"Most Australians arrive in Thailand with their CommBank account, their Westpac card, and a plan to 'figure out banking later.' Then they spend six months paying 220 THB ATM fees every time they need cash. Sort this out before you leave. It takes two hours."
Getting your banking right before you move overseas is one of those unsexy but critical tasks that can save you hundreds of dollars a year and a lot of stress. This guide covers which Australian accounts are worth keeping, how to access your money cheaply while living in Thailand or Vietnam, and the step-by-step process for opening a local bank account once you're there.
Your Banking Setup Needs to Change Before You Leave
Most Australians move overseas with the same banking setup they've had for years. This works — barely — but costs money every single month. The problems:
- Foreign transaction fees: Most Australian cards charge 2–3% on every transaction made in foreign currency. If you're spending A$3,000/month in Thailand, that's A$60–90/month in fees, quietly disappearing.
- International ATM fees: Thai ATMs charge 220 THB (about A$10) per withdrawal on foreign cards. Your Australian bank probably adds another A$5–8 on top. Four ATM visits a month = A$72 in fees.
- Blocked transactions: Some Australian banks will block or freeze your account for "suspicious" overseas activity, especially in Southeast Asia. This is a serious problem if it's your only account.
The solution is a short pre-departure banking audit: identify which accounts to keep, open at least one expat-friendly account, and set up a transfer service like Wise or OFX.
Which Australian Banks to Keep
The key feature to look for in an Australian account for overseas use: no foreign transaction fees and ATM fee reimbursements. There are only a handful of accounts that tick both boxes.
| Account | Intl ATM Fees | Foreign Tx Fee | Conditions |
|---|---|---|---|
| ING Orange Everyday | Reimbursed (all) | None | Deposit A$1,000+/month + 5 card purchases |
| Macquarie Platinum Transaction | Reimbursed (all) | None | No minimum deposit |
| HSBC Everyday Global | Free at HSBC ATMs | None | No minimum, HSBC network worldwide |
| Citibank Plus / NAB Global | Reimbursed (select ATMs) | None | Check current terms — products have changed |
| CommBank / Westpac / ANZ / NAB (standard) | A$5–8 per withdrawal | 2–3% | Expensive for regular overseas use |
Recommended setup: Keep an ING Orange Everyday as your primary Australian account for ATM and everyday spending. Keep one Big Four account (CommBank, Westpac, etc.) for Australian transfers, direct debits, and anything that requires a "normal" bank. The ING account does most of the work; the Big Four account is your backup and for anything that requires branch access.
Which Accounts to Close or Suspend
Before you leave, review every account you hold and ask: does this serve a purpose overseas?
Safe to close: Any transaction account at a Big Four bank that you're only keeping out of inertia and that charges monthly fees. Credit cards with annual fees above A$100 that you won't use enough to justify. Store cards and retail credit cards you haven't used in a year.
Keep, but downgrade: If you have a platinum or premium credit card with a high annual fee and travel insurance, consider downgrading to the fee-free version. You'll have travel insurance through your expat health policy anyway.
Do not close: Any account tied to your superannuation fund. Any account receiving regular Australian income. Any account used for Australian direct debits (insurance, subscriptions). Your primary savings account if it holds significant funds.
Opening a Thai Bank Account as an Australian: Step-by-Step
You cannot open a Thai bank account online. You must visit a branch in person with the correct documents. This is one of those tasks that's simpler if you know what to expect.
Which bank?
Kasikorn Bank (KBank) is the most popular with expats. Excellent English-language app (K PLUS), large ATM network, modern internet banking, and branch staff are generally more comfortable with foreign customers than other Thai banks.
Bangkok Bank is the second choice. Better for receiving international wire transfers (they have a New York branch which simplifies USD transfers) and historically preferred by retirees and longer-term expats. App is less polished than KBank but functional.
SCB (Siam Commercial Bank) and Krungsri (Bank of Ayudhya) are also used by expats but less common as a first account.
Documents you need
- Your passport (original, not a copy)
- A non-immigrant visa (O-A, O-B, B, or ED). Tourist visas (exempt stamps or tourist visa) are typically refused — this is the most common reason Australians get turned away
- Proof of Thai address: a rental contract with your name, or a signed letter from your accommodation on letterhead
- Initial deposit: typically 500–1,000 THB (some branches ask for more)
The process
- Visit a KBank or Bangkok Bank branch (avoid very busy city-centre branches — suburban and mall branches are faster and more experienced with expats)
- Tell the staff you want to open a savings account. Say "บัญชีออมทรัพย์" (pronounced "bun-chee aum-sup") or just show them your passport and documents
- Fill in the application form — staff will assist
- Provide documents, make initial deposit
- Receive passbook and ATM card immediately
- Activate internet banking and download the app in-branch while staff can assist
The whole process takes 30–90 minutes depending on branch. You walk out with a working Thai bank account and ATM card the same day.
