The Thai Baht is the official currency of Thailand and is issued by the Bank of Thailand. It has been in circulation since 1897 and has undergone numerous changes to get where it’s at today. The Thai Baht is one of the most frequently used currencies being ranked 10th among the worlds most used currencies. As well, the Thai Baht is commonly bought in exchange for other currencies, as Thailand is a very popular tourist destination. While the Thai Baht may be one of the most frequently spent currencies in the world, it is not the most frequently traded in the foreign exchange market. However, the Thai economy has grown quite steadily, and the trading of the Thai Baht is increasing. Investors looking to trade the Thai Baht should do so with Thailand brokerages as they will accept the Thai Baht as a viable depositing currency.show more
The symbol/sign used to represent the Thai Baht can be written two different ways. The first representation is the “฿” symbol. This symbol generally precedes the value of the Thai Baht currency. Another representation of the Thai Baht is its abbreviation or code being (THB). This code typically follows the currency and is used to represent the currency for exchange rates and trading pairs on the foreign exchange market. As for the currencies denominations, it uses a decimal system with sub-units of 1/100, much like other world currencies. The frequently used banknotes are issued in ฿20, ฿50, ฿100, ฿500, and ฿1000.
The Thai Baht is used exclusively by the people of Thailand. Therefore, if you are a trader from another country other than Thailand, but wish to make deposits with Thai Baht, you will need to exchange your foreign currency. This can be done in several ways. The most convenient method is to deposit your funds directly into your online trading account to be exchanged for Thai Baht via the online brokers exchange service. However, not all online brokers have this exchange service built into their platforms, and traders will have to use a third-party exchange service. Such a method for exchanging currency into or out of Thai Baht is to use an online currency exchange. These exchanges will charge a small fee, but can easily be used with compatible bank accounts or various e-wallets.
Traders who wish to make deposits with Thai Baht have the most available deposit methods if they are from Thailand. Such methods that are available to them include direct bank transfers, bank wires, debit/credit cards, and even cheques. Traders who are from other countries that deal with other currencies can apply for a foreign currency account with various banks depending on the country. This will allow them to acquire Thai Baht for the purposes of trading.
As for traders who do not have Thai Bhat accounts, they must deposit and withdraw funds through e-wallets, digital vouchers, or prepaid credit cards. Either way, there are methods for banking with Thai Baht for everyone.