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Living in Thailand ·2 / 11 · Money and banking
Living in Thailand

Living and settling in · 02 / 07

Money and banking

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This page comes from the previous version of the site and has not been checked yet. Check it against the official source before you rely on it.

Official source: to follow

Figures that change

  1. ①Certificate of residence: 300 THBCheck pending
  2. ②Transfer costs (table)Check pending
  3. ③Foreign-card ATM fee: 220 THBCheck pending
  4. ④Cost of living (table)Check pending
  5. ⑤Income tax: 0–35%Check pending

General information, not legal, financial or investment advice.

Fees and tax rules change often. Check on the official website or with the bank before you act. This page is not financial advice.

Opening a Thai bank account

There is no national rule — it is bank by bank and often branch by branch. What generally works:

  • A long-stay visa (Non-O, Non-B, DTV, LTR) rather than visa exemption
  • Passport plus a Thai address: rental contract, TM30 receipt, or a certificate of residence from immigration (300 THB)①
  • A Thai phone number for OTP codes
  • Sometimes a work permit, sometimes a letter from your embassy

Bangkok Bank and Kasikorn (KBank) are the most foreigner-friendly; Krungsri and SCB vary. Tourist-friendly branches exist in Phuket, Samui and central Bangkok specifically for this.

Once you have an account you get PromptPay, which is how Thailand actually pays for things — QR codes at every market stall, instant free transfers, no card needed.

Moving money from Bulgaria

MethodCost on €5,000Speed
Wise≈ €25–35②same day–2 days
Revolut≈ €20–45 (plan-dependent)1–2 days
SWIFT from a Bulgarian bank€40–90 + poor rate2–5 days
ATM withdrawal in Thailand220 THB per withdrawal + FXinstant
  • WiseCost on €5,000: ≈ €25–35②Speed: same day–2 days
  • RevolutCost on €5,000: ≈ €20–45 (plan-dependent)Speed: 1–2 days
  • SWIFT from a Bulgarian bankCost on €5,000: €40–90 + poor rateSpeed: 2–5 days
  • ATM withdrawal in ThailandCost on €5,000: 220 THB per withdrawal + FXSpeed: instant

Every Thai ATM charges a fixed 220 THB③ foreign-card fee regardless of amount. Withdraw the maximum (20,000–30,000 THB) rather than small amounts, and always decline the ATM's own currency conversion.

If you are transferring money for a visa deposit or a property purchase, insist that the transfer is coded as a foreign remittance and ask the bank for the FET / credit advice — you will need it later to move the money back out.

Cost of living, honestly

BangkokChiang MaiPhuket
1-bed condo, decent area฿15–30k฿8–16k฿15–35k
Utilities + internet฿1.8–3.5k฿1.5–2.8k฿2–4k
Eating mostly Thai food฿9–15k฿7–12k฿10–18k
Transport฿2–4k฿1.5–3k฿3–6k
Health insurance฿2.5–6k฿2.5–6k฿2.5–6k
Comfortable monthly④฿45–70k฿28–45k฿45–80k
  • 1-bed condo, decent areaBangkok: ฿15–30kChiang Mai: ฿8–16kPhuket: ฿15–35k
  • Utilities + internetBangkok: ฿1.8–3.5kChiang Mai: ฿1.5–2.8kPhuket: ฿2–4k
  • Eating mostly Thai foodBangkok: ฿9–15kChiang Mai: ฿7–12kPhuket: ฿10–18k
  • TransportBangkok: ฿2–4kChiang Mai: ฿1.5–3kPhuket: ฿3–6k
+ more 2
  • Health insuranceBangkok: ฿2.5–6kChiang Mai: ฿2.5–6kPhuket: ฿2.5–6k
  • Comfortable monthly④Bangkok: ฿45–70kChiang Mai: ฿28–45kPhuket: ฿45–80k

At ≈38 THB to the euro, a comfortable month in Chiang Mai is roughly €740–1,180 and in Bangkok €1,180–1,840. Street food is 50–70 THB a plate; a Western restaurant meal is 300–600.

Tax, in plain terms

You become a Thai tax resident if you spend 180 days or more in Thailand in a calendar year. Since 2024, foreign income remitted into Thailand by a tax resident is assessable — the old “bring it in next year” workaround is gone.

Thai personal income tax is progressive from 0 % (first 150,000 THB) to 35 % (above 5 M THB)⑤. Bulgaria and Thailand have a double taxation treaty, so the same income is not taxed twice, but you may still have filing obligations in both countries.

This is genuinely complicated and personal. Speak to an accountant who handles both jurisdictions before your 180th day, not after.