Why you shouldnt carry cash in Thailand

[CharlieH]

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Photo by s money offical website

 

Greetings esteemed travellers. The allure of Thailand’s untouched beaches and vibrant culture is indeed compelling. This was evidenced by the impressive 28.09 million individuals who journeyed to this remarkable destination last year. However, before embarking on your voyage to this picturesque land, it is crucial to take into account certain financial considerations.

Recent modifications in policies have dictated that a sufficient amount of cash must be on hand for foreign tourists, which may pose a potential inconvenience. Many may question the need for physical currency in an era dominated by mobile payments and digital transactions. Nonetheless, having tangible monetary resources can prove beneficial while partaking in market commerce within Thailand.

However, do not let this deter you from actualizing your travel aspirations! There are efficient strategies available to circumnavigate these regulations without infringing upon any legal boundaries. We invite you to join us as we delve into the intricacies of managing cash flow within Thailand, ensuring nothing hinders your quintessential adventure.

 

Why you should consider not carrying cash in Thailand

Contents

• Why you should consider not carrying cash in Thailand
  • Safety concerns
  • Convenience factors
• Alternatives to carrying cash
  • Mobile payment options
  • Traveller’s cheques
• How to manage money safely in Thailand
  • Using ATMs wisely
• Benefits of a cashless approach in Thailand
  • Ease of transactions
  • Security advantages

While Thailand’s tourism popularity continues to escalate—with over 4.6 million Malaysian visitors last year—it’s crucial now, more than ever, to understand the unique travel requirements of the country. Weighing your options regarding carrying cash in Thailand can significantly streamline your visit. This comprehensive guide is designed to help you understand the potential rigours and rewards of carrying cash during your Thai vacation.

 

Safety concerns

While it’s practically impossible to eliminate the risk factor, carrying a lot of cash could heighten the possibility of becoming a theft target. A browser through Thailand’s social media pages exposes numerous cases of tourists victimised due to carrying large sums of money. Therefore, it’d be prudent to limit the amount of cash you carry. Use diverse methods of payment, for instance, mobile wallets, credit, or debit cards, such as TrueMoney Wallet. Highlighting its functionality, TrueMoney Wallet provides not only a digital form of your card but also features like topping up mobile credit, paying for purchases, and bill scanning.

Convenience factors

Photo by Iol

Although cash is still widely used in Thailand, a growth in digital payment methods is evident. With the influx of tourists from tech-savvy nations, cashless payment systems are being readily adopted, offering various advantages. Firstly, the convenience of not having to worry about customs declarations associated with carrying cash sums above THB 15,000 alleviates the stress associated with travel preparation. Furthermore, avoiding unnecessary money exchanges helps keep your travel costs down, a significant factor given the exchange rates’ volatile nature.

Subsequently, several hangouts, shops, and hospitality facilities in Thailand offer payment options like Mobile Pay or Credit Card; hence it’s becoming less necessary to carry excessive cash around.

Remember, optimizing your payment mode helps you navigate your visit to Thailand smoothly. Ensure you’re informed and make smart decisions.

Alternatives to carrying cash

As Thailand modernises its financial systems, you might find carrying cash less necessary. Alternative means of payment offer convenience, and security, and can significantly reduce the cost of transaction fees. It’s worth considering the following cash alternatives to enhance your financial freedom during your Thai adventure.

Mobile payment options

Photo by Pixabay

Fintech startups in Thailand are becoming a popular destination for cross-border remittances and local transactions. An apt example is the TrueMoney Wallet, a service launched by TrueMoney, which facilitates easy money transfers from Myanmar and Cambodia to Thailand. This is particularly useful for Thailand’s 3 million migrant workers – many of whom are unbanked – to conveniently transfer cash to their families, bypassing the need for a traditional banking transaction. With features such as bill payments, money sending and receiving, and online shopping, mobile wallets like TrueMoney can minimise the need to carry cash in Thailand.

 

Opt for these mobile payment options, enabling you to cut out the traditional banking system entirely and transition seamlessly into a cash-free environment.

Hey there, pal! Guess what? More and more people in Thailand are catching onto the credit and debit card trend. With ATMs sprouting like mushrooms everywhere, getting your hands on some cash has never been easier. But hold up a sec – you should know that some Thai ATMs might nick you an extra fee for transactions with international cards. So, keep this in mind when you’re sorting out your budget.

