A guide to exchange rates in Thailand
Thailand and other countries’ exchange rates change every day. To check current exchange rates for Thailand, you can click on the different websites that are featured at the end of this article. All currency exchange offices have an exchange board that is usually digitalized and displays the rates in real-time. These rates indicate the current, proposed conversion rate. Each country displayed on the board will have the corresponding national flag located next to the price that is proposed. Before you check the current exchange rates for Thailand, we have included information about foreign currency exchange rates that will make the process easier when reading a currency exchange board. Below, are some of the most common questions that are asked when exchanging currencies.
What Is An Exchange Rate?
A currency exchange rate is, essentially, how much of one particular currency can be bought for each unit of another particular currency. When currency exchange rates fluctuate, it can be said that it either appreciates or depreciates. This means that if it appreciates, then it takes more of another currency to buy one unit of the foreign currency. And, if it depreciates, it takes less. Most exchange rates will rise and fall (this is called free-floating), and are determined by the foreign exchange market’s supply and demand. Other exchange rates are fixed. For example, the Hong Kong to US dollar exchange rate is fixed. This means that it will stay in a fixed range of exchange.
Exchange rates also have a “spot rate.” This rate equates to the currency’s cash value or current market value. Some exchange rates also have a “forward value.” This type of value is based on expectations of the specific currency to either rise or fall from its current spot rate. Such forward value rates can fluctuate due to varying expectations for future interest rates in one country compared to another country.
Thailand and other countries can feature different exchange rates and restricted currencies. A restricted currency means that the ability to exchange a specific currency is limited to within that country’s borders. Restricted currencies can have their values set by the national government, such as China. The Chinese yuan’s midpoint value is set by the government on a daily basis. Such a restriction only allows the yuan to be traded at a rate that is either 2% higher or lower than the daily, set midpoint value. Usually, a better rate can be found inside a country’s borders versus outside of its borders.
Exchanging Your Foreign Currency Into Thai Baht While In Thailand
When looking at a currency exchange board, the TT rate is what a bank uses when someone is wanting to transfer money in from abroad. As travelers to Thailand, and elsewhere, usually prefer to exchange their currency once they have arrived in the Kingdom, it is important to know which column on the currency exchange board to view. In this case, you would look at the TT rate, which is otherwise known as the “sell” column or rate on the digitalized currency exchange board. In essence, you are the seller of your foreign currency to the Thai establishment that is buying your foreign currency in exchange for Thai baht.
Exchanging Thai Baht For A Foreign Currency While In Thailand
If you are looking to exchange your Thai Baht for another currency while you are in Thailand, you would need to look at the “buy” column on the foreign currency exchange board. This means that you are wanting to exchange your current country’s currency (country in which you are currently located), for another country’s currency.
To see Thailand’s various banks and their current foreign currency exchange rates, you can click the provided links below to see their exchange boards.
- BANGKOK BANK
- BANK OF THAILAND
- BANK OF AYUDHYA PUBLIC COMPANY LTD.
- CIMB THAI BANK PUBLIC COMPANY LTD.
- INDUSTRIAL AND COMMERCIAL BANK OF CHINA (THAI) PUBLIC COMPANY LTD.
- KASIKORNBANK PUBLIC COMPANY LTD.
- KIATNAKIN BANK PUBLIC COMPANY LTD.
- KRUNG THAI BANK PUBLIC COMPANY LTD.
- LAND AND HOUSES BANK PUBLIC COMPANY LTD.
- SIAM COMMERCIAL BANK PUBLIC COMPANY LTD.
- STANDARD CHARTERED BANK (THAI) PUBLIC COMPANY LTD.
- THANACHART BANK PUBLIC COMPANY LTD.
- TMB BANK PUBLIC COMPANY LTD.
- UNITED OVERSEAS BANK (THAI) PUBLIC COMPANY LTD.
If you are interested in a daily snapshot of Thailand’s commercial banks’ foreign exchange rates, you can click on the following links below:
Superrich Thailand is a website that lists current foreign exchange rates. You can visit Superrich Thailand by clicking here:
XE Currency Exchange is another website that allows you to input your current currency and choose another currency in which to exchange. You can visit the site here:
Travelex is a UK currency exchange website that can be accessed by clicking here:
Wise (formerly TransferWise) offers a similar currency conversion calculator. To use this calculator, click here:
Are you looking to travel to Thailand? For more information on traveling to Thailand during the Covid-19 pandemic, click here. Entering Thailand requires the procurement of a visa. Click here for more information about tourist visas and how to open a Thai bank account.