Thailand, like many countries worldwide, has felt the impact of the cost of living crisis in early 2022. From late 2021, the inflation rate has surged from -0.02 to 5.73%. Despite this, it’s worth noting that this figure still remains below the UK’s inflation rate, which stood at 6.2% at the end of February 2022. Nonetheless, the prices of consumer goods and general cost of living are on the rise in Thailand.
Yet, when compared to Western nations, this is not as alarming, thanks to the fact that the overall cost of living remains significantly lower than in countries like the UK. According to Numbeo, the average cost of living in Thailand is 35% lower than in the UK, with rent costs being a staggering 61% lower. However, it’s important to acknowledge that Thailand’s GDP per capita is much lower than that of Western countries, standing at US$7,186, in contrast to the UK’s US$41,059.
Relocating to Thailand can be quite costly, particularly if you plan to transport your personal belongings from home. According to reloadvisor, the cost of moving a family house with a standard amount of furniture and possessions from the UK can range between £2,300 and £5,500. Furthermore, bringing your own car to Thailand may initially be free for the first six months, but beyond this period, you will be required to pay an import tax equivalent to 200% of the car’s value.
Banking and finance in Thailand
Opening a bank account in Thailand can be a time-consuming and intricate procedure. To begin, you will need:
- Your Non-immigrant B Visa, or another type of long-stay visa as appropriate
- Your passport
And, depending on the financial institution you select, you may be required to present any of the following:
- Documentation of permanent residence in Thailand, for instance, a tenancy agreement or land deed
- Letter of reference from your employer or education institution
- A reference from your home embassy and/or your home bank
So your ID can be verified, you’ll usually need to go to the bank in person to open your account.
You may be able to open a bank account with a tourist visa, especially in Bangkok.
Banking culture in Thailand is incredibly branch-specific. It’s truly fascinating how two branches of the same bank can have completely different rules! So, if you’re encountering any challenges while trying to open an account in one branch, it’s always worth giving the other branches a shot. The diversity within the same bank adds a thrilling element to the experience!
Popular Thai banks among expatriates include Bangkok Bank, Kasikornbank, and SCB. It is advisable to thoroughly research the available options before relocating to Thailand in order to comprehend the distinctions between each bank.
- Currency conversion rates
- Transaction fees
- Fees to send money abroad
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