It’s probably a smart move to keep your foreign bank card handy as a ‘just-in-case’ backup. And hey, while you’re at it, why not give your bank a shout to see if they tack on any additional fees when using your card in Thailand?

Traveller’s cheques

Traveller’s cheques form another cash alternative. Albeit less popular than they once were, these cheques still provide a reliable means of securing your money while abroad. If lost or stolen, they can be replaced by the issuing company. Remember, however, to declare any negotiable monetary instruments at customs if they exceed $20,000 or its equivalent in your home currency.

Before embarking on your journey, equip yourself with an array of cash alternatives to best navigate Thailand’s evolving financial landscape, ensuring you fully enjoy your experience without the worry of losing cash.

How to manage money safely in Thailand

While roaming the scenic landscapes of Thailand, managing your money safely is a requisite task. Ascend your financial freedom beyond carrying cash, exploring secure and convenient alternatives. Let’s delve deeper into noteworthy considerations when using ATMs and when exchanging currency.

Using ATMs wisely

In Thailand, ATM usage, although convenient, imposes added costs. Designated as ATMs (automated telling machines), these cash points add a fee, mainly ranging from 220 Baht up to 250 Baht to the transaction, independent of your home bank’s fees. Therefore, foresee this expense whilst planning ATM transactions during your Thai escapade. Lesser ATM visits equate to lesser fees, allowing you to navigate Thailand’s terrains economically.

However, if you’re in Chiang Mai, options such as the SuperRich money exchange, strategically situated opposite the UN Irish Pub and on Loi Kroh Road, notoriously offer generous cash exchange rates compared to banks. The SK Exchange, located near the Iron Bridge and Night Bazaar area, lends competitive rates as well. Therefore, calculate your requirements wisely, comparing the ATM transaction cost against such lucrative exchange rates.

Benefits of a cashless approach in Thailand

Thailand’s evolving financial ecosystem simplifies transactions while bolstering security for residents and travellers alike. Let’s delve into the specifics.

Ease of transactions

Securing your Thai adventure without the burden of too much cash involves opting for mobile payment methods or credit/debit cards. With digital payments seeing a surge in Thailand, your smartphone serves as your wallet, making it exceedingly simple to navigate Thai commerce. For example, RabbitLINE Pay facilitates purchases from game items to insurance – all in a few taps on your phone. Digitising transactions liberates you from counting coins and notes, equipping you with a fluent, efficient way to handle money in Thailand.

Security advantages

Photo by corporatefinanceinstitute offIcal website

Accessing your funds digitally in Thailand also offers an added layer of security that carrying cash often lacks. When your spendings shift from physical to digital, incidents like theft or loss of money become a non-factor, as your funds remain secure in your bank or digital wallet. For instance, facilities in places like Donmuang Airport and places in Bangkok provide 24-hour service for secure digital transactions. Furthermore, if your phone or card gets lost or stolen, you can quickly immobilise your mobile wallet or card with a simple call to the service provider, safeguarding your monetary assets irrespective of your location within Thailand. That’s something carrying cash can’t guarantee.

With the convenience and security advantages on offer, opting for a cashless approach in Thailand blends technological advancement with everyday living, enhancing your Thai experience.

As you prepare to embark on your journey to Thailand, it is essential not to overlook the inclusion of a digital wallet. The transformation within Thailand’s financial landscape has highlighted the shift towards a cashless society. Utilising digital payments provides an increased level of convenience and security, negating the necessity for carrying substantial amounts of physical cash.

Opt for services such as RabbitLINE Pay for your transactions which guarantees smoothness in operation and assures safety. Notably, establishments in prime locations such as Donmuang Airport and Bangkok are equipped with the necessary support systems to facilitate your transition into this cashless mode of transaction around the clock.

Therefore, adapt to this innovation by transitioning towards cashless transactions during your stay in Thailand, ensuring an unforgettable experience while maintaining the utmost financial safety.

Going cashless can help you during your stay in Thailand but it will not save you from spending it wrong. There are 10 signs you’re spending money wrong In a world where the allure of instant gratification often overshadows the virtue of financial prudence, it’s alarmingly easy to fall into the trap of mismanaging one’s finances. The subtle art of spending money wisely is lost on many, leading to a cycle of financial strain that seems inescapable. Recognising the signs of poor spending habits is the first step towards cultivating a healthier relationship with your finances.

