Thai Currency and Banking

TEFL Trainees / ESL Teachers

The currency of Thailand is Thai Baht. One Baht comprises of 100 satang. There are both coins and notes in Thai currency. The highest valued coin in Thailand is of 10 THB. The denominations of the notes in Thailand are 20, 50, 100, 500 and 1000.

Currency exchange options are ample all over Thailand. It is also done in major hotels. Traveler’s cheques can be exchanged in banks but the visitors have to bring his passport with him. It is better to exchange currency at banks and authorized dealers than in hotels or shopping centers.

The major banks in Thailand are:

• Bank of Ayudhya
• Siam Commercial Bank
• Kasikorn Bank
• Bangkok Bank

Banking in Thailand is a smooth practice even for a tourist. There are a number of foreign banks in this country too. The banking hours are from 8.30 in the morning to 3.30 in the afternoon on weekdays. Foreigners can open a saving account in Thailand. Following documents are required for the process.

• Work Permit
• A deposit of 500 THB, 5000 THB and 100,000 THB is required for a Thai Bank, Standard Charter Bank and HBC respectively.
• In case of the International Bank, account the first deposit has to come from a foreign location.

It is better for the short-term residents in Thailand to maintain an overseas account. If you are staying of long tern and earning in Thai Baht you can open an account at any Thai bank branch.