Whether it's the low cost of living, the stunning climate or a rich mix of culture, countryside and urban environments, Thailand is a hit with UK expats looking to start a new life in one of Southeast Asia’s many travel hubs. However, wherever you are in the moving process, it’s crucial to ensure you’ll be able to take your money abroad and continue to manage it safely.
This guide will help you navigate the financial aspects of moving to Thailand and ensure your money transfers are cost-effective and hassle-free.
Planning your finances for a move to Thailand
Understanding the cost of living
The cost of living in Thailand is generally lower than in the UK, but expenses can vary significantly depending on where you live. Choose to live in one of Thailand’s major cities such as Bangkok, Phuket and Chiang Mai, and this will likely come with a heftier price tag.
That being said, according to a mixture of official government data and estimations based on figures from government bodies and third parties, Expatica has revealed some of the most relevant cost of living indicators for Thailand below (with currencies as of March 2025 exchange rates).
- Housing costs in 2025 including rent, mortgage payments and utilities are roughly ฿5,247 per month (£120.71)
- Home internet monthly costs between ฿400-฿850 (£9-£19 (fibre internet: ฿1,200–2,000 (£27-£46))
- Vehicle fuel, insurance and maintenance payments: ฿7,000–10,000 (£160-£228)
- Leisure and entertainment: ฿264 per month (£6)
- Education: ฿326 per month (£7)
- Tuition fees: ฿54,100-106,000 (£1,236-£2,421)
Opening a bank account in Thailand
Most expats open a Thai bank account to avoid frequent international transfer fees. Major banks like Bangkok Bank, Kasikorn Bank and SCB offer accounts for foreigners, but requirements vary. Typically, you’ll need:
- A valid visa (note that tourist visas may not always be accepted)
- A work permit or proof of long-term residence
- A local address and a valid passport
How to manage ongoing finances in Thailand
Receiving UK pensions and salaries
For UK pensioners, it’s crucial you set up a cost-effective way to receive pension payments to make sure you are getting the most out of your hard-earned retirement fund. Some options include:
- Having your pension paid into a UK account and transferring funds monthly via a provider like Wise or OFX
- Opening an international bank account with HSBC or Citibank to hold multiple currencies
- Checking if your pension provider allows direct payments in Thai baht
Managing regular transfers
Regular transfers can be costly if they aren’t managed properly. Some ways to get around this are below:
- Use providers with low or no transfer fees for regular payments
- Consider setting up a multicurrency account to time your exchanges for better rates
- Monitor exchange rate trends to send money when rates are most favourable
Buying property in Thailand: How to transfer large funds safely
Under Thailand’s foreign ownership laws, foreigners cannot own land in Thailand, but they can own condominiums (up to 49% of a building). Many expats use a Thai-registered company to purchase property legally.
When buying property, transferring large sums safely is critical. There are a number of options to bear in mind for this, including:
- Using OFX or Currencies Direct, which specialise in large international money transfers
- Checking with Thai banks about Foreign Exchange Transaction Forms (FETs), which are needed for property purchases
- Using escrow accounts to ensure secure transactions when dealing with developers
Remember: Banks and financial institutions monitor international money movements. Large transfers may be flagged for anti-money laundering (AML) checks. Make sure you always keep detailed records of transfers and stay up-to-date with Thai banking regulations around incoming foreign transfers. For more information, Expat Tax Thailand has put together an in-depth guide on this topic.
Tax considerations for Thai expats
It’s important to stay abreast of tax implications of living as a foreigner in Thailand.
In September, Thailand proposed a new law that stipulates that individuals residing in Thailand for 180 days or more must pay personal income tax on income earned overseas, regardless of whether that income is brought into Thailand. This is an update from the state of play before, when such individuals only needed to pay tax on income if it was brought into the country the year it was earned.
In addition, any income earned abroad after 2023 and transferred into Thailand will be taxed, regardless of when it is brought in. For more on taxes for Thai expats, have a read of this comprehensive guide from Lexology.
Sending money to Thailand from the UK
Many UK expats in Thailand require frequent transfers, whether for living expenses, investments or pension payments. However, sending money internationally – particularly via a high street bank – can often come with hidden fees and long wait times.
Not only that, but GBP to THB exchange rates fluctuate based on global economic factors. Even a small percentage change can significantly impact large transfers.
Understanding the best way to move money efficiently will save you time and money. That’s why you should always compare money transfer specialists to see which will provide you the best rate.
Money transfer providers also offer hedging solutions and can guide you when it comes to optimising your transfer based on current and future exchange rate trends, helping you get the best out of your transfer.
To compare money transfer providers and find the best possible deal today, you can use our free comparison tool, which will allow you to input your chosen money transfer destination and send amount and compare providers based on fees and transfer times. It’s easy, free to use and will save you money.
Roundup of tips for Thailand expats:
- Monitor exchange rates to transfer money when the rates are in your favour
- Use multicurrency accounts to avoid excessive conversion fees
- Consider financial advisors familiar with UK-Thailand tax treaties, particularly if you have complex assets (e.g. property, cryptocurrencies or shares)
- Regularly review money transfer providers to ensure you're getting the best rates
Relocating to Thailand is an exciting opportunity, but planning your finances carefully will help your move go as smoothly as possible. As part of this, choosing the right money transfer service will help you avoid unnecessary fees, manage currency fluctuations and keep your finances in check.
Whether you're transferring a pension, buying a property or simply funding your new lifestyle, using a cost-effective and secure provider will make a significant difference.
Compare providers today using our free comparison tool. Or take a look at our guides for more insights on exchange rates, transferring money for expats or buying property abroad.