 

Original article

 

Any other tips n tricks you know? please share them with the community below........

[EVENKEEL]

Cash is king.

 

[Thailand J]

I carry some cash just in case my phone run out of battery or mulfunctioned and unable to pay with QR code scan or True Wallet.

 

[william61]

Just yesterday in BKK Seacon square mall: The restaurant did not accept credit cards, then the phone app did not open (weak signal??) and I could not scan to pay.

Always carry some cash. at least when exploring new places , is still my advice 

[Tropicalevo]

Guests arriving on Koh Samui are often stuck because they have no Thai cash.

Do 'digital wallets' etc work across borders?

Do Europeans know about TrueMoney Wallet?

 

Excuse my ignorance but having lived on the island for 24 years, I only use cash.

Little else works unless you want to pay charges.

[EVENKEEL]

Cash is king.

 

 

[CanadaSam]

56 minutes ago, CharlieH said:

impressive 28.09 million individuals who journeyed to this remarkable destination last year.

 

57 minutes ago, CharlieH said:

with over 46 million Malaysian visitors last year—

 

Now you have me totally confused with the above two statements!

[CharlieH]

1 minute ago, CanadaSam said:

 

 

Now you have me totally confused with the above two statements!

Not if you followed the link contained which points to a specific area of Thailand, not Thailland in general.

[Stocky]

11 minutes ago, CanadaSam said:

 

 

Now you have me totally confused with the above two statements!

There's a missing decimal place, should be 4.6 million Malaysians visited Thailand, the total population of Malaysia is only 35 million.

[connda]

I carry cash all the time.  I hate getting stuck behind someone at the store who has to fiddle with their phone for 5 minutes to get their payment app to work - and it happen more often then not.  Me?  Get to the cash register, hand over cash, and the transaction is finished in 15 seconds. 

🤪 "But mobile payment is convenient!"

Bunk - no it's not.  Cash Is King!

Edited May 22 by connda

[connda]

51 minutes ago, william61 said:

Just yesterday in BKK Seacon square mall: The restaurant did not accept credit cards, then the phone app did not open (weak signal??) and I could not scan to pay.

Always carry some cash. at least when exploring new places , is still my advice 

But but but but....mobile payment is soooooo convenient! 

[connda]

1 hour ago, CharlieH said:

Therefore, adapt to this innovation by transitioning towards cashless transactions during your stay in Thailand, ensuring an unforgettable experience while maintaining the utmost financial safety.

Signed,
Klaus Schwab

P.S.
You'll own nothing and you'll be happy.  And enjoy your vacation.  You commoner swill need to stop traveling in order to save the planet for global warming.  What?  My private jet.  Mind your own business commoners.  Shut up and eat the bugs!

[2long]

A long (possibly AI-written) article that I read less than 10% of.

Therefore I didn't see any paragraphs that mentioned 'looking after the local businesses, such as Ma & Pa shops, who mostly only take cash. I'm not a conspiracy theorist who worries about total control, however some transactions are better dealt without the tax man seeing. But my main point is, let's look after local family-run businesses as much as we can!

[EVENKEEL]

I feel the need to push a cashless agenda is an attempt to increase spending. If you lay down cash for your purchase you can regulate your spending better. 

[KhunBENQ]

13 minutes ago, connda said:

I hate getting stuck behind someone at the store who has to fiddle with their phone for 5 minutes to get their payment app to work - and it happen more often then not.

I am the one who always finds that queue

5 minutes is reality. A couple doing misc attempts on her phone, then doing misc attempts on his phone. Finally giving up and organizing the enormous amount of 4xx Baht in cash.

Which ends with the cashier calling the supervisor to clean up the mess.

Smaller events again and again. Cashier is ready, amount on display. What now?

Where is my phone? Digging, where is the banking app? Swipe swipe swipe...

(and I silently repeat the mantra: never loose temper/face in Thailand, keep calm).

 

I use cashless where it's appropriate. Paid 2xxk hospital, paid 6xxk final payment for new car. Pay utilities online, no cash on delivery at Lazada et.al. But not my snacks at 7/11!

