Retirees are losing money in Thailand, here’s how you can avoid it

[CharlieH]

Retiring in Thailand can be both affordable and enjoyable, but many retirees unknowingly lose money due to common financial pitfalls. High living costs, scams, and unexpected expenses can quickly deplete savings. Here are five common mistakes retirees make and how to avoid them for a secure, stress-free retirement.

1. Poor Currency Exchange Practices

Many retirees lose money by using unfavourable exchange rates and paying high ATM withdrawal fees. Banks and traditional transfer services often offer lower rates, reducing the value of each transaction. Additionally, frequent ATM withdrawals with foreign cards result in hefty charges.

How to Save:

• Use multi-currency accounts that offer competitive exchange rates and low fees.

• Withdraw larger amounts less frequently to minimise ATM fees.

• Open a Thai bank account and withdraw money only from your bank’s ATMs to avoid extra charges.

2. Overpaying for Healthcare

Healthcare in Thailand is high-quality but can be costly without proper insurance. Private hospitals charge significantly more, and major medical procedures can reach 1.3 million Thai baht (around US$42,000).

How to Save:

• Choose a reputable health insurance provider with comprehensive coverage.

• Compare policies to find the best fit for your needs and budget.

• Ensure your insurance meets Thailand’s visa requirements (at least 400,000 Thai baht for inpatient and 40,000 Thai baht for outpatient care annually).

3. Falling for Investment Scams

Retirees are often targeted by investment scams promising high returns with no risk. Fraudulent schemes, unlicensed advisors, and Ponzi schemes can lead to massive financial losses.

How to Save:

• Verify financial advisors and investment firms with Thailand’s regulatory authorities.

• Avoid any scheme that guarantees high returns with little to no risk.

• Use only trusted financial institutions and advisors.

4. Living in Expensive Tourist Areas

Thailand is generally affordable, but living in tourist hotspots like Bangkok and Phuket significantly increases costs. Rent, food, and entertainment in these areas are priced higher due to demand.

How to Save:

• Consider settling in less touristy cities where costs are lower.

• Track your expenses and set a budget to manage spending wisely.

• Use public transport and local services to cut daily expenses.

5. Inadequate Health Insurance Coverage

Even with health insurance, retirees may face high medical costs if their policy does not cover certain treatments or chronic conditions. Rising healthcare costs can further strain finances.

 

How to Save:

• Choose reputable international health insurance providers such as Cigna, which includes inpatient, outpatient, and chronic condition coverage.

• Regularly review and update your policy to ensure it meets your needs.

• Confirm your policy aligns with visa health insurance requirements.

 

Retiring in Thailand is possible without financial stress, but only if you plan wisely. Avoid bad exchange rates, choose the right health insurance, and steer clear of investment scams. Living in more affordable areas, budgeting, and using public transport can also keep costs down. By taking these precautions, you can enjoy a worry-free retirement in Thailand.

 

 

 

Sponsored - Original article by The Thaiger

 

[proton]

Why the black/white couple photo?  probably zero of them in Thailand. Just an ad for health insurance you wont be able to afford after 75

[billd766]

 

If you do your home work and internet searches of your home country and of Thailand before you even consider retiring, you should be relatively OK.

[vukovar77]

Very costly after 60 -65 years old. At this age, all of us have some pre-existing problems which they do not cover at all.  I can easily resolve minor health problems in Thai state hospitals at an acceptable cost. So, for me, health insurance is just a big cost for almost nothing! For bigger problems, I need to fly to the EU!

[edwardflory]

Another prospective

 

""Many retirees lose money by using unfavourable exchange rates and paying high ATM withdrawal fees"".

--

I use my US DEBIT CARD ( NOT A CREDIT CARD ) at the banks TELLER, NOT THE SERVICE DESK or ATM.  I found the direct transfer INTO my THAI BANK account to be my best / fastest way to get my monies at a decent exchange rate. Then withdraw funds from my Thai account via ATM upon leaving the bank. 1 stop service usually in under 10 minutes.

