Cost of Living in Bangkok in 2023
Are you planning to relocate to Thailand’s capital? Do your homework on the cost of living in Bangkok before packing your bags.
Change can come in many ways. For some, it’s leaving their homes and moving to new and unfamiliar places. Bangkok is one of the best cities to do just that.
The Thai capital has something for everyone. Its numerous traditional temples don’t fall out of place with the otherwise modern metropolis. The two aesthetics blend so well together, they create an atmosphere unique to the city. Its cuisine isn’t something to overlook, either! From street food to sophisticated spaces, there’s always an option for every palette.
Perhaps moving to Bangkok may give you the exciting fresh start you need.
Despite the exhilaration, packing your bags and settling down on this side of the world can be challenging too. You may experience culture shock, lifestyle shifts, and bouts of homesickness. We haven’t even mentioned the residency process (which deserves its own entry) yet!
Expenses are another factor worth mentioning. They don’t stop at travel and relocation costs; you should consider the standard of living too.
The expenses for residing in the city are different from the cost of living in Bangkok for a month as a tourist. The city can seem like an affordable place to be when you’re only there for a few days. However, budgeting is a must for everyone residing there, even if it’s not as expensive as its fellow bustling cities like Singapore and Hong Kong.
If you plan to move to Thailand’s capital city, you’ll need to be smarter than usual with your finances. This entry will discuss the cost of living in Bangkok and share tips to make the most of your hard-earned money.
Living in Bangkok: Painting a Picture
Around 3.6 million migrants reside and work in Thailand, comprising 5.2% of the national population. Most of these expats come from neighboring nations such as Cambodia, Vietnam, Myanmar, and Laos.
With that figure, it’s safe to say that relocating to the country is becoming a popular move.
Bangkok is a lively place with equally lovely people whose disposition is as warm as Thailand’s sunny weather. Locals are generally welcoming toward expats, so don’t worry about getting the cold shoulder upon arrival! The City of Angels (not to be confused with Los Angeles) has most of Thailand’s commercial establishments and financial institutions.
Living in Bangkok is different from visiting it. Being a part of the expat community means knowing the city’s ins and outs.
If you see many foreigners roaming the city, that may be the primary reason.
Before you make your way to Bangkok, we recommend reading up on the city’s history and living conditions for better preparations. You may be surprised by a few things (such as notorious traffic jams and heavy smog) once you get there.
Understanding the Cost of Living in Bangkok
In Bangkok, cost of living is lower compared to other Asian megacities. The city has more affordable basic goods and services, contributing to its 3rd place ranking in terms of disposable income in HSBC’s 2021 Expat Explorer Survey.
Unfortunately, like most cities, Bangkok (and the rest of Thailand) wasn’t spared from post-pandemic inflation. The country’s average inflation rate reached 6.08% in 2022 — the highest in 24 years! Food prices and other costs soared, making things a little more expensive than usual.
The cost of living in Thailand has certainly risen compared to previous benchmarks. As said earlier, you need to manage your money wisely. It’s better to err on the side of caution, especially in finances.
How much do expats spend in a month? According to the social network Nomad List, an estimated $1,850 per month (or around 64,000 THB) is an expat’s average cost of living. Bangkok is a big city, so it shouldn’t surprise anyone if prices are higher on this side of the country. And that’s just for one person!
If you’re planning to move to the city with your brood, just know that the living costs for a family in Bangkok will naturally be more expensive. You’ve got more people sharing one roof, after all. Expenses amount to around $4,992 (175,120 THB) per month.
Check the averages from time to time to avoid budget mishaps. They may change without you even knowing it.
Managing the Bangkok Cost of Living
Living in a cosmopolitan city like Bangkok means maximizing your money to live a manageable lifestyle. These tips should help you manage your budget while residing in the City of Angels:
Cover all your bases
Relocation doesn’t just mean jetting off to a different place. Moving into a new city (in this case, Bangkok) takes tons of work! As mentioned earlier, consider all the necessary expenses before landing in your chosen place.
This is where the internet comes in: make it your best friend and do your research.
How much does one allot for transportation expenses? Is the healthcare system in good shape? You can find answers to these questions (and more) with a few clicks. Do you know anyone in the area? That’s even better! You can ask them questions for further clarity.
When in Bangkok, do as the locals do
How does one spend money wisely in a new city? Follow the locals and take a few cues.
New environments can get pretty intimidating. Imagine being a fish out of the water! You don’t know what to do and where to begin. Even the most prepared person can get overwhelmed by unfamiliar surroundings.
To wisely manage your Bangkok living expenses, start taking notes from locals. The more you adapt to local living, your wallet and bank account will feel relieved. Learn a few basic native words and phrases to get around the city quicker. You’ll be surprised by how much you’ll save when you don’t get lost in translation!
Do a lifestyle check
We’re often discouraged from living beyond our means. Even though it sounds cliché, there’s a reason most of us follow this advice: there’s no point in trying to look well-off if you’ll only get broke as a result! The good news is that the cost of surviving in Bangkok is fairly low, if you’re at least aiming for the bare minimum.
Since you’re considering moving to a new place, you may need to let go of some old habits. Perhaps it’s time to hold off on a few splurges until you get your monetary affairs in order. Take a long and hard look at your current financial standing and make the necessary adjustments. Trust us — you’ll thank yourself later for the lifestyle check!
Now that you’re aware of the cost of living in Bangkok, you can already map out the budget for your big move and beyond. Good luck and safe travels as you head to the city!
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