Thai Currency and Banking: Managing Your Finances as an Expat | Money in Thailand
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- Опубликовано: 30 сен 2024
- In this video, we explore the world of Thai currency and banking for expats living in Thailand. From understanding the Thai baht and the idea of opening a bank account. Stay financially secure while living abroad. Whether you're new to Thailand or a seasoned expat, this video will provide you with valuable insights on your finances in the Land of Smiles.
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As a Thai and American citizen, I have a Singapore bank that has branches all over Thailand and two branches in America (Los Angeles and New York City, where I opened the account), UOB. It’s convenient and has FDIC insurance of $250,000. Also Capital One debit cards carry no foreign transaction fee.
Great video spot on advice. Exactly what I have been doing here for 6+ years. Bangkok bank was too hard for me, they wanted so much information I simply couldn't provide them (because I didnt have access to that). Krungsi took 25 minutes and did it all with a passport and proof of address. Very simple process for me
I had the exact same issue in Bangkok. Was in the mall, Bangkok Bank wanted a letter from my embassy 🤔, I left, went "next door" to K-Bank and had my account and ATM card in 20 minutes 😊
I am sure the 7/11 people people changing their money like this!!! The Thailand game is, "break down and collect Thai money"!!!
Use foreign banks Singapore Dubai Tokyo, credit unions and security accounts.
Going through your videos after stumbling across your channel. You guys are absolutely awesome with the knowledge you're graciously sharing. Very impressed with your channel.
Thank you very much for the kind words! I hope they are of some value to you. :-) 🇹🇭❤️🙏👍
What’s about Charles Schwab bank no transaction fee if ATM charges you they will refund back to you rates exchange very good
Yes, Charles Schwab does refund the ATM fees back to your account. Thanks for mentioning them, they are a good debit card to have for the ATM’s. 🇹🇭😊
Bruh. Charles schabb is free withdrawals internationally
I love the colors of the Thai currency. But having bills of different sizes drives me crazy. Probably because I fold my money in half and it is difficult for us old folks to handle.
Another good vid. Waiting for E-Visa to leave at the end of the month. Still haven't figured out the change of address on the passport but hoping the virtual option will be satisfactory. P.S. I think that the Charles Schwab debit card pays back your transaction fees at the end of the month.
Thanks for watching ! Hope you get everything sorted out for a smooth trip over here. Yes, you are correct. Charles Schwab debit card does pay back the ATM transaction fees which is great.😊🇹🇭
can I transfer back "ALL" the money in Thai's bank account back to USA Bank account anytime? and what is the fee? Thanks!!
I have never personally transferred money 'out' of Thailand so I don't know what the fees are & I know Wise only works to transfer money FROM Thailand to certain countries, the USA is not currently one of them. There are other ways to go about it I am sure like wire transfers,etc.
There is JP Morgan chase bank in Bangkok.
Seems like Bitcoin would be a useful way of transferring money from the US to Thailand. I don’t expect anyone accepts it as currency there but are there exchanges that let you cash out to Thai banks?
I have no idea. Not familiar with it.
Hi Tony. Just like to mention when giving a 100 baht over be sure it’s not a 1000 very similar in the dark to make this mistake especially in a taxi .speaking from experience 😂😂 .love your channel 👍
Good point!
What US banks are actually in Thailand that would be easy to access money from
Or the best app for transferring money out of the US into a Thailand bank
We use the Wise app and transfer money out of our US bank account into our Thai account. The fees are not too bad and it’s been a very reliable way for us to get money into our Thai bank account.
while the content is not original, you really do a MUCH better job with your great delivery. I'd like see you interview the Elite Visa broker lady who lives in Chang Mai if you're looking for ideas.
Is that the business name?
Practical info, thanks. I just leave a message each time because I imagine it helps your ranking, so I hope that is correct. BTW, I hope in about two weeks to launch my own RUclips channel, which will include some Chiang Mai stuff as I spend some time there. Hopefully, it will be fun and add to my travel enjoyment. So I watch all you guys and learn. (:
Sounds awesome! I am dealing with overheating the camera while filming due to the heat here.
Hi Tony. I took your advice and contacted Nico from Visa assist. Absolutely the best thing I've done since I decided to take the leap to come on over to Chiang Mai for a longer stay. Your vlogs have all been very helpful and for this Ithank you both. Jen from Aus
That’s awesome!
