Thailand

VAT Refund and Money Exchange in Thailand

Let’s talk about money now! Haha, it’s not going to be the big topic like what you think. We are just going to cover some money related points here, which is enough for you to travel peacefully and conveniently in Thailand. Maybe this can save you some money too!  :-)

VAT Refund

vat refund signAs a tourist, you don’t have the responsibility to pay for VAT when you are shopping in Thailand. If you go to places like MBK, Central World, Siam Paragon in Bangkok where there are VAT refund sign (see the image on the right), make sure to keep your receipts in order to claim the refund.

Here are 3 easy steps to claim your refund. (Courtesy of Thai VAT Refund for Tourists Office)

1. Shopping

  • Shop at the store displaying VAT refund sign.
  • Spend at least 2000 baht (VAT included) per person per store in one day to be qualified for VAT refund.
  • Ask for Form P.P.10 and original receipts at the store on the purchase date.

2. Customs Procedure

  • Show your purchases (P.P.10 Form, original tax invoices and purchased goods) at the Customs Office before loading your luggage at the international airports (BKK, MBK, Chiang Mai, Phuket, Hat yai, U-tapao, Krabi and Samui).

3. Refunding

  • Submit Form P.P.10 and all original receipts to claim your refund at the VAT Refund for Tourists Office after the passport control at the airport.
  • Luxury goods such as jewelry, gold ornaments, watches, glasses and pens with value of 10,000 baht or more per item must be shown once again at the VAT Refund for Tourists Office.
  • Processing fee is 100 baht plus other fees. (If the refund amount exceeds 30,000 baht, the payment is made in form of draft or credit card account).

P.S. If you are in a hurry, after all inspections have been made by the Customs and Revenue officers, you may either drop your P.P.10 Form and original tax invoices into the box located in front of the VAT Refund for Tourist Office or mail them to:

VAT Refund for Tourists Office

The Revenue Department of Thailand

90 Phaholyothin 7, Phayathai, Bangkok 10400, Thailand

VAT Refund for Tourists Office in Phuket International Airport

VAT Refund for Tourists Office

Money Exchange In Thailand 

In terms of money, the best way to travel to Thailand is to bring enough cash, either your home country currency or Thai baht because -

  1. Exchanging money in Thailand is very easy either through a bank or a FOREX (FOReign EXchange) booth which is very common in Thailand;
  2. No fees will occur when you exchange your home country currency into Thai baht;
  3. You might get a better exchange rate in Thailand than buying baht in your own country;

When exchanging currencies in Thailand, please note that try NOT to do it through Krungsri Bank Exchange booth because the exchange rate they offer is usually very POOR. For example, we went to check out the exchange rate at Siam Commercial Bank Exchange booth and Krungsri Bank exchange booth on the same day and here’s the difference -

  • RMB vs THB at Krungri – 4.3
  • RMB vs THB at Siam Commercial – 4.49

Of course we went for the latter one. (They have all the major currencies listed on the rate board without RMB but they do accept RMBs, thank god!)

When you go exchange money in Thailand, make sure that your home country bills are in good condition. They don’t accept old bills. I know it’s hard to define ‘old’. Let’s say no excessive marks on the bills, no torn or ripped bills and no damaged bills.

Money exchange

However, bringing too much cash is definitely risky, so be careful about it. You can also withdraw money easily from ATMs. It’s safer than having too much cash while on a trip.

ATMs in Thailand

ATMs are located everywhere in Thailand. Withdrawing money from an ATM in Thailand is fairly convenient. Make sure your bank allows you to withdraw other countries currency.

Most banks in Thailand charge 150 baht fee per withdrawal except for AEON ATMs. Also note that your home bank might also charge you a relative fee. AEON seems to be the only bank in Thailand which doesn’t charge any withdrawal service fee but AEON AMTs are not easy to find.

Pay Respect to Thai Currency

When in Rome do as the Romans do! When in Thailand, please be respectful when handling Thai currency. Keep in mind that -

  • DO NOT tear, burn or deface a note or coin.
  • DO NOT EVER step on a coin to stop it from rolling away.
  • DO NOT throw a note or coin in anger towards another person.
  • DO NOT step on a Thai bill to stop it from blowing away.

These acts would consider disrespectful to the Thai royal family because all Thai currency including bills and coins have a portraits of the King or a royal family member.

One last thing we would like to remind you is that all major credit cards are generally accepted in Thailand but most vendors on these small islands don’t.

Okie Dokie! Got money handled? You are good to go!

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