Thailand Travel Money - Best Options for Kiwis 2024
Our guide outlines everything you need to know about spending money in Thailand, specifically cash vs debit and credit cards vs travel money cards.
Updated 21 August 2024
Summary:
Our guide explains everything you need to know to make travelling in Thailand a cost-effective experience. We cover:
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Related guide: The Best Travel Money Cards
Video Overview: In the video below, MoneyHub Founder outlines our guide to best explain must-know facts and how to avoid the traps of forex when you're in Thailand:
- Thailand is a popular holiday destination with New Zealanders, but the cost of visiting can be high despite the seemingly cheap hotels. This is because food, activities, shopping and transport all add up.
- Most Thais, unlike New Zealand, pay by cash, but in areas with tourists many businesses big and small accept cards. However, street food and markets are almost always cash-only, so you'll need Thai Baht notes to move around Thailand.
- The official currency of Thailand is the Thai Baht, often represented as THB or with the "฿" symbol locally. Over the past few years, the exchange rate for NZD to THB has seen some fluctuations, but on average, 1 NZD hovers between 20 and 23 THB. As the NZD weakens, a stop or visit in Thailand gets more expensive, and vice versa.
- Most New Zealanders will pre-book and/or prepay hotels, but on-the-ground costs can be a lot more than prepaid costs. For this reason, having the most economical and convenient payment method for Thailand makes every New Zealand dollar go further.
- Overall, you'll need cash and card - but how you arrange this will impact what fees you pay and how far your NZD goes.
Our guide explains everything you need to know to make travelling in Thailand a cost-effective experience. We cover:
- Option 1 - Using Cash in Thailand
- Option 2 - Using NZ-Issued Debit and Credit Cards in Thailand
- Option 3 - Using Travel Money Cards (Including the Wise Debit Card) in Thailand
- Must-Know Facts for Using Money in Thailand
- NZD to THB Conversion and Spending THB - Frequently Asked Questions
- Our Conclusion
Advertising disclosure: We may receive a payment if you sign up for a card via MoneyHub - please read our advertising policy for more details.
Related guide: The Best Travel Money Cards
Video Overview: In the video below, MoneyHub Founder outlines our guide to best explain must-know facts and how to avoid the traps of forex when you're in Thailand:
Our Top-Rated Travel Money Card - The Wise Debit Card
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Option 1 - Using Cash in Thailand
If you want physical Thai Baht notes before leaving New Zealand for Thailand, you have a couple of options:
Getting Thai Baht Cash from an NZ Bank: Most NZ banks have stopped offering FX cash services; Westpac is currently the only provider, but you'll need to be an existing Westpac customer to swap NZD for THB notes. The rate tends to be close to the spot/market rate, but there's no gaurantee Westpac will have Thai Baht in stock to sell to you.
Getting Thai Baht Cash from a Beaurau de Change/Forex Booth:
The primary operators are travel money booths like Travelex and No1 Currency. However, the FX rates are well below mid-market rates per our video research summary below, meaning you'll get less THB for your NZD than you otherwise would if you used Westpac's services or withdrew THB from an ATM once you're in Thailand. Our estimate is the Travelex and No1 Currency rates are about 5% lower - a difference that adds up.
Getting Thai Baht Cash When You Arrive in Bangkok, Phuket, Ko Samui or any other Thai airport:
If you want to have physical Thai Baht on hand for your arrival, there are ATMs in the arrivals areas and arrival concourses of all Thai international airports. The ATM fee you'll pay to withdraw money depends on your bank; for example, Kiwibank will charge NZ$6 while ANZ is free. However, almost every Thai ATM charges THB 200 (around NZ$10) to make a cash withdrawal using a non-Thai card, no matter how much. ATM fee(s) will be deducted from your bank account when you withdraw. The maximum ATM withdrawl is, for most banks, THB 20,000 (around NZ$1,000). This means, given the THB 200 fee per ATM withdrawal, you may want to find an ATM that lets you take out 20,000 THB if you're planning to stay for a while (and/or prefer having a stack of notes).
Our View: We've found that the FX rates at Forex booths aren't as favourable as those offered by Westpac (for THB and other currencies), but Westpac doesn't always have the currency you need in stock. Furthermore, Westpac's THB rates aren't as good as those from Wise. In practical terms, if you use Wise to withdraw money from an ATM in Thailand, you'll get an extra THB 20 to THB 100 (around NZ$1 to NZ$5) for every NZ$100 you take out (compared to changing it with the FX booths), thanks to Wise's superior rates and lower fees.