Opening a Vietnamese Bank Account
Vietnam has stricter banking rules for foreigners than Thailand. In practice, most expats in Vietnam rely on ATM withdrawals and card payments rather than a local bank account, at least initially.
Technically, foreigners can open accounts at Vietnamese banks (Vietcombank, BIDV, Techcombank, VPBank are the main ones). Requirements vary but generally need: passport, valid visa, and proof of Vietnamese address. The main limitation: Vietnamese bank accounts for foreigners can have restricted features — some cannot receive international transfers without additional documentation.
For expats in Vietnam, the practical setup is: keep your Australian expat-friendly account (ING or Macquarie), use Wise for transfers, and use local ATMs for cash. Visa acceptance is good at most businesses in Ho Chi Minh City and Da Nang. Cash is still king in smaller towns and local markets.
Managing Superannuation as a Non-Resident
Your super stays in Australia and your superfund doesn't need to know you've moved overseas — the money stays invested, growing under normal conditions. What changes:
- You cannot make concessional contributions from foreign income
- If you have a SMSF (self-managed super fund), the rules around having the fund controlled from overseas are complex — get specialist advice before leaving
- You can still make voluntary after-tax contributions from Australian income
- Your preservation age and access conditions don't change just because you're overseas
For most expats, the action is: leave the super where it is, check that it's invested in a reasonable growth-oriented option (not defaulting to a conservative option), and ensure the fund has an email address it can reach you on. Review once a year.
Reporting Foreign Bank Accounts to the ATO
Australia participates in the Common Reporting Standard (CRS) — an international framework where financial institutions share account information with tax authorities. If you're an Australian tax resident with a Thai bank account, KBank and Bangkok Bank will report your account details to the Thai Revenue Department, which shares them with the ATO.
This is not a problem if you're compliant — it just means keeping your ATO records accurate. Australian tax residents with foreign financial accounts containing over A$10,000 equivalent must disclose this on their tax return. Once you become a non-resident for tax purposes, your obligations are reduced but not eliminated.
The short version: don't try to hide money in a Thai account. It won't work and the penalties are significant. For full detail on your tax obligations when moving overseas, see our Australian Expat Tax Guide.
ATM Strategy: Keeping Fees to a Minimum
Even with the right Australian account, frequent ATM use adds up. The smarter approach:
- Withdraw in large amounts: If you're going to be charged the 220 THB Thai ATM fee once (ING reimburses it), withdraw 10,000–20,000 THB at a time rather than small amounts repeatedly
- Use your Thai bank account for daily spending: Keep 2–4 weeks of living expenses in your Thai account, topped up from Wise or OFX. Use your Thai debit card for local spending. Reserve your Australian card for emergencies
- Avoid airport ATMs: Airport ATMs often have terrible rates and higher fees. If possible, get local currency from a reputable exchange booth (SuperRich in Bangkok gives excellent THB rates) rather than an ATM
- Never accept DCC (Dynamic Currency Conversion): When an ATM or card terminal asks if you want to pay in "your home currency" (AUD), always decline. Always pay in the local currency. DCC rates are 3–5% worse than letting your bank do the conversion
The Optimal Expat Banking Stack
After years of helping Australians set up overseas, here's the setup that works best for most people living in Thailand:
- ING Orange Everyday — primary Australian account. Reimburses all ATM fees. No foreign transaction fees. Use the ING card for emergency ATM withdrawals anywhere.
- One Big Four account — keep it for Australian direct debits, receiving Australian income, and situations that require a "real" bank (Centrelink, ATO, super fund communication)
- Wise account — hold AUD and convert to THB when the rate is good. Use the Wise card for card payments. Transfer to Thai account monthly.
- KBank or Bangkok Bank account — local Thai account for rent, utilities, local transfers, and day-to-day cash withdrawals. Keep 2–4 weeks of expenses in here at all times.
- OFX account — for regular large transfers (pension, rental income, drawdowns). Set up recurring transfers and rate alerts.