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You are here: Home / Thailand Living / Best Way to Send Money to Thailand: Save $75 Per Transaction!

Best Way to Send Money to Thailand: Save $75 Per Transaction!

Transferring money to Thailand from your home country, be it the US, Canada, Australia, or the UK, has been a pain point for just about every expat at one time or another.

But we all have to do it.

The scale of it is huge:

Each year, approximately 7 Billion USD is remitted to Thailand. Among the top sending countries are the USA, Germany, Australia, UK, and Sweden. (Source)

You can bet your bottom dollar a huge amount of that cashflow can be attributed to expats funding their Thai bank accounts, and of course sending money to Thai partners.

We all know banks are generally a rip-off when it comes to sending money, but hiding your money under a mattress isn't exactly a safe bet these days – not that it ever has been.

This sucks. They have us like a puppet on a string; free to slap on big fees and unfair exchange rates when we want to transfer money.

When you sit back and think about it, it's the strangest thing: You are charged to withdraw your own money!

Okay, so you are abroad. You expect to pay a small fee, but not for the bank to make a big profit out of it – and believe me, they do.

There is a solution, though, and one myself and thousands of my readers have been using for the last 7 years. I'll get to that in a moment.

But first, let's look at how the way you're sending money to Thailand is hurting your pocket, how much it is costing you, and why this is happening.

The 4 Pain Points of Transferring Money to Thailand

1: The Bank Transfer Fee

The SWIFT (international transfer) fee can be anywhere from £10-25 / $15-30, depending on who you bank with.  If you make regular transfers, say two a month, that's going to run you near on £250 / $320 a year!

Even if you bank with Bangkok Bank or Kasikorn Bank, both of which have branches overseas, including London and LA, you still can't avoid the international transfer fee.

Bangkok Bank, for example, charges £20 to route money to your Thai bank account. And then you are subject to an unfavorable exchange rate.

Already you are massively out of pocket, and we're not done with the fees yet. Read on.

2: The Receiving Fee

After you pay the international transfer fee, you will be hit by the receiving bank for a similar amount.

Most banks, like Bangkok Bank, charge a maximum of 500 Baht to receive money, but it usually is 500 Baht, so that's another £10 / $16.

So now you've already paid twice to transfer your money, and that's without factoring in the currency conversion charge.

3: Currency Conversion Charge

Out of the three fees, this is the evil one.

Most people presume you get the mid-market transfer rate. This is the one you see on XE .com and similar websites.

But then you do the math and realize that you've been shortchanged, massively!

In the world's currency markets, traders define the rates at which they are willing to “buy” or “sell” a specific currency. The mid-market rate is simply the midpoint between demand and supply for a currency, and because of that, it changes all the time.

But that's as technical as you need to get. The most important thing to know is that the mid-market rate is considered the fairest exchange rate possible. The mid-market rate isn't a secret either. It's the rate you will find on independent sources such as Google, XE and Yahoo Finance.

Unfortunately, you don't get the real rate.

It's one of the ways they can hide the true amount being charged. Most banks take the mid-market rate and apply a margin on top, without being transparent, so you have no idea how much they're over charging you.

By hiding the charge in the exchange rate you're offered, banks make huge profits at your expense, and you're none the wiser.

See the image below for an example of how this works.

money-transfer-comparison

You can offset the loss slightly by choosing to send money in your home currency, instead of Baht. However, many people sending money to Thailand still make the mistake of choosing to convert to Thai Baht at their source bank instead of at the Thai end.

This means that you lose even more money; because your bank steals a nice chunk of cash at their own exchange rate, a rate they set themselves, which is not the “mid-market rate”.

That said, the Thai bank will still convert your currency to Thai Baht at an unfavorable rate, too, making enough for a meal out. However, they generally won't squeeze your pockets as hard as the sending bank (your home bank).

4: Transfer Times

So, you've had your pockets skimmed on all fronts and you're at least $50-100 down.

You have paid two transfer fees and a currency conversion charge.

But even after they've dipped their finger in your honeypot multiple times, the banks still can't promise the money will be there within 24 or 48 hours.

That's a real kick in the teeth.

Hell, sometimes it takes as long as 5-7 days!

This is 2023, not 1990. Since everything is digitized, the money should be there super fast.

And it can be. The way I'm sending money these days not only avoids bank fees but takes as little as 9 seconds for a transfer to arrive!

Like It or Lump It, Or…

Sending money to Thailand is expensive, but what other option do you have except the bank?

You could carry money through customs, but then how often do you fly home to be able to do that?

To be honest, I hate carrying a ton of money around with me. It's just not safe.

Western Union is too expensive, but good if you need cash wired immediately.

PayPal steals 3.5% on a transfer and charges up to 4% currency conversion fees. Yes, I said up to 4%. It's 3% for the UK (where I'm from).

+ Enter Wise (formerly Transferwise) to Save You Money

Seriously, I waited years for this and, if you read the comments below, you'll see how chuffed others have been to find this service.

You can now transfer money to Thailand with ZERO bank charges, get the Mid-Market Rate currency conversion, and only pay a small fee, which is more than made up for on the overall cost savings.

Check this out:

Have a look at this transaction where I saved over £58.

wise-conversion-rate-GBP

Here's a comparison of other money transfer services and banks at the exact same time.  look at the bank transfer rates of four high-street banks. Wise beats them both, comfortably.

The exchange rate is lower and the fees higher than Wise.

wise-competitor-rates

Now look at the market rate for the same time of day on XE.com.

Unbelievable, right? The overall Wise rate is actually slightly better!

XE-GBP-Baht-market-rate-wise

So: not only did I get a better rate than my bank, I got a better rate than XE. com, which is the mid-market rate.

But that's not all: I only paid a £6.38 fee.

My bank (Nationwide) charges £20 for an international transfer. Plus I'd have to pay 500 Baht (£12 at the current exchange rate) to my receiving bank in Thailand.

So altogether, with the favorable exchange rate, I saved over £50 with Wise compared with a transfer from my home bank.

Sending USD to Thailand

For my friends from the USA, here's how things size up in Dollars. I couldn't see competitor rates this time, probably because I was using my UK-based account.

transferwise-bank-comparisons

This time the Wise rate is spot on with the Xe.com (below).

Usually the rate is the same or slightly better, but note that rates change by the second. The good news is that Wise locks in a rate for you for 2 hours. You can also check Reuters for comparison.

transferwise-US-mid-market-rates

Use This Link to Get Your First Transfer Free

I was so over the moon with Wise that I popped off an email and asked if I could get more information on how they circumvent these fees so I could blog here about it (see below on how it works).

They wrote back and offered to give my readers a free transfer up to £1,000/$1,000.

Click that text link above to get the free transfer.

Remember: Banks could charge you up to 5% in hidden costs when sending money to any bank account abroad. Wise is up to 8x cheaper. It's only fair!

It Took Just 9 Seconds to Receive My Money

This is really impressive. Just recently I sent some USD from Wise to an account in Thailand. The transaction time was 9 seconds.

That's insane!

Check out the screenshot below for proof.

wise-transfer-confirmation-2023

How Does Wise Make Sending Money to Thailand So Cheap?

Well, with investment in the company from the likes of Richard Branson, I guess anything is possible.

But actually it's quite genius.

Once you initiate the transfer, Wise searches for other people doing a transfer from the location you are sending to, and effectively swaps the currency.

Of course, money transfers being as frequent as they are, this means there's usually several matchers available, making the process very quick.

My first transfer completed within 24 hours; 2-3 days quicker than my bank. Transfers now are sometimes even quicker.

There are readers in the comments section who've received their money to Thailand within minutes and even seconds. For bigger amounts it could take longer.

The process is completed by making several individual conversions using effective market exchange rates that work in your favor.

In other words, different parts of the transfer can be converted using different exchange rates.

Here's a cool video that explains how it works:

Wise Sending Limits

With Wise you can send up to 2 million Thai Baht per transfer.

That's $55,000 ( USD), or £45,500 GBP at the exchange rate at the time of writing.

There is no limit on the number of transfers you can make.

Since January 2022, however, there has been a regulatory change that affects certain banks. You can still send the same amount per transfer, as stipulated above, but only if you are sending to one of the following banks:

  1. Bangkok Bank Public Company
  2. Kasikorn Bank
  3. Siam Commercial Bank

If you are using a different bank, you’ll only be allowed to send up to 49,999 Thai Baht per transfer.  Again, there’s no limit on how many transfers you can make.

This is why I always recommend opening a bank account with Bangkok Bank or Kasikorn Bank. These two banks in particular are “foreigner friendly”.

Here's a Quick Benefits Summary

Wise was founded on the principle that people deserve transparency, fairness and better value when it comes to their money.

I think the large majority of us would agree with this principle and have waited a long time for a service like this.

For far too long banks have got away with overcharging for moving money. Transactions happen digitally; it's just numbers changing in a system – there is no physical movement of cash.

Wise is on average 7x cheaper than traditional banks when you send, spend, or withdraw money around the world. (Though this depends on each country).

Here's a quick benefits summary:

  1. No home country bank fee.
  2. No receiving country bank fee.
  3. Get the true Mid-Market rate currency conversion, or better!
  4. Send up to 2 million Thai Baht per transaction.
  5. Fast transfer, especially on amounts below 5k. Approximately 24 hours.
  6. Once you're comfortable with the system, you can use the iOS or Android app for transfers on the fly.

+ Click here to get your first transfer free

Boy does it feel good to avoid those bank fees!

Frequently Asked Questions:

1. How do I send money with Wise?

Go to the website. Type in the amount you want to send. Then fill out your details to register.

Once registered, you just need your bank account details and the details of the bank you are sending to in Thailand. Then push the magic button!

2. What is the maximum amount I can send with Wise?

2 million THB in a single transaction.

However, due to regulatory changes in Thailand, from Jan 2022, transfers of 50,000 THB and above will only be available for Kasikorn Bank, Bangkok Bank, and Siam Commercial Bank recipients.

Transfers under 50,000 THB remain unaffected for all supported recipient banks.

3. How long will the transfer take?

Anywhere from 9 seconds to 24 hours. It's usually very fast. Generally speaking, larger transfers take longer. By large I mean over $5,000 (USD).

4. Do I need a Thai bank account?

Yes, because this where the money gets paid into. If you don't have a Thai bank account, perhaps your partner or close friend has and you can send the money to their account.

5. Is Wise like a bank account?

This is the money sending service side of Wise. But Wise does have a bank account facility that enables you to hold multiple currencies and spend that money internationally using a MasterCard. I have reviewed this service here.

6. Can I use this service to transfer my pension to Thailand?

Yes. Many expats are losing money by having their pension paid into their Thai bank account. They lose on the exchange rate and the receiving fee. You might be better off having your pension paid into your home bank account and then transferring it to your Thai bank account via Wise.

7. Will the transfer  show up as an FTT, for visa extension purposes?

FTT is a code that indicates that the money transferred is a foreign money transfer. An FTT is what's required to fund a bank account that will be used for a retirement visa extension. For the funds to qualify the money must come from a foreign source and not a domestic one.

To achieve this, when asked in the Wise dashboard for the reason you are sending the funds, choose “Funds for long term stay in Thailand”.

8. How does Wise make money?

Wise charges a service fee for each transaction, but even when you factor this in you will still save a fair chunk of money.

9. Is Wise better than MoneyGram and other similar services?

Overall, yes. You can read through the reader comments below and see that at times people suggest other services but upon inspection they aren't cheaper than Wise, tend to be much slower on transfer, and collect more private data than is necessary.

10. Can I contact Wise with a question?

Yes, you can contact them by email or phone. The number is 020 3695 0999.

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Last Updated on March 14, 2023

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Comments Sort by : newest | oldest

  1. Winston says

    February 27, 2023 at 7:14 am

    Have you noticed Wise transfers. Their rates are not that good as before. Also, now the money shows deposit in few seconds but it also says 'the transaction will be viewed manually and time might change' and then you see that the transfer will take days from what previously would take seconds. They are not as efficient as before.
    Reply

    Feb 27, 2023 at 7:14 am

    • TheThailandLife says

      February 27, 2023 at 4:43 pm

      Hi Winston, I think the fees increased a little for me earlier this year due to card providers increasing their fees and inflation-related costs, but the service has still be very quick for me. I did a transfer earlier this month at night and by the time I'd woken up I saw it in my account.Also, Wise has this new initiative where they return fees if their costs go down. Check out this email I received:As the costs to provide you with our services were less in January, we’re giving you back a percentage of the fees we charged you last month.We’re doing this because it’s our mission to make money work without borders — to make it instant, cheap, convenient and transparent. See how you can help.We’ll continue to look at our monthly costs and give back what we can. This means that the amount you’ll receive might change depending on our costs — in some months that might be more, and in others we won’t be able to give anything.I got back 40% of the fees I paid. Not bad, eh?
      Reply

      Feb 27, 2023 at 4:43 pm

      • Winston says

        February 28, 2023 at 10:10 pm

        but there are now greater delays for the money to reach the bank unlike in few seconds as before. It has happened to me to 3 transaction and I had to cancel all 3 of them. Who wants money coming into my bank account after 9 days. yes you read that correctly, after 9 days so it said . Un believable. the others were in the area of 4-5 days. Utter nonsense. or perhaps as the saying goes "it only happens to me" hahahaha
        Reply

        Feb 28, 2023 at 10:10 pm

        • Max says

          February 28, 2023 at 10:44 pm

          My last transfer using Wise was from my balance account and it took 6 seconds. Normally I'm using the "Low cost transfer"-option and my money always arrives at Bangkok Bank 2pm next day. Winston,where do you send money from,what country? When I've been reading about people having problems with delays,they have always been bank related. I know people from the US having problems with delays. I must be lucky because it never happens to me.
          Reply

          Feb 28, 2023 at 10:44 pm

          • Winston says

            February 28, 2023 at 10:56 pm

            Canada. never ever had a problem before. I have been using them forever but not happy with my last 3 transactions in January.
            Reply

            Feb 28, 2023 at 10:56 pm

    • Max says

      February 27, 2023 at 4:54 pm

      Winston, do you mean rates or fees? The rate is always the mid-market rate. When Wise for some reason has to increase their fees,they always announce it and also explains the reason for it. My transfers always arrives on time as they have for years. I haven't had one delayed transfer.
      Reply

      Feb 27, 2023 at 4:54 pm

      • Winston says

        February 28, 2023 at 10:15 pm

        the fees. I select direct transfer, It say 35 cents or 60 cents When I go to make the final payment it shows fees as $3+ ridiculous, and the number of days increases from 'few seconds' to 4-5 days and in one case it said 9 days. that too this transfer was from my Thai bank account to another Thai bank account.
        Reply

        Feb 28, 2023 at 10:15 pm

        • Max says

          March 1, 2023 at 6:21 pm

          Winston, why don't you start using a Balance account transfers instead of the Direct debit option?
          It's much easier because your bank won't be involved in the transfer. You just transfer money to Wise's local account in Canada. Your money will show up in your Balance account. When you transfer money,you just chose the Balance option. I'm 100% sure you won't have any delays because your money is like half way to Thailand. The total fee should also go down a bit. If domestic transfers are free in Canada then the only fee you'll pay is the fee to Wise.
          Reply

          Mar 01, 2023 at 6:21 pm

  2. sidney leonard says

    February 15, 2023 at 3:44 am

    Peter, et al., as the time is nearing for our return to Thailand, and after reading the comments re: sending funds to/from Thailand, and the financial requirement for extending a Non-O visa based on marriage, I ask that you please respond to the following comments & questions:

    We have decided that the best option for us for sending funds from our Bangkok Bank joint savings account to our checking account at Bank of America in the U.S. (until it will be possible to do so via WISE) is to wire same directly via SWIFT; I was pleased to read on Bangkok Bank's website that using this option there is “No need to apply for the service in advance or submit any supporting documents. You can make a transfer by yourself online.” - Do you find this to be the case?

    Regarding the financial requirement for obtaining, annually, my visa extension: My wife and I have been transferring funds, via Wise, into our Bangkok Bank joint account (opened in 2017) over the last 3 years and now have a balance in that account of >฿M.

    I have been assured by several expats that the least complicated option is the ฿400K in a personal bank account for a minimum of 2 months before applying for a visa extension, and that I can open such an account and transfer the required funds into it from our existing Bangkok Bank joint savings account without any requirement as to where the funds came from. Do you concur?

    An aside: Does Bangkok Bank offer a fee-free credit card which can be used to purchase (in baht) and pay the balance each month via debiting our savings account?

    I thank all respondents for your time and generous sharing of your experience and knowledge.
    Reply

    Feb 15, 2023 at 3:44 am

    • JamesE says

      February 15, 2023 at 6:59 am

      So first, yes. A SWIFT transfer is do-it-yourself. Main caveat is to let Bangkok Bank do the conversion because, as onerous as their spread is, they will have a much better rate than a US bank. Second, yes, the funds must be in an account in your name alone. Third, no, the fund source in your ฿400k account must be a foreign transfer.

      Bangkok Bank has a credit card or several, but as a foreigner they are very difficult to come by. Your wife may have better luck. However, you can do everything you need with mobile banking in most stores (from the tiniest to the largest) using a direct payment with your phone. Unless you can get a points/cashback card of some type, that's the way to go.

      Good luck with your relocation!
      Reply

      Feb 15, 2023 at 6:59 am

    • Max says

      February 15, 2023 at 10:10 am

      1)
      You can do international transfers using Bangkok Banks Mobile banking app. Bangkok Bank has the rights to ask for supporting documents.
      2)
      A joint account in Thailand is not accepted at immigration. The two of you must have an account each. So,฿400k each, 2 months prior to the day you apply for the 1 year extension if you're going for the "based on marriage" method. Saying that this option is the easiest is not true,but you need less money in the bank. Officially, immigration requires the transfers to your Thai bank account to be foreign.
      3)
      You will get a debit card connected to your account, not a credit card. It's not free,the annual fee is about ฿250-300. Every purchase and ATM withdrawal is deducted from your account in real time.
      Reply

      Feb 15, 2023 at 10:10 am

    • Max says

      February 15, 2023 at 10:39 am

      Sidney, I forgot to mention one thing.
      When married to a Thai in Thailand it's a walk in the park to get the required marriage certificate for immigration. But, you are both foreigners and that makes it much more complicated. You need your marriage certificate from back home to be certified at the US embassy in BKK, translated and then certified by authorities in Bkk. This is non-negotiable at immigration and it can be a hassle. It might take a couple of days.
      Reply

      Feb 15, 2023 at 10:39 am

      • sidney leonard says

        February 16, 2023 at 6:07 am

        Thanks, Max, for your input. Just to clarify: My wife is Thai with due citizenship; In 2017 we did all the necessary paperwork at the district office re: marriage certificate translation, registration, etc. and we opened a joint savings account at Bangkok Bank which currently has a balance of >฿1,000,000. I have been told by supposedly knowledgeable expats that I can simply transfer the required ฿400K from our joint account into a personal account (2 months prior to applying for an extension), which seems less complicated than the ฿40K/month option, and that, contrary to what you assert, the source of the transferred ฿400K will not be questioned. Now, I am uncertain regarding the source question; can you verify your assertion regarding same?


        I believe you are saying that we can use our Bangkok Bank debit card when making purchases and that payment will automatically be debited to our account. Here in the U.S. the use of a debit card for purchases is much less secure than using a credit card for same, as credit card companies replace losses resulting from fraudulent use with much less complication than banks for fraudulent use of a debit card. Also, I have been told that it will be easier for my wife, a Thai national, to obtain a credit card than for me; do you agree?

        Again, thanks for your generous attention to my inquiries.
        Reply

        Feb 16, 2023 at 6:07 am

        • TheThailandLife says

          February 16, 2023 at 5:31 pm

          That is correct. 40,000 THB 2 months prior to application.Supporting documents as proof of the security deposit in a Thai bank are as follows:- Updated bank book or passbook - Bank letter stating that the money had been deposited to the account from an overseas source for not less than 2 months.Edit. Sorry, I should have noted the following: The account cannot be a joint account. The money must belong to you and must not be your wife's or any other person in Thailand.
          Reply

          Feb 16, 2023 at 5:31 pm

        • Max says

          February 16, 2023 at 6:25 pm

          I didn't say anything about the source, but for many years there's been an official requirement saying that the transfer of 800k when applying for an extension based on retirement should be foreign. Maybe when going for the marriage option this might not be the case. Yes,your wife can get a credit card in minutes. But you can't. The only way for you to obtain a credit card, is to open, for example, a Fixed Deposit Account = an FDA where the amount in the account will work as collateral. This worked earlier at my Bangkok Bank branch, but requirements changes all the time. Just ask. (I've been using my Thai debit cards for many years when buying stuff online without any problem what so ever, we're talking about many hundreds of purchases.) Last year Bangkok Bank changed one out of several "official" requirements to open a simple savings account. Earlier, with a Certificate of Residence from the local immigration office and together with the passport you were ok to open an account. This is now "officially" not possible. Now they want the equivalent to the CoR from an embassy or consulate. But as always in Thailand, it's up to the branch. Several branches don't care that much about changes.
          Reply

          Feb 16, 2023 at 6:25 pm

          • TheThailandLife says

            February 16, 2023 at 6:29 pm

            Having looked on some legal websites I see that some state that the source of funds must be an overseas account. Perhaps this is looked over by some immigration officers but I'd just do a foreign transfer to be sure.
            Reply

            Feb 16, 2023 at 6:29 pm

        • JamesE says

          February 16, 2023 at 8:01 pm

          Sydney, This: "Here in the U.S. the use of a debit card for purchases is much less secure than using a credit card", is true the world over but the direct payment model used in Thailand is even more secure than either. It's basically hack-proof. When you do one of these direct payments it is a circular transaction where both parties receive independent confirmation of the details. It's even kind of spooky at a bigger retailer where you scan a QR code off of a terminal and your phone goes *bing* at the same time the register starts spitting out your receipt. Even with tiny vendors on the street you'll scan a QR code and your phone will show you the details, which will match their QR code info before you confirm the transaction. Then they take a picture of your phone so they have a record. I was skeptical at first but now I use it all the time. No numbers to skim, no cards to get stolen.
          Reply

          Feb 16, 2023 at 8:01 pm

          • sidney leonard says

            February 19, 2023 at 1:45 am

            Thanks, James. You have piqued my interest in the direct payment model; it, indeed, seems to be the most secure method of payment for goods and services in Thailand. I assume you make payments digitally using a mobile phone ewallet such as PromptPay, or a similar option. Now, would you, kindly, provided this not particularly tech-savvy senior citizen with a step-by-step tutorial for using whatever such method you use; I am an analog creature (born 1936) transitioning to the exponentially emerging digital world of today by my frequent impositions on the generosity of smart, tech-savvy, people like you. Thank you for whatever help you can offer.
            Reply

            Feb 19, 2023 at 1:45 am

            • JamesE says

              February 19, 2023 at 6:13 am

              Hi Sydney, Life is a learning experience, isn’t it? Discounting all the 3rd party wallet apps, there are basically three ways to send money. Prompt Pay is the government system that allows basically anybody to participate regardless of whether they have a bank account or not. It just takes a mobile number, citizen id, or tax id to send funds. It sucks. My SO had to use it to pay for some trip expenses back during the subsidized travel programs of COVID. It was a nightmare. Your wife should register for it just to have it if needed, but you can’t (although you can send money to someone else’s account).

              The other system is mBanking which is what the banks got together and set up. It does require a bank account and you get it as soon as you set up your account for mobile - different than online - access. This gets you your QR code and links your account number and phone to the system. This is what I use 99% of the time. It allows you to send/pay for things by scanning someone’s QR code (most common when face to face) or entering their phone or account numbers when you don’t have access to their QR code.

              As far as the 3rd party apps go, the only one I use is Line. Others exist, True Money, Rabbit, eg., but just don’t make sense when mBanking is so easy. The reason I use Line is the BTS. You can link your Rabbit card (ironic, isn’t it) to your Line wallet and earn Rabbit Rewards which gives you free BTS rides. The others have some kind of rewards, too, but nothing that I use. You can also use them to pay for stuff but not as universally as mBanking.
              Reply

              Feb 19, 2023 at 6:13 am

            • Max says

              February 19, 2023 at 10:12 am

              Sidney, if you're going to open an account at Bangkok Bank,then download Bangkok Banks Mobile banking app. Customer care can do it for you. When the mobile app is up and running, you can register at PromptPay using your phone number. I don't know why James said you can't. I've had PromptPay for years and it works. I don't use it all the time, though. You can also connect your debit card to Google Pay in your phone. That's an easy way to pay when buying stuff online.
              Reply

              Feb 19, 2023 at 10:12 am

    • PeteBKK says

      March 22, 2023 at 9:46 pm

      With Wise it's cheap and easy and quick to transfer money to Thailand but you can't use Wise when transferring Thai Baht out of Thailand. You'll have to use a Thai Bank to do it via SWIFT or the like. This means worse exchange rates. Remember to send your foreign currency to Thailand and buy Baht in Thailand likewise buy your foreign currency in Thailand as your more likely to get a better forex rate in Thailand than outside.
      Reply

      Mar 22, 2023 at 9:46 pm

      • Max Fredriksson says

        March 22, 2023 at 10:27 pm

        "buy your foreign currency in Thailand as your more likely to get a better forex rate in Thailand than outside."
        I strongly doubt that. If you buy foreign currency (bank notes) at a bank in Thailand, you'll have to pay the banks Selling-rate which isn't that good,compared to the TT Buy-rate you'll get from an ATM abroad.
        Reply

        Mar 22, 2023 at 10:27 pm

        • PeteBKK says

          March 23, 2023 at 10:13 pm

          If exchanging cash use "Superrich" (thailand dot com) to buy or sell. They have very good rates for cash (aka physical bank notes). If doing a bank transfer (TT) from/to an overseas bank then after 30 years living in Thailand I can confirm that if transferring currency from Thailand to a "rich" western country then buy the currency of that "rich" country in Thailand then move it overseas. This is because the demand for Thai Baht in that "rich" country will be a lot less than the demand for western currency in a tourism dominated economy like Thailand. This is reflected in the exchange rates.
          Reply

          Mar 23, 2023 at 10:13 pm

          • Winston says

            March 24, 2023 at 11:46 am

            Just to add the SuperRich Green pays more than SuperRich Red/Orange.
            Reply

            Mar 24, 2023 at 11:46 am

  3. sidney leonard says

    December 10, 2022 at 6:02 am

    Peter,

    First, I apologize if I have posted this concern on the wrong site. I was unable to find a more suitable one; in fact, I don't think I have ever seen this matter discussed previously anywhere on TheThailandLife.

    As my wife and I prepare for our move to Thailand, I believe we have our financial “ducks in order” vis-a-vis bank accounts in both US and Bangkok (using WISE for transferring funds), financial requirements for visa extension, etc. However, as recipients of US Social Security, with our benefits being directly deposited into our US account, we will be required to inform Social Security, yearly, of our continued eligibility to continue to receive benefits (i.e., still alive) by returning to them the FOREIGN ENFORCEMENT QUESTIONNAIRE (SSA-7162) which will be mailed to us yearly.

    As I have seen on other Thailand forums that many US expats have experienced great frustration in fulfilling this S.S. requirement, especially in the matter of returning said questionnaire to S.S. (e.g., long delay in receiving questionnaire, lost in mail, poor assistance from S.S. FBU in Manila and US, etc. - there doesn't seem to be a problem with the Thailand mail system), I would greatly appreciate any experience regarding this matter from those US expats who are receiving S.S. Benefits, particularly what others have found to be their solution to getting the questionnaire received without delay at the designated processing center in the US. indicated on the return envelope provided by S.S.

