MONEY MATTERS - 5 money tips you should know BEFORE you come to THAILAND! Complete Guide!

[@pleasant-journeys]

Cal is sharing valuable information based on actual experience. It's helpful, real, and appreciated. Good man!

[@thebangkokguide]

Thanks for the kind words. I’m glad it is helpful!

[@loveraindown]

I am retiring next year and plan to move to Thailand. Your channel is now one of my favourites. Great useful information. And you're also Canadian as am I, living in Toronto. Keep up the great work!

[@thebangkokguide]

Thanks for the kind words! Let me know if you have any questions!

[@TheBangkokMinute]

The more videos of yours I watch...the more I watch videos of yours lol. You have great insight to all things Thailand and have a good presentation that is quite unique! Keep it up! I am moving to BKK in the next 4 weeks so all this info is important to me. Thanks again

[@thebangkokguide]

Thank you for the kind words! Much appreciated. Safe travels!

[@roamingrandy1017]

Having exchanged USD at the SuperRich at BKK airport in July 2023 I knew to make sure that all the bills had no tears, missing corners. No ink or pencil marks, writing, highliter marks, But what I didn't know was that the bills had to be less than 10 years old or they would not accept them.

[@thebangkokguide]

I didn't know that. Thanks for the information!

[@annthrockmorton1517]

I will go to the bank and request new $50 and $100 bills to bring with me. I know from past experience that I may have to go to more than one branch to be accommodated in this regard.

[@seekhearts]

15:30 with the upcoming tax change, many are concerned about having to pay tax no matter how old the money is. but after speaking to accountants, it seems that if you pay tax in your home country and have a double tax agreement/tax treaty then you can offset your home country tax return against the tax thailand may want to charge you. it also means you can bring money straight in and offset it at tax time.

[@thebangkokguide]

This is my understanding as well. The double tax treaty should protect most money from taxation in Thailand. It will be interesting how they attempt to apply it, if they ever actually do.

[@tajmuhall9679]

You make really good videos, I hope your channel grows.

[@thebangkokguide]

Thank you for the kind words 🙏

[@kattykatty3554]

Great video! We have planned to move to BKK in 1-2 years once we retire. Thank you for the very informative information! Keep up the good job!

[@thebangkokguide]

Thank you for the kind words! I hope the move goes well! I’m actually finishing a video on moving to Thailand now so you might find that helpful. Cheers 😊

[@Martinobringsvino]

Thanks Cal ❤you are the best buddy🙏🏽💪🏽

[@thebangkokguide]

🙏❤️❤️

[@deldarko3228]

You are appreciated. Thank you.

[@thebangkokguide]

Thank you for the kind words!

[@RM-zj3zb]

For a bank account, Bangkok must have them too but in Pattaya you go to some visa service office (many of them there). Pay a little fee, I think I payed 2000 baht and all was taken care of.

[@thebangkokguide]

This is a good approach. The policies for banking changed recently. I will make an updated video, as the method in this video is quite difficult now.

[@RetiringToAsia]

Great info Cal, thanks. Super easy to follow too.

[@thebangkokguide]

Cheers. Thank you for the kind words 😊

[@jamieberkley4582]

Or you can have a worldwide bank account and exchange before you go, on that note if you exchange on demand you pay pay

[@thebangkokguide]

That's definitely a good plan. Which bank do you use?

[@ponbounket8057]

Thank you for sharing!

[@thebangkokguide]

Cheers! Thanks for the comment!

[@taccntb4345]

You should use a Charles Schwab account for debit card and ATM fees. Schwab covers them all at the end of the month...

[@thebangkokguide]

That is great information to know. I’ll add it to an updated video. Thank you for the helpful information! I will be looking into that for myself as well 😄

[@taccntb4345]

@@gorddownieslovechild5763 hmmm that's weird.

[@samkeino6810]

True, Schwab not available in Canada but if you are a US Resident, you can have a Schwab account and pay zero debit card or ATM fees for foreign cash withdrawals

[@taccntb4345]

@@samkeino6810 correct.

[@thebangkokguide]

@@samkeino6810 Canada has the absolute worst banks in the world, so this doesn’t surprise me. Have a friend with a US account that he loves.

[@havechopstickswilltravel2990]

Great info on money in Thailand. That’s a very nice park. Is this walking distance from Rama9 area? Looking into long term travel and just adding Bangkok to that list.

[@thebangkokguide]

Thanks! This park is called Benjakiti. It’s a bit far for walking from Rama 9. It’s close to the Asok area around Sukhumvit.

[@eeemaster]

Great information here Cal. Your videos have been very helpful. I am thinking about working remotely from Thailand for 60 days (and sneak in a Japan Trip while I am there) as my job won't care about me working outside the country for 60-90 days and all the information from your videos as well as STL (also Canadian) have been highly insightful. I do have a question. I know they have Scotiabank in Thailand, which I am with here in Canada. Would that make it any easier to move funds there?

