Transcript of the above video: 

As the title of this video suggests, we are discussing the possibility of changes in the banking apparatus here in Thailand that could have an effect on a number of expats. I thought of making this video after receiving an email from a viewer, and quoting directly from their email: Quote: "Another quite big change in banking that will affect a lot of expats." - and then they put a link to Hua Hin Today which I will put up here in a moment, but I want to quote this further - "Interesting the original announcement from Wise reference in the article has been deleted from their website. It appears from the article after reading that while sold as a great new convenience," - and then he put in parentheses - "of course." - yeah - "This change will basically enable digital oversight of all Wise accounts registered in Thailand and remove the ability to withdraw cash from ATMs, remove the ability to transfer in various currency both in and out of Thailand, and require additional Thai KYC" - that's Know Your Customer -  "to keep the account amongst other things. The digital surveillance net is closing very fast." Yeah, I've been talking about this for quite some time. It's not great. 

That said, going over here to Hua Hin Today, huahintoday.com, under the title: Wise rolls out overseas transfers and PromptPay access in Thailand. Quoting directly: "Good news for expats in Thailand is Wise rolls out overseas transfers and PromptPay access. Expats in Thailand will soon be able to send Baht overseas directly from their local bank accounts and use PromptPay through their Wise app, after Wise confirmed a major update to its services in the country. The changes, due to take effect on or after 19 May 2026" - so folks that are watching this, however this is going to play out, you've got till the 19th of May. - Quoting further: "will see customers in Thailand served by Wise's local entity, which will be fully licensed and regulated by the Bank of Thailand. For many foreign residents who regularly move money between Thailand and their home countries, the update is likely to make day-to-day banking simpler. One of the biggest developments is the ability to send Thai Baht abroad. Customers will be able to transfer THB directly from a local Thai Bank account or from their THB balance within Wise. Transfers will continue to use mid-market exchange rates with transparent fees. For expats paid in Thailand but supporting families overseas, paying mortgages back home or moving savings internationally, the ability to remit Baht directly removes an extra step that previously involved converting funds outside the platform. Quoting further: "While ATM withdrawals within Thailand will no longer be supported using a Wise card, customers will still be able to withdraw cash from ATMs overseas. Locally, Wise is encouraging users to rely on scan-and-pay via PromptPay instead." 

So as the person that sent this to me, and thank you, tip of to the hat to you, yeah good point. I mean, and all of this stuff, it's like digital banking just as a thing, has just been rolled out as "oh this is great and so much more convenience." - nothing could be further from the truth. It's like, I hate to be cynical to this level, but it really just feels like everything is intentionally being made worse. All the reasons that I came to know and love Thailand, especially ease of doing business, ease of banking, just not being in your business, just having a modicum of basic privacy with respect to what you do with your own money. Again, I don't think it's a coincidence that the OECD came in here last year and we have been dealing with all the aftermath of this stuff ever since. It's undue foreign influence; I don't think it's good for Thailand long term. Frankly, I think it's going to have a tremendously negative effect on the economy; I've talked about this before. Matters pertaining to liquidity and velocity of money, it has the effect of, my opinion is it's going to seize up the liquidity in the economy. The lack of velocity of money is going to cause economic activity to shrink in Thailand, and as a result, we are going to see less dynamism in the economy. I hesitate to call anything a recession or anything of that nature - I don't want to use technical jargon - but again I just don't think it's going to be particularly beneficial for expats or locals here in the Kingdom of Thailand.