    My thanks to all who respond.
    Reply

    Dec 10, 2022 at 6:02 am

    • JamesE says

      December 12, 2022 at 4:01 am

      Hi Sidney,

      First, are you giving up your address and US phone number? Assuming you're keeping both and monitoring same then you really don't need to fill out the questionnaire as you have valid US contact information. Second, if you are giving up same (maybe to save on the Part B Medicare Premium?) it's possible to return the form by DHL/FedEx to wherever you want and you'll have a delivery receipt. It might be pricier than Thai Post but you'll know it got there.
      Reply

      Dec 12, 2022 at 4:01 am

      • sidney leonard says

        December 12, 2022 at 7:11 am

        Thanks, James. Since we will not be returning the US, we will not have a US address or phone number, and since our Medicare cannot be used in Thailand we will cancel same.
        Reply

        Dec 12, 2022 at 7:11 am

        • JamesP says

          December 12, 2022 at 7:46 pm

          Hey Sidney. Congrats on your move to Thailand. Sounds like you are almost here!
          You mentioned; “…since our Medicare cannot be used in Thailand we will cancel same.” Are you referring to only Medicare Part B, or both A&B? Since part A costs you nothing, may as well keep it, just in case. Look at the “panic” in the retirement community in Indonesia. You never know what’s coming down the line. Best to hang onto the options you have, especially when they cost you nothing.
          You also mention; “…as recipients of US Social Security, with our benefits being directly deposited into our US account…”
          You probably already know, but since you mention “…we will not be returning the US…”. You can have your SS payments direct-deposited into your Thailand bank account and cut out the need to do the ‘Wise’ transfers.
          Reply

          Dec 12, 2022 at 7:46 pm

          • Max says

            December 13, 2022 at 7:19 pm

            James P, having the SS payments transferred directly into a Thai bank account is not the best advise. The exchange rate is much better when using Wise,because you'll get the so called mid-market rate. When SS payments goes directly into a Thai bank account, the exchange rate will be the sending banks rate, which is lower than the receiving banks TT buy rate you get when doing a standard swift transfer = bank to bank transfer. So,Wise is still the smartest way.
            Reply

            Dec 13, 2022 at 7:19 pm

            • JamesP says

              December 13, 2022 at 8:44 pm

              I was just mentioning the SS direct deposit as another option since Sidney mentioned “…we will not be returning the US…”.
              Another option is having SS direct deposited to a U.S. bank, and then just doing an over-the-counter withdrawal at your Thai bank. Some U.S. banks have no-international-fee debit cards, so you can just do a “cash advance” at the current MasterCard or Visa rate over the counter and avoid the Wise fees. Depending on the Thai bank there may or may not be a fee of around 200 Baht. As an example, I just looked at the MC exchange rate and it was 34.8578. Wise was 34.6200 plus fees.
              Another option is to use a Charles Schwab account and just do ATM withdrawals with your Schwab ATM card. Schwab reimburses all ATM fees.
              Personally, I prefer to avoid going into my bank, so I mostly use Wise and my Charles Schwab ATM card.
              These are all just options. Always good to have options. :-)
              Reply

              Dec 13, 2022 at 8:44 pm

              • Max says

                December 13, 2022 at 10:23 pm

                Nothing is free when it comes to Thai banks. They charge you for everything including receiving money. Using debit or credit cards for doing over-the-counter withdrawels in Thai banks? Only banks having an exchange desk offers that service,and the rate is exactly same as from an ATM, the TT buy rate. I'm not buying that US debit/credit cards offers a better rate than that,and it's lower than the mid-market rate. You also have limits when it comes to withdrawals using a debit/credit card,while you can transfer many times more using Wise,and even with a fee you will get more money in the long run. That I promise you. Doing some withdrawals in Thailand during a vacation,that's one thing, living here long term is another story.
                Reply

                Dec 13, 2022 at 10:23 pm

                • JamesP says

                  December 13, 2022 at 10:38 pm

                  Up to you. ;-)
                  Reply

                  Dec 13, 2022 at 10:38 pm

                • JamesE says

                  December 13, 2022 at 11:25 pm

                  If you use a MC/VISA branded debit card the rate is very close to Wise when you figure in the fees. I tried this experiment a couple of months ago. Wise was quoting 35.84 against the US$ and my Visa branded debit card gave me 35.68 at a BBK Bank ATM. Plus I have an account that reimburses me for all ATM fees so I got my ฿220 back, too.
                  Reply

                  Dec 13, 2022 at 11:25 pm

  4. Simon says

    December 4, 2022 at 6:23 pm

    Good morning,

    I have a question the other way around: if one decides to leave Thailand and return home (say, to the UK) for good, how easy is it to transfer the THB800,000 (the current figure, I believe) held in a Thai Bank as part of one's retirement visa requirement back to a UK bank?

    Thank you in advance for any help on this.
    Reply

    Dec 04, 2022 at 6:23 pm

    • JamesE says

      December 5, 2022 at 3:07 am

      Easy. You just do a wire transfer. The rate won't be any good. You can also look at DeeMoney but I think you'd have to cash out and send the cash so there might be a daily limit. Bangkok Bank also has a relationship with Western Union but I've never tried that.
      Reply

      Dec 05, 2022 at 3:07 am

    • TheThailandLife says

      December 5, 2022 at 4:48 am

      Hi Simon, please see here: https://www.thethailandlife.com/transfer-money-thailand
      Reply

      Dec 05, 2022 at 4:48 am

      • Simon says

        December 5, 2022 at 4:40 pm

        Ooops, yes - didn't see that bit.

        Thanks very much.
        Reply

        Dec 05, 2022 at 4:40 pm

  5. Tim says

    November 29, 2022 at 6:13 pm

    Brilliant. Just saved myself £30 in fees. Thanks for the heads up!
    Reply

    Nov 29, 2022 at 6:13 pm

  6. JamesE says

    October 29, 2022 at 2:16 am

    Well, this was interesting... I just did a Wise transfer (Send from my multi-currency account) USD >> THB and at the page where you set the amount the following was shown "Transactions from THB are operated by DeeMoney with MT license MT125590013". Hadn't seen that one before. The transfer went in seconds (also unusual) AND the record in my bank shows: "Transfer from A/c at Other Bank", NOT "International Transfer" as the one I made in September showed. I'm contacting Wise to see what's up.
    Reply

    Oct 29, 2022 at 2:16 am

    • Max says

      October 29, 2022 at 3:49 pm

      It said "from THB" meaning a transfer out of Thailand.
      Reply

      Oct 29, 2022 at 3:49 pm

      • JamesE says

        October 31, 2022 at 1:14 am

        Agreed, but this is the first time I had seen that disclaimer AND the first time that either of the other two events - speed and not showing as an International Transfer - had happened. The transfer invoice document now also has a footer (that shows as a file reference) titled "??invoice.label.disclaimer.DEEMONEY_THAILAND_en_GB??". Again, this was merely sending THB out of my multicurrency account with Wise to my BKK Bank account as I've done many times.
        Reply

        Oct 31, 2022 at 1:14 am

        • Max says

          October 31, 2022 at 8:57 am

          Try another transfer,a small one, to Bangkok Bank,but not from your multicurrency account.I'm quite sure that everything is about the multicurrency account. As far as I know Deemoney is the only money transferring service that is allowed to transfer baht,but why they are connected to Wise is a mystery. I've never seen anything about that online.
          Reply

          Oct 31, 2022 at 8:57 am

          • JamesE says

            October 31, 2022 at 10:38 pm

            I've got another transfer coming up so I'll give that a try. Up until this transfer, including all my multi-currency account transfers, my experience has been the same as yours: it would always show as a foreign transaction. I'll post when I hear back from Wise on my Dee Money question.
            Reply

            Oct 31, 2022 at 10:38 pm

          • JamesE says

            November 2, 2022 at 11:54 pm

            I received a reply from Wise and it was somewhat less than satisfying as it was very wordy but not particularly informative. First, with regard to why this Multi-Currency transfer showed up as a local transfer they said: "When you create a currency conversion transfer, the option for "International" should appear. Example:- USD to THB." This implies that doing a conversion first - to take advantage of a favorable rate - followed by a send later - to take advantage of a flat transfer fee - no longer will guarantee showing up as a foreign transaction. Second, my question about DeeMoney got totally sidestepped: "We only disclose changes in agreements we have with our partnering banks, if we feel it's necessary to do so." So much for transparency. Third, and confusingly, they said: "Payments are normally processed during business days i.e. Mon-Fri; business days excludes the weekends and banking holidays." My transfer happened on a Saturday morning and showed in my BKK Bank account almost instantaneously. So there's something happening that their support staff don't have in their system.
            Reply

            Nov 02, 2022 at 11:54 pm

            • Max says

              November 3, 2022 at 10:01 am

              James,I found this about Deemoney from Wise Help Center:

              "Transfers sent by Deemoney"

              "If the transfer was sent out by Deemoney, the recipient needs to send an email to support@dee.money with the following details:

              Clearly state that this is a request for an FET form for an overseas incoming transaction from Wise.

              Banking partner reference (can be retrieved from your transfer receipt)

              Sender name

              Recipient name

              Deemoney will issue the FET letter free of charge."

              This implies that Deemoney is an overseas partner of sorts.
              Reply

              Nov 03, 2022 at 10:01 am

              • JamesE says

                November 3, 2022 at 9:28 pm

                Thanks Max! Yeah, I saw that over the weekend and followed the steps to get my receipt which just made me more confused. While the footer of the receipt indicated DeeMoney, the body of the receipt said that the transfer was handled by K-Bank. This was confirmed by Wise support yesterday. I agree with you that Wise has set up some kind of non-bank arrangement with DeeMoney. Maybe the first step in being able to move ฿ out of Thailand???
                Reply

                Nov 03, 2022 at 9:28 pm

                • Max says

                  November 3, 2022 at 10:17 pm

                  You don't need Deemoney to send money out of Thailand. You can do it using Bangkok Banks mobile app. It's a swift bank to bank transfer. At the bottom on the Banking screen you can see "International Fund Transfer". Just register and you're set. Then you just chose country,amount and the fee. The banking info you used when you registered is saved. The
                  sending fee for a 200k transfer is 200 baht. I don't know if the fee is higher when sending more,like 500k. My daily transfer limit is 200k and I'm to lazy to change it just to check out the fee. I will probably never send money out of Thailand anyway. I just initiated a transfer to Bangkok Bank using some money in my Wise balance account.I will receive the money 2pm tomorrow. I'm a bit curious to see how they will handle it and I'm also a bit disappointed in Wise. It seems to me they don't care a bit about transfers to Thailand anymore. Why did they come up with special reasons for transfers if they don't honor them? And why is the info from Wise Help Center so confusing? They contradict themselves all the time.
                  Reply

                  Nov 03, 2022 at 10:17 pm

                • Max says

                  November 4, 2022 at 3:15 pm

                  Today 2pm my money arrived and the transfer was international as always.
                  Reply

                  Nov 04, 2022 at 3:15 pm

  7. Joan says

    October 26, 2022 at 8:34 am

    I sent money from the US to a Bangkok Bank account using Paysend. They had a special offer and it was free! But the usual charge is only
    2USD. My bank wanted to charge me 15USD.
    It was a donation and I don’t know if the recipient had to pay anything.
    Are you familiar with it?
    Reply

    Oct 26, 2022 at 8:34 am

    • Max says

      October 26, 2022 at 5:18 pm

      It's normally not about the fee. It's about the exchange rate. The exchange rate is often very bad except for maybe the first transfer. You will never get the mid-market rate when using Paysend,but you will for every transfer when using Wise.
      There is a receiving fee at Bangkok Bank, a minimum of 200 baht and a maximum of 500 baht.
      Reply

      Oct 26, 2022 at 5:18 pm

      • JamesE says

        October 26, 2022 at 5:46 pm

        And to go one step further than Max's correct (as you would expect) answer, it's not just the exchange rate, but it's the effective exchange rate. You could find a service that had a better than mid-market rate so appears on paper to be a good deal, but they may send it so you get dinged with a receiving fee, or have a send fee that doesn't show up until the last page of the transfer. I keep checking other services and haven't found any (other than first time promotions as you found with Paysend) that are better than Wise. Unfortunately, the only way to tell what the end-to-end costs are sometimes is to do a transfer and add everything up.
        Reply

        Oct 26, 2022 at 5:46 pm

        • Max says

          October 26, 2022 at 11:42 pm

          James, i have checked out every "money transferring service" the last 5-6 years, and I have used maybe 2 or 3 of them,but only one transfer each. The reason for that is after the first transfer the exchange rate totally sucks,and even if you get up to 3 fee free transfers, I get more money in my account when using Wise despite the fee. Paysend or Revolut or what ever they're called, they know that people don't have a clue about exchange rates (incl mid-market rates). When people sees "no transfer fee", they are totally happy with it.
          Reply

          Oct 26, 2022 at 11:42 pm

          • JamesE says

            October 27, 2022 at 6:50 am

            100% agree. My similar experience has been that unless you’re using a promotional offer Wise is always the best. Couple that with the internet horror stories with some of the others and even if they can beat Wise the risk that the transfer will be tied up while things get sorted out is just not worth the potential headaches. My only complaint about Wise is the intrusive personal data they collect in the app. Easily solved by only using the website.
            Reply

            Oct 27, 2022 at 6:50 am

  8. Max says

    August 28, 2022 at 4:51 pm

    Some people have been complaining about transfers (when using Wise) to Bangkok Bank not showing up as international transfers (no FTT code in the bank book). So,FYI, a few days ago I made a transfer to my Bangkok Bank account,and as always it did show up as an international transfer. I used the reason "Funds for long term stay in Thailand".
    Reply

    Aug 28, 2022 at 4:51 pm

    • Chris says

      September 16, 2022 at 4:19 pm

      Max...my last three transfers to my bangkok bank account have shown up as Transfer from A/c at Other Bank..i used the reason funds for long term stay in thailand in all cases..the three transfers prior to this in june and july all showed up as International transfer..not sure why.i have e-mailed wise and I am waiting for a reply
      Reply

      Sep 16, 2022 at 4:19 pm

      • Max says

        September 18, 2022 at 10:53 am

        That's strange. It seems like they didn't transfer the money from their local Bangkok Bank account and instead used another bank,maybe they made a mistake. I did my last transfer August 25,and as I said earlier,it showed up as an international transfer. I've had only one transfer showing up as domestic and that was in July 2019. That's when Wise added new reasons for transfers. Before and after that every transfer have been international.
        Reply

        Sep 18, 2022 at 10:53 am

    • Phil says

      February 15, 2023 at 8:05 am

      From July 2022 onwards international transfers from my UK bank account to my Phuket, Bangkok Bank account have been showing Bank Code TRD - ''Transfer from A/C at other bank'' instead of FTT.

      Each time, I religiously select as reason for transfer ''Funds for long term stay in Thailand.''

      Any ideas how this for future international transfers can be rectified to International Transfer ( FTT )?

      On a side note I notice that the FTT Code is not among the list of codes at the back of my passbook.
      Reply

      Feb 15, 2023 at 8:05 am

      • Max says

        February 15, 2023 at 6:46 pm

        An international swift transfer (bank to bank) should always show up as FTT in the pass book if we're talking about Bangkok Bank. You're talking about transfers using Wise. My last transfer via Wise to my Bangkok Bank account was in November last year and it showed up as foreign/international with the code FTT in my passbook. My transfers via Wise always do. All you can do is contact Wise.
        Reply

        Feb 15, 2023 at 6:46 pm

        • JamesE says

          February 16, 2023 at 7:32 am

          Yeah, Phil’s experience is what I saw on my last transfer. I contacted Wise and got some runaround about the transfer going to the available partner blah blah. My previous transfers all went through as Max describes.
          Reply

          Feb 16, 2023 at 7:32 am

          • Max says

            February 16, 2023 at 6:42 pm

            This is a very strange behavior from Wise. They came up with the reason for transfer, "Funds for long term stay in Thailand" in mid 2019 just to make sure the transfer showed up as foreign. It seems like Wise's customer support are clueless when it comes to the list of reasons for transfers and what they actually mean. I know people banking with Wise's two other partner banks, Kasikorn Bank and SCB have had problems with this a long time.
            Reply

            Feb 16, 2023 at 6:42 pm

  9. JamesE says

    August 13, 2022 at 6:48 am

    I found a transfer comparison service called Monito (www. monito. com, duh...). What it does is work as a way to compare different services plus can provide new customer deals on your first (or first few) transfers with various services. While (as has been discussed in this thread numerous times) there are services out there that can beat Wise's total rate (best right now is Remitly at about ฿400 more than Wise), none even come close to Wise's reliability score of 9.5 (second place is Remitly at 8.8). It's an interesting site to poke around in and get a semi-independent view of transfer services in near-real time. Plus, you could save a few bucks (or whatevers) if you played the specials.
    Reply

    Aug 13, 2022 at 6:48 am

    • Jim says

      August 15, 2022 at 8:27 am

      Thanks for sharing the link. Interesting site. I don’t recall seeing it before. Although I’ve been using Wise for years and I’m hesitant to use another service, its great to have options, just in case!
      Reply

      Aug 15, 2022 at 8:27 am

      • Max says

        August 15, 2022 at 5:57 pm

        Jim,stay with Wise as I will. I shared the link to show that there aren't any "good" options. Even if a couple of services offers free fees in the beginning,the exchange rates are way to low. I wouldn't mind if the competition were a bit tougher,but after 6 years with Wise,I haven't seen an option I would go for. Getting for example ~150,200 baht instead of 150,000 and just once isn't that impressive.
        Reply

        Aug 15, 2022 at 5:57 pm

    • Max says

      August 15, 2022 at 11:27 am

      James,you have to read the fine print. Only Wise gives you the mid-market rate from day one and for every transfer afterwards, weekly or monthly. The fee is reasonable as long as you use correct option.Remitly offers the first transfer fee free and with a good rate. After that the exchange rate is crap. Monito and a few other money transfer services offers from 3 to 10 transfers fee free, but the rate is not even close to mid-market rate. I have been using Wise for 6 years now and if I used any other service I would have lost a lot of money. If you don't live long term in Thailand you can of course go for services with "1 time offers" or "3 transfers fee free" etc etc,but if you don't read the fine print you'll miss the exchange rate which isn't very good. At some money transfer services you can't even see the correct exchange rate unless you register. They show you,let's call it "promotion rates", and the first transfer(s) might even be limited. A couple of years ago I checked out Remitly, I could only transfer up to USD1,000 fee free together with a good exchange rate,but only once. From transfer no 2,the exchange rate was lower than the TT buy rate banks are using plus there was a fee. I used the offer,then un-registered. I'm way to lazy to register and get promotion rates. Some services can maybe compete with each other and Western Union (I don't understand how it can still be around 2022),but never with Wise in the long run. They exist because people don't understand the terms and/or exchange rates.
      Reply

      Aug 15, 2022 at 11:27 am

      • JamesE says

        August 15, 2022 at 10:46 pm

        100% correct Max. I, too, am coming up on my 6th year using Wise and, while I have taken advantage of promotions from time to time, am a fervent devotee. Ignoring the implied vs. actual rates for a second, one of my big concerns with using any of these apps is the amount of personal data being given up to the various companies - and subsequently sold. Why - taking our favorite - does Wise need access to my contacts, or location, or browsing history, etc., etc? Why does Wise need to track me "across apps and websites owned by other companies"? As with the truly evil players like Facebook, even with Wise, we're the product and the sale of our data is the revenue stream that makes Wise profitable and us valuable as advertising targets. You're spot on that people don't understand the T&C but it's also important to understand what is happening deeper than the financial level that we see.
        Reply

        Aug 15, 2022 at 10:46 pm

    • Max says

      August 15, 2022 at 12:21 pm

      Check out this site,CUEX = https:// cuex. com/ en/ money-transferIt's like Monito and you can compare money transfer services. At Wise I went for a receiving amount of 75,000 baht. The "Best deal" at CUEX was Remitly and I would have received 96 baht more. 96 baht more just because the first transfer was free. That's nothing to write home about. The exchange rate was also lower than the mid-market rate.
      Reply

      Aug 15, 2022 at 12:21 pm

  10. JamesE says

    August 2, 2022 at 7:38 am

    I received an email from Wise today about their new (higher) rate structure as of 23 August. While the Euro and Pound were not mentioned in my email it looks like they are spared at this go-round as the rates just went up for them in April. Both North American dollars and the various Nordic Kronx-s were specifically mentioned in my email. Fees for the Thai Baht for all currencies for inbound transfers are also increasing. The rate increase ranges from 0.06% to 0.08% depending on what you're doing and how you're doing it (tested on the US$). So not a big jump in total. You can check how the change will affect you here: https://wise.com/price-change/borderless-add?source=USD&target=THB&payInMethod=BANK_TRANSFER&targetAmount=1000&priceChange=2022-july-reprice.
    Reply

    Aug 02, 2022 at 7:38 am

    • TheThailandLife says

      August 2, 2022 at 4:15 pm

      I received the same. It doesn't affect Pound to Baht or Euro to Baht transfers. It was inevitable considering the current market, but it's good that they said they will reduce the rate again if and when things change.
      Reply

      Aug 02, 2022 at 4:15 pm

      • Max says

        August 2, 2022 at 4:39 pm

        You must use your Multi-currency account when sending Pound to Thailand to stay with the old fee.
        Reply

        Aug 02, 2022 at 4:39 pm

  11. Rob says

    August 1, 2022 at 9:25 pm

    Be aware of a scam email going around that looks to be from wise that says ;

    "Update phone number

    Our system detects that you have not yet activated your primary phone number, so you can easily control your account online:

    Access Your Account

    If you are not interested in continuing to use our service, do not confirm your connection and after 48 hours your account will be blocked and deleted.

    1- Identify yourself with your bank details.
    2- Confirm the code that was texted to your phone number."

    It looked very much like the wise website but as i have been using wise for a number of years it didn't make sense. I questioned wise about this and they confirmed it was a scam. What worries me is how the scammers knew I used Wise and how they got my email address.
    Reply

    Aug 01, 2022 at 9:25 pm

    • TheThailandLife says

      August 2, 2022 at 4:16 pm

      Looks like a typical fishing email. I get these pretending to be other banks too. Thank you for the heads up!
      Reply

      Aug 02, 2022 at 4:16 pm

    • Max says

      August 2, 2022 at 4:44 pm

      Those email are sent to a lot of people, even to people not using Wise. The scammers don't know if you and I are using Wise.
      Reply

      Aug 02, 2022 at 4:44 pm

  12. Mike says

    July 31, 2022 at 11:26 pm

    Spot on Max! I've used and it is dirt cheap, faster than a speeding bullet!
    Reply

    Jul 31, 2022 at 11:26 pm

  13. GARY says

    April 24, 2022 at 9:34 am

    you are right Max, it took one day after the money was in my wise account, my first transaction with wise was 3500 CDN $, into my Thailand account was1700 Thai baht more than my bank transfer, good deal, gary
    Reply

    Apr 24, 2022 at 9:34 am

    • Max says

      April 24, 2022 at 6:03 pm

      Using correct transfer option is very important if you want to get the most out of your transfer incl the lowest fee when using Wise. I'm using the low cost transfer option or my balance account.
      Reply

      Apr 24, 2022 at 6:03 pm

      • JamesE says

        April 24, 2022 at 9:40 pm

        Max is (as usual) spot on but be aware as to what those transfer options are for you. While Max is always going on about the low-cost option (for his Euros) or I am always talking about ACH-Push (for the US) make sure you understand what all your options are in your country. In Canada, Wise allows you to treat a transfer as a "Bill Payment" which, at a flat fee of C$0.95, saves you even more. All of the individual savings are relatively small but they can add up over the course of a year.
        Reply

        Apr 24, 2022 at 9:40 pm

        • Max says

          April 25, 2022 at 4:55 pm

          FYI, I am not from a country using Euro. But,you're correct, depending on the country you reside in, the options are not same. I live in Thailand and my official address at Wise is in Thailand and it doesn't matter what currency I choose (except $US), I can always use the low cost transfer option. Some people, for some strange reason goes for the Debit or Credit card option which is expensive. So, for me and for people living in Europe incl the UK, the low cost transfer option or using the balance account will always be the cheapest option.
          Reply

          Apr 25, 2022 at 4:55 pm

        • Steve says

          August 2, 2022 at 3:57 pm

          James, how do you do an ACH push from US bank? The only option I see on WISE is the ACH pull, for which you have to provide them with your bank login info.
          Reply

          Aug 02, 2022 at 3:57 pm

          • JamesE says

            August 2, 2022 at 10:57 pm

            Hi Steve, I wrote this up in detail a while ago - a pretty long while ago - so it's probably buried deep in the comments. Basically, you set up your Wise banking details (from your US$ balance page in Wise click "Your USD account details") as an external account to link with your bank. Once you go through the verification process it works just like any other linked bank account. I've tested it with several banks and the only issue I've run into is that some banks (BoA is the one I tested) charge a flat fee (BoA's is $3) to do an ACH push because they think it's really their money. If your bank uses bank login as the only option for account verification then you're probably out of luck as the actual "bank" you're linking is a dummy account at Evolve Bank and Trust and not your actual account at Wise. The bank login option is more prevalent at smaller banks who outsource the confirmation work to a third party like Plaid.

            I've been using ACH push for a few years now and never had any problems.
            Reply

            Aug 02, 2022 at 10:57 pm

  14. Steve says

    April 22, 2022 at 8:36 am

    Is anyone else having problems with Wise mone transfer. The first time, the transfer went through quickly. Now on the second transfer, Wise recieved the funds but 2 days later the transaction was cancelled with no explanation. They are returning the money transfer but not the wire transaction fee charged by my bank.
    Reply

    Apr 22, 2022 at 8:36 am

    • TheThailandLife says

      April 22, 2022 at 5:17 pm

      Hey Steve, no issues here, I did a transfer 2 days ago. There must have been an issue with the receiving bank account. Contact support.
      Reply

      Apr 22, 2022 at 5:17 pm

    • A, Flynn says

      April 22, 2022 at 5:36 pm

      I joined up with Wise last week to send money to Bangkokbank. Took just under 2 days which was ok, their charge using a debit card was £45 for sending £5000, which was a bit disappointing as initially before I committed the payment they said, on their site, that their fee would be £25??
      Having said that, Xendpay are charging debit cards £97 for sending £5000. Xendpay exchange rate is better than Wise exchange rate but add on their very high transaction fee, you are better off using Wise.
      Reply

      Apr 22, 2022 at 5:36 pm

      • TheThailandLife says

        April 22, 2022 at 5:52 pm

        Your first transfer is usually slower. That said, if you have a Wise account and deposit money into it, when you transfer money to your Thai bank account it is pretty much instant. Much larger amounts will take longer than smaller amounts. The rate is the mid-market rate, which is unbeatable, though other services may show a slightly lower rate, they make it up on the fees.
        Reply

        Apr 22, 2022 at 5:52 pm

      • Max says

        April 23, 2022 at 8:26 am

        The fee when sending £5,000 is £23.68 (as of today) when using the low cost transfer option. You should never use debit or credit card,your mistake. When using the low cost transfer option, you transfer money to Wise's local bank account, then they transfer the money. That's in my opinion the best option. I always get my money the next day 2pm.
        Reply

        Apr 23, 2022 at 8:26 am

  15. Herb says

    March 30, 2022 at 11:50 am

    Been using (transfer)Wise for nearly 4 years. Flawless and depending on the time zone and time of day you execute the transfer you can receive in nearly 24 hours. Bank holidays and weekends are another story. The key as mentioned in choose a Bank wich will record the transfer as an international one. Not all Banks in thailand do so, but Bangkok Bank records Wise tranfers as international.
    Reply

    Mar 30, 2022 at 11:50 am

  16. Max says

    March 18, 2022 at 1:09 pm

    I have read other posts about the same thing. It seems like Bangkok Bank is the only bank where the deposit shows up as an international transfer. Earlier every transfer when using one of Wise's partner banks together with the correct reason showed up as international. In your case you have to talk to your K-Bank branch. They can see that your transfer was international. You can also download the transfer pdf-file at Wise.
    Reply

    Mar 18, 2022 at 1:09 pm

  17. gary says

    March 18, 2022 at 10:57 am

    thank you max, knowing i get more is always great, makes my wife happy, a little more in her wallet, on10 000 $ about 5500 baht
    Reply

    Mar 18, 2022 at 10:57 am

  18. Philip says

    March 18, 2022 at 12:50 am

    In February using Wise I transferred money from my UK bank account to my newly opened Kasikorn Bank account selecting ''Funds for long term stay in Thailand'' as reason for my transfer.
    The transfer showed up as ''TRN'' in my passbook and when I inquired at my local branch was given a printout of ''K-Deposit statement of Saving Account ( With Detail )'' where my deposit was described as a ''Trade Finance Deposit'' and not as an international deposit.
    Does this mean that with Wise I can't use my Kasikorn Bank account to transfer funds for Immigration purposes?
    Reply

    Mar 18, 2022 at 12:50 am

    • Max says

      March 18, 2022 at 1:15 pm

      Another option is to open a savings account at Bangkok Bank. The easiest way is to get a Resident Certificate at your local immigration office.
      Reply

      Mar 18, 2022 at 1:15 pm

    • Bubba says

      March 20, 2022 at 8:04 am

      The issue is that the banks can denote the transfer one way and the immigration authorities can denote it another. Sort of like describing the stripes on a zebra.

