Financial Matters in Thailand – Focusing on Koh Phangan

What is the name of the currency used in Thailand?

The name of the currency used in Thailand is baht (THB). Using this site, you will be able to find the exchange rate of bath to other major currencies.

Koh Phangan – financial matters

Koh Phangan offers every tourist, equipped with, either a credit card, foreign currency or traveler checks- plenty of places to get cash, especially in Thongsala and Haad Rin. In my opinion, when it comes to money issues - your first choice should be using your traveler checks. Most bungalows, including relatively expensive ones, have no safes but lockers, commonly located in the main office of the resort, and traveler checks are the only method of payment that can be recovered if either lost or stolen.

Bear in mind, that theft is highly uncommon in Koh Phangan. Even in Bangkok – the city that is far from being as calm and serene as Koh Phangan is – I had the opportunity to experience firsthand what Thai honesty really is. One hour after I’ve arrived in Bangkok, I tried calling overseas using my credit card, as I was waiting to my order in one of the airport’s restaurants. I’m not so gifted, apparently, because my call failed again and again. Completely frustrated, I went back to the restaurant. Suddenly, I felt somebody was running after me. I was right; it was an old cleaning lady who picked up my handbag with the credit cards and cash in it. Although the amount of cash in the handbag was huge compare to her salary – she had put a big effort on finding me in the huge crowd only to return my loss. Thanks to her, my magical vacation in Koh Phangan was carried out with ease.

Even so, I think that no matter how honest our hosts are – there are always reasons to be cautious. In Koh Phangan, the closer you get to the time when a full moon party takes place – the more crowded the island is and all its resorts, especially these in Haad Rin. You can’t trust everybody. So if you prefer credit cards and cash to traveler checks –at least use a locker.

If you have a foreign currency – in Thongsala and Haad Rin you’ll find the best selection of exchange points, offering both Internet and telephone services. The exchange rates are supposed to be similar – however, after a detailed comparison you will be able find out the small differences between them. It happened to me only once – but I’m not sure if I actually tried hard enough.

If you’re using your credit card to withdraw cash – just remember that you pay commission to your bank for each withdrawal. To minimize your amount of withdrawals you should plan your expenses ahead. You may also find the following link useful for you.