Bonus: The Wise Debit Card offers withdrawals of up to NZ$350 per month without charging a transaction fee, meaning you can withdraw up to around THB 7,000 in cash without paying FX transaction fees (after NZ$350, it's a flat 1.75% fee).
Know This: If you make a one-off withdrawal of say, the equivalent of NZ$1,000 while outside of New Zealand, Wise will charge you fees on the $650, whereas the first $350 per month is free.
Getting Thai Baht Cash from an NZ Bank: Most NZ banks have stopped offering FX cash services; Westpac is currently the only provider, but you'll need to be an existing Westpac customer to swap NZD for THB notes. The rate tends to be close to the spot/market rate, but there's no gaurantee Westpac will have Thai Baht in stock to sell to you.
Getting Thai Baht Cash from a Beaurau de Change/Forex Booth:
The primary operators are travel money booths like Travelex and No1 Currency. However, the FX rates are well below mid-market rates per our video research summary below, meaning you'll get less THB for your NZD than you otherwise would if you used Westpac's services or withdrew THB from an ATM once you're in Thailand. Our estimate is the Travelex and No1 Currency rates are about 5% lower - a difference that adds up.
Getting Thai Baht Cash When You Arrive in Bangkok, Phuket, Ko Samui or any other Thai airport:
If you want to have physical Thai Baht on hand for your arrival, there are ATMs in the arrivals areas and arrival concourses of all Thai international airports. The ATM fee you'll pay to withdraw money depends on your bank; for example, Kiwibank will charge NZ$6 while ANZ is free. However, almost every Thai ATM charges THB 200 (around NZ$10) to make a cash withdrawal using a non-Thai card, no matter how much. ATM fee(s) will be deducted from your bank account when you withdraw. The maximum ATM withdrawl is, for most banks, THB 20,000 (around NZ$1,000). This means, given the THB 200 fee per ATM withdrawal, you may want to find an ATM that lets you take out 20,000 THB if you're planning to stay for a while (and/or prefer having a stack of notes).
Our View: We've found that the FX rates at Forex booths aren't as favourable as those offered by Westpac (for THB and other currencies), but Westpac doesn't always have the currency you need in stock. Furthermore, Westpac's THB rates aren't as good as those from Wise. In practical terms, if you use Wise to withdraw money from an ATM in Thailand, you'll get an extra THB 20 to THB 100 (around NZ$1 to NZ$5) for every NZ$100 you take out (compared to changing it with the FX booths), thanks to Wise's superior rates and lower fees.
Bonus: The Wise Debit Card offers withdrawals of up to NZ$350 per month without charging a transaction fee, meaning you can withdraw up to around THB 7,000 in cash without paying FX transaction fees (after NZ$350, it's a flat 1.75% fee).
Know This: If you make a one-off withdrawal of say, the equivalent of NZ$1,000 while outside of New Zealand, Wise will charge you fees on the $650, whereas the first $350 per month is free.
Using Thai Baht Cash - Pros and Cons
Pros:
Cons:
- Universal Acceptance: Cash is always king and Thailand, unlike neighbours such as Singapore and Hong Kong, Thailand still relies heavily on cash to pay restaurants, taxis, tuk tuks, buses, some trains and other essentials. Having cash is essential in Thailand.
- Immediate Transactions: There's no risk of card machine issues, declined transactions or fraud on your card.
Cons:
- Safety Concerns: Carrying large amounts poses a risk, especially in crowded areas. However, you can always leave a portion of Thai Baht in a hotel room safe or keep it somewhere secure on you.
- Airport Exchange Woes: While convenient, exchanging NZD to Thai Baht at a New Zealand airport (or en route e.g. Sydney, Hong Kong, Singapore or China etc) can be costly if you use a high-fee debit card at an ATM or get a bad rate at the Forex kiosk. This is because rates are often marked up, and there might be hidden commission fees, reducing the amount of Thai Baht you receive for every NZD you change. This is why we suggest waiting until you get to Thailand to change any NZD to Thai Baht unless you can get a comfortable amount from Westpac in advance.
If I have spare Thai Baht on the last day I'm in Thailand, what should I do with them?
- Spare notes and coins have a habit of gathering dust back in New Zealand, and it may be some time before you visit Thailand again. The best way to avoid having leftover currency is to spend the notes and coins on your last day; many people make a part payment alongside their card to settle a final bill, for example a lunch or dinner, before they fly out. Or you can put the cash towards the hotel bill if you're settling the bill at the end of your stay.