      Not much you can do about that.
      Reply

      Mar 20, 2022 at 8:04 am

      • Max says

        March 21, 2022 at 7:48 am

        Bubba: That's not the problem here. The whole idea with using one of Wise's partner banks in combination with the correct reason is to get the correct transfer code in the bank book. K-Bank is still one of Wise's partner banks and they have a deal. So, the reason people suddenly get a domestic transfer instead of an international is unknown. I know that people have complained to Wise,but they have just received nonsense explanations. In my opinion very strange.
        Reply

        Mar 21, 2022 at 7:48 am

        • Bubba says

          March 21, 2022 at 9:25 pm

          I assume it has to do with the availability of funds. I have had funds transferred in hours and other times it has taken days. If Wise cannot match buyers and sellers immediately in-country they have to book the exchange and wait for the funds to actually transfer from one correspondent bank to another. How the banks program that in their back office is strictly their prerogative.
          Reply

          Mar 21, 2022 at 9:25 pm

    • GARY says

      April 25, 2022 at 1:20 pm

      I used WISE for the first time, it shows TRN in my Kasikorn Bank Book, i checked my Bank book from the Kasikorn Bank in Singburi, it shows TRN, for my money transfer from my Bank in Canada with my transfer to the Kasikorn Bank it also shows TRN, no difference, i can't see having a problem, TRN, is TRN GARY
      Reply

      Apr 25, 2022 at 1:20 pm

      • Max says

        April 25, 2022 at 4:38 pm

        TR stands for 'Cheque or Transfer' and the 'N' stands for 'No Book Transaction'. It doesn't show the transfer as foreign/international. A K-Bank ATM withdrawal or a domestic transfer from another Thai bank also has the code TRN. The transfer from your Canadian bank, what kind of transfer was it? A normal swift transfer bank to bank made by you online,or did the bank transfer the money and the money went via Bank of Thailand? If it was a BoT deposit, then it will also have the code TRN.
        Reply

        Apr 25, 2022 at 4:38 pm

      • JamesE says

        April 25, 2022 at 8:44 pm

        Gary, You'll get different codes based on the reason you put into Wise for the transfer. K-Bank is a Wise partner so you should get the codes you expect for the reasons you enter. TRN may mean different things to different banks. Your CA bank is probably showing it as a domestic transfer to Wise's CA account and K-Bank is showing TRN as a domestic transfer from Wise's Thai account. If you want to see something else, like a foreign transaction, you have to use a different reason for the transfer.
        Reply

        Apr 25, 2022 at 8:44 pm

        • Max says

          April 26, 2022 at 7:25 am

          James: It seems you haven't read any posts about Wise's transfers/deposits to K-Bank the last few months. It seems when even using the correct reason for the transfer, like 'Funds for long term stay in Thailand', the bank code is still TRN. That's a problem for people from the UK,US and Australia who can't obtain an income letter anymore and needs the correct code at immigration when using monthly deposits as an income. People from other countries,like Gary, needs the income letter from their embassy or consulate (if he will use monthly deposits). They don't have to show the bank book or copies of it at the immigration office.
          Reply

          Apr 26, 2022 at 7:25 am

          • JamesE says

            April 26, 2022 at 10:39 pm

            Big assumption there, Max. I also have seen posts (in the last few months) with people claiming the same from BKK Bank which you, in response to those posts, completely ascribe to users not putting in the correct code. And, , nowhere does Gary say what he's using the money for and whether or not the TRN coding is even an issue for him. Stay with the thread.
            Reply

            Apr 26, 2022 at 10:39 pm

            • GARY says

              April 27, 2022 at 12:13 am

              the money transfer i just wrote for my living expansive, i just did on the telex form, my bank book shows TRN for my telex transfer, the same it shows for my Wise transfer, just TRN, and the amount, i only write it on the telex form i send to Canada, i never had a problem, immigration in Singburi look in the Bank book to see if i transfer money into my Thai Bank, i update the book before i get a new visa, go inside the bank, deposit 100 baht, to show the amount for the day for my new visa, Kasikorn writes a statement for the time my 400 000 baht it was in my account, for my marriage visa, i hope it makes sents,
              Reply

              Apr 27, 2022 at 12:13 am

              • Max says

                April 27, 2022 at 11:16 pm

                The bank code is just important when using the 'monthly deposit' method when applying for a 1 year extension. When using 'money in the bank' method like you do (or when being retired), the code doesn't matter. In your case, the bank code TRN means it's a domestic transfer, but,as I said, it doesn't matter.
                Reply

                Apr 27, 2022 at 11:16 pm

          • GARY says

            April 27, 2022 at 12:22 am

            i transfer twice a year my money, if something happens to me, and i have to go back to Canada, my pension is there for me, i don't have to change anything, just in case, you never know
            Reply

            Apr 27, 2022 at 12:22 am

            • Max says

              April 27, 2022 at 11:04 pm

              You can always repatriate your money if you're going back to Canada and still have money in Thailand.
              Reply

              Apr 27, 2022 at 11:04 pm

  19. Ives says

    February 10, 2022 at 9:36 am

    I've logged in the backend and am ping ponging emails with Transferwise. As long as I can tell, as a Canadian with Thai bank account, I can't request and receive payments form customers in the USA...of course I could be wrong (and I hope I am!) but until further notice, doesn't look like this will work ;(
    Reply

    Feb 10, 2022 at 9:36 am

    • Max says

      February 10, 2022 at 6:59 pm

      It's not so easy to see what you can and can't do with a Wise Business Account without actually opening an account. But I can't see that your nationality as a Canadian would be a problem. Having a Thai bank account shouldn't be a problem as well. If I haven't misunderstood the Wise Business Account (I might have 🤔), payments from customers goes to your business account at Wise, not straight into your personal Thai bank account. I can't see why it shouldn't work to receive money from customers in the US.
      Reply

      Feb 10, 2022 at 6:59 pm

    • TheThailandLife says

      February 10, 2022 at 8:39 pm

      Hi Ives, You can request money with the account. See here: https://wise.com/help/articles/2WvlZST6DiDMUBhyl1N4zM/how-do-i-request-money?origin=related-article-2898124I have a separate post on the Wise business account here: https://www.thethailandlife.com/transferwise-borderless-account-review , where you can drop comments on the account side of things. This post is focussed on the money transfer side of Wise. Thanks!
      Reply

      Feb 10, 2022 at 8:39 pm

  20. kurt gerhard tietje says

    January 27, 2022 at 9:30 pm

    thank you for your advice, i am not happy knowing I can get more, but living in Thailand makes life comfortable, most of it is up, a little is down, I will do it in june, thanks again, I have two Canadian friends, they use wise, gary
    Reply

    Jan 27, 2022 at 9:30 pm

    • Max says

      January 28, 2022 at 9:00 pm

      You should be happy knowing you can get more when using Wise. You might live many more years and two transfers per year will give you a lot more in your account in the long run compared to using the credit union.
      Reply

      Jan 28, 2022 at 9:00 pm

  21. Mac says

    January 27, 2022 at 2:47 pm

    I transferred, £2000 from UK bank into Wise. no fee so far
    £2000 now in my wise bank account
    Convert into thai baht the rate was exactly the same as what was in the paper that day 👍
    Wise charged me £6 to send the thai baht into my thai bank account
    my thai bank did not charge any handling fee
    Finally believe it or not from uk/wise/thai it took 6 minutes
    This service is top drawer thank you thai life for putting me onto this
    Reply

    Jan 27, 2022 at 2:47 pm

    • TheThailandLife says

      January 27, 2022 at 4:35 pm

      Nice one, that's fast!
      Reply

      Jan 27, 2022 at 4:35 pm

    • Max says

      January 27, 2022 at 8:34 pm

      Mac: What do you mean by "the rate was exactly the same as what was in the paper that day"? What rate in what paper? Am I missing something? The rate you get at Wise is always better than every banks official TT buy rate. That's the whole purpose for using Wise.
      Reply

      Jan 27, 2022 at 8:34 pm

  22. kurt g. tietje says

    January 20, 2022 at 9:26 am

    i keep this page, the end of june i like to do the money transfer after i receive my canada pension on the 28/ 06, i don't need the money until 01/ 07/ if possible to do it on the 28/ 06/ , vanncouver 8:30 am the pension is in my account, vancity does not open until 9: 30 am, this would be my first time to do the transfer with wise
    Reply

    Jan 20, 2022 at 9:26 am

    • TheThailandLife says

      January 20, 2022 at 5:57 pm

      Yes, have a try and see if it works out better for you. I'm sure it will. Best of luck Kurt.
      Reply

      Jan 20, 2022 at 5:57 pm

  23. kurt g. tietje says

    January 17, 2022 at 6:29 pm

    i transfer about 10 000 $ canadian 2 times a yrar, you can transfer a bigger amount, i am not sure about 50 000 it could be more, i don't have any other charges in canada or thailand, i report my income in canada, they charge 8% tax, when i do my tax return i get all the money back, my allowance and pension credit covers my taxes 1600 $ tax they take, i get it back,
    Reply

    Jan 17, 2022 at 6:29 pm

    • Max says

      January 18, 2022 at 12:15 pm

      Sorry, I didn't see this post. Sending 10,000 CAD using Wise will give you 262,359,51. Using the credit union will give you 254,000 minus 20 CAD transfer fee and K-Banks receiving fee. You get less money using the credit union.
      Reply

      Jan 18, 2022 at 12:15 pm

  24. kurt g. tietje says

    January 17, 2022 at 6:11 pm

    i am a canadian i transfer my pension money 2 times a year by telex to thailand from canada, i use a credit union, they charge me 20 $ canadian each time, the exchange i get from the kasikorn bank, for excamble, for cash exchange is 25 baht, telexchange,is 25. 4 baht, for a1$ receive an exchange rate in my account of 25.20 baht, my charge at the credit union is 20 $ canadian, they operate the same way as banks, banks charge 60 $ canadian, it cost 15 $ to become a member, the 15 $ stays in your shares account, it is yours, i am a member since 1975, they share some profits with the members,
    Reply

    Jan 17, 2022 at 6:11 pm

    • Max says

      January 18, 2022 at 12:07 pm

      You will get more money in your account when using Wise compared to the credit union. At the moment the exchange rate for 1 CAD is 26,408 at Wise. Let's say you transfer 15,000 CAD ( you don't mention how much you transfer twice a year). You will receive 393,572.95. 15,000×25,4 will give you 381,000 minus 20 CAD transfer fee and then there's K-Banks receiving fee (min 200 Max 500 baht). So, do the math and you'll see that you're losing money when using the credit union.
      Reply

      Jan 18, 2022 at 12:07 pm

      • kurt g. tietje says

        January 18, 2022 at 6:28 pm

        i send10 000 $ twice a year, we have a house, car and pick up truck 2 motorbikes all paid for, plus money in the bank I live with my wife her daughter and two grandsons, one is working, the other one in school, in Thailand, Good enough in Thailand, comfortable, in Canada it would be tough, we live in singburi, no house taxes tanks for your reply gary
        Reply

        Jan 18, 2022 at 6:28 pm

        • Max says

          January 19, 2022 at 7:55 am

          The topic was saving money when transferring money from abroad, not about you being happy with the way you're doing it now.
          Reply

          Jan 19, 2022 at 7:55 am

  25. Thomas Williams says

    January 15, 2022 at 6:11 pm

    Is there a maximum amount that can be transferred if so what is it
    Reply

    Jan 15, 2022 at 6:11 pm

    • TheThailandLife says

      January 16, 2022 at 1:43 am

      The maximum amount of money you can send with Wise to Thailand is 2,000,000 THB.
      Reply

      Jan 16, 2022 at 1:43 am

      • Bubba says

        January 16, 2022 at 7:31 am

        If you are a US citizen and transfer that much make sure you file the United States Treasury Report of Foreign Bank & Financial Accounts form as well as report it on your Federal Income Tax form. That also applies to lesser amounts I'm afraid to say..
        Reply

        Jan 16, 2022 at 7:31 am

  26. ed says

    January 12, 2022 at 6:51 pm

    Is WISE an alternative to a current UK bank account? I'm always concerned HSBC will close mine down because i am resident in Thailand. I have completed the verification and tax ID requests, but still, they can close my account with 2 months notice if they want to. Can i pay UK bills with a WISE account, HMRC, bills for my rental properties, etc. as well as receiving my UK rental income. Oh, and transferring money to my Thai account. Can i open a WISE account remotely by showing passport and a bill in my name? Thanks for any advice.
    Reply

    Jan 12, 2022 at 6:51 pm

    • TheThailandLife says

      January 12, 2022 at 7:04 pm

      You can hold a balance in GBP and send and receive money as you would from a normal bank account, so you can pay bills. The Wise business account supports direct debit. You can open an account online.
      Reply

      Jan 12, 2022 at 7:04 pm

      • ed says

        January 12, 2022 at 7:10 pm

        Thanks for the prompt reply, Wise sounds a good alternative. I have a plan B at least now.
        Reply

        Jan 12, 2022 at 7:10 pm

    • Max says

      January 13, 2022 at 8:52 am

      Wise is a money transferring service,not an actual bank. You register online with name and address, using a photo of your passports datapage and a screenshot of your UK bank account info. Then you just enter your Thai and UK accounts as Recipients. Wise has an easy guide how to do it.
      Reply

      Jan 13, 2022 at 8:52 am

      • TheThailandLife says

        January 13, 2022 at 7:11 pm

        But you can have a Wise account, formerly the Borderless account, which is multi-currency. They have a business option too, which can handle direct debits, etc: See here: https://www.thethailandlife.com/transferwise-borderless-account-review and here: https://wise.com/gb/multi-currency-account/
        Reply

        Jan 13, 2022 at 7:11 pm

  27. Biagio W Sciacca says

    December 31, 2021 at 10:25 am

    What would happen if you had your social security check deposited directly into a Thai bank acocunt?
    Reply

    Dec 31, 2021 at 10:25 am

    • Max says

      December 31, 2021 at 8:27 pm

      If the money is sent straight from your pension provider into your Thai bank account, it normally means a bad exchange rate. If that's what you're asking. It's not a good option.
      Reply

      Dec 31, 2021 at 8:27 pm

      • Biagio W Sciacca says

        January 1, 2022 at 1:21 am

        THank you
        Reply

        Jan 01, 2022 at 1:21 am

        • Max says

          January 3, 2022 at 8:41 am

          It's better if your pension goes straight into your US bank account, and then you transfer monthly deposits to a Thai bank account using Wise.
          Reply

          Jan 03, 2022 at 8:41 am

    • JamesE says

      December 31, 2021 at 11:17 pm

      This isn't possible unless your Thai bank has a US branch and it accepts ACH deposits. Bangkok Bank does but I think they may be the only one. Details here: https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/Transfer-money-from-US-to-Thailand-via-Bangkok-Bank-NewYork-branch

      But you really don't want to do this. You get skewered on the Buy/Sell spread because the Thai bank is doing the exchange. It would be much better to open a Wise multi-currency account with US$ and TH฿ balances. You'll get a US routing number and account number so you can have the SSA route your monthly payments straight into Wise. This gives you two benefits - you can control when to move the money into ฿ to take advantage of exchange rate fluctuations and, if you needed to, you can use the Wise account to pay any bills/taxes/etc. you might have in the US. It works really well and is easy to set up.
      Reply

      Dec 31, 2021 at 11:17 pm

      • Biagio W Sciacca says

        January 1, 2022 at 1:21 am

        Thank you!
        Reply

        Jan 01, 2022 at 1:21 am

      • JamesP says

        January 1, 2022 at 5:28 am

        U.S. Social Security started doing IDD to banks in Thailand back in January 2019. Payments do not need to go through BKK Bank NY like in the link you posted. You can have your SS IDD into any Thai bank, not just BKK Bank, and the account can be a joint bank account with ATM card access. Also, with IDD, the exchange rate is determined by the US Treasury Dept., not the Thai bank the funds are going to.
        Here is info on SS signup for IDD to Thailand; https://www.ssa.gov/forms/ssa-1199-op107.pdf
        Reply

        Jan 01, 2022 at 5:28 am

        • JamesE says

          January 3, 2022 at 7:06 am

          This is excellent - and not well promoted - news! Everything I'd seen seemed to indicate that ACH was the only direct deposit route and BKK is the only Thai bank on the ACH system. Thanks for posting this! I'm guessing by "international rate" they mean the international clearing rate like you would get with a CC or ATM? Do you have any info on that?
          Reply

          Jan 03, 2022 at 7:06 am

          • Max says

            January 3, 2022 at 7:24 pm

            I guess you mean the TT buy rate. That's what you get when using the old fashion swift transfer or withdraw money from an ATM. I do think international rate simply means the FX rate between two currencies,in this case USD to THB.
            Reply

            Jan 03, 2022 at 7:24 pm

        • Max says

          January 3, 2022 at 8:36 am

          If using a Thai bank account for 1 year extensions (when using the money in the bank method) a joint account is not allowed.
          Reply

          Jan 03, 2022 at 8:36 am

      • M says

        January 3, 2022 at 9:11 am

        Wise doesn t do Thai Baht, its Not one of there currencies ! Also can you help, it doesnt take my thai card info, have been to the bank twice ! Wise is Not approved by either my Bangkok bank or Krung thai bank !
        Reply

        Jan 03, 2022 at 9:11 am

        • Max says

          January 3, 2022 at 7:10 pm

          There are several thousand expats in Thailand using Wise on a regular basis, me included. It's easy. You can Google Wise and you'll have all the info needed how to register and how to add recipients. It's a piece of cake, it took me maybe 15 minutes 5 years ago. Don't concern yourself with cards and card info. You add bank accounts = Recipients, nothing else.
          Reply

          Jan 03, 2022 at 7:10 pm

  28. JamesE says

    December 21, 2021 at 8:32 am

    I was just on Wise's website looking at exchange rates. They have a comparator tool to show you how much you'd get with Wise and its various and sundry competitors. Right now, per Wise, the best way to send money to Thailand is... Moneygram. For a US$10,000 transfer you'd end up with ฿337,198.80 with Moneygram and only ฿335,308.07 with Wise. It's not much, but 60 bucks is 60 bucks.
    Reply

    Dec 21, 2021 at 8:32 am

    • TheThailandLife says

      December 21, 2021 at 4:31 pm

      On the odd day I've noticed that on USD. But for GBP and EUROs Moneygram doesn't rank close.
      Reply

      Dec 21, 2021 at 4:31 pm

    • JamesE says

      December 21, 2021 at 11:42 pm

      After posting the above, I did a deeper dive to see what the problem is because, there's always a problem. I found two without even looking too hard. First, their website is worryingly unstable. I typically use Firefox (which is listed as one of their supported platforms) but their site refused to work even if I turn off all the extra security I employ. But, it worked fine on Microsoft Edge which, ironically, not a supported platform. Second, they say the transfer will take about TWO WEEKS! Sorry, but I could swim my deposit to the nearest Bangkok Bank branch in two weeks. So those were enough for me to stop looking and consign my $60 to Wise.

      There was another example of a disturbing trend I've seen more and more of lately: the sharing of one's login email with Facebook. There has been a "Login with Facebook" option available on a lot of sites for years now but this purchasing of your email address is a new trick that I had not seen before.

      Short review, stay with Wise. It's faster, stabler, and doesn't share your data with Facebook.
      Reply

      Dec 21, 2021 at 11:42 pm

      • Max says

        December 22, 2021 at 12:03 am

        I stay with Wise because of the better exchange rate and always fast transfers. MoneyGram isn't close to Wise in Europe. Do you think people here will try MoneyGram because it for some reason has a better exchange rate than Wise in the US?
        Reply

        Dec 22, 2021 at 12:03 am

        • TheThailandLife says

          December 22, 2021 at 12:05 am

          No. The transfers are too slow and there are privacy issues. See James' last post.
          Reply

          Dec 22, 2021 at 12:05 am

  29. M says

    December 20, 2021 at 11:38 am

    When I try to add my thai bank card to my Wise account it doesn t take it, I went to my bank with the screen shot and they say don t take wise, I then changed bank and again it doesn t work, how can I rectify this, I want tobrecieve money in thailand, in my thai bank... Am I missing something here ? Wise only ask for my card details on the account, no swift code, etc etc Thank you
    Reply

    Dec 20, 2021 at 11:38 am

    • Max says

      December 20, 2021 at 9:44 pm

      You're supposed to add your Thai bank and account number as the recipient, not your credit/debit card. Don't forget that the name of the recipient (your name) must be exactly as it is written in the Thai bank book.
      Reply

      Dec 20, 2021 at 9:44 pm

      • M says

        January 3, 2022 at 9:16 am

        Hello Max
        It doesnt state where to add bank account, can you direct me ? It only says where to add debit/credit card ??? Am I missing something ? Thanks Max and happy New Year !
        Reply

        Jan 03, 2022 at 9:16 am

        • Max says

          January 3, 2022 at 6:56 pm

          If you have registered and opened the Wise app,then click on Recipients at the bottom. Then click on the + in the top right corner, then Myself, then chose THB if you want to add a Thai bank account. Now just fill in what ever needed.
          Reply

          Jan 03, 2022 at 6:56 pm

  30. Paul Hastilow says

    December 18, 2021 at 12:47 pm

    The South African Banks are very strict concerning foreign exchange, due to the Politicians expropriation of Funds due to Corruption and Embezzlement.
    Having said that, is it possible for Normal SA citizens to transfer their money using this system.
    Reply

    Dec 18, 2021 at 12:47 pm

    • Bubba says

      December 19, 2021 at 7:44 am

      Feel free to contact them, Transferwise, online. They respond usually in 24 hours or less.
      Reply

      Dec 19, 2021 at 7:44 am

    • Max says

      December 19, 2021 at 8:03 am

      You can open a ZAR currency account aka a balance account at Wise. Se below:

      "Open a Wise account (or log in if you already have one). Click on “Balances” and then “Get started”. Complete your profile and upload your documents to verify your account for security. Activate South African rands and any of our other 45+ currencies in your account."
      Reply

      Dec 19, 2021 at 8:03 am

    • JamesE says

      December 20, 2021 at 12:21 am

      Currently the answer is no. The Rand, like the Thai Baht, is only approved for inbound transfers.
      Reply

      Dec 20, 2021 at 12:21 am

      • Max says

        December 20, 2021 at 8:31 am

        The Rand can be used for sending money to a Thai account if opening a balance account at Wise. I explained that a couple of days ago.
        Reply

        Dec 20, 2021 at 8:31 am

        • JamesE says

          December 21, 2021 at 12:27 am

          Yeah, we posted at the same time. But, while the Rand is an allowed hold/transfer-out currency (as is the Baht), can it be loaded into a multi-currency account from a ZA bank account? Or, as the OP asked, without the administrative hassle the authorities require for regular currency movement?
          Reply

          Dec 21, 2021 at 12:27 am

          • Max says

            December 21, 2021 at 11:26 am

            Can you move money from the US,the most paranoid country in the world when it comes to money transfers, then you can probably transfer money from South Africa. The easiest way is to open an account at Wise, then send some money to the Balance account in ZAR. If the money shows up in the Balance account, then everything is ok.
            Reply

            Dec 21, 2021 at 11:26 am

            • JamesE says

              December 21, 2021 at 11:54 pm

              Clearly, you have never moved money from the US. It's easy-peazy. While our banks do look at the money as theirs and add a fee or two here and there, the actual transfers are not a problem.

              South Africa, takes this to new heights. You need some sort of pre-approval to move money. From posts I've seen on other fora, this limits one to bank-to-bank transfers because Wise doesn't qualify. (I've got no personal experience trying this).