HSBC account! I lived in Canada and had my UK Army pension paid into UK HSBC and would transfer as and when at no cost to my Canadian HSBC. Once you open the main account you can choose where to have an extra account, so I opened my main account in Calgary and my secondary in UK Weston Super mare. I not there is only one HSBC bank in Thailand though, in Bangkok.
if you have the balls for it. Crypto transfer is way cheaper. It costs around 5c to send $5000 from bank to bank but you do have to go through exchanges and trade.
Great video. I learned the lesson about having change for a 1,000 baht back in Feb from a young lady working the front desk at my hotel. She was very helpful for 2 or 3 days until I learned to always have 2,000 baht in change and to also have the taxi driver turn on the meter
Why not just pull out money from an MTM using your debit card attached to your investment house, i.e, Fidelity
Note that you cannot transfer money OUT of Thailand with Wise (formally TransferWise).
Can you do a video on best massage spa in Chiang mai? Low budget, mid budget, high budget three recommendations?
SCB may have better( closer to super rich ) Xchange rate than BKK bank.
Hello Mr.Tony.
My advice - if you permit - to you is to use some of your savings in America to buy one or more condominiums in Thailand then put them to rent to maintain reasonable value of you saved money .. Banks in the west facing hard times which divers flew of money to Asia & Africa.
Investing in Silver " Bars " is good too to avoid cash value uncertainty .
Best of luck.
Lot of condos especially the new one are empty and owners struggling selling or rent out. Poor isolation etc makes hard to rent out for long term. Short term rental like Airbn is illegal but people do it anyway.
@@anna_m59 Thank you @Anna M.
But your analyze on short term basis.
Future economy crises are expected in the west and that will drive prices higher in Thailand. Good time to buy now.
@@anna_m59just a small clarification , Airbnb is NOT illegal in Thailand -you may rent out your unit on a MINIMUM 30 day stay ONLY as per Section 15 of the Hotel Act, B.E. 2547 (2004) which states that renting out a property on a weekly or daily basis without a hotel license is illegal. Simple as that. Don’t concern yourself with whether a Thai national can rent out short term or not.
Just focus on what is acceptable for foreigners and I promise you it can be extremely successful-
@@OneLifeTwoLive thank you for your response. I truly believe that not much potential to buy properties as foreigners but if you want settle in Thailand I would build my own home.
do you keep a U.S. home address for your U.S. bank account?
Yes, we have kept a US address, a virtual address we got through IPostal1.
@@TheNarrowGate By far the best channel for information. Thanks again 🙏
Great..vlog..mate..and.. greetings..from..south..Florida..(key west)..!!!😊😊😊
I need key lime!!!! Oh, and hello!
You can transfer with paypal or take out say a thousand a week or whatever your bank allows.
A great piece of information on banking and money.
A couple of money tips that I learned that might help those moving to or visiting Thailand.
You talked about credit card foreign transaction fees. But equally important ATM fees in Thailand are very high, up to 200 baht.
I am from US, and found with my Schwab account they will reimburse my foreign ATM fees, no limit. And USAA will also, but is limited to $10 per month reimbursement
Thanks for sharing!
Do you need a debit card to obtain Thai currency or can you use a credit card?
Thanks!!!
VERY INTERESTING: WE HAVE BANGKOK BANK ACCT AND CAPITAL ONE ACCT. BOTH
A OK.
Thank you for the how to get money into Thailand and to get a bank account.
hey Tony yes US money is boring but good to have, Canadian is as colorful as Thai Baht and the purple one(1000) is nice to have but hard to change, I have been fortunate to have had three over the years, not so much as to still have them haha. As usual good Info.
Thank you 🙏
Having big issues transferring money. My banks will not transfer internationally, including Wise. Thai bank account with Bangkok Bank as well, really like the bank. Have to withdraw from ATM dailiy the deposit into Thai account to get to the requirement for retirement visa. It's going to a few weeks to get it all done. Very frustrating for sure
Wow, i'm sure!
I have Subscribed to at least a dozen Channels for several years that have not explained the Currency the way you have. Nice work. From my research your description of visas was also spot on. SUBSCRIBED
Awesome, thank you!