- You can convert them back to NZD at most Thai banks, Bangkok's two airports, Phuket airport or when you return to New Zealand. The THB/NZD rate isn't likely to be market-leading at an FX kiosk. However, having NZD you can spend is more useful than Thai Baht notes that sit there, so it's a cost worth incurring.
- Lastly, if you know someone visiting Thailand in the future, giving the the Thai Baht notes and coins makes for a nice present they'll appreciate.
Option 2 - Using NZ-Issued Debit and Credit Cards in Thailand
Many New Zealanders will use a debit and/or credit card when in Thailand.
What Do New Zealand Banks Charge for Card Use? Most banks impose foreign transaction fees ranging from 0% to 3.5% of the total transaction amount. This fee is atop the exchange rate margin the bank adds to the daily exchange rate. Thai banks almost always charge a flat fee for using a Thai ATM to make a withdrawal - it's likely to be THB 200 (around NZ$10).
For example, if you're using an ANZ Visa Debit or credit card, you'd typically incur a fee of 1.30% of the transaction amount when you make a purchase overseas per the ANZ's website while Kiwbank's debit cards will charge you 2.50%. The Co-operative Bank goes higher with a 2.60% fee. If you withdraw from an ATM, you will usually pay an additional overseas ATM fee to your bank, as well as the 200 Thai Baht charge.
More details: Detailed bank charges are in our Debit and Credit Cards FX Fee comparison.
What Do New Zealand Banks Charge for Card Use? Most banks impose foreign transaction fees ranging from 0% to 3.5% of the total transaction amount. This fee is atop the exchange rate margin the bank adds to the daily exchange rate. Thai banks almost always charge a flat fee for using a Thai ATM to make a withdrawal - it's likely to be THB 200 (around NZ$10).
For example, if you're using an ANZ Visa Debit or credit card, you'd typically incur a fee of 1.30% of the transaction amount when you make a purchase overseas per the ANZ's website while Kiwbank's debit cards will charge you 2.50%. The Co-operative Bank goes higher with a 2.60% fee. If you withdraw from an ATM, you will usually pay an additional overseas ATM fee to your bank, as well as the 200 Thai Baht charge.
More details: Detailed bank charges are in our Debit and Credit Cards FX Fee comparison.
Using NZ Bank Cards - Pros and Cons
Pros:
Cons:
Our View:
Related guide: The Best Travel Money Cards
- Convenience: Your NZ debit or credit card (and travel money card) is versatile and widely accepted in established Thai businesses. Whether shopping, paying for hotel stays, or dining out, the card covers you.
- Tracking: One underrated advantage is the ability to track your expenses. With mobile banking apps, you can keep tabs on your spending, set budgets, and even receive instant transaction alerts. Thailand is cheaper than New Zealand but keeping track of your spending is essential.
Cons:
- Unpleasant Surprises: The cost of convenience can be high, and what NZ banks charge their customers to use a card overseas varies. The combined effect of foreign transaction fees and the bank's exchange rate margin can result in you paying significantly more than expected. Make sure you know the fees you'll be charged by reading your bank's website - our summary of overseas debit and credit card fees explains more.
- Dynamic Currency Conversion (DCC) Pitfalls: Sometimes you are offered to pay in NZD instead of THB at card terminals in Thailand. It might seem tempting to accept the NZD amount, but this service, called DCC, will almost always result in higher costs as the provider takes a margin, and the exchange rates used are often less favourable, and there might be hidden fees as well. When you agree to pay in THB, you'll always get the bank or travel money card's best FX rate.
- Potential Card Issues: There's always a risk of your card being declined, skimmed, or even captured by ATMs. While these issues are rare and Thailand is a safe and largely secure country, a backup card is a good idea as fraud does exist.
Our View:
- While using a New Zealand bank debit or credit card in Thailand offers undeniable convenience, too many New Zealanders pay far too much in bank fees.
- It's not unreasonable to spend around NZ$1,000 for a 7 day trip in Thailand by the time you add in hotels, eating and experiences. Paying $25+ in bank fees and getting poor-value NZD/THB rates during the week is best avoided. Some banks are fair, but many fee-gauge and charge you a small (but still hefty) percentage on every time your card is used. We don't think paying the bank 2.50%+ on every dollar you spend is a good use of money.