              But, yes, you're correct: you can carry a ZA Rand balance with Wise and transfer those Rand out. There's just no way to fund it from a Rand account. When you say "then send some money", what currency are you considering to be "money"? Wise doesn't list the Rand as available for a sending source. This is exactly like the issue with outbound Baht transfers. They're not allowed to happen in Wise.
              Reply

              Dec 21, 2021 at 11:54 pm

              • Max says

                December 22, 2021 at 12:15 am

                Do you know where people that are complaining the most about problems sending money to Thailand comes from? The answer is the US. Several Thai banks branches even rejects US citizens when trying to open savings accounts because of the paperwork and the money laundering paranoia. BTW, there are 45 currencies available when using a Balance account. ZAR is one.
                Reply

                Dec 22, 2021 at 12:15 am

                • TheThailandLife says

                  December 22, 2021 at 12:17 am

                  Let's not bicker, it's Christmas :) You're both helping everyone here with Wise, which is great. Thank you!
                  Reply

                  Dec 22, 2021 at 12:17 am

  31. Bubba says

    December 1, 2021 at 8:45 pm

    I just did two transfers a day apart to Bangkok Bank. The "Long Term Stay" reason showed up as an International transfer; the "Monthly Expenses" reason showed as 'Transfer from another bank'. The odd thing is the second transfer processed first. I guess the amount of the transfer dictates the speed which dictates the transfer nomenclature that the bank uses.
    Reply

    Dec 01, 2021 at 8:45 pm

    • Max says

      December 1, 2021 at 10:29 pm

      Sending money using the reason "monthly expenses" is not supposed to show up as international/foreign. Only "Funds for long term stay in Thailand" and the buying condo-reason (I don't remember the exact name) will. Other reasons will show up as domestic transfers.
      Reply

      Dec 01, 2021 at 10:29 pm

  32. Steve says

    November 24, 2021 at 4:20 pm

    When setting up a transfer from a US bank to Thailand via WISE using the ACH option, I was asked for login information for my bank in the US (name and password). That is a no-go for me. Did others get this?
    Reply

    Nov 24, 2021 at 4:20 pm

    • TheThailandLife says

      November 24, 2021 at 5:03 pm

      Login information for your US bank? Wise would only ask you to login to Wise. You only need to provide your account number for the transfer.
      Reply

      Nov 24, 2021 at 5:03 pm

      • Steve says

        November 24, 2021 at 5:20 pm

        It does request bank login information. I would paste a snapshot here if I could. At the end when setting the payment, you are asked to choose a bank, then it asks for your bank login credentials for PLAID. "By providing you XX Bank credentials to PLAID, you're enabling PLAID to retrieve your financial data".
        Reply

        Nov 24, 2021 at 5:20 pm

        • TheThailandLife says

          November 24, 2021 at 5:25 pm

          That's the PLAID API. You're not giving your details to Wise, as in filling in a form on their site that they store. It connects to your bank, and only your bank's system sees these details. I connect via this type of API to fund trades on 212. It's par for the course these days.
          Reply

          Nov 24, 2021 at 5:25 pm

        • JamesE says

          November 25, 2021 at 1:41 am

          Some US banks don’t like Wise so make it difficult to work with them. This happens to me when I use my CapOne account but works fine for BOA. Plaid doesn’t store your credentials after the transfer is complete.
          Reply

          Nov 25, 2021 at 1:41 am

  33. John Peters says

    November 9, 2021 at 9:12 am

    wise no longer transfers money to bkk bank as an" ftt" foreign currency transaction 800k baht which is required by immigration for non o retirement visa. can you recommend another option? my funds are in the bank of america in the us and previously i transferred funds to bkk bank in chiang mai.
    Reply

    Nov 09, 2021 at 9:12 am

    • Max says

      November 9, 2021 at 6:00 pm

      That's not correct. I transferred money to my Bangkok Bank account in October. The money arrived October 25. Before that September 30 and both transfers showed up as international transfers = FTT in my bank book, as always. Did you use the correct reason for the transfer, "Funds for long term stay in Thailand"?
      Reply

      Nov 09, 2021 at 6:00 pm

      • John Peters says

        November 9, 2021 at 8:44 pm

        i transferred money on november 7th. it surprised me that it arrived in seconds instead of a few days. my passbook read "trd" not the usual "ftt". i looked up the transaction details and it was indeed listed as domestic deposit to Kasikorn bank, even though i stipulated "funds for long term...." I emailed wise and they replied that they no longer have control of what banks receive the funds. this is a recent development.try transferring funds now and see what happens. hope i am wrong... p.s. my transfer was from bof a in america to bkk bank, which i have done many times before.
        Reply

        Nov 09, 2021 at 8:44 pm

        • Max says

          November 9, 2021 at 9:41 pm

          TRD actually stands for "Transfer from other account".
          I don't believe the answer you got from Wise. Wise themselves came up with the reason "Funds for long term stay in Thailand" in July 2019,so why shouldn't they honor that reason. There's one more reason I think also should make a transfer show up as foreign, the Buying a condo-reason. I don't remember exactly what it's called. I don't buy condos that often. 😎
          I have no reason to transfer any money at the moment, otherwise I would have tried. But people started to complain about this "problem" way before my transfers in September and October and those transfers showed up as international = FTT.
          Reply

          Nov 09, 2021 at 9:41 pm

    • JamesE says

      November 9, 2021 at 7:37 pm

      Wise has several bank partners in Thailand. Recently they seem to be using Kasikorn Bank more frequently than Bangkok Bank. Check the transfer details for the receiving bank to verify that it's K-Bank. If you contact then with the transaction details they will be able to verify that it was initially an international receipt. Other people who have had this problem say that immigration accepted the letter from the bank.
      Reply

      Nov 09, 2021 at 7:37 pm

      • Max says

        November 9, 2021 at 8:44 pm

        It doesn't work like that. When transferring money to a Bangkok Bank account and using the correct reason for the transfer,Wise will transfer money from their Bangkok Bank account and because they are partners and have an agreement what the transfer will look like,the transfer will show up as foreign/international. They won't use another bank. Every transfer I have made this year, even during the period with this nonsense about transfers showing up as local, have shoved up as international. Please explain that. The same last year and the year before that,and the year before that etc etc.
        And there's no problem what so ever getting credit advices to show immigration if something goes wrong. The receiving bank knows exactly where the money comes from. This is old news if you've been living in Thailand for years and used Wise.
        Reply

        Nov 09, 2021 at 8:44 pm

  34. Charlie says

    November 7, 2021 at 1:21 am

    Hi. I've followed rhe instructions and opened a USD Wise account. I'm in Thailand. Now I'm trying to work out how to order the withdrawal card. Where is the option for this?
    Reply

    Nov 07, 2021 at 1:21 am

    • James says

      November 7, 2021 at 4:13 am

      Did you sign up using an address in Thailand? This is what the Wise website states about cards: “ …It’s currently available for Wise account-holder residents in Australia, the EEA, Japan, New Zealand, Singapore, Switzerland, the UK, and the US.”
      So if you set up your account using a Thailand address, you won’t be able to get a card.
      I originally signed up in the U.S., but I used my U.S. address in Hawaii to sign up, and unfortunately, Wise has more restrictions on residents of Hawaii (& Nevada). I can’t obtain a card and I’m limited to a U.S.$10,000 on transfers.
      I think the card has limited use anyway for accessing local currency. For example: “If your card was issued in the US: You can take out money for free twice a month — as long as the total amount is under 100 USD. But after that, we’ll charge you 1.50 USD per transaction. This is a fixed fee. If you take out over 100 USD in one month, we’ll charge you 2% on top of that.” Cards issued in other regions of the world have similar restrictions.
      For smaller transactions in Thailand, an ATM card from your home country with no, or low, international fees may be a better option. Just go into the bank and do an over-the-counter withdraw of cash. Us the Wise website or phone app to transfer larger amounts of funds to your Thai bank account.
      Reply

      Nov 07, 2021 at 4:13 am

    • James says

      November 7, 2021 at 5:20 am

      I forgot to add that if you did set up your account from one of the countries that Wise will issue a debit card, then just login to your account and click on “Cards” on the left-hand side of the screen and it will take you to the page to order your card.
      Reply

      Nov 07, 2021 at 5:20 am

    • Max says

      November 7, 2021 at 7:33 am

      Are you talking about Wise's debit card? It's not available in Thailand. If you're living in the US, you can get it there. If you registered at Wise to be able to send money cheaper at a better rate, then you don't need the Wise debit card. But you also need a Thai bank account in your name.
      Reply

      Nov 07, 2021 at 7:33 am

    • JamesE says

      November 7, 2021 at 7:40 am

      Did you open your account with a US address and primary bank? Or with your Thai info? And did you open a multi-currency account (by adding a balance) or just a basic account? There will be a "Cards" tab on the left. Click there and you'll get an option to request a card.
      Reply

      Nov 07, 2021 at 7:40 am

      • Charlie says

        November 8, 2021 at 10:33 am

        Oh, I did everything above using a Thai bank account and Thai address. Looks like I won't be getting a card then.

        Not to mind, at least I still have the option of transfermg funds from my new Wise US account number to my Thai bank account.

        Thanks.
        Reply

        Nov 08, 2021 at 10:33 am

        • JamesE says

          November 8, 2021 at 5:43 pm

          Hang on a second... "new Wise US account"? Is your Thai information as a receiver or sender? Or did you set it up as your source bank(s) being in the US? If the first, you could always open a new account with your US information (SSN, address, bank) and let the old account languish.
          Reply

          Nov 08, 2021 at 5:43 pm

          • Max says

            November 8, 2021 at 6:23 pm

            It's easier to add a bank account under Recipients. No need to open a new Wise- account.
            Reply

            Nov 08, 2021 at 6:23 pm

            • JamesE says

              November 8, 2021 at 6:59 pm

              I was thinking more in the context of being able to get a Wise debit card. If the OP had a US address available, they might be able to set up a new account that would qualify.
              Reply

              Nov 08, 2021 at 6:59 pm

              • Max says

                November 8, 2021 at 10:33 pm

                I doubt a Wise debit card is very useful in Thailand if we're talking about saving money. In my opinion it's better to transfer money to a Thai bank account,but not too small transfers.
                Reply

                Nov 08, 2021 at 10:33 pm

                • James says

                  November 10, 2021 at 2:48 am

                  See my post above on Nov. 07 2021 at 4:13am
                  Reply

                  Nov 10, 2021 at 2:48 am

  35. Raman says

    October 29, 2021 at 1:36 am

    Do you know if the transaction done through WISE for American citizens are reported to IRS or any USA government agencies?
    Reply

    Oct 29, 2021 at 1:36 am

    • Max says

      October 29, 2021 at 7:18 am

      Wise doesn't report anything to authorities in the US. The money comes from your bank account and as long as the amounts are allowed, then everything is ok. If something is suspicious, then your bank will pull the handbrake. Transfers from the US are often, according to people using Wise, a bit slow. I guess that's because of the money laundering paranoia in the US banking system.
      Reply

      Oct 29, 2021 at 7:18 am

    • JamesE says

      October 29, 2021 at 10:54 am

      Yes, kind of. Wise is set up as a pseudo-bank with its own routing number and you’ll have your own unique account number. So you’re subject I IRS reporting requirements for larger/suspicious transactions. Additionally, you have to fill out an IRS form (don’t remember the number right now) with your Thai bank that they use to report under FATCA regulations. Finally, you have to answer the foreign account questions on your 1040 and everything together has to make sense to the algorithm.
      Reply

      Oct 29, 2021 at 10:54 am

      • Max says

        October 29, 2021 at 4:19 pm

        A Wise transaction isn't reported anywhere as far as I know.Every transaction always has go to through your bank back home, and if the transfer/the sum is ok by the bank, then everything is ok. The papers almost only US citizens has to fill in at Thai banks has nothing to do with transfers using Wise. I actually think they prefer Wise to US banks.
        Reply

        Oct 29, 2021 at 4:19 pm

  36. Tom Jansen says

    September 29, 2021 at 8:21 pm

    I have a transfer scheduled for September 29 with Wise. I live in Thailand, so I am wondering what time of day and what time zone they use.

    They are usually pretty reliable, but it is important to me to have my monthly transfers come at the "same" time each month to satisfy Thai Immigration for my Retirement Extension. This is the first one that I scheduled ahead, so I am as nervous as a mother hen waiting for it to happen. The previous ones I have done early in the day on the 29th of the month.
    Reply

    Sep 29, 2021 at 8:21 pm

    • Max says

      September 29, 2021 at 9:46 pm

      You should actually be able to see what time the money arrives at your bank. I have a transfer coming September 30,14:12pm. My transfers always arrives in time, maybe 2 min later sometime. If I were you I would never go for scheduled monthly transfers every 29th. If the 29th is on a Saturday, the money will arrive Monday. It might mean that the money will arrive next month. When using monthly deposits as a retiree, the money doesn't have to arrive "exactly same" date. Immigration knows that money from a pension provider doesn't arrive at the exactly same date every month. The money has to arrive "about" the same time, for example between the 25th and the 30th. You should change the date for your scheduled transfers to the 25th or 27th the latest,if possible. There might be a national holiday on a Monday, then your money won't arrive until next day if the 29th is on a Saturday. You do understand why the 29th is not a smart date? In my opinion,there's no need for scheduled transfers unless you suffer from dementia.
      Reply

      Sep 29, 2021 at 9:46 pm

    • Barry Rowe says

      October 13, 2021 at 10:09 am

      Wise have a problem at the moment, as of this morning they are now sending International Transfers through Kasikorn Bank and not Bangkok Bank. Hence there is no record being an International Transfer, sent from another bank notation.
      Reply

      Oct 13, 2021 at 10:09 am

      • Max says

        October 13, 2021 at 4:51 pm

        Is this confirmed by Wise,or did you maybe use wrong "Reason for transfer"? Kasikorn Bank is also one of Wise's partner banks and the transfer should show up as foreign/international if you used correct reason.
        Reply

        Oct 13, 2021 at 4:51 pm

        • JamesE says

          October 13, 2021 at 9:38 pm

          This has been reported around the internet over the past few days. But people who have tested the transfers to BKK Bank have reported that everything is still working. There are two hypotheses being floated - low value transfers, and transfers on weekends and holidays when there's nobody working to manually code the transaction. Both just speculation at this point.
          Reply

          Oct 13, 2021 at 9:38 pm

          • Max says

            October 13, 2021 at 10:57 pm

            There are no transfers during weekends and holidays, so that theory about manual coding going wrong is just plain stupid. It doesn't exist,period. If Wise doesn't report any problems,then there aren't any. What people are rambling about on internet is totally irrelevant.
            Reply

            Oct 13, 2021 at 10:57 pm

            • JamesE says

              October 14, 2021 at 2:30 am

              Says someone rambling on the internet... ;)
              Reply

              Oct 14, 2021 at 2:30 am

        • Barry Rowe says

          October 15, 2021 at 9:16 am

          I have done 3 Wise transfers this month, the first went through as normal and straight to my Bangkok Bank Account with "International Funds Transfer" noted on my Bank Statement. Transfer 2 was sent on the seventh of October it arrived with "Transfer A/C at Other Bank" when checking it was an internal transfer from Krasikorn Bank to my Bangkok Bank Account. So I left it a few days thinking I had forgotten to use the Long Term Stay In Thailand as the reason for the transfer. That was not the case then I saw that other people were having the same problem Facebook TransferWise Solutions page is full of comments including mine. On the 13th of October I sent another $50 test Transfer it was a Holiday in Thailand so the Banks were closed, that money arrived yesterday and again the same the my my was an internal transfer from Krasikorn Bank to my Bangkok Bank Account. I have written three emails to Wise now two have been answered but no real joy or explanation bas why the "Long Term Stay in Thailand" notation is now being ignored by Wise. I have asked as have many others for this to be looked at by top Management not the Help Desk, all we can do is wait for their reply. I have suggested charging a fee or similar to ensure the Transfer is sent direct to Bangkok Bank and not through their Banking Partners.
          Reply

          Oct 15, 2021 at 9:16 am

          • TheThailandLife says

            October 15, 2021 at 3:24 pm

            Thanks for the update Barry. The inconsistency suggests it may be something to do with the receiving bank, or an intermittent fault in the system somewhere once it leaves Wise.
            Reply

            Oct 15, 2021 at 3:24 pm

  37. Tom Jansenq says

    August 23, 2021 at 9:50 pm

    Can anyone recommend the best way they have found to transfer money out of Thailand to the US?
    I talked to SCB, and they told me I would have to show where the money came from. I can do that. However, they could not tell me their exchange rate.
    So, I would like to know, from someone's personal experience, a reliable economical way to transfer Thai baht, or even US dollars from Thailand to the US. I see a number of very negative comments about DeeMoney, but I also see a lot of positive comments.
    Any help will be appreciated.
    Tom
    Reply

    Aug 23, 2021 at 9:50 pm

    • TheThailandLife says

      August 23, 2021 at 9:57 pm

      Hi Tom,Please see this post: https://www.thethailandlife.com/transfer-money-thailand You can drop your questions in the comments there. Thanks!
      Reply

      Aug 23, 2021 at 9:57 pm

      • Eer says

        September 22, 2021 at 11:51 pm

        Is wise app reliable to receive money from Australia? I have read lots of negative comments on Facebook but not about sending to Thaailand.
        Reply

        Sep 22, 2021 at 11:51 pm

        • TheThailandLife says

          September 23, 2021 at 3:14 am

          It's reliable and fast. You can read from the comments here that most people have a good experience.
          Reply

          Sep 23, 2021 at 3:14 am

        • Max says

          September 23, 2021 at 7:43 am

          Since when was Facebook a trustworthy source of information when it comes to money transfers??
          Reply

          Sep 23, 2021 at 7:43 am

        • Brian Marshall says

          September 23, 2021 at 6:45 pm

          Mate I have been using them for over a year now, only one hiccup and they contacted me to say they had a problem on their side, but it would be sorted in a couple of hours. It was fixed in an hour!
          This morning I transferred from my Aus Combank account at 6.30 am, they received the funds at 7.20, immediate transfer to my Thai bank. It was showing in my bank by 8.30 am. No bank can match them.
          Reply

          Sep 23, 2021 at 6:45 pm

    • Max says

      August 23, 2021 at 10:59 pm

      Tom: What Thai bank are you banking with? How much money are we talking about? The sum matters. You just said you talked to SCB. If you do a swift transfer bank to bank to the US, you'll get the receiving banks exchange rate if you send Baht. That's probably why SCB didn't know the rate.
      Reply

      Aug 23, 2021 at 10:59 pm

      • Tom Jansen says

        August 25, 2021 at 11:30 pm

        I am glad you asked these questions. I was already putting together a more detailed inquiry. Here are some pertinent details.
        - The amount would be 100,000 or so baht.
        - The bank is Bangkok Bank. I will also need to ask the same question about SCB, but that can come later.
        - All of the money was earned under a work permit or transferred in from the US. I can track the money with a lot of detailed effort, maybe including looking at my US bank history as well. I had not planned to have to show where the money came from, so I did not have an orderly system for making it easy to follow. Thus, I would prefer not having to use this method.
        - One alternative might be to convert the baht to USDollars at Super Rich if they are still operating. They are the best alternative that I could find through the years for exchanging cash. I could then transfer USDollars to the US
        - I wouldn't mind paying an extra 0.5% or so premium for ease of transfer.
        - I wonder if the New York Bangkok Bank branch could be used to transfer baht to my US bank and then transfer USD to my US bank.
        - Thank you very much for your detailed investigation and reporting.
        Reply

        Aug 25, 2021 at 11:30 pm

        • JamesE says

          August 25, 2021 at 11:49 pm

          When I saw the amount my first thought was "just take cash." Also, look into Western Union, BKK Bank has some integration with WU for outgoing transfers. WU also has a direct (not through BKK Bank) online service. Check out:

          https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Out-of-Thailand/Western-Union-Money-Transfer

          and

          https://www.westernunion.com/TH/en/home.html

          I've used WU a couple of times for inbound transfers (they occasionally run specials that makes them a bit cheaper than WISE) and had no problems. Haven't tried them outbound yet.

          The NY BKK Bank branch is now just an investment branch and stopped offering retail banking services a couple of years ago.
          Reply

          Aug 25, 2021 at 11:49 pm

        • Max says

          August 26, 2021 at 9:03 am

          Are you banking with Bangkok Bank and have the money,100,000 Baht in an account there? Do you use mobile banking at Bangkok Bank? If not,just download the app. Since a few months they have added "International transfers" to their services. The transfer is not expensive.The fee is fixed. 100,000 Baht is in my opinion a very small amount of money. I thought you were talking about much more. You can not walk in to any Thai bank and transfer even 100,000 Baht or more.They will ask for the source. Transferring the money within your own bank is always the easiest way, especially now when you can do it yourself using mobile banking at BB.
          As JamesE said, forget about BB in NY. I was about to say the same thing.
          Reply

          Aug 26, 2021 at 9:03 am

          • Tom Jansen says

            August 26, 2021 at 3:50 pm

            I just updated my Bangkok Bank app and I don't see a reference to International transfer nor the name of my bank in the United States. I just started using the app a few weeks ago, so I may be missing something very obvious.
            Thank you for any additional help.
            Reply

            Aug 26, 2021 at 3:50 pm

            • Max says

              August 26, 2021 at 7:58 pm

              Log in, then in the menu at the bottom, click on Banking. Then scroll down. If you have a 5.5 inch display or smaller you might only see 'Extra Services' in the middle at the bottom. It says 'Int'l funds transfer' further down. Then choose 'SWIFT transfer' and then you just enter what's needed. You'll get the fee and everything.
              You can only access 'SWIFT transfer' between 8:30-17:00 business days Thai time. It means you have to wait until tomorrow, Friday.
              Reply

              Aug 26, 2021 at 7:58 pm

              • Tom Jansen says

                August 26, 2021 at 8:57 pm

                Yes, I found it. I had been clicking on "Transfer" rather than "banking" at the bottom. Thank you for your patient persistence.

                I received message that you mentioned that the service is not currently available, try back between 8:30 to 17:00. I am eager to see how it goes tomorrow.
                Reply

                Aug 26, 2021 at 8:57 pm

                • Tom Jansen says

                  August 30, 2021 at 12:33 pm

                  Hello Max, I have tried twice to do the transfer with two different, unsuccessful results. I just called the help line of Bangkok Bank, and they took all of my data, including Android version and Bualuang version and said someone will call me in five days to help.

                  What happened this last time was that the "Save" button did not become active. It remained grey, and so there was nothing else I could do. Another time, last week, the blue Save button became active, and when I pressed it, I got a message that my information could not be displayed.

                  I thought maybe in the meantime you might know some likely missteps that I may have made. I have included all of the data they asked for in filling in the form on the app, but to no avail.

                  Thanks if you think of something else to try or even if you don't. I will just try some more while waiting for their call in five days, I guess next Monday at the earliest.

                  Thanks again for your help up to this point.
                  Tom
                  Reply

                  Aug 30, 2021 at 12:33 pm

                  • Max says

                    September 1, 2021 at 1:00 pm

                    What did you enter when you suddenly could Save? You started with your contact information incl full address in Thailand. Then saved it. Your phone number and email-address at the bottom should have been grayed out.
                    Then you entered the amount and chose the fee, recipients information,full address incl bank and/or the 24 digit IBAN-number and saved it, right? If something in your address or something else didn't match the info you entered when you opened your bank account,that might have triggered the error message. Was your address and recipient info saved when you tried the second time?
                    You should also have gotten an email telling you the info was saved. Now, I have no reason to send money to my bank back home just to see if it works for me. You have to wait for the call from customer service. Good luck.
                    Reply

                    Sep 01, 2021 at 1:00 pm

  38. HuaMoo says

    August 22, 2021 at 3:46 am

    ATM withdrawal?
    Reply

    Aug 22, 2021 at 3:46 am

    • Max says

      August 22, 2021 at 7:06 am

      What are you actually asking about ATM withdrawal?
      Reply

      Aug 22, 2021 at 7:06 am

  39. Martinus Mairesse says

    August 15, 2021 at 7:09 pm

    What a bout large amounts. I see that wise can be done till 2 million Baht. But then costs are around 3000€ that seems a lot. Is then a bank not more interesting?
    Reply

    Aug 15, 2021 at 7:09 pm

    • JamesE says

      August 15, 2021 at 11:04 pm

      I think you've got an extra 0 in there. Sending +/-2M Baht from US$ costs about $350. +/-2M Baht from Euro-zone (51K Euros) is 290 Euros.
      Reply

      Aug 15, 2021 at 11:04 pm

      • Martin says

        August 16, 2021 at 1:33 pm

        Yes a 0 too much. But that looks a lot cost for a wire.....

        Would bank costs not be cheaper? 300 € X 4, that is 1200 €, ooch
        Reply

        Aug 16, 2021 at 1:33 pm

        • Max says

          August 16, 2021 at 4:59 pm

          Why €300 X4? Where does those numbers come from? I have already answered your first post. You forget about the difference in exchange rates. For example Bangkok Banks TT Buy rate today is 38,985 Baht for €1. Wise's mid-market rate is now 39,3914. 2 million Baht Low cost transfer will cost you €51,063 using Wise. Incl.fees. A swift bank transfer using Bangkok Bank will cost you €51,301 + sending fee + a 500 Baht receiving fee. I don't know your banks sending fee, but even without fees you get more money using Wise.
          Reply

          Aug 16, 2021 at 4:59 pm

        • JamesE says

          August 16, 2021 at 10:57 pm

          The thing you're not looking at is that many bank services are priced in percent and many are a fixed price. When you look at Max's calculation the difference between Wise's mid-market rate and the TT Buy rate should be considered a "fee" that works as a percentage. So, the more you transfer, the bigger the fee. Add that to your home bank's send fee and Thai bank's receive fee to come up with the total fee. With Wise you only have to consider the variable cost fee which is a decreasing percentage. Right now, I think it ranges from about 0.77% down to 0.56%. That's the only fee.

          As you point out, Wise limits you to 2M Baht/transfer so at some point it might make more sense to send a very large sum - like for buying a condo - using a traditional wire, particularly if you wanted the sum to show as a single transfer. But (using the TT rates posted this morning) you'd be paying an effective rate of 0.79% (the difference between the TT rate and Wise's mid-market rate) plus any bank fees. Wise is always cheaper.
          Reply

          Aug 16, 2021 at 10:57 pm

          • Max says

            August 17, 2021 at 8:00 am

            My example was just to show that sending a quite large sum = 2 million Baht using Wise is cheaper than a normal swift transfer without even counting fees. As you said there are fixed fees and fees in percent.BUT, there's another thing not to be forgotten. In the EU,I don't know about the US, there's a limit on how much money you can transfer abroad using swift without having to report the transfer to banking authorities. This limit is very low, about 17,000 USD, it depends on the exchange rate. So,when talking about sending 2 million Baht using swift that's not an option. It has to be done in cooperation with the bank. To get around that limit when using Wise,is to use the Low cost transfer- option where you transfer money to a domestic Wise account which is normally free . The sum might raise some eyebrows at the bank,but it's not illegal. OR, even better, use your Balance account at Wise. Then you just do several free domestic transfers to Wise to reach the equivalent of for example 2 million Baht. Then you transfer the money. This way the bank back home has nothing to complain about. If they're smart and know about Wise, they might know what you're doing. 😎
            Reply

            Aug 17, 2021 at 8:00 am

    • Max says

      August 16, 2021 at 7:19 am

      You forget about the difference in exchange rate, banks TT Buy rate vs Wise's mid-market rate. The better rate covers a lot of the fee. But you just have to do the math. Check with your bank what it'll cost to transfer 2 million Baht and then just compare it with Wise. But don't forget every fee, both sending and receiving. Then you just pick the best option. Not many people transfer sums like 2 million Baht though.
      Reply

      Aug 16, 2021 at 7:19 am

  40. tom bridge says

    July 30, 2021 at 2:44 am

    if I open a thai bank account can I just write a check from my home bank and deposit it into my thai bank account? What would be the fees for doing that?
    Reply

    Jul 30, 2021 at 2:44 am

    • Max says

      July 30, 2021 at 7:37 am

      Forget about foreign checks in Thailand. Even if some Thai banks officially accepts them, there will be fees and it will take time to clear the check. You either transfer money from your bank back home or use Wise (former TransferWise) to get cheaper and faster transfers.
      Reply

      Jul 30, 2021 at 7:37 am

  41. Patrick Mark Davis says

    July 16, 2021 at 2:47 pm

    Hi I am looking to 'emigrate' to Thailand later this year(Dec) early next (Jan2022) and have been checking on requirements for this from UK; currently thinking O-A visa - I am 60!- all seems very involved/tedious?! I am currently living in UK and endlessly procrastinating over financial commitment?! No probs with the cash but where to have it and when?? Should I open Thai bank account with B800,000 - thinking Bkk bank? before applyng for visa or can I apply with 'statement' from my UK bank (Halifax) and open Bkk bank account when I am in country?? Grateful for any thoughts (on any aspect of emigration??) regards Paddy
    Reply

    Jul 16, 2021 at 2:47 pm

    • Max says

      July 16, 2021 at 5:11 pm

      First of all, don't go for the O-A Visa obtained in the UK. You need a mandatory health insurance from a Thai company. You should apply for the 90 days Non-immigrant O Visa based on retirement. After 60 days you can apply for a 1 year extension based on retirement. Cost: 1900 Baht. You need to open a bank account straight away and deposit 800,000 Baht. Those 800k needs to be in your thai bank account 2 months prior to the 1 year extension. That's not negotiable. Do you have a place to stay in Thailand? Depending on bank branch they might ask for a so called Resident Certificate from the local immigration office,so you'll need an address.
      Reply

      Jul 16, 2021 at 5:11 pm

  42. Cashboy says

    July 3, 2021 at 5:02 pm

    I have found the cheapest way (being a UK citizen) is to open a GB pound account in Thailand with your bank and transfer the mmoney there first and then do the transfer to your Thai baht with the same bank. I use Bangkok Bank.
    Reply

    Jul 03, 2021 at 5:02 pm

    • JamesE says

      July 4, 2021 at 5:46 am

      What does the Pound transfer cost and what is the spread against the mid-market rate when you convert? I bet your total cost is around 2%.
      Reply

      Jul 04, 2021 at 5:46 am

    • Max says

      July 4, 2021 at 7:25 am

      You'll get the TT Buy exchange rate compared to the mid-market rate when using Wise. It's totally impossible to get more money cheaper and with better exchange rate with the method you propose. Your method is old school and was used before services like Wise was introduced. Don't forget that Bangkok Bank charges you for everything you do. I know, because I'm banking with them.
      Reply

      Jul 04, 2021 at 7:25 am

    • Steve says

      August 17, 2021 at 10:35 am

      Oh no don’t do that,I fell for it.
      The exchange rate they give you is far less than Wise
      About 10000 Baht on 22K GBP
      Reply

      Aug 17, 2021 at 10:35 am

  43. Phil Lowney says

    July 1, 2021 at 6:45 pm

    We've used Wise to send money from the UK and the money was in my wife's family's bank account within minutes. They received about £20 0r £30 more on a £3500 transfer than if we'd used Western Union - although it's always worth checking.
    Reply

    Jul 01, 2021 at 6:45 pm

  44. T says

    June 29, 2021 at 5:11 pm

    It's very easy. if you have a card that it can be changed to cash.
    Reply

    Jun 29, 2021 at 5:11 pm

  45. Tom Jansen says

    June 27, 2021 at 8:57 am

    I use Wise, and I totally agree with your recommendation, having used a number of different ways to transfer money before finding Wise.