I always look forward to your videos and insights. I’m coming to CM in late October. It will be my 5th time there. There are hundreds of videos covering the coffee culture of Chiang Mai - wonderful coffee shops, coffee carts, coffee gardens, etc. I have interest in expanding that to how expats and travelers make coffee at home and in their hotel rooms. For health reasons I can only drink one cup of “real” coffee each day but that doesn’t satisfy my taste so I need two additional cups of decaffeinated coffee. I’ve had a bit of difficulty finding shops, vendors serving decaf - it doesn’t seem to be a popular drink. Occasionally, I’ve found a shop that makes a decaf Americano but these seem to be rare, on the expensive side, and not as tasty. I plan to make my decaf in the hotel room with a small portable pour over system. Will I be able to find decaf coffee sold by the kilo at the larger supermarkets? What types of creamers are available? I’m lactose intolerant so I user Carnation Coffee Creamer in the USA. Keep up the good work. 😀
I may be the worst person to ask anything related to coffee. I never drink it. There are so many coffee places around here that it makes my head spin. I’m almost glad I don’t drink coffee because it might get confusing. :-)
How do you file tax? Do you still have to pay state income tax, federal tax, social security...etc while living overseas?
Yes, HR Block
I am in CM for next 6 weeks. Would love to buy you both a LIVE cup of coffee and see the Narrow Gate team in person.
Sounds great!
Hi Tony, Another great Video! Do you open a separate account for yourself and your wife? or can you each get a debit card from the same account? I am a family of three and was wondering if all of us can use one account. Thanks.
We have only one account in one name and one card. I’m not sure if you can get multiple for one account because we never did try.
How can I register a Thai bank account with only a traveling visa? The answer I fund on internet is asking for assistance from local agents, is that true?
I think you need a residence TM-30 form and they check your visa to make sure you are NOT on a tourist visa.
i forgot to mention, i saved all my blue 50 notes for a year... saved up 10,000 by the end of the year.
Good idea!
Thanks Tony for a much needed video. I'll be landing in Chiang Mai in two days! Exchanging money will be one of the first things I do in Thailand!
Awesome, safe travels!🙂🇹🇭
If I apply for a retirement visa in my country and I need to a Thai bank account - is it possible to open a thai bank account from my country or can I wait after the visa has been granted and I am in Thailand ?
You have to do it in Thailand as far as I know. They need to see your visa and place of residence TM-30.
I really agree that if you want to spend a good portion of your time at a certain place, you better adjust monetarily and in accordance.
This video is so valuable and informative!
Thank you for sharing this valuable information, again, in a brilliant and professional way!
🙏🙏🙏
Thank you 🙏
Do you have any tips on using ATMs in Thailand. We had considered keeping most of our money in Wise and using our Wise card for withdrawals - but we hear the local ATM fees are about 220-240 baht a time. Crazy money!
We don’t have any tips for that because we do have a Thailand bank account. Therefore, we don’t really use our American debit card in the machine.
@@TheNarrowGate Is there any fee when transfer money from US bank to Thai bank?
I enjoy your video! Thank you for sharing.
Thanks for watching!
Good content
I just closed my capital one after 15 years and hit Sapphire from chase with fantastic benefits.
That’s great, glad you found a card with wonderful benefits. Thanks for sharing! 😎
What are the benefit Sapphire give but not Capital One?
Did Jamie Dimond post this? where my Chase fans at?? come on
You are always right on time! Thank you again!
Thank you so much! 😊🇹🇭
thank you!!
Thanks for watching! 😊
Need this one
Awesome, glad the video helped! 🇹🇭😊
@@TheNarrowGate yea getting my investments together taking a trip this winter I guess you have to fly into Bangkok then drive to Pattaya
What about kaskorn bank are they good
I am not sure. I have not heard. All my friends have Bangkok bank including myself.
Good advice!
K Bank is very good the most modern and advanced bank. Also more locations than other banks in Thailand. Bangkok bank doesn't give loans to foreigners no mater how long you are a customer but K Bank does. Also every branch I have ever been to they have someone that speaks English. Never use a debit card always best to use a credit card you get money back per transaction depending the bank.
Thanks for sharing!
Yes I've heard good things about K Bank,, Might you have an opinion on S Bank?