Is it worth opening a Thai bank account for short-term visits on a visa exemption?

Sep 4, 2024
2 months ago
Tony *********
ORIGINAL POSTER
Hi, I am retired and coming to Thailand, been a number of times over the last 12 years and I wondered if it is worth while opening a Thai Bank account. I want to come over on the 60 day VOA 2 or 3 times a year and would spend no longer then 180 days in the country in any one year. I have a Revolut account that I have a Thai Baht account in, which means I can exchange Stirling to Baht at bank inter exchange rates with no commission, I will pay an ATM fee for cash withdrawals but no fee to Revolut and would bring cash to exchange at the Super Rich bank as and when needed and use my Revolut card as well for purchases. The Revolut account also gives me 90 days Health insurance cover up to £10m per trip. I don't want to get a retirement visa at least for the next 2-3 years until I have checked every thing out, so the question is is it worth opening a bank account and what are the pro's and con's given that I only intend to visit for 60 days go back to UK for a couple of month then back for 60 and so on. TIA
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TLDR : Answer Summary
The conversation revolves around whether a retired individual, planning to visit Thailand multiple times a year on a 60-day Visa Exempt Entry, should open a Thai bank account. Many responses indicate that opening a bank account under a tourist visa or Visa Exempt status is highly challenging and often not practical due to the requirement for stronger residency ties. Alternatives like using a Revolut account for currency exchange, cash withdrawals, and travel insurance are discussed, with warnings about potential fees and conditions related to travel insurance coverage. Suggestions include using other banking options like Starling or Wise for better accessibility and potential services. Overall, the consensus leans towards maintaining flexibility with existing accounts rather than pursuing a Thai bank account at this time.
Jens *********
Just go to a immigration office and apply for a letter to open bank accounts then you won't have any problems opening.
Ralph *******
Revolut charges a fee once you reach a (rather low) limit. I think mine is £350. Also, check the fine print in the insurance - they usually stipulate that you must have a return ticket before you travel. I like to do open ended trips which means this type of insurance isn’t applicable.
Reed **********
so first step you need to residency certificate and for that you will need. tm30 basically. some immigration offices will give the paper. Then finding the bank ive heard if you have more than 30 days left on your stamp some banks will do it. I am trying to open one so its ready to go when I apply for the long term visa.
Henrik *****
The residence certificat is not worth the paper it i written on, when the bank sees you are on a tourist visa, and been less than 3 month in Thailand on a long term visa, and have a fixed adress.
Henrik *****
VOA is 15 days and only availabel to a limited number of countrys and you have to pay a fee.

Probably you mean visa excempt, which is 60 days, and can get extended 30 days for 1900 Baht at a immigration office.

Avaiable for 93 countrys, without a fee.

Bank accounts are nearly impossibel to open on a tourist visa / visa excempt, like lots of other countrys.

You need to have a strong relationship with Thailand, a fixed adress, and long term visa, stayed more than 3 months, make a large deposit, and buy insurance, to get a small chance of opening a bankaccount.

The Revolut way is the best way for now, or you could look into Wise which is quite similar to revolut.
Henrik *****
Phil ******
@Tony ********
bank account recommended but what passport do you hold?

VOA? Strange. Do you mean you enter Visa Exempt ie no Visa?
Simon *********
just check revolut insurance cover it has changed:

Premium plan changes

Travel insurance will no longer be offered as a benefit with the Premium plan.

When is this happening?

For plan upgrades to Premium after 18 June 2024, travel insurance won't be included as a benefit when you upgrade

For Premium plans that have been active on or before 18 June 2024, travel insurance will no longer be available for any trips occurring after 25 July 2024

If you need to make a claim for an event that happened before 25 July 2024, please read more in this FAQ in our Help section.

Metal plan changes

Cover for trips will be offered only for trips purchased using your Revolut account for at least 75% of your primary transport and accommodation expenses

Cover for delayed transport will change to a minimum delay of 8 hours

Cover for maximum trip duration will change to the first 30 days within a single trip

Your upgraded plan must be active at the time of booking your trip
Tony *********
ORIGINAL POSTER
I'm on Ultra plan 90 day cover per trip
Simon *********
@Tony ********
Ultra plan changes

Cover for trips will be offered only for trips purchased using your Revolut account for at least 75% of your primary transport and accommodation expenses

Your upgraded plan must be active at the time of booking your trip

When is this happening?

For plan upgrades to Ultra after 18 June 2024, the above terms apply to all future travel

For Ultra plans that have been active on or before 18 June 2024, these changes will come into effect for any trips booked after 25 July 2024
Tony *********
ORIGINAL POSTER
Still covered mate all boxes checked 90 days cover thankyou
Stuart ***********
I don't think there are any pros to opening an account at this stage and you would pay annual fees.

Someone will correct me if there are some pros.

If you withdraw cash inside the bank with your bank card and passport you do not pay any ATM fees.

I would recommend getting another account/card in case you have any difficulties. Starling and Monza offer free overseas use. I use Starling and it's excellent.
Stuart ***********
I didn't say the charges were high. It's still not a reason for him to get an account.
Ivan ************
@Stu***
Thai bank accounts don't inherently have annual fees, if you get a savings account with no card there are no fees. If you get a debit card it's ~200B (£4.50) for the card, which is really nothing.
David *******
@Stuart **********
great comment. So which banks did you use to obtain Cash Advance on your Starling Card?
Stuart ***********
@David ******
I think a few will do it, definitely Krungsri.
David *******
@Stuart **********
I'll give that a go. Thanks Stuart.
Robin ********
@Stuart **********
I use starling abroad , very good and you also get interest .
Ian **********
@Stuart **********
You usually do not get a good rate when you get a cash advance at the counter
Ivan ************
@I**
you get the Visa/MC rate which is pretty good (under 1% off midmarket).
Stuart ***********
@Ian *********
depends on your bank, in the case of Starling you get their rate on that day, its usually a fraction below the exchange rate (maybe 44.6 instead of 45 Baht, something like that). I would not use a bank card like Barclays or HSBC for this purpose or you would get a terrible exchange rate.
Baz *********
@Stuart **********
When you say.. "withdraw cash inside the bank"

Are you referring to getting a cash advance on a Visa or Mastercard account over the counter at a bank branch?

If that's correct what bank do you usually use for that?
Stuart ***********
@Baz ********
I just go into the Krungsri bank with my Starling debit card and ask to withdraw xx amount of baht.

You get Starling's exchange rate of the day.

It's the same as using the ATM, but without the fee and you can withdraw more cash too.
Ning ******
VOA is near impossible to open a account now.
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