Kasikorn Bank estimates that the measures to open the country starting May 1 will lead to a recovery in the tourism industry. It is expected that in the second and third quarters, there will be an average of no less than 300,000 foreign tourists visiting Thailand each month, an increase from the first quarter, which averaged 166,000 per month. This will generate a total tourism revenue of 900 billion baht in 2022 from both foreign tourists and the recovering domestic tourism market, an increase of over 650 billion baht from the previous year.

Furthermore, the bank is preparing to offer financial products and services that meet the needs of individual customers and entrepreneurs, stimulating travel both domestically and internationally by opening over 800 foreign exchange points, cashless travel spending cards such as Kasikorn Bank's JOURNEY debit card, YouTrip cards, and increasing service channels for small tourism businesses such as hotels and restaurants on the TAGTHAi platform. Moving forward, attention will be on the announcement of COVID-19 as an endemic disease in Thailand and measures to coexist with COVID, which will affect the number of tourists to continue to grow. 

Dr. Pipatpong Posayanont, Managing Director of Kasikorn Bank stated that the opening of the country by lifting the Test & Go measures starting May 1, while globally, 104 countries are fully open to foreign tourists (according to data from wego.com), will promote a travel atmosphere worldwide to return after facing the COVID-19 pandemic for over two years. According to Kasikorn Research Center, it is expected that the number of foreign tourists visiting Thailand in the second and third quarters of 2022 will average no less than 300,000 per month, more than the first quarter's average of 166,000. It is anticipated that the number of foreign tourists visiting Thailand in 2022 will be around 4 million, generating 240 billion baht in revenue from foreign tourism. Combined with the recovering domestic tourism market, supported by the Songkran festival and government projects such as 'We Travel Together' and 'Half Price', the total tourism revenue in 2022 is expected to reach 900 billion baht, an increase of over 650 billion baht from the previous year. Additionally, the trend of Thai travelers going abroad is increasing as many countries begin to lift restrictions and welcome tourists without quarantine, such as South Korea, Singapore, and Bali, Indonesia.

The current travel patterns are mostly independent travelers or FIT (Free Individual Traveler), including those traveling for leisure and those changing their work environment to tourist destinations (Workcations). The bank is prepared to facilitate financial services for both Thai and foreign tourists as follows:

Foreign tourists visiting Thailand

The bank has opened over 800 foreign exchange service points covering key areas that tourists must pass through, such as airports, which include both currency exchange booths and automatic foreign exchange machines, as well as bank branches nationwide to facilitate Thai tourists wishing to exchange foreign currency. The bank is also preparing to launch a new foreign exchange service that aligns with the new travel patterns soon.

Supporting tourism entrepreneurs, such as hotels, restaurants, and souvenir shops, focusing on maintaining financial liquidity so that entrepreneurs have sufficient capital to operate their businesses. Additionally, the bank is promoting the use of the TAGTHAi app, a comprehensive tourism service platform that connects tourism information, products, and services from entrepreneurs, along with launching the TAGTHAi pass, a digital lifestyle travel pass that facilitates tourists with a one-time payment to access well-curated local services, including entry tickets to major attractions, restaurants, travel services, spas, and health services, along with additional benefits. The bank is also opening service channels for small tourism businesses, including attractions, restaurants, museums, and others, to enhance their capabilities to reach a broader range of tourists through the TAGTHAi app.

Thai tourists traveling abroad

Cashless travel spending cards include the Kasikorn Bank JOURNEY debit card, which can be used in any currency with no 2.5% charge, free overseas travel insurance with coverage of up to 1.5 million baht, and the YouTrip service, which is a multicurrency wallet allowing customers to exchange money in advance for 10 currencies, usable in over 150 currencies, and can be used worldwide with no 2.5% charge and no transaction fees.

Although the overall situation is improving for the tourism sector, there are still factors affecting the number of tourists, including China's zero-COVID policy, which prevents Chinese tourists from visiting Thailand normally, the situation in Ukraine, which, if it escalates, may impact travel for tourists from Europe, as well as the announcement of COVID as an endemic disease in Thailand and domestic measures to coexist with COVID, which will affect the number of tourists to continue to grow.