATMs are widely available, including at airports, banks, department stores, and supermarkets. Even in small, remote islands without ATMs, you can typically withdraw money at larger resorts. However, each withdrawal usually incurs a transaction fee of 300 baht. Additionally, many banks charge high fees for each withdrawal, so it’s best to check with your bank beforehand.
How much money can I bring to Thailand? Travelers entering or leaving Thailand with more than USD $20,000 in foreign currency or its equivalent must declare the full amount to customs. Failure to declare or making a false declaration is a criminal offense.
Is tipping customary in Thailand? How much should I tip? Tipping is not generally expected in Thailand, similar to local customs. However, in upscale restaurants, tipping has become more common. Thailand is known for its friendly people who do not expect tips, but if you wish to tip, leaving more than 50 baht is appreciated. Restaurants: If you have spare change, it’s customary to leave it as a tip. In high-end restaurants, tipping between 5% and 10% is standard, especially for exceptional service. Taxis: It’s typical to round up the fare and leave the change as a tip. When taking a taxi to the airport, a gratuity of 30–40 baht is customary due to the long distance. Hotels: Tipping is not required in hotels rated two stars or above, as a service charge is already included in the bill. However, it is customary to tip porters and housekeeping staff 20 baht.
Can you bargain in Thailand? Bargaining is a common part of the market experience in Thailand, particularly in tourist areas like Khao San Road or Chatuchak Market. The initial price quoted is rarely the final price, and shop owners may use various tactics to get more money from you.