The Thai baht (THB) is the official currency of Thailand. The Bank of Thailand is responsible for issuance of the currency. One baht is divided into 100 satang. According to the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the Thai baht was the 10th most commonly used currency in the world as of February 2017.
If you want to send money to a bank account in Thailand, you will need the bank’s SWIFT code. Given below are SWIFT codes on some popular banks in Thailand.
|Siam Commercial Bank||Bangkok||SICOTHBKXXX|
Gan got an opportunity to move to Australia, where he found a job as a chef. His wife and young son were to join him a year or so later. Until they arrived in Australia, Gan was to keep sending them some money every month. Always the one to be financially prudent, he compared his alternatives before his first transfer. The results of his comparison are in the corresponding table.
|BANK||MONEY TRANSFER SERVICE|
|Exchange rate||AUD $1 = THB 23.3154||AUD $1 = THB 23.8281|
|Transfer fee||AUD $20||AUD $0|
|Amount received for AUD $1,500||THB 34,506.79||THB 35,742.15|
|Transfer time||2 to 5 days||1 to 3 days|
|Transfer options||Bank account||Bank account|
|Difference of||THB 1,235.36|
By choosing the specialist money transfer company, Gan made sure his wife received a little extra money each month. He also benefited by being able to schedule his transfers in advance.
If sending money to Thailand in a hurry is what you are after, consider using the services of companies such as Western Union, MoneyGram, WorldRemit, or Ria. Given below are addresses of some cash pickup locations in Thailand.
|WESTERN UNION IN THAILAND|
|Bangkok KTB Bangkok Metropolitan Administration, 173 Dinsor Road, Phra Nakhon||Thailand Post 81 Soi Damnoen Klang Nua Rajdamnoenn Klang Rd Phra Nakhon|
|Pattaya Bay Thanon Pattaya Tai FX Booth 37 37 41 Mu 10 Pattaya Tai Road Nongprue Bang Lamun||KTB Patthayatai 31/4-7 South Patthaya Rd, Bang Lamung|
|MONEYGRAM IN THAILAND|
|Bangkok Cimb Thai Bank, 140 Dinso Road, Sao Chingcha Pranakhon||Siam Commercial Bank 59 Bldg 8 Ratchadamnoen Klang Rd, Phra Nakhon|
|Pattaya Siam Commercial Bank 8Mu 10 Pattaya Tai Road Nong Prue Bang Lamung||Siam Commercial Bank 64/69 Pattaya Sai 2 Rd Bang Lamung|
Instances of bag snatching and pick pocketing are common across most cities and tourist areas. Thieves on motorbikes are known to target foreigners when they are walking or travelling in tuk tuks. If you use public transport, keep your valuables and important documents out of sight. Hang on to your belongings if you take a nap or sleep when on public transport.
Do not leave your drink unattended or accept drink from strangers because instances of drinks being spiked are known to take place. There have been reports of unprovoked attacks and sexual assaults from tourist destinations, and they tend to increase in frequency during full moon parties.
You will need to provide different kinds of information when transferring money to Thailand.
The Thai baht is completely convertible and there are no transfer restrictions on the flow of money in or out of the country. The Bank of Thailand is responsible for overseeing the country’s payment systems and maintaining the currency’s price stability.
Non-residents of Thailand may hold baht-denominated bank accounts in the country, with a maximum balance limit of THB 3 million. When travelling out of the country, you may carry up to THB 50,000. If you are travelling to a neighboring country, the limit increases to THB 2 million, although you will need to declare any amount over THB 450,000 to the country’s customs authorities.