Moving to Bangkok: Essential Money Matters
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Are you planning on moving to Thailand from your home country? Thailand is one of the top countries for expats to visit or retire due to the country’s warm climate, food, culture, and advantages in a financial point of view. In this article, our experts at Krungsri Bank advise you in ten money matter tips you need to know when planning to move to Thailand, especially in Bangkok.
Plan the Move
Becoming a resident in Thailand while still having financial obligations in your home country can cause tax status complications. Ideally, start planning your move at least 6 months in advance. This will give you enough time to organize your fundsand all things related to money. Above all, it is imperative to pay off your debts before moving to Bangkok; it will make managing your finances easier and minimizes the risk that interest rate changes and currency fluctuations will raise the cost of your debts. However, this may not be possible with mortgage loans, but it is possible to clear out your debts associated with credit card loans.
Tell Your Bank You Will Be Moving Soon
We have seen instances where visitors arrived in Bangkok, only for their home bank to freeze their credit card to caution them against identity theft. As a word of caution, before you leave for Thailand, remember to call your bank and inform them you will be skipping town.
Additionally, it is also recommended to keep your current account; tell your bank that you will be moving and ask them to give you a letter of reference. The letter will make it easy for you to rent property in Bangkok if you so choose.
Note: All banks that issue debit or credit cards operate a toll-free number that you can call and report issues such loss of your card.
Tax Obligation
You must establish whether you qualify as a residence for tax purpose in Thailand. In general, if you stay in Bangkok for more than 6 months in a year, you will be considered a resident for taxation purpose and taxed on all your overall income. If you are a foreigner staying in Thailand for less than 180 days each year, you will not qualify as a resident. You will only be taxed on the income you derive from Thailand. Please note that you are required to pay tax, regardless of whether you have or don’t have a work permit.
Insist on Paying Bills in the Local Currency
Do not allow the merchants to bill you in dollars. They will estimate the exchange rate and in most cases they will use a bad one. Even worse, “You home bank will still categorize the transaction as foreign since it originated from Thailand, not your home country, even if you were billed in dollars,” States the personal finance experts.
Structure Your Assets to Reduce Tax Liability
Thailand taxpayers have had an unusually high tax burden, but the situation has been improving gradually. The highest tax rate in Thailand is 37%, and it applies to individuals with income of 4 million THB and more. With the help of a financial adviser, our finance engineers say that “You can structure your savings and investments to reduce your tax liability. This is particularly so in declaring your oversea assets.” They warn, “Do not presume that the arrangement that was tax efficient in your home country applies the same way in Thailand. You will need to vary your portfolio to align it with Thailand tax laws.”
Pensions
There are a plethora of ways you can use to improve your private pension arrangement while living in Bangkok. If you have been contributing to a pension scheme while in your home country, there are various options available and each has the long-term impact on your income and tax liability.
Investments
Your investment strategies should be customized to suit your financial goals and circumstances. Your personal circumstances substantially vary with retirement and move overseas. Therefore, once you are in the Kingdom, your strategy should be critically reviewed to align it with your new life and objectives, and to ensure it is suitable for you.
Estate Planning
It is vital to adjust your estate plan once you are in Bangkok and ensure they are in line with Thailand succession and tax law. We understand that securing your properties are transferred to the actual beneficiary at the right time, with the least tax and administration costs, is a complicated process, especially because you are likely to have overseas assets.
Practice Safe Debit and ATM Card Use
One of the most important things when moving to a new country, no matter where in the world, is to employ safe money withdrawing tips. It is recommended to use banks affiliated with your ATM card whether it is to withdrawal money, transferring small funds, or paying for bills and such. Make it a habit of covering the number pad while dialing in your pin number. Also, always remember to change your pin number every 6 months in case your wallet becomes lost, stolen, or misplaced. Take extra caution, no matter where you are in the world. Ideally, if you need to transfer large funds or require further help, head over to any Krungsri Bank branch to assist with your transaction.
Do Not Convert Excess Currency
Lastly, it is good advice not to convert your excess currency left over from your trip, especially if you are planning on returning in the future. Exchange rates fluctuate and rather than reconverting it back to your local currency, keep the Thai baht. That extra change is all you need when returning to Thailand later on without the exchange rate hassle.
