If you’re planning to live in Thailand, you should start thinking about getting yourself a local bank account. This means taking out money from main currency account (the one issued by a bank in your home nation), and depositing money into a newly created local bank account.
You would ask, “I’ve already got an ATM card. Why should I go through the hassle of opening a new one?”
Here are the advantages of opening a local bank account in Thailand.
If you’re a foreign expat who relies on your foreign currency for your expenses, then you’re subject to the volatility of the foreign exchange market. Your dollar may have this kind of purchasing power one month, and then drastically change the next.
It’s a hassle to keep on following news regarding the exchange between two currencies, so why not open a local currency account? That way, the value of your money remains stable and your spending power does not change. The only time perhaps that you’d have to think about what the exchange rate is when you transfer money from your main account to your local Thai account.
Another reason why you should be opening a local Thai account is the safety of your money back at home. This is true especially when you’re fond of swiping your debit accounts, and many establishments in Thailand support debit cards.
With the threat of identity becoming more real with each passing day, you should be using a local Thai account in Thailand so that, if anything untoward happens, you wouldn’t be in danger of losing all your hard-earned money saved on your main account. It doesn’t mean you just let your local bank account be left defenseless, but you can lessen the blow just in case an identity threat does happen to you.
If you’re considering moving to Thailand for business purposes, then you will definitely need to open up for your business.
This account is where your income will be deposited to. This way, you can grow your local account separate from your main account. If you need to move some money back and forth, you can do so using online banking but it will be subject to foreign exchange rates, naturally.
In the meantime, you have a local bank account that you can use to transact locally so each transaction is seamless and hitch-free.
As they say when investing, you shouldn’t put all your eggs in one basket. In this case, because you’re going to move to Thailand, you’re going to need to put your money in a local bank. This way, you can keep your main account safe and also save yourself the hassles like extra charges in transactions.