[@thebangkokguide]

To be honest, this is the first time I even knew that there was a Scotiabank in Thailand. Interesting. I'll take a look into it, but I would be surprised if they had any individual banking that connected with Canadian operations. Many Canadian banks have an operations in foreign countries and they essentially operate as entirely separate banks. But I'll take a look.

[@clon29]

thank u....very good tips!!!

[@thebangkokguide]

Glad it was helpful!

[@benguenther1162]

How do you get around the 2 factor authentication when moving funds abroad. Thanks.

[@thebangkokguide]

It depends on your bank. My bank is linked to my phone number and email for 2FA. Which country are you from and what method are you using?

[@Mike11219USA]

If you go to the superrich HQ near Lumphini , you’ll get the best rates.

[@thebangkokguide]

Thanks for the tip!

[@michaelreid8857]

Cal, you seemed to forget mentioning credit Cards. Yes most Canadian Issuers charge 2.5% conversion fee. However, there are some issuers who offer no conversion fee cards. Or else a Cash back card. Amex Green gives 1% Cash Back. Thus you are only spending 1.5%. And if you get a new account with a bonus, then your laughing. With Cash you run a big risk of theft or loss! Also US Issuers like Bread AmEx and Capital One have easy cards to get with no conversion fee and cash back, to boot. Wish you had informed us of this. People don’t really use Cash anymore, you seem to be one of only a hand full Also good advise on bringing large notes. However, I also always travel with $200 USD in small notes broken down as: $1 X 25 $5 X 15 $10 X 10 This way I have money for tips or if I need to pay for something, and they don’t take cards and I don’t have local currency!

[@thebangkokguide]

Thanks for the excellent tips. unfortunately I am not as familiar with credit card conversion rates, but those are very good. Actually it reminds me that Citi has a good card as well. I’ll check out the best cards for a part 2. Thanks for the advice 😊

[@michaelreid8857]

@@thebangkokguide Normally, Amex, Visa and M/C use the interbank rate. The best advise I can give is to do a comparison on cash (including fees). A card that charges 2.5% and one that claims no transaction fees. Exchange $10.00 case and note how much you got. Then pay $10.00 twice with the two cards. Apply all payments the same day to the same hotel bill. Then compare all three transactions. Also another great tip. Any place you go to. NEVER ALLOW A CREDIT CARD TO BE CHARGED IN ANY OTHER CURRENCY. If your in the UK keep it in Sterling. If your in Germany, keep it in Euros 💶!

[@farangatang]

They still offer garbage exchange rates. For example the current rate as of today is 25.90 to 1cad. The best exchange place in Bangkok is offering 25.75! The rate your credit card will give is at best 24.5. You're losing a fortune using credit cards even if you're lucky enough to not have conversion fees

[@thebangkokguide]

@@farangatang I found that the rates here were cheapest as well. Had a friend who used CC and was a big fan though, so I’m not sure haha

[@marcinliandzis1827]

Can you recommend insurance company for world wide travel ?

[@thebangkokguide]

I’ll look into it! I’m working on a healthcare video and will include recommended insurance 😊

[@sundayevening161]

You are very smart and know the Thai very well sir.

[@thebangkokguide]

Thank you for the kind words!

[@timwalker2458]

You should let people know where they can open an account if they are on a tourist visa. You have friends that have done it. You should know the addresses of the banks they gave used.

[@thebangkokguide]

It always depends on whether somebody that works at the bank knows how to do it. It won’t just be a single or few banks that do it…it’s based on somebody at the bank knowing and you just have to walk in to check.

[@bryanmendoza3479]

Cal I really enjoy your videos. What do you do for a living that allows you to live in Thailand?

[@thebangkokguide]

Thanks for the kind words. I teach at an international school.

[@martinesykes655]

Thank you for this video, such useful information. I’m going to give opening a Thai bank account a go when I’m there in December - they can only say no, right? 🤣

[@thebangkokguide]

Exactly. Some will tell you that you can’t do it. This happens a lot in Thailand, but usually you can translate that to ‘we can’t do it’. 😅

[@chev6901]

If I move to a different city, can I still use my bank account as usual? When I have issues or questions to ask, do I have to go to the exact same branch I open my account at, or can I go to any branch in Thailand of that bank? Being a Canadian citizen, can I transfer money (USD) into my Thai bank account from my bank account in the US? Can I deposit USD or CAD cash into my Thai bank account? Regarding Wise, I experimentally opened an account from Canada, but was confused how to transfer money from both my bank account in Canada and bank account in the US from one Wise account? Do I have to create one Wise account for my Canada bank account then another Wise for my bank account in the US? Sorry if I ask too many questions. Thank you.

[@thebangkokguide]

No worries. You can use any bank or ATM in the country. I’ve been here 8 years and never had an issue that required me to go to my branch. For Wise, you can setup separate CAD and USD bank accounts in Wise and link each one with a Canadian and American bank, all in one user account… and you can transfer money into Thailand from both bank accounts.

[@paulshaw5119]

Which Bangkok Bank branch did you go to to get your account please?

[@thebangkokguide]

Unfortunately this is now much more difficult. The rules changed late last year, and most branches are not allowing it anymore. I am working on an update for this subject.

