The Thai currency
What is the name of the Thai currency?
The monetary unit in Thailand is the baht. The baht is divided into coins of ¼, ½, 1, 2, 5, and 10 baht, as well as banknotes of 20, 50, 100, 500, and 1000 baht. The 10 baht notes, now replaced by coins, have recently been discontinued. The size of the banknotes is proportional to their value. Each of them features the portrait of King Rama X, except for some older notes that are printed with the face of Rama IX.
A brief history of the Baht
The baht has a very ancient history as it is linked to the currency of the Kingdom of Siam, the former name of Thailand.
The first Thai currency in the form of a coin (because it was, before that, in the form of a boat or small silver hen) appeared in 1860 during the reign of Rama IV. At the time, the coins were made up of 15 grams of silver, and the currency was called the taka. The word "baht" originally referred to a unit of weight representing 15.244 grams, and it quickly became a nickname for the tical, but it wasn't until 1940 that the currency officially changed its name to become the baht.
What is the exchange rate of the Thai currency today?
Euro-baht, what is the rate of the Thai currency?
In January 2024, it will take approximately 39 baht for 1 euro. This exchange rate allows French travelers to benefit from extraordinary purchasing power. Indeed, in Thailand, everything is cheaper except for imported products.
How much is the baht worth in US dollars?
After World War II, an economic agreement between Thailand and the United States tied their respective currencies at a rate of about 25 THB = 1 USD. Unfortunately, in 1997, the Land of Smiles experienced a financial crash due to the bursting of its real estate bubble. The baht then lost a lot of value, reaching a rate of 32 THB = 1 USD by July 31 of the same year. In January 2024, 1 THB will be worth approximately 37 USD.
To find out the real-time value of the baht against other world currencies, you can use online currency converters.
Tips for exchanging money in Thailand
During your trip to Thailand, you will need to exchange your currency for baht. Here are some tips to help you get the best exchange rate and avoid unnecessary fees:.
The best place to exchange money is at a bank. Exchange rates are usually more favorable than at exchange offices, and fees are often lower. If you cannot go to a bank, you can use an authorized exchange office. These offices are usually located in tourist areas and offer competitive exchange rates.
Avoid unlicensed exchange offices. Unlicensed exchange offices often offer very attractive exchange rates, but they can also be fraudulent. If you decide to use an unlicensed exchange office, make sure to compare exchange rates carefully and ask for a receipt.
You can withdraw money from ATMs (automated teller machines) in Thailand. Visa and Mastercard cards are generally accepted, but fees can be high. In addition to your bank's commissions, Thai ATM fees are usually 200 THB (about 5 euros) per transaction. If you need to withdraw money from ATMs, try to withdraw as many bills as possible at once to reduce fees.
Many shops, hotels, restaurants, and other tourist establishments accept card payments. This will save you from having to carry cash with you. However, it is always useful to have cash on hand for small, everyday purchases.
Is life expensive in Thailand?
Thailand is a popular tourist destination, but it remains a relatively affordable country. However, the cost of living varies depending on the region. In less-touristy areas, it is possible to travel at a lower cost. However, in the islands and beach resorts of the South, prices are higher, especially for hotel rooms.
The low value of the baht allows you to enjoy luxury that would likely cost you a lot in France. It also positions Thailand as the third-most popular tourist destination in Asia after China and Turkey. Thus, although the baht is a relatively weak currency, it enables attractive prices for tourists and is therefore particularly beneficial to the country's economy.
Depending on your choices, it is possible to travel to Thailand with a budget ranging from 10 to 20 euros per day per person. Here are some examples of average budgets, including hotel, food, local transportation, and some activities, for a 10-day trip to Thailand:
- Economic budget: 1,000 euros (20 euros per day per person).
- Average budget: 1,500 euros (30 euros per day per person).
- Comfortable budget: 2,000 euros (40 euros per day per person).