Change money in Phuket - tips on changing money safety and efficiently in Phuket

How to change money in Phuket

On a tourist-centred island like Phuket you can rest assured that the Thais don’t want to put stumbling blocks between you and your tourist spending. Consequently, exchanging money in Phuket is a fairly hassle-free affair. The favourable exchange rates mean that you’ll feel like you’ve won a game show every time you reload on cash.

In general, banks will quote their own rates for changing money, which includes their own commission. Fees are generally three to five percent, with traveller’s cheques costing a bit more. Rates are fairly constant from bank to bank and shopping around for the best rate will usually cost more in gas or taxis than you will save.

The simplest and quickest way to bring your money to Thailand is to leave it at home. Make sure your bank account is well stocked and then simply withdraw cash at one the ATM machines you’ll find nearly everywhere. Most Thai ATMs are linked to worldwide networks such as Star or Cirrus. Check the symbol on the back of your ATM card against the symbols on the ATM machine. Although this is generally the safest and simplest practice, it’s always a good idea to check what fees your bank will charge for international withdrawals. Also let your bank know you will be going overseas so they don’t suspect fraud and freeze your account.

ATMs are common, all over Phuket and especially in the tourist areas. All ATMs in Thailand have instructions in English for the convenience of foreigners. Maximum withdrawal amount per day is usually 20,000 baht, dispensed in 1,000 or 500 and 100 baht notes.

Although theft is not common in Phuket, it’s not unheard of. Carrying around large amounts of cash is not advisable but if you have no choice then try not to put it all in one place. This way if your wallet is stolen you don’t lose everything. Money belts generally aren’t necessary in Thailand. About 8,000 to 10,000 Baht will probably be enough to get you through a week of general living. The tours and major shopping items can all be paid for by credit card, but everything else in Thailand is sold for cash.

All banks offer exchange services and there are also dedicated money changing counters in the major tourist areas, as well as in Tesco Lotus. These dedicated counters don’t offer the best rates but they are open until the evening as well as on bank holidays. Staff at these counters will always speak English and passports are the required form of ID.

Exchange Bureaux in Phuket

Banks and exchange booths can be found all over the island, especially the major tourist areas like Patong and Kata, as well as Phuket City. The exception to this is the Rawai/Nai Harn area, which has a conspicuous lack of banks. The nearest banks to Rawai are just past Chalong Circle, on Chao Fa East.

In Patong, look for exchange bureaux along the road that runs parallel to the beach while most of the exchange bureaux in Kata are near the shopping area. In Phuket City the biggest concentration of banks is on Ratsada Road, just across the circle from the market and the local bus terminal.

Banking hours are; Monday to Friday, 08:30 to 15:30, but the exchange booths (with less favourable rates) are usually open seven days a week from 10:00 to 22:00. Although ATMs operate 24 hours a day they sometimes don’t allow withdrawals from Thai banks from 01:00 to 03:00.

Although cash is the most common method of payment throughout Thailand, credit cards are accepted at the more upscale establishments. Be aware that many of these establishments charge a three to five percent fee for credit card transactions. Many market stalls, smaller shops and taxi drivers don’t carry a lot of change so it’s a good idea to keep a stock of 20 and 50 baht notes for small transactions.

Baht can be easily exchanged when leaving the country but don’t forget to hang on to 500 baht to pay the airport tax when exiting Thailand by air. Baht is readily exchanged in other Asian countries and is sometimes accepted as currency in neighbouring countries (Laos, Cambodia, Myanmar), especially near the border.