Banking, Money and Taxes in Thailand
Banks in Thailand are modern, reliable and easily accessible. There are numerous ATMs and English speaking personnel can be found in most main branches.
Setting up a bank account in Thailand is fairly easy for expats. Technically, foreigners are required to present a work permit at the point of opening, but in practice, many branches will open an account for a foreigner without this document.
Sometimes documentation that needs to be signed will be written in Thai, but expats need only ask for an English translation.
As an expat living in Thailand without a work permit, the best bet is to keep trying branches until you've been accepted. Dressing decently and looking well put together can make a big difference, so don't go to the bank looking scruffy, or wearing your slip-slops with shorts and a t-shirt.
Basic accounts in Thailand are typically simple savings accounts linked to ATM cards (which can be obtained at the branch when you open an account).
It's fairly easy to bring money INTO Thailand, but strict maximums exist for taking money out. Be careful not to accumulate too much Baht (Thai currency), as you may run into problems taking the money back to your home country.
If you're going to be earning foreign currency it's best to set up an offshore account with a major bank; financial advisers can facilitate this process.
In this situation, the offshore account will be linked to a proper VISA debit card (not electron) which can be used internationally at any VISA Point of Sale, or online with services like PAYPAL and MoneyBookers.
Do NOT have your foreign currency paid into a local bank account in Thailand as chances are that you're earning quite a high salary, and taking the money with you when you want to leave can be complicated.
Kassikorn Bank (or K-Bank as its also known) is a good bank recommended for expats.
Expat tax laws differ slightly for residents and non-residents in Thailand.
Non-residents, expats who live in Thailand less than 180 days a year, can be taxed on their income if it is derived from Thailand, but are not taxed on their worldwide income. Residents are taxed both on income derived in Thailand and on income brought into Thailand from foreign sources.
Thailand has signed tax treaties with most western countries preventing double taxation for expats. Tax forms are often in Thai so it may be necessary to hire a Thai tax planner or a financial adviser to complete even simple tax forms. It is beneficial to start employment mid-year to skirt Thailand's yearly accumulative tax periods.
Expats planning on hiring someone to help manage their money should bear in mind that Thailand is the TEXAS of Financial Advisor Cowboys. The country is unregulated, so there's a lot of underqualified individuals masquerading as professionals.
Setting up a bank account in Thailand is fairly easy for expats. Technically, foreigners are required to present a work permit at the point of opening, but in practice, many branches will open an account for a foreigner without this document.Sometimes documentation that needs to be signed will be written in Thai, but expats need only ask for an English translation.
As an expat living in Thailand without a work permit, the best bet is to keep trying branches until you've been accepted. Dressing decently and looking well put together can make a big difference, so don't go to the bank looking scruffy, or wearing your slip-slops with shorts and a t-shirt.
Basic accounts in Thailand are typically simple savings accounts linked to ATM cards (which can be obtained at the branch when you open an account).
It's fairly easy to bring money INTO Thailand, but strict maximums exist for taking money out. Be careful not to accumulate too much Baht (Thai currency), as you may run into problems taking the money back to your home country.
If you're going to be earning foreign currency it's best to set up an offshore account with a major bank; financial advisers can facilitate this process.
In this situation, the offshore account will be linked to a proper VISA debit card (not electron) which can be used internationally at any VISA Point of Sale, or online with services like PAYPAL and MoneyBookers.
Do NOT have your foreign currency paid into a local bank account in Thailand as chances are that you're earning quite a high salary, and taking the money with you when you want to leave can be complicated.
Kassikorn Bank (or K-Bank as its also known) is a good bank recommended for expats.
Taxes in Thailand
Expat tax laws differ slightly for residents and non-residents in Thailand.
Non-residents, expats who live in Thailand less than 180 days a year, can be taxed on their income if it is derived from Thailand, but are not taxed on their worldwide income. Residents are taxed both on income derived in Thailand and on income brought into Thailand from foreign sources.
Thailand has signed tax treaties with most western countries preventing double taxation for expats. Tax forms are often in Thai so it may be necessary to hire a Thai tax planner or a financial adviser to complete even simple tax forms. It is beneficial to start employment mid-year to skirt Thailand's yearly accumulative tax periods.
Expats planning on hiring someone to help manage their money should bear in mind that Thailand is the TEXAS of Financial Advisor Cowboys. The country is unregulated, so there's a lot of underqualified individuals masquerading as professionals.