- Please double-check the fees associated with your specific bank and consider alternative options like travel-specific or multi-currency cards that offer better rates and fewer fees.
Related guide: The Best Travel Money Cards
Option 3 - Using Travel Money Cards (Including the Wise Debit Card) in Thailand
Know This First: Our review and comparison of travel money cards confirms Wise as the best option, with no card a close second. This includes options from Travelex, OneSmart and Cash Passport. For this reason, we've focused on Wise for this section to explain what you need to know.
Getting Familiar with the Wise Debit Card Usage in Thailand
Wise offers a travel money card that lets you have multiple currency wallets and comes with a physical and digital debit card. This includes the Thai Baht, meaning you can buy THB in advance and store it in a THB digital wallet. If you prefer to load NZD rather than lock in an THB forex rate, you can do that too. This means when you spend in THB, transactions are converted into NZD and deducted from your balance at the forex rate at the time of purchase.
Our View: If you're only in Thai Baht for a short time and will be travelling in other parts of Asia etc, it's popular to keep an NZD balance on Wise. This way, you avoid locking in an exchange rate and don't need to exchange unspent Thai Baht back into NZD or any other currency.
What Does Wise Charge for Card Use? Wise prides itself on transparent fees and real exchange rates. They charge a small conversion fee (around 0.65%) when you convert your money to THB, which is typically much lower than traditional banks, with the additional benefit of leading FX rates.
ATM withdrawals are free up to a certain limit (NZ$350 per month), after which a 1.75% fee is applied. However, if you make a one-off withdrawal of say, the equivalent of NZ$1,000 while outside of New Zealand, Wise will charge you fees on the $650, whereas the first $350 per month is free.
Getting Familiar with the Wise Debit Card Usage in Thailand
Wise offers a travel money card that lets you have multiple currency wallets and comes with a physical and digital debit card. This includes the Thai Baht, meaning you can buy THB in advance and store it in a THB digital wallet. If you prefer to load NZD rather than lock in an THB forex rate, you can do that too. This means when you spend in THB, transactions are converted into NZD and deducted from your balance at the forex rate at the time of purchase.
Our View: If you're only in Thai Baht for a short time and will be travelling in other parts of Asia etc, it's popular to keep an NZD balance on Wise. This way, you avoid locking in an exchange rate and don't need to exchange unspent Thai Baht back into NZD or any other currency.
What Does Wise Charge for Card Use? Wise prides itself on transparent fees and real exchange rates. They charge a small conversion fee (around 0.65%) when you convert your money to THB, which is typically much lower than traditional banks, with the additional benefit of leading FX rates.
ATM withdrawals are free up to a certain limit (NZ$350 per month), after which a 1.75% fee is applied. However, if you make a one-off withdrawal of say, the equivalent of NZ$1,000 while outside of New Zealand, Wise will charge you fees on the $650, whereas the first $350 per month is free.
Using the Wise Debit Card - Pros and Cons
Pros:
Cons:
Our View: The Wise debit card, with its transparent fee structure and competitive exchange rates, is a value-delivering choice for many travellers in Thailand. Combining the card with some cash will ensure you're prepared for all situations, and with zero FX fees on withdrawals up to NZ$350 per month (around 7,000 Thai Baht), the card delivers on value.
Related guide: The Best Travel Money Cards
- Acceptance: You can use a Wise card anywhere Visa or Mastercard are accepted (which is almost everywhere in Thailand that's not on the street or in a market)
- Competitive Rates: Wise uses the real exchange rate (the one you see on Google) and thus avoids the typical markup that banks add.
- Multi-currency: The Wise borderless account lets you hold and manage money in multiple currencies (including Thai Baht), which can be extremely useful when travelling to more than just Thailand.
- Transparent Fees: You always know what you're being charged, with no hidden costs.
- Instant Notifications: The Wise app notifies you immediately after every transaction, helping you keep track of your spending.
Cons:
- ATM Withdrawal Limit: While they offer free ATM withdrawals, it's only up to a certain limit. Beyond that, there's a 1.75% fee.
- Not a Credit Card: The Wise card is a debit card, meaning you can't spend money you don't have - we argue this is also a positive feature to avoid holiday debt.
Our View: The Wise debit card, with its transparent fee structure and competitive exchange rates, is a value-delivering choice for many travellers in Thailand. Combining the card with some cash will ensure you're prepared for all situations, and with zero FX fees on withdrawals up to NZ$350 per month (around 7,000 Thai Baht), the card delivers on value.
