Don’t carry cash in Thailand
Are you planning a trip to Thailand? With the many temples, beaches, and other attractions Thailand offers, you will definitely have a memorable experience. However, before your trip, there is an important factor that you should consider other than your passport/visa issues and that’s money.
Recent modifications in policies have established that a sufficient amount of cash must be on hand for foreign tourists, which may pose a potential inconvenience for many travellers. Many may question the need for physical currency in an era dominated by mobile payments and digital transactions. Nonetheless, having tangible monetary resources can prove beneficial when you roam the variety of street markets within Thailand.
However, there are efficient strategies available to avoid these regulations without infringing upon any legal boundaries. Let’s discuss some reasons why you shouldn’t carry cash in Thailand and how you can avoid it!
Why you shouldn’t carry cash in Thailand
While Thailand’s tourism popularity continues to escalate—with over 4.6 million Malaysian visitors last year—it’s crucial now, more than ever, to understand the unique travel requirements of the country. Weighing your options regarding carrying cash in Thailand can significantly streamline your visit.
Safety concerns
While it’s practically impossible to eliminate the risk factor, carrying a lot of cash could heighten the possibility of becoming a theft target. A browse through Thailand’s social media pages exposes numerous cases of tourists victimised due to carrying large sums of money. Therefore, it’d be wise to limit the amount of cash you carry. Use diverse methods of payment, for instance, mobile wallets, credit, or debit cards, such as TrueMoney Wallet. TrueMoney Wallet not only provides a digital form of your card but also features like topping up mobile credit, paying for purchases, and bill scanning.
When your spendings shift from physical to digital, incidents like theft or loss of money become a non-factor, as your funds remain secure in your bank or digital wallet. For instance, facilities in places like Don Mueang Airport and places in Bangkok provide 24-hour service for secure digital transactions. Furthermore, if your phone or card gets lost or stolen, you can quickly immobilise your mobile wallet or card with a simple call to the service provider, safeguarding your monetary assets irrespective of your location within Thailand. That’s something carrying cash can’t guarantee.
Convenience factors
Although cash is still widely used in Thailand, there has been a growth in digital payment methods. With the influx of tourists who have access to advanced technology, cashless payment systems are being readily adopted, offering various advantages. Firstly, the convenience of not having to worry about issues at customs due to carrying cash sums above 15,000 baht alleviates the stress associated with travel preparation. Furthermore, avoiding unnecessary money exchanges helps keep your travel costs down, a significant factor given the exchange rates are constantly fluctuating.
Subsequently, several shops and hospitality facilities in Thailand offer payment options like Mobile Pay or Credit Card; hence it’s becoming less necessary to carry excessive cash around. For example, Rabbit LINE Pay facilitates purchases from game items to insurance – all in a few taps on your phone.
Alternatives to carrying cash
As Thailand modernises its financial systems, you might find carrying cash less necessary. Alternative means of payment offer convenience, and security, and can significantly reduce the cost of transaction fees. Here are a few alternatives to carrying cash that you should consider!
Mobile payment options
Fintech startups in Thailand are becoming a popular destination for cross-border remittances and local transactions. For example, the TrueMoney Wallet, a service launched by TrueMoney, facilitates easy money transfers from Myanmar and Cambodia to Thailand. This is particularly useful for Thailand’s 3.9 million migrant workers – many of whom are unbanked – to conveniently transfer cash to their families, bypassing the need for a traditional banking transaction. With features such as bill payments, money sending and receiving, and online shopping, mobile wallets like TrueMoney can minimise the need to carry cash in Thailand.
Additionally, more and more people in Thailand are adopting the use of credit and debit cards. The accessibility of ATMs has also rapidly increased as getting your hands on some cash has never been easier. You can find Thai ATMs at your nearby 7-Eleven but before you take out some cash, beware that some Thai ATMs might nick you an extra fee for transactions with international cards.
In this case, it is advised that before you leave for your trip, check if your bank has any additional fees for international purchases and if so, it may be best to leave that card as a backup.
Traveller’s cheques
Traveller’s cheques are another cash alternative, although, they are much less popular than they once were. However, these cheques still provide a reliable means of securing your money while abroad. If lost or stolen, they can be replaced by the issuing company. Make sure to note that there is a fee of 153 baht per cheque and you will need to present some form of identification (such as your passport) so it is advised that you take out a large amount one time.
How to manage money safely in Thailand
Using ATMs wisely
In Thailand, ATM usage, although convenient, imposes added costs. Designated as ATMs (automated telling machines), these cash points add a fee, mainly ranging from 220 baht up to 250 baht to the transaction, independent of your home bank’s fees. Therefore, foresee this expense whilst planning ATM transactions and note that fewer ATM visits equate to lesser fees.
However, if you’re in Chiang Mai, options such as the SuperRich money exchange, strategically situated opposite the UN Irish Pub and on Loi Kroh Road, notoriously offer generous cash exchange rates compared to banks. The SK Exchange, located near the Iron Bridge and Night Bazaar area, lends competitive rates as well.
Going cashless can help you during your stay in Thailand but it will not save you from spending it wrong. Here are 10 signs you’re spending money wrong. Many people struggle with managing their money wisely and as a visitor to Thailand, this can be a big shift with the currency of Thailand but make sure you are tracking your spending and make the most of your purchases!
Other cashless ways you can pay in Thailand
- You can use the TrueMoney application to pay for various stores, especially 7-Eleven
- Now you can use your mobile bank prompt pay to pay for 7-Eleven as well
- You can get Rabbit cards to pay cashless for BTS transportation in Thailand
