Travel 5 Ways to avoid losing your money in Thailand

[CharlieH]

 

Its amazing to find that Thailand can be affordable but if you are not careful, you may end up draining your wallet before you realise it

 

 

• Tourist restaurants, bars, and premium malls charge heavily compared to local markets and street food.
• High ATM fees, poor exchange rates, and careless money handling shrink your budget fast.
• Ignoring mobile plan renewals and overpaying for tours or taxis costs travellers far more than necessary.

 

Visiting Thailand can be surprisingly affordable, but if you’re not careful, you may find yourself slowly draining your wallet without realising it. From everyday spending habits to common tourist traps, there are several ways travellers end up losing money in Thailand unnecessarily.

 

These are five common mistakes and how you can avoid them.

 

1. Overpaying at tourist spots, high-end restaurants, bars & getting scammed

 

If you want to eat at touristy restaurants or drink at popular bars, that’s perfectly fine; no one should feel guilty about their preferences. But relying on these spots too often can quietly drain your budget. Drinks and meals in heavily visited areas are often priced several times higher than what locals pay just a few streets away.

Popular chains and restaurants will be priced pretty heavily (imagine adding the VAT charge as well), and maybe for occasions, that should be fine. If you are looking for a good rule of thumb for what to spend on food if you are trying to save money would be between US$2 to US$10 (approximately 65 to 326 baht).

Additionally, be cautious of the occasional tourist trap or scam. Whether it’s inflated tuk-tuk rides, overpriced souvenirs, or special offers that aren’t really special, failing to negotiate can quickly add up. Learning how to politely bargain, or double-checking prices before agreeing, helps you keep more baht in your pocket.

 

2. Money exchange fees

One of the most common ways people lose money in Thailand is through money exchange fees. Airport counters and random kiosks often give the worst rates, and you’ll end up paying far more than you need to.

ATMs are convenient, but each withdrawal in Thailand usually comes with a fixed 220 baht fee, plus whatever your home bank charges. If you withdraw small amounts multiple times, those fees pile up. To avoid losing money in Thailand this way, exchange at trusted money changers in the city or withdraw larger sums less frequently.

If you are living in Thailand for a longer period of time, a suggestion would be to get a bank account from the likes of Kasikorn, Bangkok Bank, Krungthai, etc, as having a Thai bank account will allow you to store money and spend with minimal or no fees in Thailand. This also gives access to the cashless spending that is prevalent as well. Keep in mind that in order to have a bank account in Thailand, you do need a visa.

There are also rare occasions when you can use dollars in Thailand, such as large hotels, the airport, or some stores that are touristy in nature. That sounds pretty good, but you are way better off using Thai baht because the rates are better and the places where you can use dollars are a lot more limited.

However, carrying cash is not a bad alternative either. There are arguments against carrying cash in Thailand, but if you do not have a bank account, you are better off having cash on hand to avoid transfer fees or hidden costs from using a foreign card.

 

3. Shopping at high-end malls or grocery stores

Thailand has plenty of malls like Siam Paragon, Gaysorn Plaza, and supermarkets such as Tops or Villa Market. They’re convenient, and often stock expat favourite foods, but if you do your regular shopping there, you’ll definitely spend more. Imported goods, premium packaging, and high-end branding all come at a steep cost compared to local markets or smaller shops.

Mixing your shopping by buying essentials at local markets and saving malls for more special products that you want or can not find elsewhere will help keep your budget in check while still enjoying the variety Thailand offers.

 

4. Overpaying for mobile SIM plans

Another quiet way of losing money in Thailand is with mobile SIM plans. Many travellers buy the first SIM they see at the airport, often at inflated rates. Better deals are available in malls or official carrier shops.

Even after you’ve picked a plan, not paying attention to renewal terms can cost you. For example, you might enjoy a half-price package for the first year, only to have it double the next year without you realising. Checking your bill regularly and comparing plans ensures you’re not wasting money on overpriced mobile data.

Some trusted mobile SIM providers in Thailand that you can use are AIS, DTAC, and TrueMove H. Even then, it would benefit you to compare plans and constantly check the packages that you buy. Fortunately, access to unlimited plans is relatively easy.

 

5. Paying too much for tours & transport without comparing costs

 

 

Many visitors book tours directly through hotels or agencies without looking around. While convenient, these packages are often 3 to 4 times more expensive than what you’d pay a local agent or booking directly online. But that should not be a black or white choice, so it is highly suggested that you compare prices between different agencies and sites.

 

Transportation can also cause you to lose money in Thailand. Relying only on flagged-down taxis in tourist areas often means inflated fares, especially if the driver refuses to use the meter. Furthermore, using Tuk Tuks may be a quick and fun choice for transportation, but one drawback is that you are going to have to barter the price every single time. Even then, the pricing will always be inflated, so make sure to sharpen your bartering skills or avoid them generally.

Using apps like Grab or Bolt, or comparing the pricing before you book a ride before committing, ensures you get a fairer deal. The pricing may be higher on occasions, but you are less likely to fall victim to inflated prices from non-meter-using taxi drivers or scams in general.

 

By being mindful of these everyday spending habits, you can stretch your budget further without missing out on what makes Thailand so special. Simple adjustments like shopping smarter, comparing mobile and tour options, and staying alert to tourist traps let you save money for the experiences that truly matter.

 

 

  Adapted by ASEAN Now from The Thaiger 2025-08-22