Money, Banking and Tax

Opening a Thai bank account

You'll need one for the visa money test and to pay rent and bills. Banks want a long-stay visa (not a visa exemption), your passport, a Thai address and often a letter from immigration or your embassy. Bangkok Bank and Kasikorn are common choices with retirees. Expect a minimum deposit of about 500 THB and a debit card fee of 200-500 THB a year. The bank letter for your extension costs about 150 THB.

Moving money in

• International wire. Reliable but slow; the receiving Thai bank charges 500-800 THB.
• Wise. Usually the cheapest for transfers, but its Thai account now has a daily limit of 30,000 THB and card cash withdrawals at Thai ATMs are being switched off.
• ATM cash. Foreign cards pay around 220 THB per withdrawal plus your home bank's fees. Fine for emergencies, expensive as a habit.

Keep records of every transfer. They are your proof of income for the visa and your proof of where money came from for tax.

How Thai tax works for retirees

1. Are you resident? 180 days or more in Thailand in a calendar year makes you tax-resident for that year.
2. Is the money foreign income brought in? Since 2024-01-01, income earned abroad and brought into Thailand while resident can be taxed, whatever year it was earned after 2023.
3. Was it earned before 2024? Savings from before 2024 stay exempt if you can show it (yes, if provable). Keep a dated statement from 31 December 2023.
4. Does a treaty protect it? Thailand has tax treaties with many countries. Some pensions are taxed only at home; others are taxed here with credit for tax already paid. There is no treaty with KE, NG, BR, MX and most of Africa except ZA, MU, SC.
5. What's left? Allowances include 60,000 THB personal and, if you are 65+, an income exemption of 190,000 THB. Rates start at 0% and rise to 35%.

Pensions by country

• United States. Social Security is exempt in Thailand (treaty Art. 20) and can be paid straight into a Thai baht account. IRAs, 401(k)s and private pensions are taxable here when brought in.
• United Kingdom. The State Pension is frozen in Thailand and generally taxable in Thailand when remitted, with credit for UK tax. Government-service pensions are exempt in Thailand unless Thai national and resident.
• Canada. CPP is paid anywhere. OAS keeps paying abroad only if you lived in Canada 20 years after age 18.
• Australia. After 26 weeks abroad the Age Pension becomes proportional to your working-life residence.
• South Africa. The state Older Person's Grant is not paid abroad.

See the full table of pension rules by country on our pensions page.

Mistakes people make

• Bringing in large lump sums without knowing whether they are taxable.
• Mixing pre-2024 savings with new income in one account, so you can't prove which is which.
• Assuming a retirement visa gives a tax exemption. Only the LTR does.
• Relying on a single card for all your cash.

Tax depends on your own circumstances. This page is general information, not tax advice; speak to a qualified adviser before you move large sums.