Related guide: The Best Travel Money Cards
Our Top-Rated Travel Money Card - The Wise Debit Card
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Must-Know Tips for Using Money in Thailand
Guard Your Money and Financial Information
Thailand is very safe and has a very low crime rate thanks to strict laws that are enforced. That being said, it's always good to be careful - we suggest avoiding keeping all your money and cards in one place. Hotel safes or other secure spots can be useful for storing backups.
Consider Mobile Payment Options
Bangkok and other tourist cities have adopted mobile payment systems like Apple Pay and Google Pay in certain places (usually hotels, malls and upscale restaurants). These options can be convenient, especially if linked to a card like the Wise Debit Card.
Keep Track of What You Spend
It's easy to lose track of spending, and while Thailand can be cheap when compared to New Zealand, costs can add up. To avoid this, we suggest an app like Wise, which gives you instant payment notifications (when you're on WIFI or data), which helps you stay aware of your spending when you're paying by card.
NZD to THB Conversion and Spending THB - Frequently Asked Questions
How does the NZD usually fare against the THB?
The NZD-THB exchange rate can fluctuate based on economic factors. Since 2020, 1 NZD has been worth between 21 and 23 THB; you can check the live rate here.
Can I use my travel money card, NZ debit card or credit card everywhere in Thailand?
Yes, but for street food, informal establishments and markets, cash is king. For everything else, established Thai businesses widely accept card payments, alongside Apple Pay, Google Pay and cash.
Is Thailand expensive for NZ tourists?
No - hotels are cheap, as is food and transport, helping to control costs. For this reason it's a favourite year-round destination for New Zealanders.
What's the best way to get the most THB for my NZD?
If you're using a card, services like Wise can offer better exchange rates than traditional banks or airport exchange counters. The rates are better, the fees are lower, and there's an app to track all spending so you know exactly what you paid for something. For cash, we suggest bringing NZD notes and changing them in Thailand while being aware of the NZD:THB FX rate so you can get the best deal.
Our Conclusion
For New Zealanders travelling to Thailand, saving on FX fees and bad rates is essential. While the exchange rate does see some movement, on average, one NZ dollar generally converts to between 20 and 23 THB throughout the year.
In terms of accessing THB:
Our View: You'll need both cash and card for Thailand. To make every dollar go further, we suggest considering the Wise Debit Card as your primary spending tool, ensuring you get great rates and minimal fees. However, you may also want to bring a wallet of NZD 20 notes, as you can change those in banks (you'll need to show a passport as a proof of ID). If you want to withdraw cash, Wise allows up to around THB 7,000 a month free of fees.
In terms of accessing THB:
- Cash: Cash is arguably king on the streets of Thailand, but you won't be able to buy it at a decent rate in New Zealand before you go. If you see forex kiosks at the airport selling Thailand Baht, the rates will almost certainly be terrible. We suggest taking NZD notes - 20 NZD are suitable (not too big, not too small). You can then change them at selected Thai banks at a market rate. You can also change them in Thailand at forex kiosks - but check the rate first. To compliment this, we suggrst considering the Wise Debit Card which is particularly advantageous, providing superior rates and allowing free withdrawals of up to NZ$350 monthly (around THB 7,000).
- NZ Bank Cards: These cards provide the advantage of universal acceptance in Thailand wherever there's an ATM or card is an accepted form of payment. However, using them can invite a combination of fees - from foreign transaction fees to exchange rate margins and Thai ATM charges (usually around 200 THB or around NZ$10 per withdrawal).
- Wise Debit Card: The Wise Debit Card presents itself as a clear, multi-currency solution with competitive exchange rates and minimal fees. And, for anyone who wants cash, travellers can withdraw up to NZ$350 per month without incurring FX conversion fees.
Our View: You'll need both cash and card for Thailand. To make every dollar go further, we suggest considering the Wise Debit Card as your primary spending tool, ensuring you get great rates and minimal fees. However, you may also want to bring a wallet of NZD 20 notes, as you can change those in banks (you'll need to show a passport as a proof of ID). If you want to withdraw cash, Wise allows up to around THB 7,000 a month free of fees.
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- Wise Debit Card vs Cash Passport Travel Money Card
- Wise Debit Card vs Air New Zealand OneSmart Travel Money Card
- Wise Debit Card Review
- Foreign Currency Debit and Credit Card Fees
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