Thailand’s currency, the baht, has traditionally performed well against other major currencies following the financial crisis in the late 1990s. NIST’s salary scale, in line with other top international schools in Asia, provides an excellent pay and benefits package that is more than sufficient to provide for both living costs and a significant discretionery income.
Upon joining NIST, all new staff members must open a savings account with Siam Commercial Bank (SCB) for the monthly deposit of their salaries. The Human Resources Department will assist in the initial creation of the account during orientation, so it is recommended that you prepare sufficient cash or credit if you plan to arrive well in advance.
Most major banks maintain relatively standard hours, and SCB branches are open anywhere between 8:30 AM to 5:00 PM, Monday to Friday. However, branches in shopping malls such as Terminal 21 stay open longer, often closing as late as 7:30 PM. ATMs are accessible 24 hours a day, and most machines will accept other bank cards, though a small fee will be charged. NIST has an SCB ATM on campus inside the Creative Arts Building Atrium, and another Thanachart Bank ATM is located at the school entrance. Staff members are free to visit nearby bank branches during working hours, but approval should be sought from a supervisor beforehand.
SCB offers online banking through SCB Easy Net. The setup process is relatively easy and makes banking much more convenient, as you can monitor your account balance and transactions, pay your credit card bills, and transfer money between accounts, both to other banks in Thailand and internationally. The bank provides instructions on how to set up the various services on this page.
Most businesses in Thailand, excluding small family-owned shops, will accept credit cards. The most commonly accepted cards are Visa, MasterCard and American Express, while others such as Diners Club will not be usable to the same degree. You will also have the option to apply for for a Visa card through Siam Commercial Bank, but the approval process will generally not take place until your work visa is processed in September to October.
All income from your salary is subject to the standard Thai tax rate, minus the appropriate deductions. To assist in determining whether you qualify for any returns, the HR Department will provide a questionnaire each year and file your paperwork accordingly. It’s also important to remember that the tax laws in your home country may also require you to report your overseas earnings, and in some rare cases pay additional taxes there.
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U.S. Global Tax Plan has been helping US citizens residing in Thailand and throughout Asia resolve their issues with the US tax authorities for over 30 years. We are committed to staying conscientious of the most recent US tax laws and how they are applicable to our clients. Our clients’ priorities are our priorities, and we use every possible provision in the US tax code to minimize the tax liability for our clients while keeping them compliant with the US tax law.
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