Getting Ready: Finances

Preparations for an overseas mission effort can take a lot of of advance planning in many areas, and that can include deciding how to cover expenses you encounter, what form your funds will take, and what you must be prepared to pay in addition to the usual out-of-pocket expenses one encounters in the course of travel.

The baht (บาท, symbol ฿) is the currency of the Kingdom of Thailand. In some ways, that currency is subdivided or multiplied in a way similar to the American dollar. The baht into 100 satang (สตางค์) and there are coins for 5, 10, 25 and 50 satang. There are also coins for 1, 2, 5 and 10 baht.

Beyond that number, currency consists of banknotes. There are 20, 50, 100, 500 and 1,000 baht notes. The issuance of currency is one of several responsibilities of the Bank of Thailand, formerly the Thai National Banking Bureau, which serves all central banking functions for the nation.

As is the case for currency in many nations around the world, that of Thailand bears the image of its leaders - in this case the royal family. The obverse of all coins and notes bear the likeness of His Majesty King Bhumibol Adulyadej, while the reverse is devoted to various architectural symbols of Thailand (on the coins) and past kings (on the notes).

With this in mind, Wikipedia's entry on the baht (which provides a good jump-off point in your search for more information about Thailand and its currency), offers the following note ..... "It is considered rude to put baht banknotes in a wallet that sits in the back pocket, as this allows someone to sit on the image of the King, which is considered highly disrespectful. Similarly, stepping on a baht banknote (or coin) is considered disrespectful. Some shops in Thailand, especially in rural areas, display low-denomination banknotes in front of the shop, both as a charm for wealth and out of respect for the King."

As for out-of-pocket expenses that arise in the course of our mission, each team member must decide how much of their own money they wish to carry, and in what form. There are the old stand-bys, of course, cash and travelers checks. But, in recent years, 'plastic' alternatives have become more convenient around the world, and not just in the major metropolitan areas. These include credit and/or debit cards. One team member, with recent experience on mission to Colombia, noted that an added convenience of plastic was in the ease of securing local cash from the growing number of ATM machines ..... at what turned out to be a more attractive exchange rate than was available at the country's hotels, airports or banks.

By the way, as of today, the exchange rate is 29.5 Thai bahts for 1 U.S. dollar ..... which happens to be the lowest exchange rate for the past year. With some peaks, the U.S. dollar has been in steady decline in Thailand since early last year, when it was worth 36 Thai bahts.

An item of special note for the Thai Mission Team will be a government requirement that all visitors, who are not in the country on an extended visa, to have a minimum amount of cash (between $250 and $300, US) on hand at all times. That cash can take any form (US currency, Thai currency, travelers checks, etc.), but you must have it right up to the time you leave the country.