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What are the practical benefits of having a Thai bank account for expats beyond using QR payments?

Feb 7, 2025
a month ago
What are the advantages of having a Thai bank account except from QR Payments? I usually pay or withdraw by european credit card or exchange cash and never felt missing a Thai credit card. I dont't get it yet.
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TLDR : Answer Summary
Having a Thai bank account offers several advantages for expatriates, notably in reducing banking fees incurred through foreign ATM withdrawals, which often include both a 220 Baht fee and additional conversion charges. This becomes particularly significant for those making frequent transactions such as rent payments, utility bills, or everyday purchases, especially in a cash-centric economy where not all establishments accept credit cards. Beyond the direct financial benefits, such as avoiding foreign transaction fees and managing larger cash transfers more safely, having a local bank account facilitates easier access to funds and allows for quick payment options like QR codes. Furthermore, expats express that while QR payments provide a certain convenience, the primary motivations for opening a bank account lie in managing financial transactions efficiently and minimizing costs.
Bob **********
Nice to have a bank account where you spend your time pay all the fees and bad exchange rates if it’s better for you
Henrik *****
Don’t think about it, you will not be eligable to get a Thai bankaccount as DTV holder.

At least you have to be on a proper long term visa, not a tourist visa as DTV, have stayed months on a permanent Thai adress with a long lease, and being able to put a significant amount into the account every month, to even be considered as a candidat for a Thai Bankaccount.

Banks in Thailand are like everywhere in the world, interested in having good stable custormers, that have a permanent address, a steady easy traceable income, and use the account all year round.

That is why the banks are reluctant to give accounts to people on short time ( read: tourist ) visas, and who only spend part of the year in Thailand.

Don’t expect to get a residence certificat, until you have stayed at a permanent adress in at least 3 month, since that is what the residence certificat should confirm.

Furthermore the added attention on whitewashing of money, is an added burden on the banks, so reluctant depositing large amounts isn’t a guaranteed way to open an account.

The value of a resident certificat, had gone down, since Immigration Officers are giving them to people that are not on a longterm visa, or have stayed severel months at 1 adress in Thailand, so even if it is a formal requirement, the bank make up their own assesment of the stability of the want-to-be customer.

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9-thailand-to-implement-stringent-compliance-regulations-for-new-bank-accounts?
Andi ***********
@Henrik ****
You know 1000s of visa holders will be opening bank accounts in Thailand this year inc DTV holders. The crackdown you mentioned is correct but the reality totally different. A bank account can be opened on a DTV visa - DIY or via an agent, that is the reality.
Jordi *******
@Henrik ****
I got my bank account on a tourist visa... Whole lotta wasted words there
Marks *********
For American citizens, Charles Schwab is the way to go, they refund 100% of ATM fees every month, they have fee free, checking, add a complementary brokerage account, no minimum balances, and free wire transfers in and out of the country on the app. 
Robert **********
@Marks ********
How do you pay your rent? Do you do a free wire transfer from your Schwab checking to your landlord’s bank account? Thanks.
Jack ********
@Robert *********
you can pay cash at the bank counter or an ATM and deposit money into someone else’s account. There aren’t any free wire transfers from Schwab
Paul *******
How can you get access to your foreign cash if you're living in Thailand? Eventually, your cash will run out and you'll need to hit up an ATM or make a withdrawal via a bank branch (cash advance).

You'll save a lot of money on withdrawal fees by transferring to a Thai bank account.

The QR code thing really isn't a reason and certainly NOT the main reason for maintaining a Thai bank account. Minimizing fees and being able to receive funds and make payments (the former not related to employment of course as you're not supposed to work in Thailand except remotely while on this visa) are the main reasons.
Jason **********
It's useful for splitting checks with your friends especially if they are thai.
Paul *******
@Jason *********
I guess, although I don't think one would normally find themselves in such circumstances very often. The best way is to pay in cash, especially when splitting a bill.

Saving on the huge 220 Baht ATM withdrawal fee for foreign cards, plus any fees your home bank charges, is the main attraction for holding a local bank account.

With one single exception over a year ago now (I had to pay someone on the spot) I have not withdrawn money from a foreign issued card in Thailand for almost 10 years now.
Misha *******
You won’t know how awesome having QR is until you have it 💯
Paul *******
@Misha ******
Most Thais use cash.
Paul *******
@Misha ******
I have 2 Thai bank accounts, but I almost never use QR codes. Cash is the way to go, complemented by the occasional use of credit cards, which can be a lifesaver in some circumstances. Just today I used my card to pay for fuel, after an ATM at the very gas (petrol) station I was at malfunctioned and erroneously told me that my account had no money in it! Decided it was easier to pay by card and withdraw money at the bank inside a mall, which I did later on.
Misha *******
@Paul ******
Okay. Have fun with your cash. I’ll use QR like pretty much every Thai person
Anonymous ******************
I can only pay my rent (20k) by cash which incurs fees each month along with withdrawals for electric/handy cash to give to my friends if they pay for dinner with their QR. All in all over the last 12 months I’ve paid around 5,600 in withdrawal fees!

