Above: A couple of PromptPay QR codes.
International QR Pay
Travel in Thailand has become so much easier money-wise now that the Malaysian Duitnow (QR Scan and Pay) has been expanded internationally to neighbouring countries.
In the case of Thailand, it is particularly godsent because:
- Banks here charge a hefty THB200 (NZD9) per cash withdrawal (in addition to any New Zealand bank’s fee, which is fortunately free for me). Fortunately, I hear the withdrawal limit is high at around THB20000 (NZD915) but it’s hard to gauge one’s requirements accurately.
- Credit/debit card acceptance isn’t widespread and where accepted is subject to about 3% surcharge.
- Currency conversion margin using QR pay appears lower than by card. Further comparison below. It avoids the monopoly of Visa, Mastercard and American Express.
Rant about New Zealand’s antiquated banking
The international QR pay builds on the Malaysian domestic interbank instant QR code transfer system (introduced in 2018) which New Zealand still lacks.
Interbank transfers in New Zealand only expanded from 5 days a week to 7 days in early 2023, and it’s still not instant (takes up to 2 hours).
Businesses in New Zealand that wish to accept instant electronic payments must still rent card payment terminals rather than printing a simple QR code for instant receipt of funds. Very 1980s.
Exchange comparison
I have three accounts that support international QR Pay. Maybank and Touch n Go appear to charge a 1% margin whereas BigPay was 1.5%.
My New Zealand Visa debit card charges 1.3%, Mastercard credit card 1.95% and American Express 2.5%.
And let’s not forget the retailer’s card surcharge of 3% here.
Summary of money tips in Thailand
Cash is still king in Thailand and Malaysia!
- I would change Ringgit to Baht and the small money changers in Malaysia before coming to Thailand. They are typically Indian Muslim in Malaysia. Their rates have roughly a 1% margin compared to ridiculously bad rates at airports and branded exchanges.
- Avoid the ATM withdrawals if possible due to the high fees on the Thai side, and where necessary get one large withdrawal.
- Avoid credit card payments where there is a hefty surcharge.
- Use QR Pay to conserve cash.
Notes
PromptPay is the Thai equivalent of Duitnow, the national standard QR code, as opposed to the individual bank’s QR code which will hopefully get phased out.
International scan-and-pay to individuals are not permitted and limited to businesses. So, payments to some street hawkers may not work whereas shops and restaurants are fine.