    It occurred to me that one additional piece of information could be very useful for expats who have to verify monthly transfers from abroad, like me from the US on a visa retirement extension. There is a good write up on Thaivisa with details of how to do it with various banks in Thailand.

    The simplest way to get the verifications is:
    1) Use Bangkok Bank
    2) In the dropdown menu in Wise, select "long-term stay in Thailand" for the reason for the transfer. Then the code FTT shows up for that transaction, which indicates a Foreign Transfer. These are then shown to Immigration at visa extension renewal time.
    Reply

    Jun 27, 2021 at 8:57 am

    • Max says

      June 27, 2021 at 4:54 pm

      You're right, but a lot of expats don't bank with Bangkok Bank. You can use the same reason for the transfer with Kasikorn Bank and Thai Military Bank which are also Wise's partner banks in Thailand. The bank codes in the bank book might differ,though. But even with correct bank codes, you'll need a 12 months bank statement from your bank when extending your stay. That is if you come from the US,UK or Australia because of the non-existing income letter.
      Reply

      Jun 27, 2021 at 4:54 pm

    • James says

      June 28, 2021 at 3:32 am

      I believe that drop-down menu option was created specifically due to complaints from people that bank with banks other than BKK Bank. Since the actual transfer of funds into a Thai bank account is actually a domestic transfer (Wise transfers funds from their Thai bank into your Thai bank), if someone was banking with BKK Bank, it usually wasn’t an issue as these transfers would show up as having originated from outside of Thailand. When the transfer was done from a Wise Thailand bank to an account other than BKK Bank, they would (sometimes) show up as domestic, which was not acceptable to Thai immigration. You could still contact Wise and get the verification that the funds originated outside Thailand, but to simplify the process, Wise added the drop-down option that you could choose which would let Wise know the transfer needed to be indicated as originating from outside Thailand for immigration purposes.
      Reply

      Jun 28, 2021 at 3:32 am

      • Max says

        June 28, 2021 at 6:34 pm

        You must bank with Bangkok Bank,Kasikorn Bank or Thai Military Bank to automatically get the correct bank code. If you're banking with lets say SCB or Krung Thai Bank, you won't get the correct bank code. Before the reason "Funds for long term stay in Thailand" came up in the list of reasons in July 2019 (I think), it didn't matter if you were banking with Bangkok Bank. The transfer could show up as local. It happened to me just before they added the correct reason for transfer. Thats why the new reason came up.
        It's not Wise's responsibility to help everyone with immigration issues. Wise can not tell a non-partner thai bank to change the bank code just because it's needed when extending a permission to stay. Thats why they have partner banks.
        Reply

        Jun 28, 2021 at 6:34 pm

  46. ed says

    June 22, 2021 at 2:48 am

    I am looking for an alternative to my HSBC UK bank for transferring money to Thailand. My bank in Thailand is Thanachart/TMB. I had a look at Western Union, but it said UK residents only, and also required a stack of proof of residence etc. Does Wise have the same rules? I am fully resident in Thailand, and haven't returned to the UK for 7 years. Thanks.
    Reply

    Jun 22, 2021 at 2:48 am

    • Max says

      June 22, 2021 at 7:19 am

      Wise is not a bank, it's more of a a money transferring service.You don't need much when you register.A photo (not a copy) of the data page in your passport and proof of ownership of your (sending) bank account back home. That's just a screenshot of the bank details showing your name and account number. As home address you can use either your address back home (if you still have one) or your Thai address. No proof of address needed.
      Reply

      Jun 22, 2021 at 7:19 am

      • ed says

        June 23, 2021 at 5:14 pm

        Wow, thanks. That sounds really easy.
        Reply

        Jun 23, 2021 at 5:14 pm

  47. Chris H says

    June 20, 2021 at 9:34 pm

    Wise, formerly Transferwise.......
    *Transactions done on week days. W/end transactions are a tad slow,
    usually between 6 and 24 hours.
    *Aus to Thailand ($1,000.00 AUD) = 30 seconds.
    *Aus to Thailand ($500.00 AUD) = 27 seconds.
    *Aus to Thailand (150.00 AUD) = 21 seconds.
    *Aus to Thailand ($50.00 AUD) = 9 seconds.
    Reply

    Jun 20, 2021 at 9:34 pm

    • Max says

      June 21, 2021 at 7:57 am

      The speed depends on what transfer-option you choose and which Thai bank you deal with. The fast transfer option is just an immediate local transfer in Thailand, and if you bank with Bangkok Bank, Kasikorn Bank or Thai Military Bank,which are Wise's partner banks. Other transfer options will not take seconds, that I assure you.
      Reply

      Jun 21, 2021 at 7:57 am

  48. JamesE says

    June 9, 2021 at 10:51 pm

    (Peter, this turned out kind of long and I put in breaks to try to clarify things. Feel free to edit and reinstate the breaks if you think it needs it.)

    This comment applies to Wise accounts in the US with the goal of loading a Wise Multi-currency Account with USD.

    Okay, my tests are complete and here's what I found. Wise provides US bank details - ACH Routing Number and a unique account number - that can be used for an ACH Push transfer from your bank to your Wise account.
    To start you have to verify that your bank supports outgoing ACH transfers - but not through the Bill Pay system. I tested from accounts at Bank of America, JPMorgan Chase, and Capital One. They went like this:

    BOA allowed me to link my Wise account but I could also send the money using an ACH push based on the routing and account numbers (Handy if your transfer is a one-off or from a 3rd-party). The transfer was free for a linked account, but they charged me a flat $3 for a 1-3 day transfer from the ACH Push. This came from an account that is linked to Wise as a primary account and showed me as sender (Max's concern about this not working was unfounded). The transfer took a full 3 days. My second – free – transfer from BOA took less than 24 hours.

    Capital One, also an account that Wise knows about, allowed me to link my Wise account as an "External Account" and to send money to Wise for $0 (zero is good). The transfer took 2 days and showed "Capital One" as the transfer source, my name was nowhere to be seen.

    Chase, an account that Wise doesn't know about, allowed Wise to be set up as an "External Account" as well. The transfer showed that the sender was "JP Morgan Chase". Again, my name was nowhere to be seen. The transfer took 12 hours and cost $0.

    Addressing Max's thought that "Wise must have done a mistake" I think that not to be the case and that Wise is just having to deal with how the ACH system works. ACH is a batch processor, much as the international credit card system works. This makes the system basically blind. Because the user’s USD balance account shows up as a standalone account (required for funding the account using ACH Pull in Wise's Add functionality) as opposed to an account owned by Wise (which would be subject to daily ACH limits because Wise is not a bank) the ability to use ACH *in any way* naturally emerges from the rules and regulations.

    Bottom line is that using ACH in the US from your bank can result in saving a bit more money (+/- 0.35%) when transferring to Thai Baht than using Wise to initiate the transfer.

    There are implications from this above and beyond the savings from loading your Wise account. Your Wise account works almost exactly like a US bank account. You can send your auto-deposits – Social Security, pension, employment income - straight to Wise, saving time and a transfer. Using an ACH Pull from a bank, vendor, or credit card company you can use Wise to pay bills or transfer funds in the US without using Wise’s Send feature.

    Of course, Wise may change its rules going forward so always look before you press “Okay”.
    Reply

    Jun 09, 2021 at 10:51 pm

    • TheThailandLife says

      June 9, 2021 at 11:11 pm

      Line breaks work by default now :)
      Reply

      Jun 09, 2021 at 11:11 pm

  49. JamesE says

    June 6, 2021 at 7:58 am

    This comment should be titled "The Best Reason To Send Money To Thailand". I learned yesterday through the relentless inquiry of correspondent Sidney Leonard that The Thailand Life has a Patreon account: https://www.patreon.com/thethailandlife.

    This fact is mentioned nowhere on TTL's blog (that I could find) an omission I guess can be chalked up to TTL's aversion to self-promotion. TTL's secret Patreon provides a direct way for us to say thanks for keeping this community going and providing the wealth of information contained herein.

    To that end I heartily encourage all of us to kick in whatever you think is fair (remembering that Patreon takes a cut) to help support Peter and the great space he's built for all of us.
    Reply

    Jun 06, 2021 at 7:58 am

    • TheThailandLife says

      June 6, 2021 at 7:55 pm

      Thank you James, I appreciate your kind words. I set it up a while ago after a few friends said I should but I've never plugged it. I was thinking last night I should probably add a link on the site to it.
      Reply

      Jun 06, 2021 at 7:55 pm

    • Patrick Mark Davis says

      July 16, 2021 at 2:53 pm

      I'm cool with this. As a prospective emigre I have found Peters TTL very informative,so happy to support him through the Patreon Acc particularly as I am looking at money transfer issues right now?!?
      kind regards
      Reply

      Jul 16, 2021 at 2:53 pm

  50. Mike says

    May 30, 2021 at 4:48 pm

    Im heading to Phuket in July, there's no way I'm going to be locked up in a hotel for 15 days!
    Reply

    May 30, 2021 at 4:48 pm

    • Max says

      May 31, 2021 at 5:14 pm

      If you haven't had 2 jabs when going to Phuket in July, I guess you don't have much choice. They might not let you in without the jabs. I'm not sure they will open up for tourists July 1 because of the surge in covid-19 cases. And the government extended the emergency decree nationwide until July 31.
      Reply

      May 31, 2021 at 5:14 pm

      • John says

        June 1, 2021 at 6:58 am

        I will be having my second jab at the end of August 2021 I was actually referring to July 2022 at the earliest before the Australian Government will let us leave this country.
        Reply

        Jun 01, 2021 at 6:58 am

        • Max says

          June 1, 2021 at 2:50 pm

          Ok,your post was written in May and I'm not a mind reader, so of course I thought you were talking about July 2021. The quarantine requirement will probably be lifted in several tourist locations in Q4 this year, unless the vaccination program in Thailand goes terribly wrong. It's not a success so far,that's for sure.
          Reply

          Jun 01, 2021 at 2:50 pm

          • John says

            June 1, 2021 at 4:33 pm

            At least the Thai government is better than the Australian Government who are hopeless one mistake after another which is not surprising due to the leadership listening to the Poison Dwarf.
            Reply

            Jun 01, 2021 at 4:33 pm

  51. DAVID says

    May 26, 2021 at 3:32 pm

    Hi, if I am flying from BKK to London will I be put into a hotel for 11d ays in the UK and same coming back to BKK?
    Reply

    May 26, 2021 at 3:32 pm

    • TheThailandLife says

      May 27, 2021 at 5:26 pm

      Thailand is on the Amber list, so you will have to do the following:

      - take a Covid-19 test before departure and have proof of a negative result - book and pay for a Covid-19 test on days two and eight after your return - complete a passenger locator form - quarantine for 10 days at home or the place where you are staying

      It may be possible to end quarantine early if you pay for a further private Covid test through the test-to-release scheme.

      You will need to quarantine in Thailand when you return.

      Reply

      May 27, 2021 at 5:26 pm

  52. Joe G says

    May 24, 2021 at 11:05 pm

    For a $10,000 USD transfer to Thailand, I am not seeing a significant price different between wise and ofx, with xe between slightly more expensive. I have used ofx a year ago and am looking for the best option today. It looks ofx is still competitive. Am I missing something?

    wise: 311,445 THB received
    ofx: 311,585 THB received
    xe: 313,536 THB received
    Reply

    May 24, 2021 at 11:05 pm

    • TheThailandLife says

      May 24, 2021 at 11:08 pm

      Yes. You won't pay a receiving fee at the local bank.
      Reply

      May 24, 2021 at 11:08 pm

    • Max says

      May 25, 2021 at 12:29 am

      The received amount when using XE is not correct, it's at least 2,000 Baht to much. When using both XE and OFX depending on the bank in the US you might have to pay a sending fee. That might actually happen when using Wise (from the US) as well when using Swift or Wire-transfer. There's a cheaper way to use Wise,that's when you transfer money straight into your so called Balance account at Wise. There's no additional fees when using the Balance account option. When using XE or OFX you will also pay a receiving fee, that's at least 500 Baht when sending $10,000. The maximum fee depends on the receiving bank in Thailand. Bangkok Banks maximum fee is 500 Baht. I also doubt that XE and OFX guarantees the exchange rate. When using the Balance account option at Wise there's no guaranteed exchange rate time limit, and you can also cancel a transfer if the exchange rate for some reason goes up and then hit the Send button again with the new exchange rate.
      Reply

      May 25, 2021 at 12:29 am

    • JamesE says

      May 25, 2021 at 1:19 am

      I just checked Wise v. OFX on US$10K and I was quoted ฿310,360.22 and ฿307,884.00 respectively. That's using ACH funding on the Wise transfer and the "customer rate" on the OFX side. You may have hit a residual rate quote on OFX.
      Reply

      May 25, 2021 at 1:19 am

      • Joe G says

        May 25, 2021 at 1:59 am

        Max, you are correct, XE is more expensive, my number was off. James, I'm still seeing OFX of 311,167 THB. Regardless, now that I know that WISE won't incur a receiving fee at the local bank, they are the least expensive option. Hooray! But I still don't understand the purpose of the Balance transfer with WISE. It looks like I'll pay an ACH or wire fee to put money into my balance, or pay the ACH/wire fee when I make a Wise transfer directly from my bank account. I don't see how the Balance is beneficial.
        Reply

        May 25, 2021 at 1:59 am

        • Max says

          May 25, 2021 at 7:55 am

          The problem for you is the paranoid banking system in the US. You don't have the option to transfer money into a local Wise account for free. I don't pay any fee when adding money to my Balance account nor am I paying a sending fee to my bank . So, instead of having all my money in my bank back home, I can keep some in my Balance and wait for a better exchange rate. During the pandemic the rates have been fluctuating alot. When I decide to send money to my Thai bank account, the fee is even lower than the "Low cost transfer option", an option you don't have in the US. For me that's by far the best option and I always get my money 2pm next day unless it's a weekend or holiday. My exchange rate is guaranteed,though.
          Reply

          May 25, 2021 at 7:55 am

        • Tom says

          September 23, 2021 at 5:59 pm

          I opened a balance account in Wise because I wanted to do automatic monthly transfers, and to do that I had to have a wise account with money in it.
          Reply

          Sep 23, 2021 at 5:59 pm

      • Max says

        May 25, 2021 at 8:10 am

        The ACH option is not the best when sending $10k using Wise. The total fee is $90,67. That's a lot.
        Reply

        May 25, 2021 at 8:10 am

        • Joe G says

          May 25, 2021 at 8:11 pm

          Max, thanks for the explanation. I suspected it was a difference between countries that I don't have a low cost option in the US. My only 2 funding options for a $10000 US transfer is ACH for a $30 fee and Wire for a $5 fee. My US banks will charge me $15 to $30 for a domestic wire. So best case I can save $10 by doing a wire instead of ACH. Since ACH seems to scale with the amount and a wire does not, a wire looks better for larger transactions. Even with this fee, WISE is still less expensive than other options I've seen. I tested it out yesterday with a $1000 transfer, exchange rate is good, 1% fee, completed within hours and no fee from the receiving Thai bank.
          Reply

          May 25, 2021 at 8:11 pm

          • JamesE says

            May 25, 2021 at 10:10 pm

            Be careful of the Wire option. Your bank may charge a separate fee. BOA would charge me US$30 for a domestic wire and $45 for an international in USD. I'm really not sure why Wise's ACH fee is so high. I use ACH transfers for basically all my domestic transfers and bill payments and never get charged. Still, as you note, at +/-1% Wise is still the best game in town. P.S. When I do a larger transfer I'll also check out Western Union. They, like OFX, make their money on some arbitrary spread and sometimes they will be cheaper than Wise. Not by a lot and the transfer takes a few days but it'll be somewhere between a free beer and a free lunch...
            Reply

            May 25, 2021 at 10:10 pm

          • JamesE says

            May 26, 2021 at 5:38 am

            I dug into this a little bit deeper and talked to Wise about the Multi-Currency (MC) account. There may be a hack. (Hopefully Max can weigh in on this.) With the MC account there are two ways to get money in Add and Receive. For US$10K the options for both are ACH and Wire with Add having the same fee (0.31%) as a transfer. BUT Receive has a 0% fee on ACH transfers. So, according to the help system, it should be possible to Receive money from yourself via ACH, convert it to ฿ (no fee) when the time is best as Max suggests, and then move it to your Thai account as needed (with a ฿32.89 flat fee). This would mean that the total from US$10K to ฿ would cost a grand total of $1.05. It would be worth a try at the least. Here are the resources Wise provided: https://wise.com/gb/pricing/receive?source=USD&target=USD&payInMethod=RECEIVE_BANK_TRANSFER&sourceAmount=10000 and https://wise.com/help/articles/2898124?origin=search-receive+money+in+multi+currency+account
            Reply

            May 26, 2021 at 5:38 am

            • Max says

              May 27, 2021 at 9:33 am

              When using Receive won't the senders name and bank account matter? If the senders name and bank account is the same as the receiver, wouldn't that void the transfer? I'm just trying to be a bit logical. If it works, then Wise must have done a mistake and it's a loophole. (My Balance account just have 3 options: Add, Convert and Send.)
              Reply

              May 27, 2021 at 9:33 am

              • JamesE says

                May 27, 2021 at 10:37 pm

                I'll let you know. I've initiated the Receive which is basically a "Push" ACH instead of the "Pull" ACH of Add. But, this being the USA, it takes a couple of days. And it's a holiday weekend so it'll take a couple more on top of that :)
                Reply

                May 27, 2021 at 10:37 pm

              • Joe G says

                May 29, 2021 at 1:47 am

                I'm trying too, currently trying to link an account to do an ACH transfer.
                Reply

                May 29, 2021 at 1:47 am

            • JamesE says

              June 3, 2021 at 8:10 am

              The hack worked. Actually it worked a couple of ways. First, Bank of America allows an ACH Push transfer for a flat fee of US$3.00. This worked fine. Took 3 days as advertised and more importantly was directly from my primary account that Wise knows about. Total transfer fee from Wise: $0. Second, Chase (among myriad others but *not* BoA) allows you to set up a personal external account to use for sending and receiving. They account is confirmed by the receipt of two "micro-deposits" (this concerned me because it's not really my checking account) which are jammed into your account and then immediately withdrawn. The confirmation process worked exactly as if it were a real account and not a sub-account to Wise. Transfer fee from Chase: $0, and Wise: $0. The bonus of being able to do it this way is that a withdrawal directly from your Wise balance should be possible without going through Wise. Wise's conversion fee remains but, by using your balance account, is a fixed 0.55% and the final transfer fee is a fixed THB32.89.
              Reply

              Jun 03, 2021 at 8:10 am

              • Max says

                June 3, 2021 at 7:14 pm

                It sounds a bit awkward the way you have to do it compared to the very simple procedure when I add money to my balance account. I just log in to my bank using mobile banking, transfer a certain amount of money straight into Wise's domestic bank account. I use my Wise membership number as reference. This takes me about 1 minute. Then Wise put my money into my balance account. I pay no fee what so ever. No sending or receiving fee. Having some money in my balance account is like having money in a non-interest bearing savings account.
                Reply

                Jun 03, 2021 at 7:14 pm

                • Joe G says

                  June 3, 2021 at 8:32 pm

                  I think you're stating the same thing as James E. He's explaining how to link accounts for ACH transfers into Wise, you have already linked your account.
                  Reply

                  Jun 03, 2021 at 8:32 pm

                  • Max says

                    June 3, 2021 at 11:52 pm

                    I haven't linked anything. A free domestic transfer to Wise's account has nothing to do with an ACH-transfer. I can use same Wise-account when using the Low cost transfer-option. I don't need to find workarounds to make a transfer to my balance account.
                    Reply

                    Jun 03, 2021 at 11:52 pm

                • JamesE says

                  June 3, 2021 at 11:23 pm

                  Joe, Max is using a European bank that allows a "Low Cost Option" transfer at no cost. Yes, Max, we understand that the European banking system is far superior to that of the US... But, this method allows me to mimic the excellent Old World Paradigm within the "paranoid banking system in the US" by taking advantage of the way that our inferior system is designed. Once set up - 2 -3 days - it's no more awkward than paying a bill online: Click-Wise-Amount-Date-Click-Done. Plus, it looks like it's pretty fast. My test transfer took 12 hours.
                  Reply

                  Jun 03, 2021 at 11:23 pm

            • Joe G says

              June 4, 2021 at 7:46 pm

              JamesE, how do you "move it to your Thai account as needed (with a ฿32.89 flat fee)"? In another post, you suggest that you are moving the THB out of your Wise account externally without going through Wise. Is that true, and how do you do that? I am currently sending money to a family member's Thai bank account, so suspect I'm stuck with a Wise transfer, but using money that I've put into my Wise balance will save me some. Thanks for your help.
              Reply

              Jun 04, 2021 at 7:46 pm

              • JamesE says

                June 5, 2021 at 6:33 am

                Hmmm... I couldn't find that post. I was in error if I said that. I am able to Receive money into my Wise account without going through Wise as the bank detail Wise provides appears to ACH as my personal account. There doesn't seem to be an equivalent set of bank info for the Thai side. To move it out of your Wise account (called a Send in the Multi-Currency Account) you first do the Convert (0.55%) and then Send (฿32.89 flat fee) to your recipient. To do the Convert you have to add Baht as one of your currencies first.
                Reply

                Jun 05, 2021 at 6:33 am

                • Joe G says

                  June 9, 2021 at 8:25 pm

                  JamesE, I am still in the process of these transfers, but it is working exactly as you describe. 1: Use your external USA bank to send USD into Wise via ACH (this is key) 2: Convert USD to THB in Wise for a 0.55% fee, 3: Send THB to recipient in Thailand via Wise for a 32.89 THB flat fee. Alternatively, if you do #1 above and just do a normal Wise "send money" to the Thai recipient with the USD in your account, you'll be charged a 0.65% fee. The main point is that doing #1 eliminates the 0.3% ACH transfer fee in the US. Thanks for finding this, I really appreciate it.
                  Reply

                  Jun 09, 2021 at 8:25 pm

  53. Christopher Hickman says

    May 7, 2021 at 10:33 pm

    Hi.
    I was wondering if anybody would know if by sending money to my girlfriend in thailand could that be liable for gift tax in the U.K..i Have been using TW for quite a while now and the money i have sent is direct into her Account at Kasikorn Bank.Thank you.
    Reply

    May 07, 2021 at 10:33 pm

    • TheThailandLife says

      May 8, 2021 at 4:28 am

      While you’re alive, you have a £3,000 ‘gift allowance’ a year. This is known as your annual exemption.This means you can give away assets or cash up to a total of £3,000 in a tax year without it being added to the value of your estate for Inheritance Tax (IHT) purposes.Any part of the annual exemption which is not used in the tax year can be carried forward to the following tax year. It can only be used in the following tax year and can’t be carried over any further. Source: https://www.moneyadviceservice.org.uk/en/articles/gifts-and-exemptions-from-inheritance-tax
      Reply

      May 08, 2021 at 4:28 am

  54. Paul ward says

    April 21, 2021 at 11:39 pm

    Hi I would like to transfer money from my bank in Ireland to my bank in Thailand .do I need to inform my Irish bank about wise before I send money or do i just give wise my I'd and and. bank details.? My Irish bank also has my Thai bank details already. Wat wise account for twice yearly tranfers? Thank you
    Reply

    Apr 21, 2021 at 11:39 pm

    • Max says

      April 22, 2021 at 12:17 am

      You must register with Wise before you can start sending money. They want a photo of your passport showing the info page,not a pdf-file, your account info at your Irish bank and a recipient account (your thai bank account). To save money on fees, don't go for the "Fast transfer"-option. Better to use the "Low cost"-option where you transfer money to Wise's own bank account in Ireland. Then Wise does the rest. You don't have to inform your bank about Wise. You must be allowed to make local transfers,right? What kind of amounts are we talking about? When you enter the sum you want to transfer or the sum you want to receive and have chosen how to transfer, Low cost or Fast transfer, you'll see the total Wise fee, and can compare it to a standard swift transfer bank to bank.
      Reply

      Apr 22, 2021 at 12:17 am

      • P ward says

        April 22, 2021 at 4:13 pm

        thanks for reply 5000k euro do i have to send the money to wise through my internet banking or is this not necessary-? I. am a beginner
        Reply

        Apr 22, 2021 at 4:13 pm

        • Max says

          April 22, 2021 at 4:49 pm

          If using the Low cost transfer option you just follow the instructions you get from Wise after you initiated the transfer. They will give you info about the bank they use and account number in your home country and tell you to transfer exactly same amount you initiated and not to forget to add your Wise membership number where you add OCR-numbers/Messages. Never forget the membership number when sending money. After you've done the transfer using internet banking, you go back to Wise and scroll down on the same page where you got the info and click on the button where it says something like "I have transferred the money". Now Wise will keep you informed about the transfer and when the money will arrive in your Thai account. You will also get emails about the ongoing transfer. If using the Fast transfer option = a higher fee, you don't have to do anything. Wise will withdraw the money from your bank account. I used to go for the Low cost transfer option, but now I always use the Balance account option which I prefer due to the even lower fee.
          Reply

          Apr 22, 2021 at 4:49 pm

  55. ray goodwin says

    April 21, 2021 at 2:47 am

    Hi, I have recently been in touch with the Thai embassy in Australia regarding non immigrant type o visa. They are telling me that the 800,000 baht or equivilant can be in my Australian bank and not necessarily in a Thai bank. Like your take on this. Thanks Ray.
    Reply

    Apr 21, 2021 at 2:47 am

    • JamesE says

      April 21, 2021 at 7:23 am

      If you apply for the visa in your home country the funds can be there. When you go to extend your visa in Thailand you'll have to meet the financial requirements with deposits/income in a Thai bank.
      Reply

      Apr 21, 2021 at 7:23 am

      • Max says

        April 21, 2021 at 7:30 pm

        Ray was asking about the Non-immigrant O based on retirement, not the O-A. The Non-immigrant O based on retirement doesn't exist anymore in the list of different Non-immigrant O Visas at the Thai Embassy in Canberra. Maybe they want to force retirees to apply for the O-A Visa which includes a crappy (and if you're old very expensive) mandatory thai health insurance.
        Reply

        Apr 21, 2021 at 7:30 pm

        • JamesE says

          April 21, 2021 at 10:07 pm

          Agreed. I hadn't checked the Aus website. The US recently switched to the Thai eVisa system and I assumed that Australia would have done that as well.
          Reply

          Apr 21, 2021 at 10:07 pm

          • Max says

            April 22, 2021 at 12:27 am

            The Thai eVisa system is total crap,just ask anyone in the UK. I haven't heard anyone saying anything positive about it, and it has nothing to do with types of Visas. They differ between countries which is very strange.
            Reply

            Apr 22, 2021 at 12:27 am

    • Max says

      April 21, 2021 at 8:09 am

      That's not correct. It seems like the Non-immigrant O Visa doesn't exist anymore in Australia. The info you got was about the O-A Long stay Visa which is a 1 year Visa, and the money can be in your bank account at home for the first year. But you will also need the mandatory health insurance from a Thai company which is expensive and in some cases useless.
      There's only one way to get the Non-immigrant O Visa. Arrive on a 60 days tourist Visa and then change it to a 90 days Non-Immigrant O Visa at the local immigration office in Thailand. But, you have to wait until everything goes back to normal regarding TR-Visas and no COE is needed.
      This 'might' happen Q4 this year or early next year.
      Reply

      Apr 21, 2021 at 8:09 am

    • TheThailandLife says

      April 21, 2021 at 4:49 pm

      Hi Ray, you can get a Non O visa in Australia, see here on the Sydney website: https://sydney.thaiembassy.org/en/publicservice/non-immigrant-visa-type-o This visa is issued based on having a Thai spouse or being a parent of a Thai national. It doesn't stipulate retirement though, which I assume is what you want. So as Max noted, they may not be issuing a Non O for this purpose, which I find strange. Please ask them about this, as it is issued in other countries. Normally you'd be able to get the Non O visa based on retirement. You'd then enter Thailand and deposit your 800k money in a local bank. Then, after 60 days you can do your 1-year extension that enables you to stay in the country.As Max also noted, you can get an O-A visa in your home country, which lets you show the money as a deposit in a home bank account. But this comes with the added hassle of mandatory insurance.
      Reply

      Apr 21, 2021 at 4:49 pm

      • Max says

        April 21, 2021 at 7:40 pm

        I think they want to push the O-A Visa on retirees just because of the mandatory health insurance. I've heard other people saying that the 90 days Non-immigrant O Visa is gone in their home countries (but not everywhere,though).
        Reply

        Apr 21, 2021 at 7:40 pm

        • TheThailandLife says

          April 21, 2021 at 8:08 pm

          Perhaps; it wouldn't surprise me. They've clocked on to low take up on the O-A. Ray, if you wouldn't mind, please ask questions on the retirement visa on this post: https://www.thethailandlife.com/the-thailand-retirement-visa-guide
          Reply

          Apr 21, 2021 at 8:08 pm

      • Brian Marshall says

        April 22, 2021 at 6:29 pm

        Yes, people need to be very careful with the health insurance issue. There is a group of only 'acceptable' health insurance providers. I was with AIA, costing 59,000 Baht p/a, for 1,000,000 cover, but they are not an 'approved' provider so had to fork out extra 10,000 for virtually no cover when doing my retirement renewal last year.
        It's time they woke up and got rid of the 800,000 in the bank for 5 months thing, it would release so much needed cash into the economy!
        Reply

        Apr 22, 2021 at 6:29 pm

        • Max says

          April 28, 2021 at 8:22 am

          The 800k in the bank and especially never less than 400k is the only thing that saves us from the mandatory health insurance. It's no coincidence that the number 400k is the same as the lowest needed cover in the health insurance.
          Reply

          Apr 28, 2021 at 8:22 am

          • Anthony Capilli says

            May 27, 2021 at 3:10 am

            I agree...since Insurance is now mandatory for the OA Retirement visa, they should remove the 800,000 baht in a Thai bank account requirement all together.
            In certain ways, they are double dipping with regards to requirements.
            Reply

            May 27, 2021 at 3:10 am

            • Max says

              May 27, 2021 at 9:19 am

              You seem to forget that the 800k in the bank requirement applies to the Non-immigrant O Visa from day one when applying for the 1 year extension.That's not the case for the O-A, where you just need to show the money in your home country and also can get a second year without having any money in a Thai bank. No one forced people to go for the O-A Visa in the first place.
              Reply

              May 27, 2021 at 9:19 am

  56. Trent says

    April 20, 2021 at 7:23 pm

    This article was my introduction to your Blog.