I opened a Revolut account as it only cost about 90p to transfer rent to the agency, but their bank charged them almost 500 baht to receive an international payment which they then passed on to me! So it works out cheaper to withdrawal in cash!

QR/Thai bank would make things so much easier and would mean I don’t have to travel 25 minutes to the agency each month with 20k in my pocket!
Wayne *********
Anonymous participant 668 I think they are pulling your pants down. I have a revolut account and regulary will transfer money to my Thai bank account with NO charge to my Thai account.
Anonymous ******************
@Wayne ********
no, I asked for proof and they showed me the statement with 490 baht international acceptance fee deducted from the funds received!
Wayne *********
Anonymous participant 668 That's crazy 😧
Goad ********
@Wayne ********
who do you bank with in Thailand?
Wayne *********
@Goad *******
SCB and Bangkok Bank
Anonymous *************
ORIGINAL POSTER
Anonymer Teilnehmer 668 Thanks for your specific answer. The rent payment is a good point.
Georgijus ************
Pay rent and utilities easily can be done with Wise. So besides QR payment there is very little benefit considering how much people pay agents to open account 😂
Paul *******
@Georgijus ***********
Wise is OK but not entirely reliable. Any amounts above
*****
Baht take 2 or more days to get through. Sometimes even smaller amounts randomly take minutes to hours or even 24 hours to be transferred when yesterday it only took seconds. It's a very inconsistent and strange system they use.

Then you have the fees - manageable for small transfers but suddenly dozens of dollars when transferring over a few tens of thousands of Baht.
Anonymous *************
ORIGINAL POSTER
@Georgijus ***********
if you pay by Wise does the receiving Bank charge you some fees?
Rosslyn ********
Anonymous participant no one I have sent money to with Wise has incurred a fee. I pay the fee when I send money.
Georgijus ************
Anonymous participant I think my landlord or internet provider would let me know if they bank charge for my payment. And for electricity I pay through lazada with my international card and for water normally you can pay in apartment juristic office.
James *******
It's handy to make payments and not withdraw 20k baht at a time as paying 220 baht on every small withdrawals is silly. Good if your homeland bank rips you off on ATM exchange rates as you can send a large sum in one go via a money exchange service when rates are good and keep in the Thai bank. Useful to pay bills and pay for phone packages too. Was handy to buy a car too.
Cole *********
Honestly it's just the QR code thing. Like paying your internet and electric bills just by scanning it. I also pay my rent with a qr code. No need to carry large amounts of cash around when you go to the club or anything like that. I just need my phone.
Paul *******
@Cole ********
Very very few banks refund withdrawal fees - and even if they refund the foreign withdrawal fee on your end, they usually won't refund the 220 Baht fee on the Thai end. This is very rare nowadays because it's a major fee for banks and they're simply unwilling to absorb these charges.
Cole *********
@Paul ******
you're talking about two different things here. The 220 baht is the ATM withdrawal fees for using the ATM of a bank you don't have an account with. Every ATM here in thailand charges that. That is refunded to me. My bank eats that cost for me. The other fee that you keep talking about is a currency converter fee. You shouldn't be selecting that when you withdrawal money from the ATM it cost extra money. I don't know how to say this any other way. ATM fees don't apply to me. Your reasons are not the same as everyone else. My reason for getting a thai bank account was so I didn't have to take 15 to 20,000 baht in cash with me everytime I go outside. It's safer and I only have to bring my phone and like 5,000 baht which is was safer.
Paul *******
@Cole ********
Of course they apply to you as nearly every bank applies the charges I've mentioned and there's no way of avoiding the 220 Baht ATM withdrawal fee inside Thailand while using a foreign issued bank card.
Cole *********
@Paul ******
I have two bank accounts from different banks that refunds ATM withdrawal fees. ATM withdrawal fees don't apply to me like i said.
Paul *******
@Cole ********
No, it's not QR codes. It's avoiding a 220 Baht ATM withdrawal fee, plus 3% and a USD / EUR / AUD / CHF 5 withdrawal fee.

Very few banks don't charge these fees. The norm is to be charged these fees everytime you take money out of a Thai ATM on a foreign card.

I guess as a true nomad, who comes and goes, this might not matter too much, as you won't be living in Thailand for 5 continuous years but for those that do end up spending most of their time in Thailand, a Thai bank account becomes almost essential at some point. Making payments is very cumbersome (Ok, Wise works but isn't as convenient as making a local transfer) and for anything above
*****
Baht it takes several days and the fees can really stack up, for larger transfers.
Rosslyn ********
@Paul ******
get a Charles Schwab account, they reimburse ATM fees
Paul *******
@Rosslyn *******
You're not understanding the difference between ATM withdrawal charges on your end and the Thai end. There are two sets of charges and then usually a % fee applying to withdrawals in foreign currency too.
Rosslyn ********
@Paul ******
That’s why you say “No” to conversion when withdraw from the ATM
Cole *********
@Paul ******
for you maybe. Everyone has different reasons why they got or want to get a thai bank account. All your reasons don't apply to me.
Anonymous ******************
Some would prefer saving on the withdrawal fees to pay for local shops that don't accept credit cards.