Thailand is a leading destination for digital nomads, offering a combination of affordability, reliable infrastructure and modern conveniences. And with the introduction of the new five-year digital nomad visa program in 2024, the country’s appeal to remote workers is only expected to grow.
But thriving in Thailand as a digital nomad requires more than just a passport and a laptop. Effective financial management is essential to enjoy the lifestyle to its fullest. Fortunately, Thailand’s fintech landscape is wide and robust, providing a range of digital tools that cater to the needs of remote professionals.
From handling multiple currencies to managing daily payments and tracking expenses, the following fintech apps and solutions let digital nomads manage their finances effectively while living and working in Thailand.
These tools are especially relevant as digital banking continues to rise to prominence in Thailand. According to the 2024 Visa Consumer Payment Attitude Study, Thailand leads ASEAN in mobile banking adoption, with 97% of Thai consumers reporting weekly use, ahead of Vietnam (95%) and Indonesia (90%).
Digital banking and multi-currency accounts for digital nomads in Thailand
Digital nomads earning in foreign currencies and spending in Thai baht can lose a significant amount of money to excessive banking fees and unfavorable foreign exchange (FX) rates. Cross-border payment specialists and multi-currency accounts solve this issue by letting users hold, convert, and spend in multiple currencies at real exchange rates. They also come with local bank details in multiple countries, such as the US, the UK and the European Union (EU), making international transactions and money management much simpler and more cost-effective.
Wise is a strong option in this category, offering a multi-currency account, a debit card, and a transparent fee structure for cross-border transactions. Users can hold over 40 currencies, convert money at the mid-market rate, or interbank rate, and send directly to a Thai bank account. Transfers are fast, fair and low cost, with an upfront fee of just 1.5%, and there are no monthly fees. Accounts come with local bank details in major currencies including USD, GBP, and EUR.
Revolut is another popular choice. Similarly to Wise, Revolut allows users to hold multiple currencies, including Thai baht, and access features like global money transfers and budgeting tools. However, Revolut differs from Wise in that it functions as a comprehensive digital banking offering, providing customers also with savings accounts, stock trading, bill splitting, in addition to lifestyle services such as travel insurance, travel perks and accommodation booking.
Revolut offers a free Standard plan, along with premium plans such as Premium and Ultra, which cost US$9.99 and US$16.99 per month, respectively. When transferring or converting USD to Thai Baht (THB), the fees will depend on the plan, the amount, and the time of the transaction.
Payments and spending tools for digital nomads in Thailand
Digital payments are rising to prominence in Thailand. According to the 2024 Visa study, Thailand ranks first in ASEAN in real-time payment usage frequency, with 86% of respondents making at least one instant transaction per week, surpassing Vietnam (84%) and Indonesia (69%).
As a result, mobile payment apps have become essential tools for everyday transactions. These platforms are particularly relevant for digital nomads with Thai bank account or mobile number, offering widespread acceptance and ease of use across the country.
TrueMoney, a fintech brand part of Ascend Group, is the most used mobile wallet in Thailand, with a 53% market share in 2023, according to Statista. TrueMoney boasts over 27 million users and is accepted at 7-Eleven, online and offline stores, as well as for utility payments. It also supports cross-border payments.
Line Pay, linked to the popular Line messaging app, ranks second with a market share of around 25%. Line Pay is widely used within public transportation, for purchasing goods and services from partner brands, as well as for various utility bill payments. It’s integrated within the Line app, and is designed to offer a seamless payment experience, including quick on-the-go payment options for purchases, money transfers, and top-ups.
Other popular mobile wallets in Thailand include ShopeePay, which is connected to the e-commerce platform Shopee, as well as GrabPay, which, like Line Pay, is integrated within the broader Grab super-app ecosystem.
Budgeting and expense tracking apps for digital nomads in Thailand
In addition to daily banking, digital nomads often need tools to track their expenses, manage their budgets and monitor their income. This is especially relevant when dealing with multiple currencies.
You Need A Budget (YNAB) is a globally recognized budgeting tool that, while not specific to Thailand, is widely used by remote professionals. The platform is designed so that users plan ahead for their financial decisions. It’s hands-on, educational, and available across devices. YNAB comes with a free trial and annual plan of either US$14.99 per month or US$109 per year.
For those looking for a local solution, MAKE by KBank is a relevant alternative. Developed by Kasikorn Bank, MAKE by KBank is a Thai budgeting app that’s especially popular among Gen Z. It supports shared savings for daily expenses such as room rent, dormitory fee, food, and general expenses or shopping. It also comes with a unique feature called the Shared Cloud Pocket, which enables collaborative budgeting and transparent transactions between users. MAKE by KBank claims more than 2.5 million users.
Investing and stock trading apps for digital nomads in Thailand
Digital nomads staying in Thailand also have access to a range of digital platforms for investing and trading stocks, cryptocurrencies, and other financial instruments.
Global platforms like crypto exchange Binance, and online brokerage platform Interactive Brokers, are widely used and available to Thailand-based users, providing robust, nomad-friendly offerings. In addition, several Thailand-specific options also exit. These solutions are tailored to local regulations and preferences.
Bitkub, for example, is Thailand’s top crypto exchange. Launched in 2018, the platform allows users to securely buy and sell cryptocurrencies with real-time price updates. It boasts more than 5 million customers in Thailand, representing around 7% of the country’s population.
Bitkub is available to foreign residents, and its know-your-customer (KYC) process requires producing a valid passport, immigration documents, a residency certificate, and a work permit.
Though not Thai per se, international FX and online brokers Exness and XM are popular among local consumers. Both platforms offer access to a large range of tradable CFD (contracts for difference) instruments, including stocks, indices, currency pairs, metals, and energy. Exness claimed over US$4.5 trillion in monthly trading volume in September 2023, while XM says it serves more than 10 million customers from over 190 countries.
Top Thai banks for digital nomads in Thailand
For digital nomads staying in Thailand for three months or more, opening an account at a local bank can provide a number of benefits. These include getting access to a wider range of local services such PromptPay instant transactions and utility payments, zero FX fees on local spending, lower ATM withdrawal fees, and better integration with Thai mobile wallets and payment platforms.
K PLUS by Kasikorn Bank is a popular and reliable mobile banking platform, featuring a modern interface, QR code payments, and decent English support. Bangkok Bank Mobile is another solid option, providing reliable international wire transfers (SWIFT) and compatibility with fintech products including Wise and FX tools. Finally, SCB Easy by Siam Commercial Bank boasts a user-friendly app and is efficient for local transfers, bill payments, and QR code payments.
Featured image credit: edited from freepik