Edited May 22 by KhunBENQ

[Ohyesuare]

Many banks don't offer Traveller’s cheques anymore and not sure if exchange places even accept them anymore either. It's a pretty antiquated form of bringing travel funds, odd that it's being recommended in the article.

[TroubleandGrumpy]

ROFLOL 🤣  As soon as I read the 'Security' section I stopped reading.  Thailand is the number one scammed country in SEAsia - anyone using a phone to pay for things is a potential target.  Likewise, anyone using a card at either a 'safe' ATM (Branch, Mall,  Makro, etc) or with any small retailer, is a potential target.  Cash is King and it is safe - all they can steal is what you are carrying so dont carry too much in one location.  Been here on/off (now full time) since 2010 and never been threatended in any way - not so in Australia - robbed twice. I used to carry a throw down wallet - a few hundred baht and some old dead cards - but I never have needed it. But also - dont pull out a huge roll and let people see how much you are carrying - just in case. 

[Chris Daley]

Most business don't want a record of their finances.  Cash is better.

[bob smith]

1 hour ago, EVENKEEL said:

Cash is king.

 

agree.

 

my safe is overflowing with green paper.

 

 

[EVENKEEL]

4 minutes ago, bob smith said:

agree.

 

my safe is overflowing with green paper.

 

 

I prefer bank note larger than 20 baht.

[bob smith]

2 minutes ago, EVENKEEL said:

I prefer bank note larger than 20 baht.

I meant USD mate.

 

bob.

[Crossy]

25 minutes ago, Ohyesuare said:

Many banks don't offer Traveller’s cheques anymore and not sure if exchange places even accept them anymore either. It's a pretty antiquated form of bringing travel funds, odd that it's being recommended in the article.

 

Yeah, even AmEx who were the stalwarts in the TC world no longer issue new ones.

 

[freeworld]

I prefer using cash. Can't imagine all my transactions showing up on banking statements showing what and where I bought my stuff. No siree bob.

 

 

Edited May 22 by freeworld

[tgw]

The paragraph on safety concerns should on the contrary emphasize how rare armed robberies and robbery-assaults are in Thailand when it comes to tourists, and practically unheard of if the tourist was cautious with his cash - the loss of gold bling by reckless flaunters is way more frequent.

 

Cash is also what gets the best exchange rates and what is needed when negotiating prices in Thailand.

Using non-cash payment methods as a tourist costs anywhere between 1 to 3%, sometimes as much as 5% and add in dodgy exchange rates.

Non-cash sometimes also eliminates negotiation latitude by the vendors.

 

In the "benefits" : all transactions go through your phone.

Question : what happens when you lose your phone as a tourist in Thailand ?

 

Use non-cash payment methods if you are an Apple customer.

 

 

Edited May 22 by tgw

[Dmaxdan]

But If I moved away from cash I'd miss out on counting the money in my wallet several times a day to make sure my wife hasn't taken any! And were would be the fun in that! 

[mikebike]

I stopped reading the OP when it said ATMs are popping up everywhere in Thailand... All local reporting is that banks are decommissioning ATMs as fast as they can in the Kingdom.

[Tropicalevo]

32 minutes ago, EVENKEEL said:

I feel the need to push a cashless agenda is an attempt to increase spending. If you lay down cash for your purchase you can regulate your spending better. 

I agree.

Also, it is easier to scam folk who go cashless.

If someone steals my phone, they do not even see my bank details. (No wifi on it either.)

[bob smith]

Cash is, and always will be, KING.

 

Gold is a very close second.

 

You won't go far wrong if your pockets are always full of both.

 

Trust me.

I know.

 

bob.

Edited May 22 by bob smith

[NanLaew]

1 hour ago, CanadaSam said:

2 hours ago, CharlieH said:

impressive 28.09 million individuals who journeyed to this remarkable destination last year.

 

2 hours ago, CharlieH said:

with over 46 million Malaysian visitors last year—

 

Now you have me totally confused with the above two statements!

 

I guess AI isn't perfect (never will be either).

[NanLaew]

27 minutes ago, Crossy said:

 

Yeah, even AmEx who were the stalwarts in the TC world no longer issue new ones.

 

 

And in Thailand, you can leave your Amex card at home.