*****

*****

""Private hospitals charge significantly more, and major medical procedures can reach""

--

I am registered at a Thai MILITARY Hospital. Many doctors are US or UK trained so English is not a problem.  I pay the same cost as Thai civilians using the hospital. It's slightly more expensive than govt civilian hospitals, BUT WAY WAY LESS than a private hospital. I spent 6 days in the hospital and was surprised at the under $1000USD cost for all the services ( 6 labs, 4 x-rays, daily meds, 2 doctor daily visits ) and including 3 months of meds on discharge. 1 ward nurse spoke English. ALL people and services were excellent!!

*****

*****

""living in tourist hotspots .... significantly increases costs""

 

Lived in Pattaya 2 years in a Thai residence hotel - 1 large corner room and toilet, paying 5000bt + utilities monthly.  

Moved to BKK area and found a "Thai" condo ( 3 rooms ) at 1850bt + utilities a month. BUT, was 45 travel minutes to BTS.

 

Moved to KORAT in a fully furnished 4 room condo at 7000bt + utilities a month.

My 1st year in Korat rented a motorcycle to explore KORAT area.

I found a 2BR unfurnished house, fenced yard, indoor kitchen and etc in a gated community 4500bt + utilities a month ( 3 years here same rent )
Met a married couple at the IO, living 2km from me paying 35,000bt + utilities a month for furnished 1BR house in city. I paid to furnish my house UNDER 75,000bt INCLUDING a electric tricycle for local travel to 4 major stores. 260bt round trip to bank in downtown. 

The area has 2x's monthly weekend concerts at a socker field and the local temple holds non religious weekend events 2x's monthly

*****

*****

""face high medical costs if their policy does not cover certain treatments or chronic conditions."'

--

I'm 80, policy is not available at a reasonable cost, re-read about Thai MILITARY Hospital.

 

As I always say, LOCATION, LOCATION and lifestyle.

 

[Wrwest]

2 hours ago, vukovar77 said:

Very costly after 60 -65 years old. At this age, all of us have some pre-existing problems which they do not cover at all.  I can easily resolve minor health problems in Thai state hospitals at an acceptable cost. So, for me, health insurance is just a big cost for almost nothing! For bigger problems, I need to fly to the EU!

Yes, I retired here in 2011 on an O-A Visa. Then came the health insurance requirement. I viewed the 11.44 cost (no pre-existing coverage, 22K deductible) as a tax since it would be of no benefit. Heart attack, Chiang Mai 2015 (pre-existing condition no coverage). my US policy paid $5K usd, I paid $6usd of the total cost. Switched to Visa, Marriage to Thai National = no insurance required. As a heart pre-existing patient at 78 years, insurance non-sensical.

[Woke to Sounds]

23 hours ago, proton said:

Just an ad for health insurance you wont be able to afford after 75

 

Alternative is to have a reserve of cash for medical emergencies and/or refuse treatment for certain death situations like cancer and just party till you drop and pass into the other better world.

 

Insurance kompanees can suck on it.

 

Another option is to just die when the money runs out.

[Patong2021]

All common sense. However, tourist areas   offer  quicker access to medical care. The  cardiac intervention units are  fully staffed in Bangkok and major cities.  It is called the Golden Hour for good reason. You don't want to have a stroke or a heart attack in rural Thailand, because  you will most likely die or be  a vegetable. The tourist locations offer the best transportation links, the best food options and the best social support options.

23 hours ago, proton said:

Why the black/white couple photo?  probably zero of them in Thailand. Just an ad for health insurance you wont be able to afford after 75

Cigna is a US based company. This is a standard  advertisement photo. If they were. thinking they would use an asian model.

 

 

[BritManToo]

3 minutes ago, Patong2021 said:

All common sense. However, tourist areas   offer  quicker access to medical care. The  cardiac intervention units are  fully staffed in Bangkok and major cities.  It is called the Golden Hour for good reason. You don't want to have a stroke or a heart attack in rural Thailand, because  you will most likely die or be  a vegetable. The tourist locations offer the best transportation links, the best food options and the best social support options.

