Finally, the long-awaited road to overseas travel seems to open. I'm sure many of you are looking to travel to Thailand. Today, I will explain how to read exchange rates and how to buy Thai baht, to decide the good rates you want to buy and many ways to buy the Thai currency with Korea's.
Changes in the Thai baht exchange rate fluctuation
How much is the baht cheap and how much is expensive? Unlike foreign currencies such as dollars and yen, the Thai baht exchange rate is not easy to get a grasp. Therefore, many people may wonder if this number is to take or not. You can start by looking at the baht exchange rate over the past year. The recent year's rates are as follows.
Last year's highest exchange rate: 1 baht = KRW 37.30 (2022.3.7)
Last year's lowest exchange rate: 1 baht = 34.36 won (2021.8.5)
Highest exchange rate for the past five years: 1 baht = 40.17 won (2019.8.25)
Lowest exchange rate for the past five years: 1 baht = 32.12 won (2017.12.28)
Average value for the past year: 1 baht = KRW 35.83
Average value for the past five years: 1 baht = KRW 36.145
In general, if it is lower than the average value of the past year, the exchange rate is low, and the Thai baht is cheap. Therefore, it is advantageous to buy baht from the 35 won range.
To buy Thai Baht at Good Rate
If it is for investment or remittance purposes, it is recommended to keep an eye on the exchange rate for a relatively long period of time and then buy and collect little by little every time it falls to the annual average. However, if the purpose is to travel for a short period of time, you don't have to go that far. Also, unless you're planning to spend a lot of money in cash locally, you don't have to make a split on purpose. This is because even if it goes up from 35 won to 36, 37, and 38 won, there is a difference of about 3 won per 1 baht. Even if you buy a baht at a slightly higher price, you can save a lot more money by making a discounted deal on a hotel, flight, or restaurant reservation, so if it's a short trip, you don't have to worry too much about the exchange rate.
How to Exchange Baht with Korean Won
- Exchange Baht in Korea and take it with you
- Buy Baht with U.S. dollars or Korean money at a local currency exchanget
- Take a card that can withdraw local cash
- Travelwallnet - Travelpay, Hana Card - Use Hana Travelog Card
▶ Woori Bank is the most popular financial institution in Korea to buy baht. They say the exchange rate is the best. In the case of Woori Bank, you can use the "Exchange Pocket" on the Woori Bank app to change it when the exchange rate is good, and then pick it up at the airport or go to the branch office to claim it. Because there are not many branches where baht can be found, you must check before visiting a certain branch. Maybe it is easy to pick up the airport is that there are many things to take care of when leaving the country, and you often forget to pick up the baht and get on the plane.
▶ There is also a way to exchange money at the local currency exchange. At this time, it is more advantageous to take 100 dollar bills and 50,000 won bills for the Korean won. (They apply better rate for bigger notes) In the past, Korean travelers used to exchange US dollars in Korea and exchange them locally, but now the exchange rate is okay for 50,000 won bill. When using a local currency exchange, don't go far to find a place with a good exchange rate on purpose. The cost of exchanging money should not be much higher than the cheap exchange rate. Famous currency exchange offices in Thailand include Basu and Super Rich. You can also exchange money at a branch of a regular bank. You can use Google Maps to check where the currency exchange is near your accommodation.
▶ There is also a way to withdraw cash from the local ATM using Woori Bank's EXK card. It is important to note that the exchange rate applied when withdrawing from ATM is the exchange rate when transferring money, there is a fee for less than $300, and there is an additional fee if you use a machine from another bank, not a designated bank. Except for these points, it is convinent not to carry cash from Korea.
▶ TravelPay and Hana Card's Travellog cards made by Travel Wallet are rechargeable cards. The payment fee is 0%. You can charge it when the exchange rate is good and then go on a trip and pay locally. It is said that you can use all the places where you receive your visa card. Since it is calculated in a contactless manner, there is no fear of card duplication, there is no card payment fee, and it has the advantage of spending only within the charged amount. I think it would be a good alternative for those who don't want to carry cash and felt uncomfortable using credit cards.
▶ What if you want to reexchange the remaining baht in Korean won after the trip to Thailand? - The exchange rate to buy Won for Baht in Korea is very bad, so I recommend that you spend it up before coming back or save it for the next trip.
I think spending money on travel is one of most enjoyable things in life. But there should be smart ways to do that. I hope this post help you with your money spent in Thailand.
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