When living overseas, one popular question among expats is about how to properly manage their finances.
You will often hear these questions:
- Do I need to open an account in Thailand?
- What should I do if I can’t open an account here?
- Can I use a credit card from my home country?
In this article, we are going to guide you through popular methods that expats in Thailand use when it comes to managing their finances.
First Things First
Managing finances is a sensitive issue with many factors involved. So, there is no best method out there since each person has a different lifestyle and financial background.
Long-term Expats
For those who have been living in Thailand long-term, many expats have a bank account in Thailand and use it for doing everything related to spending and receiving money in Thailand.
Having a Thai bank account is very convenient. After you open a bank account, you can install a bank application on your phone and use it to send and receive money within Thailand.
Thailand has also become increasingly cashless. Many shops accept QR code payments which can be easily done through your bank application.
However, many long-term expats do not put all of their money in their Thai bank accounts. Instead, they still keep their home country bank account active and leave a large amount of their money there because of safety reasons.
Whenever they need funds in Thailand, they transfer money from their home country bank account to Thailand using services such as Wise.
With an overseas bank account active, they can have payments for work or investments outside Thailand sent there first. However, Thai tax residents should check the rules before remitting foreign-sourced income to Thailand, as Thailand has applied updated foreign-income remittance rules since 2024. Read more about foreign-earned income in Thailand.
Therefore, a Thai bank account is highly useful if you plan to live in Thailand long-term. It is possible to do if you have a legit visa in Thailand, although requirements can vary by bank and branch.
You can read this exclusive article on how to successfully open a bank account in Thailand for more information.
What if I can’t open a bank account in Thailand?
If you cannot open a bank account in Thailand for whatever reason, it’s still possible to live here. But things can be complicated, and also more expensive.
For your daily expenses, you can use a credit card that has no foreign transaction fee.
Popular options are Revolut for eligible residents in its supported countries and Charles Schwab for eligible US customers. Please note that you still need to pay a slight hidden exchange rate fee when using these cards.
Some people open a Wise account. It’s basically a multi-currency account that may come with a debit card, depending on where you live. You can convert currency to Thai baht and use it to pay for your daily expenses in Thailand.
For something like rent, you can also use Wise to transfer money to your landlord’s bank account directly.
For cash, you can use your home country ATM card or a Wise debit card, if available for your account, to withdraw money in Thailand.
With this method, you usually need to pay around THB220 per withdrawal to Thai banks, though the exact fee depends on the ATM operator and card, as well as an exchange rate fee if there is any.
You can also withdraw a maximum amount of THB20,000 to THB30,000 per withdrawal depending on the ATM machine. There’s also a way to avoid ATM fees in Thailand. Read this exclusive article to find out.
How About a Credit Card?
The best method is to have a Thai credit card. But it’s not for everyone since banks often require you to have:
- A work permit or other required employment/residency documents
- Salary of at least THB50,000 a month, or more depending on the bank and card
- Proof of stable employment/income in Thailand
If you don’t have that, read this exclusive article on how to get a Thai credit card without a payroll slip.
With a Thai credit card, you can:
- Automate utility payments such as water, electric, phone, and internet
- Pay locally without foreign transaction fees or exchange rate fees
- Enjoy promotions such as 0% interest and discounts on local services
A Thai credit card isn’t a must. Many expats in Thailand don’t have one even though they may have been living here for many years.
What they do is use a credit card from their home country. Or just use a Wise debit card instead.
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