Banking and Money in Thailand: A Foreigner's Guide

I've banked in Thailand for over 20 years, and it has changed a lot recently. Here's what you need to know.

Can a foreigner open a Thai bank account?

Yes, but it's much harder than it used to be. Not long ago you could open an account as a tourist. Since the crackdown on scam centres in Thailand and its neighbours, banks have become far stricter.

Now you basically have to prove you live here and aren't a tourist: for example, a long lease with a certificate of residence, or a work permit. Even then, it's at the bank's discretion, and the rules differ from bank to bank.

Which bank should you try?

Bangkok Bank used to be the most foreigner-friendly, but in my recent experience it has gone the other way and is now one of the strictest. These days I'd suggest trying Kasikorn Bank (KBank) first.

How do you get money from home?

Wise used to be the cheapest way by far, and it's still a good option. But high street banks have become much more reasonable, so you can now send an international transfer straight from a UK bank such as Barclays or NatWest. You just need the Thai bank's SWIFT code.

The fee is usually small. Where they make their money is the exchange rate, so always check the rate you're being offered.

If you're a long-term resident bringing income in, check with a tax adviser whether any of it is taxable here.

What catches people out?

Transfer limits. Over the past year or so, banks have put limits on transfers and added face-scan checks for bigger amounts. Mine is ฿50,000 per transaction, up to ฿200,000 a day, which is fine for most people.

The catch is raising it. You used to be able to request a higher limit in the app and it was almost instant. Now you have to go into a branch in person for a face and ID check.

Card, app or cash?

If you can open an account, get a Thai debit card. It only costs a few hundred baht a year, and it's useful for online shopping on sites like Lazada.

Day to day, though, I hardly use my card. Almost everywhere, from restaurants to taxis to food stalls, has a QR code. You scan it in your banking app, type in the amount, confirm, and the money goes straight across through Thailand's PromptPay system, with no fees.

My best advice

Always carry some cash. Nearly everyone accepts QR payments now, but you'll still come across places where cash is preferred, and occasionally it's the only option. I always carry at least a couple of thousand baht, just in case.

For more, read Is Pattaya Expensive?, visas in Pattaya and what I wish I'd known before moving to Thailand.