Cigna is a US based company. This is a standard  advertisement photo. If they were. thinking they would use an asian model.

 

 

Living near MaeJo university, I'm 4km from SanSai government hospital, built 3 years back it has all the latest medical equipment.

[Patong2021]

3 minutes ago, BritManToo said:

Living near MaeJo university, I'm 4km from SanSai government hospital, built 3 years back it has all the latest medical equipment.

 

Chiang Mai is a "tourist"  hub. It has a large population of fhigher income foreigners.  Multiple hospitals  are centered there. You are supporting my comment that tourist areas offer better health facilities. Thank you.

[BritManToo]

52 minutes ago, Patong2021 said:

 

Chiang Mai is a "tourist"  hub. It has a large population of fhigher income foreigners.  Multiple hospitals  are centered there. You are supporting my comment that tourist areas offer better health facilities. Thank you.

No tourists in MaeJo.

[Patong2021]

1 hour ago, BritManToo said:

No tourists in MaeJo.

 

Ok. That's like saying there are no tourists in The Groves at Orchard Hills, Orange County, California. Technically correct,since it is a gated community, but Orange county itself is a major tourist hub in California.

You are approx. 10-15 km from McCormick Hospital, and under 20 km from Chiang Mai  center. In efect you are in a bedroom community, no different than a suburb. The fact remains that your area has  a relatively higher end foreign community of an estimated 30,000+ people. That population size  can support many goods and services  that foreigners seek such as specialty restaurants , grocers and  professional services. Very different than living in deepest rural  Ubon or Surin.  Enjoy the smoke.

[rwill]

I would probably get a quote if they didn't require me to give them a phone number to contact me.  I don't want to be bothered by sales persons.

[edwardflory]

"""tourist areas offer  quicker access to medical care"""

 

LOCATION, LOCATION and LOCATION.

 

KORAT ( fair size non tourist city ), where I live, hospitals are 5 to 16 minutes away. "local" hospitals within 5 minutes, 2 MAJOR hospitals 9 & 12 minutes, Army hospital 16 minutes.

 

Bonus....a doctor lives across the soi from me and a ambulance is parked here in the complex.

[Liverpool Lou]

1 hour ago, rwill said:

I would probably get a quote if they didn't require me to give them a phone number to contact me.  I don't want to be bothered by sales persons.

It's not compulsory to answer an incoming call and, if you're so bothered by it, you can block the number so that you only ever get one call from them.  It may turn out that you actually like the quotation that they give you!

[CharlieH]

2 hours ago, rwill said:

I would probably get a quote if they didn't require me to give them a phone number to contact me.  I don't want to be bothered by sales persons.

So put their number as yours! Or just change the last 2 digits.

[jas007]

1 hour ago, Liverpool Lou said:

It's not compulsory to answer an incoming call and, if you're so bothered by it, you can block the number so that you only ever get one call from them.  It may turn out that you actually like the quotation that they give you!

On my iPhone, I can also set it so that every call I get that isn't from someone in my address book or from selected friends, goes straight to to voicemail.  

[JimHuaHin]

On 3/21/2025 at 12:31 PM, billd766 said:

 

If you do your home work and internet searches of your home country and of Thailand before you even consider retiring, you should be relatively OK.

A great suggestion, which I enacted about 15 years ago.

 

I looked at a lot of economic data from back home and in Thailand, including currency exchange rates, dating back 40-50 years.   All looked promising, but .... since coming here bank interest rates in Australia reached near record lows as did currency exchange rates - ok, not so good on the money front.

 

Then Thai immigration changed visa requirements ... which was somewhat unexpected, but was worked around.

 

Now we have the Thai tax changes ... I knew the then Thai personal tax requirements before I came for a long visit to Thailand.  Confirmed what I had learnt from chatting with a few Thai tax professionals here.  Set up a couple of accounts back home and here to help minimise my Thai tax burden.  But, tax policies change over time in most countries, and Thailand is no exception.

 

Do your research, plan ahead, and have Plan/Option B, C, D, .... in case the original plan become untenable.