[@chev6901]

Does Wise charge any (service) fees? A quick search online didn't return anything. Does that mean no fees at all? Thank you.

[@thebangkokguide]

Yeah they charge a small percentage. I’ve found it to be the best option though.

[@chev6901]

​@thebangkokguide Thanks for the reply. I really appreciate it. Allow me to get further clarification on this, if you dont mind. For example, right now Superrich app shows an FX rate of 1 USD$ = 34.85 THB. So if I give them one USD$100 bill, is 3485 THB what I'll get? Or is there an additional fee (of a small %) on top of that? Thank you.

[@Thaivacationer]

What do you mean it's tricky to transfer funds out of Thailand?

[@winston96815]

There is more than one superrich

[@thebangkokguide]

Correct. They have many branches around the city.

[@winston96815]

I mean there is a orange one and a green one. Different companies

[@thebangkokguide]

Ah yes. Happy Rich I think. They started up more recently. Never used them but I’m guessing similar rates?

[@Thomas-qz3ln]

Can you be more specific about branch locations in BKK ? Opening a bank account on tourist visa is a headache...

[@thebangkokguide]

It is definitely a headache. Unfortunately even the locations aren’t consistent because it is often one of the employees that is familiar with the process. It is a totally hit or miss situation and putting in the legwork until you get somebody that can do it. In BKK, stick to the Sukhumvit area. You will need to just walk in and ask at each branch.

[@Thomas-qz3ln]

I have visited 10x bank branches around Sukhumvit without any luck . Shall I offer them "extra cash" for opening account ?

[@marcinliandzis1827]

Great job very informative !!! Would you recommend that I will exchange Canadian $ in my local bank and bring few thousand $ in Thai BTH with me ?

[@thebangkokguide]

No, it’s better to exchange the money in Thailand. Rates are much better. Just go to a Superrich exchange here. Cheers!

[@marcinliandzis1827]

thank you @@thebangkokguide

[@alkabnd]

What is the Merlion doing in Bangkok?

[@thebangkokguide]

Yes! It was donated by Singapore and has a nice little spot in Benjakiti Park. Not quite as big as the Singapore Merlion 😅

[@alkabnd]

@@thebangkokguide 🤣 It's just a tipsy little "cat" "fish" that hurls all the time due to a major hangover...

[@thebangkokguide]

@@alkabnd 😅😅

[@mattiasvelander355]

Great video! Just one question. About the capital gain tax, by taking it in to Thailand you mean transfer from the broker to the bank account? Example If I invest 1000 baht in stock November 30th and I get lucky and gain 50% in value and sell 15th December, 1500 baht is then in my broker account. I should then wait until January 1st to send to my Thai bank account to avoid the tax? New to these typ of tax rules and thinking about getting a future in Thailand 👍

[@thebangkokguide]

Yes exactly. It’s a very simple and weird loophole.

[@mattiasvelander355]

@@thebangkokguide thanks! Much appreciated.

[@samkeino6810]

Are you available to serve as a tour guide?

[@thebangkokguide]

It might be possible. Shoot me a message in IG!

[@wisanupansa-ard3067]

Why we didn't meet together when you are in bangkok?

[@thebangkokguide]

I live in Bangkok 😅

[@BrianPolito]

Stay away from digital spending. Cash is king. It's literally the best reason to flee Canada to Thailand. Cash transactions avoid the surveillance state.

[@thebangkokguide]

I use cash mostly as well! It’s definitely a trend all over the world at this point.

[@phongsakonpasothakang5753]

Hallo สวัสดีจ้า

[@thebangkokguide]

Hello 👋

[@phongsakonpasothakang5753]

Thanks you ขอบคุณค่ะ

[@JohnRhodes516]

You must have a residency letter to open a bank account. Your info is not correct.

[@thebangkokguide]

This changed very recently.

[@JohnRhodes516]

@@thebangkokguide Not true. Banks have required a residency letter to open an account for many years. Please stop pretending to be some expert on Thailand. If you are making these kinds of videos you are pretending to be an expert. Just stop and get a real job.

[@thebangkokguide]

It always depended on the bank and bank branch. You’re actually wrong. But I have to say that it’s hilarious that you put all your credentials in your KZbin name 😂

[@JohnRhodes516]

@@thebangkokguide Sorry, you're wrong, getting something done at one bank does not make it true. You are a Thailand expat newbie. I have 20 years on you. Try again.

[@thebangkokguide]

@@JohnRhodes516 how am I wrong if you just conceded my entire point? I literally said that a few banks will open accounts… which you just agreed with. I never said it was a general rule or policy 🤦‍♂️

[@JohnRhodes516]

More bad advice. Interactive Brokers has terrible customer service, and it's just not good. Charles Schwab is much better and reimburses for all ATM fees everywhere in the world. Stick to what you know. Perhaps ESL? I work on Wall Street.

[@thebangkokguide]

Why the insults? If I recall correctly, I was unable to open an account with Charles Schwab as I’m Canadian. They had more limitations. Anyway I’ve been using Interactive Brokers for several years and never had an issue. Cheers