How to access your money in Chiang Mai.....

Thailand is mainly a cash society. Most everyday transactions are done in cash and there are ATM machines everywhere. Most International credit cards such as Visa and Mastercard, plus most debit cards can be used here, whether on a Thai or a foreign Bank. Although you have to pay bank charges I've found that the exchange rate for these transactions is usually favourable. However, it's not wise to change your money into Thai baht at your home bank before you travel here. You'll always get a better rate here in Thailand. For up-to-date exchange rates from the Bank of Thailand, click this link.
Rates are updated every hour by The Bank of Thailand.

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These days it's fairly easy to open a bank account in Thailand. If you're planning any major expenditure, it's best to open a Sterling or Dollar account here and transfer the funds in your home currency. You can the use the local exchange rates to your advantage when eventually converting to Baht. You'll have to swallow the bank charges so it's best to transfer in as large amounts as possible to ameliorate these.

Of course for us, the cost of living is very low compared to the West, so your pound, euro or dollar goes a lot further than at home. The one drawback is the cost of wine, which is freely available but expensive. Beer is fairly cheap, especially that brewed in Thailand and the Thais also love to drink Scotch which is readily available everywhere.

If you're a retiree as I am and you're planning to draw your pension here, you'll find that the British government and others have no arrangement for direct credit with Thai banks. The Pension Service will send you a cheque of course, which takes a month to clear the Thai banking system, so I've found the best way is to have it credited to my UK bank account and draw it via ATM here when I need it.

Outside the city, in the foothills you'll find some of the best resorts in Thailand. From health spas to places where you can ride elephants, a huge choice awaits.

Of course, the exchange rates affect us a lot..

We're always in thrall to the exchange rate of course and at the moment

You can buy gold easily here and I suspect it may be a good hedge against currency speculation. The Thais buy it all the time and hoard it against 'a rainy day'.

they're really bad. They have actually declined by about 28% since we arrived here in 2004, but we can still live comfortably as long as we don't go spending mad.

The Thai baht has remained remarkably strong during that period and I suspect that speculation in that currency is not heavy enough to affect it in relation to the dollar and pound sterling.

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