    Thanks, TTL, I used Wise last week, very happy with both the exchange rate and fee.
    Reply

    Apr 20, 2021 at 7:23 pm

    • TheThailandLife says

      April 20, 2021 at 9:39 pm

      Welcome! Good to hear you made some savings!
      Reply

      Apr 20, 2021 at 9:39 pm

  57. Amelia says

    April 14, 2021 at 9:35 am

    Hi. Can anyone tell me, please: if money is transferred from a bank in the U.S. to someone else's account at Bangkok Bank in Thailand, does the person on the Thai end need to register with Wise, or does the money just get automatically deposited into their account? Thank you.
    Reply

    Apr 14, 2021 at 9:35 am

    • TheThailandLife says

      April 14, 2021 at 4:35 pm

      The money is sent from the US bank to Wise. Wise then sends the money to the bank in Thailand. No need for the recipient to register with Wise.
      Reply

      Apr 14, 2021 at 4:35 pm

  58. JamesE says

    April 6, 2021 at 9:41 am

    I'm always looking for an angle. Sometimes it seems that converting from a currency into Baht is something of a crapshoot so I'm always trying to time my transfers to maximize what I'm going to end up getting. Right now I'm moving somewhat larger amounts to get to the magic 800K for a Retirement O so even a Baht on the USD can make a difference. This past weekend I uncovered a new tell about what the rate will do. That is the "Guaranteed for" value is on Wise. The longer the time they're willing to guarantee a particular rate the more they think that the rate is going up. So, if you can, wait when the "Guaranteed for" time is long and jump when the time is short. The times have been longer than average lately - I saw 80 hrs over the weekend when it's normally just until Monday morning. It's not the only thing I look at but it does seem to be another piece of data to incorporate into your mix.
    Reply

    Apr 06, 2021 at 9:41 am

    • Max says

      April 7, 2021 at 12:25 pm

      I transfer money using the balance account at Wise. There's no time limit for the guaranteed rate and the fee is also a bit lower than the low cost transfer. If for some reason the exchange rate goes up after I have initiated the transfer I can cancel it and the money is back in the balance instantly. Then I just initiate a new transfer. I can do this over and over again if the exchange keeps going up. In January I cancelled my transfer 8-10 times just because the rate kept going up in the afternoon/early evening. If initiating the first transfer about 11am, I can cancel the transfer until about 8:30-8:45am next morning. If I'm ok with the rate,the money arrives in my account at Bangkok Bank 2pm. This is in my opinion the smartest way to use Wise.
      Reply

      Apr 07, 2021 at 12:25 pm

      • JamesE says

        April 8, 2021 at 10:13 pm

        That's an excellent idea. My post was more about how you can use the "guaranteed for" time as a predictor of the exchange rate trend. It's actually a relative measure of the risk that Wise is looking at for their side of the transaction. If there's a longer-term guarantee Wise's algorithm thinks that the trend is in their favor, a shorter term indicates a trend that they want to protect themselves against. Given *how* Wise structures the transactions I'm sure that they're also monitoring trends on possible intermediate transfers as well. While to us it looks like a simple transfer from Dollars or Euros or Pounds it's actually a sophisticated arbitrage method which is where their real income comes from.
        Reply

        Apr 08, 2021 at 10:13 pm

  59. Ceri Griffiths says

    March 26, 2021 at 12:10 pm

    I have a UK bank and a Thai bank account. Krungthai. If I set up a transfer the name given on my Thai account is written in Thai but they know my British name. To give receiving bank transfer details, do I give them the Thai name or the British name?
    Reply

    Mar 26, 2021 at 12:10 pm

    • Max says

      March 26, 2021 at 6:30 pm

      Your British name. I have never seen a bank book in Thailand where the name is in Thai. Can't be very common.
      Reply

      Mar 26, 2021 at 6:30 pm

    • Max says

      March 26, 2021 at 6:49 pm

      Just a short explanation to my first reply. I meant I've never seen a foreigners name written in Thai in a bank book.
      Reply

      Mar 26, 2021 at 6:49 pm

    • JamesE says

      March 26, 2021 at 11:01 pm

      You should match the name on your account. If your bank book or statements show the name in Thai use that. This is all automated so even if the bank "knows" your name in English the software that matches the account will do so based on the characters. That being said, Max is correct, most Thai bank accounts are officially opened under the Romanized version of your name. I have seen business bank accounts where the name is in Thai but only a few personal accounts with a Thai name on it. If you put the details in and Wise is unable to verify the account you'll get an error. Just make sure the account number is right and do a small-£ test to make sure it works.
      Reply

      Mar 26, 2021 at 11:01 pm

      • Ceri Griffiths says

        March 27, 2021 at 7:16 pm

        Hi James, Thanks for the reply. The name on my bank books is the Thai version. If I get an error will I be charged and will I be able to rest the transfer or do a second one under my British name?

        Ceri
        Reply

        Mar 27, 2021 at 7:16 pm

        • JamesE says

          March 29, 2021 at 3:24 am

          TW handles things by "Recipient" which is a combination of bank name, account owner's name and account number. I'm pretty sure (but call/email TW to find out 100%) that there is no charge if the transaction doesn't go through. Also, talk with your bank. I'm sure they know how TW works and can give you info from their perspective. This is why I'd suggest doing a small initial transfer just to make sure it works the way you were expecting.
          Reply

          Mar 29, 2021 at 3:24 am

        • Max says

          March 29, 2021 at 11:38 pm

          You must use your name in English. I am 100% sure of that.
          Reply

          Mar 29, 2021 at 11:38 pm

    • Ceri Griffiths says

      March 27, 2021 at 7:55 pm

      Guys, I just tried to make a transfer and have a problem. There is only a drop down list for the beneficiary banks and Krungthai is not on it. It won't let me go forward without choosing from that list. Can I add to the drop down list?
      Reply

      Mar 27, 2021 at 7:55 pm

      • JamesE says

        March 28, 2021 at 5:27 am

        Krung Thai is on the list I see. It's showing as "Krung Thai Bank". Did you select the currency as Thai Baht?
        Reply

        Mar 28, 2021 at 5:27 am

    • Noel says

      April 8, 2021 at 7:49 pm

      The Thai name of what?
      Also, since you don't know, your name is English.
      What else would it be? Swahili?
      Reply

      Apr 08, 2021 at 7:49 pm

      • Max says

        April 8, 2021 at 8:53 pm

        I have already told the guy that the account owners name has to be in English only.
        Reply

        Apr 08, 2021 at 8:53 pm

      • JamesE says

        April 8, 2021 at 9:46 pm

        Jeez you guys. What if Ceri is really สิรี and Griffiths is her married name and her bank account pre-dates the marriage. You've got to put aside your western preconceptions and not trip over yourselves trying to be the stereotypical farang. I'm looking at you Noel.
        Reply

        Apr 08, 2021 at 9:46 pm

        • Max says

          April 8, 2021 at 11:45 pm

          It doesn't matter where you come from and what your name is. Thai for example isn't an international banking language. To be able to use Wise you must write your name in English when you register. It's as simple as that.
          Reply

          Apr 08, 2021 at 11:45 pm

          • JamesE says

            April 9, 2021 at 12:11 am

            100% correct, Max. Except the discussion has been about the name on the recipient's account not the name on the Wise registration.
            Reply

            Apr 09, 2021 at 12:11 am

            • Max says

              April 9, 2021 at 5:04 pm

              Your name in Thai in the bank book is just translated phonetically from English. If you send larger sums using Wise (or send money regularly) and want a lower fee, you should not use the Fast transfer option. Instead use the Low cost option or even better, the Balance account. It has the lowest fee. Paying extra to get money in a few hours is just throwing money away. Receiving the money the next day (except during weekends) is fast enough for almost everyone.
              Reply

              Apr 09, 2021 at 5:04 pm

            • Max says

              April 9, 2021 at 5:09 pm

              It's the same for recipients. Is it so hard to understand that English is the only language you can use when register or adding recipients?
              Reply

              Apr 09, 2021 at 5:09 pm

    • Ceri Griffiths says

      April 9, 2021 at 2:26 pm

      Guys, I used my British name. It worked, even though my Bank book has only my name in Thai characters. And the transfer took only 9 hours. Brilliant! I have recommended to my son who lives in Germany
      Reply

      Apr 09, 2021 at 2:26 pm

      • Max says

        April 9, 2021 at 5:01 pm

        Your name in Thai in the bank book is just translated phonetically from English. If you send larger sums using Wise (or send money regularly) and want a lower fee, you should not use the Fast transfer option. Instead use the Low cost option or even better, the Balance account. It has the lowest fee. Paying extra to get money in a few hours is just throwing money away. Receiving the money the next day (except during weekends) is fast enough for almost everyone.
        Reply

        Apr 09, 2021 at 5:01 pm

  60. Brian Marshall says

    March 14, 2021 at 8:37 pm

    Wise as they are now called, is the only way to go for international fund transfers.
    Have saved thousands of Baht per year over the last 4 years. One recent transfer was completed in just over 12 hours!
    TOR in Australia used to take 3 days minimum and rip me off on exchange rate and fees ans always had an excuse, like nobody at the receiving bank. Really??
    Reply

    Mar 14, 2021 at 8:37 pm

    • Jeff says

      March 28, 2021 at 11:16 am

      I second this. I am a Canadian living here and I have tried many different services. Only Wise works seamlessly. (One Caveat however, my USD stock broker in Singapore will receive funds from Wise but is unwilling to send it back to Wise... so I have to send it back to my USD accounts in Canada...)
      Reply

      Mar 28, 2021 at 11:16 am

  61. Didier Geslin says

    March 13, 2021 at 11:25 am

    SVP pouvez-vous me simuler le cout et le change de 700 € en thai bath ?
    Reply

    Mar 13, 2021 at 11:25 am

    • JamesE says

      March 15, 2021 at 3:52 am

      Vous pouvez le faire facilement au Wise. Accédez à la page d'accueil et remplissez les espaces vides.
      Reply

      Mar 15, 2021 at 3:52 am

  62. Christopher Wood says

    March 2, 2021 at 8:13 pm

    Anybody else having issues with them transferring money in the last few days? They keep telling my money should arrive in minutes, then more minutes, etc, but 3 days later, still no money and they're telling me they have no idea of when the deposit will be completed, yet they have deducted money from my account. Shady to say the least.
    Reply

    Mar 02, 2021 at 8:13 pm

    • TheThailandLife says

      March 3, 2021 at 4:21 pm

      That's strange. I had a transfer complete within 36 hours yesterday. I've never waited more than 48 hours. Perhaps very large deposits may take longer since they have to match that amount of money, but generally I've never heard of this.
      Reply

      Mar 03, 2021 at 4:21 pm

    • Max says

      March 4, 2021 at 7:06 am

      Are you from the US? That's maybe the only place where shit happens sometime, but not because of TW. I always use low cost transfer or transfer from my balance. If using my balance I get my money 2pm the same day if I start the transfer in the morning and always next day 2pm when using the low cost transfer option.
      Reply

      Mar 04, 2021 at 7:06 am

    • Ian Milburn says

      March 26, 2021 at 5:32 pm

      I called TW about this and was advised that the delays were due to technical problems at their Thai banking partner and that they had been informed that the issue would be shortly resolved - which it was. My transfer initiated on March 1st arrived on March 3rd.
      Reply

      Mar 26, 2021 at 5:32 pm

  63. michael barber says

    February 24, 2021 at 10:57 am

    My last transfer through Travelwise from UK to Thailand has been received by Bangkok Bank but is credited to my account under the code 'TRD' not 'FTT'. This means it has been transferred from another Thai Bank and does not show that it came from outside Thailand which is essential for Visa purposes. BE WARNED if you are UK national resident in Thailand looking to transfer Bt 800000 per annum and evidencing that fact to Thai Immigration Authorities.
    Reply

    Feb 24, 2021 at 10:57 am

    • Max says

      February 25, 2021 at 8:31 am

      I have used TransferWise since 2017 and I'm also banking with Bangkok Bank. My transfers always shows as international = FTT in the bank book. My last transfer was about 10 days ago and as usual, the bank code was FTT. Did you use the correct reason for the transfer, "Funds for long term stay in Thailand"?
      Reply

      Feb 25, 2021 at 8:31 am

    • panos says

      March 1, 2021 at 7:03 am

      Going from what's on their website the reason it's so cheap and often almost instant is that Transferwise have bank accounts in the other country ie They have a bank account in a Thai bank so the money is already there. That is the reason you saw the money transferred from within Thailand so yes you may have a problem when used for visa income proof.
      Reply

      Mar 01, 2021 at 7:03 am

      • TheThailandLife says

        March 1, 2021 at 5:18 pm

        Transferwise matches international transfers and swaps currency. As Max noted, you need to state your reason for sending money as "funds for long term stay in Thailand". Then it shows up as an FTT.
        Reply

        Mar 01, 2021 at 5:18 pm

    • Max says

      March 4, 2021 at 7:18 am

      No one living in Thailand long term and is using the money in the bank method sends 800k baht every year. That's not how it works at immigration. You can't go below 400k. And even if you are sending money monthly using TW and don't get correct bank code in the bank book, there's no problem anyway. You just go to your branch and they will issue credit advices for every transfer. You can on top of that print out the transfer receipt for every TW transfer showing the transfers are international.
      Reply

      Mar 04, 2021 at 7:18 am

      • JamesE says

        March 4, 2021 at 4:21 pm

        Max hits on a very useful technique here: In Thailand there is almost no problem that can't be fixed with additional paperwork.
        Reply

        Mar 04, 2021 at 4:21 pm

        • Max says

          March 4, 2021 at 6:24 pm

          People are complaining about wrong bank codes as if TW are responsible for their immigration issues. The reason for using TW in the first place is to get a better exchange rate for a lower fee and fast transfers. If I worked for TW, I would just say "sorry pal,there's nothing we can do about your immigration problems". I don't know if I'm just lucky when it comes to the bank code,but my codes are always correct. A lot of people don't know that they will never get the correct code when using TW and are banking with most of the thai banks available.That's just the way it is. But it's just a problem for those people who can't get an income letter from their embassy/consulate.
          Reply

          Mar 04, 2021 at 6:24 pm

          • JamesE says

            March 4, 2021 at 7:31 pm

            I'm using BKK Bank as well and - even from the US - the code says FTT and the description is "International Transfer". It's all in the reason you select when you do the transfer.
            Reply

            Mar 04, 2021 at 7:31 pm

          • michael barber says

            March 4, 2021 at 8:42 pm

            If they followed you advice , that would be the end of expats in Thailand using their service. I'm sure that TW are aware of potential immigration problems and do care.
            Reply

            Mar 04, 2021 at 8:42 pm

            • Max says

              March 5, 2021 at 8:11 am

              You don't seem to understand that TW only have 3 partner banks in Thailand, while expats uses maybe 7-8 different banks. There are only expats from the US,UK and Australia who needs the correct bank code when using the monthly income method. It doesn't matter if TW cares or not, they can only "help" people with correct bank and it works best (for some reason) when banking with Bangkok Bank, and when using correct reason for transfer. But it seems like many expats don't understand it doesn't work with every thai bank when it comes to get the correct code and can't read and chooses wrong reason for transfer. Is that TW's fault? I think not.
              Reply

              Mar 05, 2021 at 8:11 am

              • michael barber says

                March 5, 2021 at 5:53 pm

                Are you a spokesman for TW? "Thou protests too much".
                Reply

                Mar 05, 2021 at 5:53 pm

            • Max says

              March 5, 2021 at 8:27 am

              There are only expats from the US,UK and Australia who needs the correct bank code when using the monthly income method. TW only has 3 bank partners in Thailand while expats uses maybe 7-8 different banks. If not using one of the partner banks you will never get the correct code, and if old expats can't read and chooses wrong reason for transfer, they will get wrong bank code. Is this TW's fault? I think not. Expats uses TW because of better exchange rates and lower fees. No other money transfer service can match TW's exchange rates and fees, believe me,I have checked out every one. They won't lose any customers just because of a "minor" problem with bank codes. People have to to use TW the correct way.
              Reply

              Mar 05, 2021 at 8:27 am

      • Don jones says

        April 9, 2021 at 8:36 am

        Correct.
        Reply

        Apr 09, 2021 at 8:36 am

    • Brian Marshall says

      April 8, 2021 at 7:35 pm

      Hi Mike, I don't think you need to transfer 800,000 Baht p/a, but rather have 800,000 in your account when applying for a retirement visa or it's renewal. When renewing, it should be in the account three months prior!
      Stay safe!!
      Reply

      Apr 08, 2021 at 7:35 pm

      • Max says

        April 8, 2021 at 7:53 pm

        It's 2 months prior to the application since March 1 2019 and 3 months after.
        Reply

        Apr 08, 2021 at 7:53 pm

    • Don jones says

      April 9, 2021 at 8:32 am

      No it is not essential. You just need a credit note from the bank for your visa ext
      Reply

      Apr 09, 2021 at 8:32 am

      • Max says

        April 9, 2021 at 5:23 pm

        I don't know who you reply to, but in Thailand it matters which immigration office you belong to. And what do you mean by credit note? If we're talking about a retirement extension and using the money in the bank method,you need a bank letter (some banks call it bank guarantee) from your branch verifying your account and on top of that copies from your bank book 12 months back showing you haven't been lower than 400k for 7 months. In some provinces they want a 12 months bank statement instead of the copies from the bank book. Since March 1 2019 several immigration offices wants to see that the 800k is still in your account 3 months after the application.
        Reply

        Apr 09, 2021 at 5:23 pm

  64. Peter Booth says

    February 24, 2021 at 8:38 am

    I would like to transfer $150,000.00 USD into a Thai bank account - I haven't chosen a Thai bank yet .
    Would you recommend the wise app for this & if so what kind of fee could I expect & how long would it take ?
    Reply

    Feb 24, 2021 at 8:38 am

    • TheThailandLife says

      February 24, 2021 at 5:40 pm

      The most a Thai bank can receive in one transaction through Wise is 2 million, so you'd have to do it in 3 transactions.
      Reply

      Feb 24, 2021 at 5:40 pm

      • Peter says

        February 25, 2021 at 3:55 pm

        Got it , Thanks.
        Reply

        Feb 25, 2021 at 3:55 pm

    • Ben says

      February 24, 2021 at 9:29 pm

      You could split the US150k into 3 TransferWise transfers due to the TransferWise limit of THB 2 mio. for domestic transfers in Thailand or do a SWIFT transfer into a USD account in Thailand. I don’t recommend doing SWIFT from USD to a THB account directly as it’s always a bigger loss than expected and very intransparent concerning the fees if you would do so.
      Reply

      Feb 24, 2021 at 9:29 pm

      • Peter says

        February 25, 2021 at 3:58 pm

        Thanks Ben!
        Reply

        Feb 25, 2021 at 3:58 pm

        • Max says

          February 25, 2021 at 5:22 pm

          You can see the exact total fee you would have to pay using TW and compare it to the fee for a single swift transfer. Depending on what US bank you're banking with, the total fee for three TW transfers might be more expensive. TW is not designed for large amounts.
          Reply

          Feb 25, 2021 at 5:22 pm

  65. Ben says

    February 14, 2021 at 3:47 am

    I think that sending money using SWIFT is the best option if you send at least around THB 100k. But you would have to open a GBP or EUR account in Thailand first. It takes only 3-4 days to send money using SWIFT and then you can wait a few days until the rate is better in order to convert your GBP or EUR into THB. For GBP/EUR 3,000 you would probably get around GBP/EUR 30 less in your Thai FCD account but then you don’t have to convert it into THB immediately. I’m always faring much better using SWIFT than with any other method. As the USD/THB rate is usually not changing that much within a few days I wouldn’t recommend this with USD as the initial currency though.
    Reply

    Feb 14, 2021 at 3:47 am

    • Max says

      February 14, 2021 at 8:51 am

      You forget that the exchange rate when using TransferWise is the mid-market rate,not TT Buy and the rate is guaranteed. You will always get less when using Swift transfers from the UK, and the fee is much lower when using TW. The transfer is also faster. Using Swift for monthly transfers is not very smart.
      Reply

      Feb 14, 2021 at 8:51 am

  66. Robert Johnson says

    February 9, 2021 at 5:48 pm

    Thanks for all of the information. But I am worried that using TW the FTT will not show up in my Bangkok Bank passbook. Can you definitely confirm that this code will show up if I decide to make a transfer?
    Reply

    Feb 09, 2021 at 5:48 pm

    • Max says

      February 10, 2021 at 1:39 pm

      I'm banking with Bangkok Bank and I have used TW since 2017. My deposits always shows up as foreign/international = FTT in my bank book. You must use the correct reason for the transfer "Funds for long term stay in Thailand". It's the last option in the list. You can always do a small test transfer if you're worried about the bank code.
      Reply

      Feb 10, 2021 at 1:39 pm

      • Bob says

        February 11, 2021 at 11:01 am

        Max thank you for that information. I have just made a small transfer with the information you suggested. Hope it works.
        Reply

        Feb 11, 2021 at 11:01 am

        • Max says

          February 12, 2021 at 12:11 am

          Are you banking with Bangkok Bank? It doesn't work exactly same with other banks. Kasikorn Bank and Thai Military Bank are TW-partners in Thailand together with Bangkok Bank, but I've heard about problems with the bank codes when banking with the other two banks.
          Reply

          Feb 12, 2021 at 12:11 am

  67. jbup2u says

    February 5, 2021 at 10:36 pm

    I would like to transfer 10,000,000.00 (Ten Million Thai Baht) Thai Baht from my Thailand Bank to my United States of America Bank. What are the FEES and OTHER expenses and step by step procedures ?
    Reply

    Feb 05, 2021 at 10:36 pm

    • Max says

      February 8, 2021 at 8:07 am

      You need to talk to your thai bank about that transfer. There will be some paperwork and I guess a quite high fee. When expats transfers that kind of money back home, we are normally talking about repatriation or money from a sold condo.
      Reply

      Feb 08, 2021 at 8:07 am

  68. Don B. says

    December 26, 2020 at 9:41 am

    Re using Transferwise to send money from the US to Thailand. When sending funds to 'myself' in the TW application, I will be using a US address as the sender and a Thai address as the recipient? Is that to be expected? Also, what if for some reason my Thai bank doesn't accept the deposit, are the funds just returned to my TW account?
    Reply

    Dec 26, 2020 at 9:41 am

    • TheThailandLife says

      December 26, 2020 at 11:46 pm

      Yes, the addresses would be those linked to the respective bank accounts. There's no deposit to return from the Thai bank. The system bypasses international payments by using two local transfers instead of one international transaction. So the money never actually moves across borders. Therefore, If your money needed to be returned it would be returned by Transferwise, because that's where your deposit ends.
      Reply

      Dec 26, 2020 at 11:46 pm

      • Don B. says

        December 27, 2020 at 10:42 am

        Thank you. Giving the program a try but may have made a mistake at the start. When TW asked for my country of residence and then later my acct address, I used my US address since that's where my permanent home and my TW funding source (US bank acct) are located. I'm currently however living in Thailand temporarily and sending money to a Thai bank which uses my Thai address. Anyway, the TW program is auto-completing some fields with US info when Thai info may be required. Should I have listed my TW residence and account address as Thailand?
        Reply

        Dec 27, 2020 at 10:42 am

        • JamesE says

          December 28, 2020 at 12:58 am

          No. It sounds like you did it correctly. Your source info (in the US) is what's needed as that is how TW will confirm your bank account. If there's any auto-complete going on it may be caused by your browser rather than TW's website.
          Reply

          Dec 28, 2020 at 12:58 am

    • JamesE says

      December 26, 2020 at 11:46 pm

      You'll only need your bank information not an address on the recipient side. There is also exactly zero chance that your bank won't accept the money. When you get it set up do a small test send to make sure it shows up in your Thai account in case of typos. There is account validation by TW on the sending end but not on the receiving end so that's on you.
      Reply

      Dec 26, 2020 at 11:46 pm

      • Max says

        December 28, 2020 at 1:06 pm

        "A zero chance that your bank won't accept the money" isn't entirely correct, but almost. I know transfers that have been delayed just because the name connected to the thai bank account wasn't "correct", meaning the recipient account at TW didn't show the full name, when the thai bank account did. Some thai banks are very picky about that. I have Max as first name in my bank accounts overseas, but all of my thai bank accounts uses my full name from my passport which has three first names. So my thai recipient accounts at TW has my full name.
        Reply

        Dec 28, 2020 at 1:06 pm

        • JamesE says

          December 28, 2020 at 11:18 pm

          I *knew* you were going to call me on that. Max! I almost changed it to "almost no" but, under the assumption that OP was meticulous, left it at "zero". Don, Max is (technically) correct. Make sure everything matches for each side of the transaction.
          Reply

          Dec 28, 2020 at 11:18 pm

          • Don B. says

            December 29, 2020 at 7:48 am

            Thanks guys. You were completely right. No problem with the address at all. And using the ACH option, I had the money the same day. Just a shame I used my complimentary first transaction on a small, test transfer.
            Reply

            Dec 29, 2020 at 7:48 am

    • Max says

      December 27, 2020 at 10:36 am

      You don't need an address for the recipient, just a valid bank account,even if you are the recipient. Your transfers will always be accepted as long as the recipients name is exactly as it is written in the thai bank account (and bank book). When you open a Thai bank account, customer service will use your full name (from your passport) for the account (even if you have 3 first names).
      Reply

      Dec 27, 2020 at 10:36 am

  69. Larry Bardelmeier says

    December 8, 2020 at 11:12 pm

    Hello, I'm an American expat living in Thailand and I have my investment income and Social Security funds sent as a single transfer from U.S. to my Thai bank. Is it possible for my financial advisor wealth manager to send through Transferwise from his office? Or how do I explain for him to do the transfer? The usual monthly fee is about $50 USD through his bank transfer!!

