Thai Consulate

Foreign Exchange in Thailand

Foreign Exchange in Thailand

The foreign exchange rate (how much the monetary unit of your country compares to the baht) will be a major issue for you if you live in Thailand for any length of time. This rate fluctuates, sometimes on a daily basis, and is very sensitive to the political atmosphere in both countries.

Foreign Exchange in Thailand

Of course, it is impossible to predict the path of the foreign exchange rate over any specific period of time; therefore, life in a foreign country with a large part of one’s resources in home-country currency can be uncertain at best. Once the move to Thailand is complete, it might seem to make sense to convert all of your resources to baht; however, this is not the recommended way to deal with the problem.  The best thing to do is to keep a very close eye on the foreign exchange rate and convert the money you need to do business in Thailand only when you need to have baht.  Having an account at a local Thai bank is the best way to get to know the local financial community and this can be advantageous when you’re trying to decide when to convert to baht.

Obviously, multiple trips to your home country can be prohibitively expensive so it is advisable to set up accounts in your home country before you actually move.  You should choose a financial institution that allows you to withdraw funds from your bank accounts as well as your retirement accounts and get those funds to you in Thailand.  To help keep your banking experience smooth and uneventful, it is advisable to visit all of the banks you will continue to use after you move and familiarize them with your needs before your actual move and get them to help you set up access to the different accounts you will need in the most efficient manner.

Leave a Reply

Your email address will not be published.

More posts