How to change money in Chiang Mai

The exchange rate between baht and dollars, pounds or euros is very favourable, so you can really 'style it' here. Changing a couple hundred bucks can leave you loaded! Money changing in Thailand is very practical and needn't cost much in fees.

The standard method here is for banks to quote their own rates inclusive of their percentage fee, which usually amounts to about three per cent. Rates for exchanging traveller's cheques or cash are usually about three per cent. Unless you are stranded in the airport or a plush resort, the rates don't vary much and it's hardly worth the hassle of shopping around. Private exchange in hotels usually offers uncompetitive rates. Over the counter exchange bureaux rates charge three percent, while an ATM transaction is closer to two percent.

No one wants to waste time signing bits of paper and displaying your passport to exchange bureaux staff right? Take it from us as seasoned travellers, the easiest, safest and most practical means of getting at your dough here in Thailand is to insert your nice little piece of plastic into an ATM and withdraw reasonable amounts of cash.

However, check first with your bank whether the fees for this are unreasonable. Automatic tellers are widespread, even in the smaller towns, and all of them offer instructions in English. The maximum withdrawal per day allowed is 20,000 baht (about US$500/UK£300).

Pickpocketing and muggings, even room theft, is far less of a risk here, nonetheless it's advisable not to carry large wads of cash around. Notes are usually dispensed in 1000 and 500 baht notes, so your wallet isn't going to go all obese on you, like it does in Vietnam or Laos. ATMs accept all international Visa, Mastercard, JCB, Switch and selected other cards.

Exchange bureaux are numerous in tourist areas, and many banks also have a forex counter. The best rates are secured at commercial banks, as apposed to exchange bureaux booths in busy tourist areas. Here in Chiang Mai, the staff you are likely to encounter when changing money all speak English. A passport is always needed as proof of ID when withdrawing money from an exchange bureau.

Exchange bureaux in Chiang Mai

If you have cash to exchange or wish to withdraw large amounts, there are exchange bureaux in banks all over Chiang Mai. Several booths are located in the vicinity of Tapae Gate, including two directly opposite the Tapae Gate square. Another (Siam Commercial Bank) is found fifty yards down Ratchadamnoen road, behind the gate, heading into the old town. These booths don't offer the best rates, however.

Along Tapae road there are several banks, each with an exchange booth, although they can sometimes be busy. Further banks can be found along Chan Klan road where the Night Market/Bazaar is located.

After hours, you can exchange money at booths located at the Night Market/Bazaar, with slightly less competitive rates. These remain open until 22:00. Banks are found in Central Mall and Airport Plaza, where rates are good and the service efficient. Banking hours here are 08:30 to 15:30 (the exchange booths are usually open from 10:00 to 20:00).

Although cash is the common payment method across Thailand, many respectable tourist establishments (well, the ones who have significant charges) accept credit card payment, including shops. However, you should beware of the 3 to 5 per cent many places charge for using a credit card. It's worthwhile keeping a stock of small change, such as 20 and 50 baht notes, as market vendors often don't have change for large notes.

When you leave Thailand, you can effortlessly exchange your excess baht at the airport but remember to keep 500 baht for your departure tax. Baht is also readily exchanged in all neighbouring countries and can even be used in some places in Laos, Cambodia and Myanmar.