    Thanks.
    Reply

    Dec 08, 2020 at 11:12 pm

    • JamesE says

      December 8, 2020 at 11:23 pm

      Does your investment income get deposited to the same bank as your SS payment? If so, that's a one-minute operation to do the transfer. You first need to set up a TW account and get your US account verified - this needs to be an account checking or savings that supports ACH-out transfers. You can go to TW (even without an account) and see what the current net-cost for a transfer is. It's typically between 1% and 2% (higher on smaller amounts. You can then compare that to your net-cost on the existing transaction - make sure to compare the total amount received as right now you're getting screwed with the buy-sell spread. Once you have your account set up you can do the transfer yourself or provide the login info to your FA and let him to it.
      Reply

      Dec 08, 2020 at 11:23 pm

  70. Frankbank says

    November 26, 2020 at 8:06 pm

    But with teaching online , the companies only use PayPal , so you can't change it to TW.
    Reply

    Nov 26, 2020 at 8:06 pm

    • TheThailandLife says

      November 26, 2020 at 8:17 pm

      Well you wouldn't have your wages paid to TW, because it is a money sending service not an account. You could send your money from PayPal to your bank account, and then set up a Transferwise transfer using your bank account. Unless you are referring to the Transferwise Borderless bank account, which I wrote about here: https://www.thethailandlife.com/transferwise-borderless-account-review
      Reply

      Nov 26, 2020 at 8:17 pm

      • Frankbank says

        November 27, 2020 at 12:39 am

        Thanks, but I am not quite clear on what you mean because the company is in California and even though I come from California and have a Citibank account there, because I am in Thailand Paypal charges $35 to put it in that account but doesn't charge extra to send it to my Bangkok Bank account.
        But that isn't a problem because I don't need to put it in my U.S. bank account anyway since I live here. So it seems that Paypal knows I am in Thailand.

        But you mean that if I delete my BB and Citibank accounts from Paypal then I can just give them this borderless bank account number and they won't care where I live ?
        Reply

        Nov 27, 2020 at 12:39 am

        • TheThailandLife says

          November 27, 2020 at 12:49 am

          You can route money from PayPal to Bangkok Bank; it gets sent to Bangkok Bank in the US and then forwarded to your account in Thailand. That's fine. I'd keep doing that as it is really efficient.Transferwise is a different service. It is a service for sending money to Thailand and other countries from a domestic bank account. It's a money transfer service.Transferwise Borderless is another service. It is an account that you can have money of different currencies paid into. You can convert currencies inside the account, transfer money to other banks, and have a debit card that enables you to spend money too. Have a read of the review and that will tell you all you need to know.
          Reply

          Nov 27, 2020 at 12:49 am

          • Frankbank says

            November 27, 2020 at 1:46 am

            I don't know what you mean about Bangkok Bank in the U.S. It is in Thailand.
            Anyway, as you know , paypal takes out their fee every time you take some money out.So of course it is efficient.

            You said: " You can convert currencies inside the account".
            Right. The U.S. company pays Dollars into Paypal and then PP sends it in Thai Baht to my BB acount.

            So you are saying I can't use the Borderless account with Paypal after all ? I don't understand.
            Reply

            Nov 27, 2020 at 1:46 am

            • TheThailandLife says

              November 27, 2020 at 1:51 am

              Hi, I'm not sure what question you were asking me in the first place. This post is about Transferwise, which is a money transfer service for sending money from your bank account back home to Thailand or any other country.I read your first message about having your salary paid into your PayPal account by your online teaching companies, which doesn't have anything to do with the Transferwise service. Bangkok Bank is in Thailand, but when you send money to your Bangkok Bank in Thailand via PayPal it is first routed through the Bangkok Bank in the US. That is how it works. It's good. I do that too.I sent you the link to read my post about the Borderless account in case you were looking for other bank account options 9I thought you were confusing the standard TW service with the Borderless account service. If you have any questions on it, please ask them over on the Borderless post, as I don't want to confuse the two services. If not, no worries :)
              Reply

              Nov 27, 2020 at 1:51 am

              • Noel says

                December 9, 2020 at 7:30 pm

                Sorry to bother you again. You say " It's good. I do that too". You mean your PayPal account is registered in Thailand?
                But isn't the whole idea to avoid PayPal's fees and have the American company deposit the money in a US PayPal account? And then use TW whenever you want some money sent here to Thailand.
                Reply

                Dec 09, 2020 at 7:30 pm

                • TheThailandLife says

                  December 9, 2020 at 9:54 pm

                  I mean I have a PayPal account registered in my home country (UK). When someone pays me in dollars to my PayPal account, I can send those dollars to my Bangkok Bank account by routing it through the US Bangkok Bank and they send it on to my Bangkok Bank in Thailand. There is no fee. The conversion is done by the bank. It's not ideal, but if I have a balance in dollars in there and I need some cash in my Bangkok Bank account then it's an easy option. In normal circumstances I will send money via Transferwise from my UK bank account to my Bangkok Bank account. I also have the TW Borderless account, so as a preference I would ask someone wanting to pay me in dollars to pay into there. I can then transfer from there to my Thai bank account, or spend the dollars (in Baht) on my TW debit card while in Thailand.
                  Reply

                  Dec 09, 2020 at 9:54 pm

                  • Noel says

                    December 10, 2020 at 12:39 am

                    Yes, I know that Paypal say they don't charge a fee but every time I check the conversion rate , and what they give me is substantially less because they even admit that they take a percentage or use their own conversion rates or something like that.So would it not be better to T W money from a U.S. based Paypal account to Thailand ? Because my PP account is here but yours is in Britain which is why you don't pay a fee.
                    Als, when I mentioned my Citibank account, I don't transfer it. I just use my U.S. debit card at Thai Citibanks ATMs and they charge about $15 to take out $500
                    Reply

                    Dec 10, 2020 at 12:39 am

                    • TheThailandLife says

                      December 10, 2020 at 12:48 am

                      You will always lose heavily on the conversion rate, whether PayPal does the conversion or the bank. In this instance the bank is doing the conversion because I send USD to the US branch of Bangkok Bank. They route to Thailand and the money is converted either by them or my receiving bank in Thailand, I'm not 100% sure which. But yes, wherever possible use Transferwise.

                      Dec 10, 2020 at 12:48 am

                  • Max says

                    December 10, 2020 at 8:14 am

                    Isn't the option using Bangkok Bank in the US to send money to a Bangkok Bank account in Thailand gone since 2018 (or 2019)? I'm quite sure it is.
                    Reply

                    Dec 10, 2020 at 8:14 am

                    • TheThailandLife says

                      December 10, 2020 at 4:39 pm

                      I did it a few months ago and I just checked and it is still an option in my PayPal account.

                      Dec 10, 2020 at 4:39 pm

                  • James says

                    December 16, 2020 at 12:54 am

                    "I can send those dollars to my Bangkok Bank account by routing it through the US Bangkok Bank and they send it on to my Bangkok Bank in Thailand. There is no fee. The conversion is done by the bank. It's not ideal, but if I have a balance in dollars in there and I need some cash in my Bangkok Bank account then it's an easy option".
                    I thought the ACH through BKK bank NY to BKK bank Thailand route was shut down a long time ago.
                    Reply

                    Dec 16, 2020 at 12:54 am

                    • TheThailandLife says

                      December 16, 2020 at 1:11 am

                      That's what Max asked, but I'm still using that option in my PayPal account. Unless it is going there directly now. I haven't changed any settings though.

                      Dec 16, 2020 at 1:11 am

                    • Max says

                      December 16, 2020 at 7:21 am

                      That route has been shut down,it must be at least 2 years now. How PayPal does it, beats me.

                      Dec 16, 2020 at 7:21 am

                • JamesE says

                  December 9, 2020 at 11:40 pm

                  Noel, You're limited by your company requiring you to accept payment into your PayPal account and by having your PP account outside the US which increases the fees involved and exposes you to the dreaded Buy/Sell spread. Each one of those issues can be addressed. First, having the US PP account allows you to get money into your Citi account free. Having a Citi account allows you to send money using TW at their lowest cost AND gives you access to the mid-market rate. I use BOA for US banking and they'll send money to Thailand for FREE if I let them do the conversion. The only two numbers that matter in the transaction are how much money leaves your US account and how much money shows up in your BKK Bank account. So far, everybody who is doing this is finding that the most economical route is TW.
                  Reply

                  Dec 09, 2020 at 11:40 pm

                  • Noel says

                    December 10, 2020 at 1:09 am

                    Great. Thanks. So I just need to get a VPN to open a U.S. based Paypal account then.
                    Do you think a free VPN would work for that ?
                    Reply

                    Dec 10, 2020 at 1:09 am

                    • JamesE says

                      December 10, 2020 at 2:22 am

                      Yeah, It'll work but just be aware that the free VPN providers will not be managing their own servers.

                      Dec 10, 2020 at 2:22 am

            • Max says

              November 27, 2020 at 8:58 am

              The problem with PayPal is their fees. They charge you for everything and in the end it will be quite expensive. If you still have a bank account in the US, can't you get your salaries paid straight into that account or via PayPal? Then open a TransferWise account and transfer the money into your thai bank account? Using PayPal is not the smartest way to transfer money around the world. A lots of fees and terrible exchange rates.
              Reply

              Nov 27, 2020 at 8:58 am

  71. Munnster says

    October 30, 2020 at 2:36 am

    Peter - Due to your recommendation of Transferwise, I have been using it for my transfers and all I can say is thank you! It is easy to use, the money gets there fast and the fees are reasonable. Again, thank you!
    Reply

    Oct 30, 2020 at 2:36 am

    • TheThailandLife says

      October 30, 2020 at 5:23 pm

      I'm glad to hear it has helped. It's always pretty fast and it's good to get the real exchange rate!
      Reply

      Oct 30, 2020 at 5:23 pm

  72. Peter says

    October 15, 2020 at 1:20 am

    I have had TW transfer money in just over 30 minutes to K bank. Other times it has taken up to 24 hours.

    It depends on day, time and obviously sum.

    More tourist money flows into TH than out!
    Reply

    Oct 15, 2020 at 1:20 am

    • TheThailandLife says

      October 15, 2020 at 5:03 pm

      Damn, that's fast!
      Reply

      Oct 15, 2020 at 5:03 pm

    • Max says

      October 15, 2020 at 5:43 pm

      I have used TW since 2017, and imo the time for the money to arrive depends on which transfer option you chose. If going for the Low cost transfer option the money will never arrive in 30 minutes, but if using the Fast transfer option, then it's not unusual. But the timing has to be perfect. The money isn't transferred the normal way like a foreign transfer. It's just a domestic transfer bank to bank or in your case maybe even from a TW-account at K-Bank. K-Bank is one of TW's partner banks in Thailand.
      Reply

      Oct 15, 2020 at 5:43 pm

  73. John Blake Jr. says

    September 6, 2020 at 8:10 am

    I'm transferring larger amounts, such as 20-thousand Euro from my European to my Thai (where I'm living) account from time to time. For this kind of transaction CurrencyFair is recommended instead of Transferwise, which may be the better choice for smaller amounts. Any comments?
    Reply

    Sep 06, 2020 at 8:10 am

    • Max says

      September 6, 2020 at 9:14 pm

      You won't get rid of banking fees when using CurrencyFair,right? And the exchange rate is not guaranteed as it is when using TW. I'm not so sure you get more money in the receiving account compared to a transfer using TW, especially when using the balance transfer option.
      Reply

      Sep 06, 2020 at 9:14 pm

    • James E says

      September 6, 2020 at 11:22 pm

      I'm not sure CurrencyFair has been discussed here before. Like others they make their money off an artificial spread - they claim a 0.4% premium. When I just looked (US$20K) CF were higher than TransferWise by 0.56%. So you'd have to keep an eye on that to make sure you are getting a more favorable rate for each transaction. I ran into a similar issue with Western Union where they can (and do) manipulate the rate. Bottom line is that CF, on the $20K transfer, nets 623,775THB while TW would net 621,043THB, a significant amount but only 0.15% on a large transfer like this. The net exchange rate is 31.188THB/USD for CF and 31.052 for TW. So, yes, that's a nice dinner out. But... There's always a "but"... A CF transfer is a two-step process: first you transfer your money from your bank into your CF account and then they transfer the money out of your CF account to your Thai bank. It's not like TW's one-and-done process. Plus CF specifically warns: "You should be aware that the exchange rate can go up or down between the time you set up the transaction and when the money arrives into your CurrencyFair account and the exchange occurs." They have another option they call a "Top Up" where you transfer money into your CF account and then wait to see if the exchange rate is one you want and then trigger the transfer. This, although unstated, is where CF gets another slice of your money: you're basically providing them with a 0% loan on 20-Large. Their mechanism is similar to TW's Borderless Account (only without the ATM card). Advertised transfer times are similar to TW's. Using TW I have had several transfers where the money showed up in my BKK Bank account before it left my US account. (I love it when the float is in my favor.) That can't happen with CF's model. CF's apparent advantage remains even at smaller US$2K transfers. I guess your best course of action is to give them a try and see if the 2K-Baht difference is worth the additional hassle. CF does seem to have a pretty good help/FAQ system. There is one MAJOR drawback I found for non-EU/SEPA countries: Getting your money into your CF account requires an international bank transfer. So, UK and EU probably good, everywhere else in the world significantly less so. If you try it please report back!
      Reply

      Sep 06, 2020 at 11:22 pm

      • Max says

        September 7, 2020 at 8:50 am

        CF's transfers are like normal bank to bank transfers, it means you will have to pay at least a receiving fee to your Thai bank. TW don't transfer money from abroad, they do it locally. It's not smart to use the fast transfer option (it seems you do) if you want the lowest total fee possible. When using the low cost transfer or even better,the balance transfer you transfer money to TW's local bank account which in most countries is free. My money always arrive ~2pm the next day when initiating the transfer the day before Mon-Thu. Who needs the money the same day? I'm after the lowest total fee, that's why I use TW, together with a guaranteed exchange rate. With all fees from start to finish, I don't think CF will be cheaper and the need to Top up to cover for a maybe lower exchange rate over let's say a weekend is imo stupid. A lot of people don't even know that receiving fees are hidden, Thai banks don't have to show them. Even if it's "just" 200-500 baht per transfer, think about it in a longer term. I compared 1 year of transfers using TW with a friend of mine who does it old school = swift transfers. He got about ฿23,000 less than what I got because of a lower exchange rate (TT buy) and both sending and receiving fees. This was only 1 year.
        Reply

        Sep 07, 2020 at 8:50 am

        • preesy chepuce says

          November 1, 2020 at 9:14 am

          I've been using TW for a while now, as does my wife, and I have both personal and business accounts with cards. Other similar ones: Azimo, CurrenciesDirect, OFX, FairFX, ToFX, HiFX, MoneyCorp, don't have cards which is less useful.
          It's handy to be able to just use the card in shops and restaurants, but some shops like 7-11, aren't as user-friendly with cards as others. Even with Thai bank cards 7 has thresholds that others don't have. The QR codes seem to be handy, have to be linked to a phone and Thai account.

          I try to do the sums on TW, but I don't know whether converting to THB is a good idea or not. Normally I only do small amounts because the GBP - THB rate has been so awful since the Brexit vote. I've paid in GBP in a shop with a TW card, and it doesn't seem to cost any different than if I'd paid with THB, but I guess if you did it a lot, the spot exchange rates would build up.

          I want to try sending a large amount, several thousand, from UK to Thailand via TW, so now it matters more. They have a guide, but it still isn't entirely clear.
          Not all Thai banks are equal, and I don't know the diff between procedures in Bangkok Bank, SCB, Kasikorn, KrungThai, and KrungSri etc...
          I thought there was an effective maximum of £5000 per transfer before some alarm is triggered in the UK. It seems like it's a £1000
          https://www.gov.uk/guidance/how-to-comply-with-eu-payments-regulation

          It sounds like the low cost transfer and funds for long term stay are the best options.
          Reply

          Nov 01, 2020 at 9:14 am

          • Max says

            November 2, 2020 at 4:42 pm

            The sum you're allowed to transfer abroad depends on banking rules and regulations in your home country and in the EU. But even within the EU the limit you're allowed to send abroad without the need to report the transfer and show the reason for the transfer differs. I have done a few 'high' number transfers, but always below the limit,it was about £15,000 the last time I did it. When using TW and the 'Low cost transfer'-option, the same rules apply even if the first leg is a domestic transfer. Some countries especially the US are totally paranoid when it comes to sending money abroad. They think every single transfer is about money laundering. Some thai banks branches refuses to open new accounts to US citizens because of the extra paperwork involved. Strange but true. If £5,000 is the limit (I think it sounds low) before raising an eyebrow, that's 199,680 THB now. Which bank you send the money to in Thailand doesn't matter, they go by the same regulations. The thing that will be different is how the transfer shows up in the account/bank book. Sometimes it's better to go old school and do a swift transfer if it's important that the transfer shows up as international/foreign. The higher sum you transfer using TW, the higher fee. Banks at home usually have a low fixed sending fee and the exchange rate will be the TT buy. The receiving fee will be a maximum 500 THB.
            Reply

            Nov 02, 2020 at 4:42 pm

  74. ray goodwin says

    August 8, 2020 at 11:19 am

    I finally took your advise and used transferwise. I wish I had done so a decade ago. Not only is it far less expensive but also fast. Plus now I know exactly how much the recipient will receive and when. Thanks for the info. Ray.
    Reply

    Aug 08, 2020 at 11:19 am

    • TheThailandLife says

      August 9, 2020 at 4:03 am

      You're welcome, and not the first to say that :) I'm glad you're benefiting from the service now. All the best!
      Reply

      Aug 09, 2020 at 4:03 am

      • wachirapranee tesprasit says

        October 21, 2020 at 2:36 pm

        I'm in Thailand I would like to complete a transaction for receiving winnings, grants, funds with fellow sponsors, or funds that I have counted through tranferwise. Individual account, not for profit I want to receive money by direct bank transfer, bank account in Thailand.
        Reply

        Oct 21, 2020 at 2:36 pm

        • Max says

          October 21, 2020 at 4:34 pm

          To be quite honest, I don't understand what you want to do? Do you already have a TransferWise account or do you want to open one?
          Reply

          Oct 21, 2020 at 4:34 pm

        • JamesE says

          October 22, 2020 at 6:30 am

          If you’re looking to receive foreign source transfers into your Thai bank account you don’t need to do anything other than provide your bank account number and name to the people sending you money using TransferWise. It works similar to PromptPay but based on your actual bank details rather than your mobile number. To be safe you may want to open a second account to isolate your incoming transfers from your regular account.
          Reply

          Oct 22, 2020 at 6:30 am

  75. Terrence Barker says

    June 5, 2020 at 5:44 am

    I have 2 friends who transfer money via transferwise to Thailand both say its quick and cheap also you get a very good exchange rate my friend has received money as quick as 30mins i am going to start to use them my friend will get a fee for introducing me.
    TERRY
    Reply

    Jun 05, 2020 at 5:44 am

    • Max says

      June 5, 2020 at 8:05 am

      If you're using the Fast transfer option it's really fast,but the fee is higher. When using the Low cost transfer option, the money normally arrives next day (unless it's a weekend or Thai holiday) which imo is fast enough,and with a lower fee.
      Reply

      Jun 05, 2020 at 8:05 am

  76. Gus says

    May 27, 2020 at 4:38 pm

    TransferWise seems to be ok for smaller sums of money transferred but as the transfer fee is around 1% (ACH) for US to Thailand transfer the incentive dissipates at for larger sums, say anything over 5000 USD.
    Reply

    May 27, 2020 at 4:38 pm

    • James E says

      May 27, 2020 at 10:27 pm

      When doing this calculation make sure you take the buy/sell spread of the receiving bank into account as well as TW's decreasing fee structure. For example BKK Bank is selling Baht at 0.6% less than the TW mid-market rate. The TW transfer would cost US$102.44 and net you THB315,781.65 on US$10,000 with a mid-market rate of 31.905. So, an effective exchange rate of 31.578. The same transfer going from Bank of America would cost about $60 in fees and have a set exchange rate of 31.72 (if BKK Bank did the conversion) for a net of THB315,296.80 or an effective exchange rate of 31.53. Even worse, if I let BOA do the conversion, the net exchange rate is down around 29.79. But then they're nice enough not to charge me for the transfer... It is true that there is a convergence of effective rates as the transfer amount gets bigger but it's a much larger figure than $5K. The transfer limit is 2 megaBaht. TW does this transfer at an effective rate of 31.692 whereas the SWIFT transfer would be about 31.71.
      Reply

      May 27, 2020 at 10:27 pm

  77. Ken says

    May 18, 2020 at 8:10 pm

    How to send aud cash to my fiancée’s bank acc or her to pick up in Thailand in aud cash, & all charges please
    Reply

    May 18, 2020 at 8:10 pm

    • TheThailandLife says

      May 18, 2020 at 9:30 pm

      Hi Ken, set up a Transferwise account by clicking here. You can then send money directly to her bank account. It will work out much cheaper than using a bank as you will get a better currency conversion rate and there will be no receiving fee for her to pay (usually 500 Baht).
      Reply

      May 18, 2020 at 9:30 pm

  78. Dan says

    May 11, 2020 at 4:53 pm

    One issue I've heard with using TW is that transfers to Thai Banks (let's use Bangkok Bank) show up as a direct deposit. The problem is that for extensions of stay based on retirement/marriage, Thai Immigration wants bank statements to show international transfer, proving the money came in from abroad. The direct deposit entry from TW doesn't show the funds came in from abroad, so Immigration won't accept your bank statements.
    Reply

    May 11, 2020 at 4:53 pm

    • Max says

      May 11, 2020 at 7:41 pm

      I don't know where you got your info but it's not correct. There's nothing called "direct deposit". TW has 3 partner banks in Thailand, Bangkok Bank, Kasikorn Bank and Thai Military Bank.
      When sending money you have to chose a reason for the transfer. For the money to show up as an international transfer (FTT in the bank book at Bangkok Bank) you MUST chose "Funds for long term stay in Thailand". This will only work when banking with one of the 3 partner banks. If banking with other Thai banks,the transfer will show up as an "Interbank Transfer" = a domestic transfer. I have used TW since 2017 and I'm banking with Bangkok Bank. I never have problems,and my transfers shows up as foreign/international. When using the monthly income method this is important,but less important than it was a year ago. Immigration has learned that transfers don't show up the same way at every bank and with same bank codes, and only people from the US,UK and Australia needs bank statements.
      Reply

      May 11, 2020 at 7:41 pm

      • Ian says

        May 29, 2020 at 12:11 am

        Does anyone know what a international transfer shows up as in a Kasikorn bankbook using "Funds for long term stay in Thailand"
        Mines showing up as code TRN and teller MCL00001+

        It was my first transaction with Tranferwise and i expected a different code

        Thanks
        Reply

        May 29, 2020 at 12:11 am

        • Max says

          May 29, 2020 at 8:09 am

          That's strange. The Teller No should be TFN05027-TFN05032, which is international transactions.
          Reply

          May 29, 2020 at 8:09 am

          • Ian says

            May 29, 2020 at 9:05 pm

            Just got off phone to Transferwise support, explained what was happening and asked if they could tag my future transactions as coming internationally.
            I explained about using "Funds for long term stay in Thailand" reason.
            They're going to look into it and should reply in 2-3 working days.
            Reply

            May 29, 2020 at 9:05 pm

            • Max says

              May 29, 2020 at 9:40 pm

              If it's important that the first transfer is shown as international,Kasikorn Bank can get a so called Credit Advise showing the transfer as international.
              Reply

              May 29, 2020 at 9:40 pm

              • Ian says

                May 30, 2020 at 4:14 pm

                Just received this reply from support at Tranferwise, hope this helps.

                Hi Ian,

                I'm reaching out to you regarding your call yesterday, about foreign payments to Thailand.

                TransferWise isn’t authorised by the Bank of Thailand to issue FET forms. It’s because of how we work: when you send money with us, we use our Thai banking partners to send out your money locally. It doesn’t cross any borders, so it doesn’t show up as a foreign transaction.

                So you need to ask for a FET form from our bank partner. You can check which bank this is on your transfer receipt. To find it:
                Go to the transfer in the Activity section of your TransferWise account
                Click View transfer details
                Click Download PDF receipt
                Go to the second page to find banking partner details

                If the transfer was sent out by Bangkok Bank and the recipient (you) has an account with them, the recipient needs to go to their branch of Bangkok Bank with:
                their Bangkok Bank Savings Passbook, or a statement showing the transaction
                their passport
                the agreement of the purchase of a condominium, if buying property with the money

                If the transfer was sent out by Bangkok Bank and the recipient doesn’t have an account with them, they’ll need to reach out to Bangkok Bank’s head office at 333 Silom Road Bangrak with:
                credit receipt of the specific bank transaction
                their passport
                the agreement of the purchase of a condominium, if buying property with the money

                Once Bangkok Bank has checked these documents, they’ll issue a confirmation letter to the recipient. They can then use this to prove that the money came from abroad.
                Bangkok Bank charges a 100 THB fee for the FET letter.

                If the transfer was sent out by Kasikorn Bank, the recipient needs to go to their nearest Kasikorn Bank International Trade centre. They’ll need to bring:
                their Bank Savings Passbook or statement showing the transaction
                their passport
                their visa (if applicable)
                Kasikorn Bank may charge an administration fee.

                Please be advised that, sometimes, we might send your transfer through a different banking partner who can’t provide a FET. This might be because of a technical issue, or some other unforeseen event. If you know you definitely need a FET, it’s best that you send a SWIFT transfer with your bank this time. SWIFT is a more expensive method, because it’s not a local transfer. But it does mean you'll be able to prove that the money came from abroad.

                Hope this helps. But should you have further questions, let us know.

                Best regards,
                Eszter

                TransferWise
                Reply

                May 30, 2020 at 4:14 pm

                • Max says

                  May 30, 2020 at 7:16 pm

                  That explanation is BS. The girl doesn't know what she's talking about. The reason "Funds for long term stay in Thailand" was created in July last year just because of the need for transfers to show up as foreign when banking with one of TW's partner banks. (This is well known by people living in Thailand and using TW monthly.) It has nothing to do with buying property in Thailand. She's right about the transfers being local, but that's why TW created the reason above. I have used TW since 2017 and I'm banking with Bangkok Bank. My transfers shows up as foreign/international in the bank book = FTT and also online. I would make another call to TW and ask to talk to someone with more knowledge about transfers to Thailand and also tell them to tag your account for future transfers.
                  Reply

                  May 30, 2020 at 7:16 pm

                  • Ian says

                    May 31, 2020 at 3:39 pm

                    Having sent another email to Tranferwise because weekend and call centre not open, this was my latest reply.
                    Feels like i'm getting somewhere now.
                    Hope this helps others.

                    We are aware of the issue you mentioned as there was an update from 1st June 2019 since Kasikorn bank transfers are no longer shown as foreign transfers in recipient bank details.

                    Transferwise has been doing domestic local transfers in Thailand, however we received feedback from our customers that Bangkok Bank (BBL) & Kasikorn Bank (Kbank) are capable of showing their transfers as international transfers if we are sending BBL to BBL or Kbank to Kbank.

                    Out of goodwill, we will still help our customers to route their payments via their desired payout partners but please advised it cannot be guaranteed 100% that it will always work due to numerous reasons.

                    We can make the necessary changes on your profile to ensure we will route your transfers via your requested bank but please remember if it happens to be re-routed during one or another transfer, we won't be able to cancel the completed transfer.

                    Please reply back to this email and let us know which bank in this case you wish to be routed.

                    Thanks in advance,
                    Barbara from Transferwise
                    Reply

                    May 31, 2020 at 3:39 pm

          • Norman says

            June 10, 2020 at 4:26 pm

            Since Jan 1 2020 all international transfers to kbank now show as domestic deposits as the final step to kbank in the transaction is a domestic deposit
            Reply

            Jun 10, 2020 at 4:26 pm

            • preesy chepuce says

              November 1, 2020 at 10:05 am

              Well that's just killed off Kasikorn for me.
              It seems that Bangkok Bank is the best option for foreigners using TW who want the FTT. It's a shame, because Kasikorn apps are better than Bangkok Bank.
              Reply

              Nov 01, 2020 at 10:05 am

              • Max says

                November 2, 2020 at 3:11 pm

                Norman is not correct about transfers to K-Bank always showing up as domestic. Why would they?
                I transferred money to my K-Bank account about a week ago, and it showed up as international. It depends on how you transfer the money. For example,a transfer using swift will always show up as international and also when using a few other methods, while some will show up as domestic/interbank transfers. If using TW, it's best to contact TW and tell them to tag the account to K-Bank. That makes the transfer to go straight to K-Bank instead of TW using one of their other two banking partners for the last leg. You shall also use the correct reason for the transfer: "Funds for long term stay in Thailand". I do actually think that TW-transfers works best with Bangkok Bank if it's really important that the transfers shows up as international/foreign. If they don't, you can always get credit advices for those transfers from the bank, and also print out the pdf-receipts that comes with every TW-transfer.
                Reply

                Nov 02, 2020 at 3:11 pm

        • Norman says

          June 9, 2020 at 12:07 pm

          You must take TW receipt to kbank and request a credit advice for your international transfer.Immigration will require this credit advice document as proof of your transfer being international funds transfer
          Reply

          Jun 09, 2020 at 12:07 pm

          • preesy chepuce says

            November 1, 2020 at 10:06 am

            I thought Kasikorn were supposed to be the modern high-tech bank?!
            Why would they change from something that works to something that doesn't?!
            Reply

            Nov 01, 2020 at 10:06 am

        • Mikey says

          June 24, 2020 at 3:39 pm

          My Thai fiancée banks with SCB. If I send Baht to her SCB account from the UK using Transferwise, will I be charged a fee by her bank? If not, why not?
          Reply

          Jun 24, 2020 at 3:39 pm

          • Max says

            June 24, 2020 at 5:56 pm

            You don't send Baht to Thailand using TW. You send British Pounds which will get exchanged to THB by TW using the so called Mid-market rate (which is good).
            There will be no sending fees or receiving fees. You only pay TW's fee and you'll see the exact total fee (and the guaranteed rate) when you initiate the transfer. The reason there are no receiving fee is the way TW transfers the money to the receiving account. They just transfer the money locally = a domestic transfer. Hence, not a real international transfer. Choose the "Low cost transfer"-option to get the lowest fee. That transfer takes 24 hours the most,unless it's a weekend or Thai holiday. Send money Mon-Thursday. "Fast transfer" will be faster but with a slightly higher fee,but who needs money in 1-2 hours? I don't.
            Reply

            Jun 24, 2020 at 5:56 pm

      • Anthony Capilli says

        July 20, 2020 at 12:26 pm

        Thanks Max. Great Info and advise. I will follow your route to do the same thing.
        Reply

        Jul 20, 2020 at 12:26 pm

        • Max says

          July 20, 2020 at 4:26 pm

          Anthony, if you need your transfers to show up as foreign/international when using the money for 1 year extensions at Immigration, then there are a few things to think about, otherwise they will show up as domestic transfers, for example "Interbank Transfer" at Bangkok Bank, other banks uses other terminology for the same thing.
          Reply

          Jul 20, 2020 at 4:26 pm

      • Anthony Handley says

        August 15, 2020 at 3:09 pm

        Brilliant information much appreciated I'm looking into making the monthly transfers 40,000 baht pm so that at the end of my next 1 year Non-Immigrant O visa I can apply for a one year extension based on marriage. We won't actually be married initially but by the time I have to apply for the extention we will be so I'm assuming that they will accept 40k baht pm? Can you also confirm that when you receive your money into Bangkok Bank there are ZERO charges because I was told by them that I would be charged because I am a farang. I already use Transfer Wise its brilliant but always currently send to my girlfriend to avoid bank charges at receiving end Bangkok Bank but this article and some comments suggest you don't get ANY charges at the receiving end Bangkok Bank. I am a little confused as obviously I want to avoid around 350 baht charges pm based on sending 40k baht pm. I never realised the importance of the "Funds for long term stay in Thailand" great information 👍🏼🙏🏼
        Reply

        Aug 15, 2020 at 3:09 pm

        • Max Fredriksson says

          August 15, 2020 at 7:01 pm

          You can change the reason (marriage) for the 1 year extension 30 days before the current permission to stay expires. You need 12 months of 40k deposits shown as foreign/international or 400k in the bank 2 months prior to the application. Don't believe anything that banks tells you about receiving money using TW. They don't have a clue. There are never any receiving fees when using TW. That's because of the way TW transfers the money. They are just moving the money inside Thailand, hence no receiving fee. When sending money from abroad using swift, the receiving fee is 0.25% with a minimum fee of 200 baht and a maximum fee of 500 baht It means up to 80,000 baht cost 200 baht. Every customer,Thai or farang pays that receiving fee, but it's hidden. You can't see it anywhere. When using TW,you must choose the correct transfer option, for example, one is "Low cost transfer" to avoid a sending fee. When using that transfer option Mon-Thu, the money arrives next day about 2pm.
          Reply

          Aug 15, 2020 at 7:01 pm

        • James E says

          August 15, 2020 at 10:27 pm

          I use TW into BKK Bank and have never had a charge. That's not to say that the rules won't change (or haven't changed) without warning. If you do the 40K/mo and can show via bank statement/bank letter that the funds came from overseas then no problem. You should do the 40K/mo for a year unless you have a way to prove the income is ongoing.
          Reply

          Aug 15, 2020 at 10:27 pm

          • Max says

            August 16, 2020 at 1:51 pm

            There aren't any changes regarding receiving fees. TW's deposits into our accounts are local transfers from their own accounts. I have used TW since 2017, and my transfers always shows up as International = FTT in the bank book. You just have to do it the correct way.
            Reply

            Aug 16, 2020 at 1:51 pm

      • preesy chepuce says

        November 1, 2020 at 9:21 am

        That is a nuisance. I was thinking about transferring 400k to KrungThai, thinking that because it's a government bank that it would show FTT.

        I guess that you can't really use a joint Bangkok bank account, so you have to set up your own Bangkok Bank, TMB, or Kasikorn.

        Getting paid locally over 40k/mo into KrungThai maybe won't matter, as it doesn't need to show as international anyway.
        Reply

        Nov 01, 2020 at 9:21 am

        • Max says

          November 2, 2020 at 2:15 pm

          If you need Transferwise- transfers to show up as international/foreign you can't bank with Krungthai. Those TW- transfers will always show up as domestic transfers/interbank transfers. If using the money in the bank method for Immigration, you must have an account in your name only.
          Reply

          Nov 02, 2020 at 2:15 pm

    • John Blake Jr. says

      September 6, 2020 at 8:25 am

      There is no such thing - promise! An extension of retirement visa is easy (compared to OA Visa, when you are working). You need the copy of ALL pages of your Thai Bank Book, not less than 4 months back, incl. a transaction the same day you apply for the visa and a letter of the bank confirming that your account was within the required limits all the time (> 400,000 B; or 800,000 B if not married to a Thai).
      Reply

      Sep 06, 2020 at 8:25 am

      • Max says

        September 6, 2020 at 8:45 pm

        Since March 1 2019 you need either a 12 months bank statement or copies of your bank book 12 months back (if the local immigration office allows it), and the bank book has to be updated every month. And the bank letter only shows that the account belongs to you, nothing else.
        Reply

        Sep 06, 2020 at 8:45 pm

  79. JP says

    May 1, 2020 at 12:28 pm

    I’ve used TransferWise for a few years to send funds from the U.S. to my Bangkok Bank account. I do transfers with the TW app on my phone. It takes less than 60 seconds to initiate a transfer. Once in awhile a transfer will take 4 to 5 days, but it’s often one or two days. Last Monday I initiated a transfer at 09:00 am and the money was in my BB by 10:00 pm the same day! That was record time for me!
    And no, BKK Bank does not charge me a receiving fee.
    Reply

    May 01, 2020 at 12:28 pm

    • Max says

      May 1, 2020 at 4:18 pm

      The reason you're not paying a receiving fee is the transfer option you chosed. If you for any reason transfer USD using swift or wire,then your thai bank will charge you a minimum fee of ฿200. But,the receiving fee is hidden, you can't see it online as a transaction or in the bank book. I know loads of people who thought they didn't pay any receiving fee,but when they did the math they realized they did.
      Reply

      May 01, 2020 at 4:18 pm

    • Martin1 says

      May 12, 2020 at 12:14 am

      JP --

      Bangkok Bank has a subsidiary in the US! (I think in New York).

      Someone told me that it is possible to send money to that branch, and it will be remitted to Thailand for free.
      You might want to contact that branch.
      Reply

      May 12, 2020 at 12:14 am

      • Max says

        May 18, 2020 at 11:55 pm

        That option is gone since almost a year.
        Reply

        May 18, 2020 at 11:55 pm

        • James E says

          May 19, 2020 at 10:02 pm

          And it wasn't really an option for anything other than direct deposits from 3rd parties. You could set up a payment to go there, SSA, salary, retirement, but the US makes it fairly tough to do Push ACH transactions. Then on top of that the exchange rate was one of the worst.
          Reply

          May 19, 2020 at 10:02 pm

  80. Penelope Morton says

    April 8, 2020 at 8:39 am

    Can I use TransferWise to take money from my Kasikorn account and deposit into my Australian bank account.
    Reply

    Apr 08, 2020 at 8:39 am

    • Max says

      April 8, 2020 at 7:39 pm

      You can not send money out of Thailand using TW. But if banking with K-Bank you can transfer money to 24 countries using the K+ app. Maybe Australia is one of those countries. Just click on Transfer>International Transfer. You can only use this function during business days 8:30am-6pm.
      Reply

      Apr 08, 2020 at 7:39 pm

      • James E says

        April 8, 2020 at 10:05 pm

        Western Union also supports electronic money transfer out of Thailand. Kasikorn is on their direct debit list. The current quote is 1.00 THB = 0.0489604 AUD with a 115THB fee. Always compare exchange rates and fees to find the best deal.
        Reply

        Apr 08, 2020 at 10:05 pm

    • Norman says

      June 9, 2020 at 12:26 pm

      Kbank charge a fee of 1500thb for each transaction.
      You must have a work permit or further proof of origin of funds,exchange rate has a /% loading
      Reply

      Jun 09, 2020 at 12:26 pm

      • Max says

        June 9, 2020 at 4:57 pm

        "Kbank charge a fee of 1500thb for each transaction."
        What are you talking about? A 1500 baht fee for the credit advise? There's no need for a work permit, this guy already has an account. Showing the source of the transfer is one thing, but not a problem to get a proof of the source. When TW tags his profile,his transfers will show up as international,just as mine do at Bangkok Bank.
        Reply

        Jun 09, 2020 at 4:57 pm

  81. Tony Flynn says

    March 24, 2020 at 8:02 am

    Regarding bank fees, I don't know what uk banks you are referring to but my bank"The halifax" charges a flat rate of £9.00 when sending abroad. It dosen't matter what the amount is, I've been sending money to my partner in Thailand in drips and draps for the best part of 2 years and the rate hasn't changed, The only thing is the charge at the other end [Thai Bank).
    Reply

    Mar 24, 2020 at 8:02 am

    • TheThailandLife says

      March 24, 2020 at 5:41 pm

      Hi Tom, you pay that fee and take a hit on the currency conversion because you won't get the mid-market rate. Banks and other providers all set their own rates. You also pay 500 Baht at the Thai receiving bank.
      Reply

      Mar 24, 2020 at 5:41 pm

    • Max says

      March 24, 2020 at 7:12 pm

      You get the TT buy rate when transferring money using your bank + a receiving fee of 0.25%,with a minimum of ฿200 and a maximum of ฿500.
      Using TW you get the mid-market rate,which is better than the TT buy and no receiving fee. You're just paying TW's fee. The rate is also guaranteed. The transfer normally arrives next day unless it's a weekend.
      Reply

      Mar 24, 2020 at 7:12 pm

  82. Mike Atkinson says

    March 23, 2020 at 10:08 pm

    I have a TransferWise account already and considering to try it, having read your article. I would like to know how you can so sure that the receiving Bank in Thailand doesn't deduct their charges (which are up to THB 1000 per transfer from previous experience).
    Even when I tick the box "sender pays all charges'" on the HSBC transfer request my recipient still gets the incoming fee deducted everytime.

    Look forward to input

    Best regards
    Mike
    Reply

    Mar 23, 2020 at 10:08 pm

    • James E says

      March 24, 2020 at 6:51 am

      TW doesn't work the same way. It comes into your Thai bank (I use BKK Bank) as a direct deposit not a wire transfer. If you're using a major bank you should have no problem. If you're concerned just do a small transfer first (almost everybody does) so you can see the mechanism at work.
      Reply

      Mar 24, 2020 at 6:51 am

    • Max says

      March 24, 2020 at 11:53 am

      There are no receiving fees when sending money using TW. If you're using the 'Low cost transfer' option,meaning you make a local transfer from your bank account to a local TW account, then if local transfers at your bank are free, you're not even paying a senders fee. You'll see the total TW fee when you chose the amount you want to send and the rate is guaranteed. The maximum receiving fee in Thailand is ฿500,by the way. That sum has been the same for years.
      Reply

      Mar 24, 2020 at 11:53 am

      • ROB says

        April 22, 2020 at 11:09 pm

        I've used TW many times and my wife's bank has always charged a 500 Baht receiving fee.
        Reply

        Apr 22, 2020 at 11:09 pm

        • James E says

          April 23, 2020 at 2:51 am

          Are you sure you're using the "low cost" option that Max mentions and not the wire transfer (SWIFT) option? From the US I have several different funding/transfer options each with its own fee structure both through TW and at BKK Bank. Only the wire transfer triggers a receiving fee.
          Reply

          Apr 23, 2020 at 2:51 am

          • Max says

            April 23, 2020 at 9:13 am

            Don't confuse a transfer from the US with the rest of the world. Blame US banks/the government for being paranoid. That's why there are sometimes better choises than TW when sending money from the US. There are no "Low cost transfer"" when sending USD. You choose ACH,wire transfer or swift. Depending on the choise, you pay more or less fees. When using wire or swift it's almost like a normal bank to bank transfer. The "Low cost transfer" option means in my case, I transfer money to a local TW account,which is free, and then TW does the rest.My money will arrive next day. The "Fast transfer option" means that TW pulls money out of my account and deposit money into my Thai bank account. It happens almost instantly and that's the reason for a bit higher TW fee. It doesn't matter which option I use, there's NEVER a receiving fee. US banking regulations forbids the use of TW the way it's supposed to be used. So,don't blame TW,blame US for being paranoid. I have used TW since 2017 and it always works like a charm and no sending fees to my home bank or receiving fees to my Thai bank. If you change the sending currency from USD to another currency, you'll see the differences in transfer options and fees.
            Reply

            Apr 23, 2020 at 9:13 am

            • James E says

              April 23, 2020 at 10:22 pm

              Max, No. Those are not the options for sending USD. They are: ACH, Wire (same as SWIFT), Debit, and Credit. ACH is the US' "low-cost option" and the "fast-option" because there is only one way (ACH) to do an electronic transfer in the US. (Excluding from the discussion the fact that *all* bank transactions are electronic...) My transfers arrive the next day. The rate is 1.225% on US$1K as opposed to 1.175% for sending 1K Euros using fast transfer or 0.768% using the low-cost option. So, yes, it is cheaper to send Euros but "paranoia" is not one of the reasons. Different banking systems have different rules and TW treats different currencies differently (2.6% fee for JPY, e.g.). What we have to pay is merely a legacy of where our money comes/came from.
              Reply

              Apr 23, 2020 at 10:22 pm

              • Max says

                May 7, 2020 at 9:53 pm

                You have to read better. I didn't mention every way to send money from the US,I mentioned 2 options where receiving fees may occur,that's wire and swift.
                This is only when sending USD, not other currencies.
                Reply

                May 07, 2020 at 9:53 pm

        • Max says

          April 23, 2020 at 8:40 am

          That's not true because a TW transfer is not same as a normal swift transfer bank to bank. It's more like a domestic deposit and those are free. When sending money using TW,you always see the exact amount you will receive. You better ask your wife how she figured out the 500 baht fee. FYI, the receiving fee for a swift transfer is 0.25% with a minimum of 200 baht and a maximum of 500 baht.
          Reply

          Apr 23, 2020 at 8:40 am

        • Steve Ginn says

          April 23, 2020 at 11:08 am

          Your bank will charge you to transfer the money and you will get slugged a fee to transfer the money to Thai baht. Avoid this method at all costs. Just use TW to transfer from Australia to a bank here. Kasikorn charges NOTHING extra. Other banks may do.
          Reply

          Apr 23, 2020 at 11:08 am

        • Steve Ginn says

          April 23, 2020 at 11:09 am

          I suggest you change banks. Kasikorn don't charge any "receiving fee".
          Reply

          Apr 23, 2020 at 11:09 am

          • Max says

            April 23, 2020 at 6:06 pm

            No Thai bank charges any receiving fee when using TW unless you're from the US and sending USD using the options wire or swift. Those 2 options are almost same as transferring money bank to bank old school.
            Reply

            Apr 23, 2020 at 6:06 pm

            • rob says

              April 23, 2020 at 8:27 pm

              Yes apologies, Previously I used HIX (now called XE) and my wife told me every time 500 Thai baht was deducted by the bank. I've been using TW for the last several transactions and having checked back I see that there was no receiving fee taken by the bank. Thumbs up for TW.
              Reply

              Apr 23, 2020 at 8:27 pm

              • Max says

                April 23, 2020 at 10:48 pm

                It's because TW doesn't actually transfer the money from overseas bank to bank. It's a local transfer which is free of charge.
                Reply

                Apr 23, 2020 at 10:48 pm

  83. Pino says

    March 20, 2020 at 10:46 am

    Can anyone please explain the difference in costs or charges between transferring money with TransferWise eg ( Australia to Thailand) VS using the ATM debit card to do a withdrawal. Thank you
    Reply

    Mar 20, 2020 at 10:46 am

    • Max says

      March 20, 2020 at 7:25 pm

      When withdrawing money from a Thai ATM using a card from Australia the rate is the so called TT buy rate. On top of that you normally pay a fee to your bank back home + 220 baht to the Thai bank. If you really need to use an ATM, always withdraw as much as you can. When using TransferWise, you get the so called mid-market rate which is better than the TT buy rate. You pay a fee to TW, but due to the better exchange rate and no receiving fee to the Thai bank you'll get more money in the end. When using the "Low cost transfer" option, you transfer money yourself from your bank back home to a local TW account, then TW takes over and you'll get your money next day in your Thai bank account. If domestic transfers are free,that means you don't pay any sending fee either,just the TW fee. When you start the transfer the mid-market rate is guaranteed.
      Reply

      Mar 20, 2020 at 7:25 pm

  84. Steve Ginn says

    March 15, 2020 at 9:48 am

    I use Transferwise all the time and have had no problems. Quickest transfer, best conversion rate and best fees.
    Reply

    Mar 15, 2020 at 9:48 am

    • Max says

      March 15, 2020 at 7:08 pm

      I agree. I've been using TW monthly since 2017 without any problems.
      Reply

      Mar 15, 2020 at 7:08 pm

  85. James E says

    March 7, 2020 at 1:06 am

    So, I've done a couple of transfers using Western Union's no-fee transfer. They've gone without a hitch but, as I've said in earlier posts, take substantially longer than a TW transfer. My concern was that the fee-free transfer was introduced with a better-than-expected rate to lure in new customers at which point the rate would be lowered so they start increasing their profits - it is Western Union after all. This is starting to happen. On my last transfer the difference was about US$3 - 4 in WU's favor. Basically a free beer or two. On the transfer I'm looking at now that difference has dropped to about 40THB on a US$1,000 transfer. 40 Baht is not worth waiting around for WU to finish a transfer. BUT... it's never easy and TW has an interesting feature that I haven't seen before (nor mentioned here): trend pricing. Right now they are pricing transfers at 31.51 THB/US$1 with a little green arrow showing that the trend is upward. At the same time the mid-market rate was showing 31.49 everywhere. A bit later the MM rate popped up to 31.51 and TW's rate went up to 31.52. Seems they're taking the mid-market rate and pricing in what the algorithm thinks is going to happen going forward. Fun stuff, huh?
    Reply

    Mar 07, 2020 at 1:06 am

  86. RM says

    February 5, 2020 at 10:30 pm

    I use the Transfer card in Thailand all the time. it works like a debit card with no transaction fees for almost all purchases except withdrawals from ATMs. I have also transferred cash to other countries and in some cases the transfer time has only been about 20mins. I only hope they keep the fees low.
    Reply

    Feb 05, 2020 at 10:30 pm

    • Max says

      February 12, 2020 at 4:01 pm

      This thread is about transferring money to Thailand the cheapest way when for example living here, not about buying stuff using a debit card or once in awhile withdrawing money from an ATM as a tourist.
      Reply

      Feb 12, 2020 at 4:01 pm

      • James E says

        February 12, 2020 at 11:34 pm

        I see Max is back on form. I was worried for a while. The TW card, Max, is like a pile of mini-transfers that happen in real-time. So your Borderless Account could be in Euros but every time you make a purchase it does a transfer to Baht at the current prevailing TW rates but without the per-transfer fees. We can argue about the rationale of even using a debit/ATM card in this manner due to the potential to get your main account hacked, but the use of said card, IMHO, as a transfer vehicle is perfectly acceptable to talk about in terms of transferring other currencies into Baht.
        Reply

        Feb 12, 2020 at 11:34 pm

        • Max says

          February 13, 2020 at 8:33 am

          FYI: The TW Debit card is not issued in Thailand.When living here officially, you can't obtain the card. Understand?
          Hence, it's not an alternative to the normal TW-transfers or your WU-transfers. You and the guy with the TW-card are just tourists,nothing else.
          Reply

          Feb 13, 2020 at 8:33 am

          • James E says

            February 13, 2020 at 11:09 pm

            Oh, SNAP! Max. "Tourists". That's harsh. I guess you're just angry you couldn't plan far enough ahead to take advantage of things that hadn't been thought of yet. But, being tourists and all, we should probably bend down to your superior knowledge and go back to writing checks or spending more than we need to on transfers. I mean it's got to be worth it to live someplace "officially", right? Really, who wouldn't want to give up living all over to be stuck in a one-bedroom on the outskirts of Pattaya?
            Reply

            Feb 13, 2020 at 11:09 pm

            • preesy chepuce says

              November 1, 2020 at 9:48 am

              I don't think Max means the word "Tourist" as some kind insult, it's a technical description - you can only have and use the TW card as a tourist or other temporary visitor, because it has to be issued to you in your home country to your home address where you have residency.

              I don't know why people are so sensitive about being called "tourists" or why they feel somehow lower status than people who are "permanent residents", these are legal terms that affect money issues, like transferring cash and tax.

              You will note that having a WP will get you different things than being retired in Thailand or being a tourist or other category of vistor. This is all parallel to ones residency status.
              Reply

              Nov 01, 2020 at 9:48 am

              • Max says

                November 2, 2020 at 2:49 pm

                People who aren't living in Thailand officially will never understand terms like "tourist","retired" or "permanent resident". I don't actually see any major differences anymore between having a wp or being retired if we're talking banking issues.Several thai banks officicial requirements for foreigners to open accounts changed last year for some strange reason, which did it more problematic to open accounts even for people with a wp. I have more than one account in two banks at the moment and had a couple more earlier,but I cancelled those when I moved to another province. You just need to know how to open an account at a bank that works best with Immigration. In my case, that's Bangkok Bank ~80 meters from my Immigration office and 5 min from my condo. The other account at Kasikorn Bank I use for monthly expenses incl bills etc etc. K-Bank issues a proper Visa which works worldwide while Bangkok Banks MasterCard is connected to TPN = Thai Payment Network. That makes the card useless sometime online.
                Reply

                Nov 02, 2020 at 2:49 pm

  87. Paul Smith says

    February 5, 2020 at 12:47 am

    Been using transfer wise to send money to wife's bank bankok babank and kasikorn bank, it always gets there in a few hours, it really is the best way to send money to Thailand.
    Reply

    Feb 05, 2020 at 12:47 am

    • Eddy D'Joos says

      February 27, 2020 at 10:19 pm

      I agree with you it's the best way to send money to Thailand. From a Belgian bank to Kasikorn it takes usually about 6-8 minutes
      Reply

      Feb 27, 2020 at 10:19 pm

  88. Andrew says

    February 4, 2020 at 2:19 pm

    You've thoroughly dummied this down for me and I am sure to be using it often as a soon to be (5 months) expat. Most grateful.
    Reply

    Feb 04, 2020 at 2:19 pm

  89. John says

    February 2, 2020 at 10:59 am

    As of December 1, 2019 approximate, the Bangkok Bank LLC, NYC branch will no longer accept ACH transfers.

    Is it still possible to send funds through TransferWise to a personal bank account in Thailand?
    Reply

    Feb 02, 2020 at 10:59 am

    • Max says

      February 2, 2020 at 7:49 pm

      Yes it is.
      Reply

      Feb 02, 2020 at 7:49 pm

  90. Greg says

    January 28, 2020 at 9:52 pm

    We are in the U.S. and have a friend in Nakhonpathom (73170). We were planning to send him around 1500 baht (we already purchased the notes) for his birthday via USPS for a cost of about $25 (with tracking), Fed Ex and UPS are around $100.
    Better late then never, but now I read that sending paper currency to someone in Thailand seems to have only a 25% chance, or so, of actually arriving.
    Is that accurate? Should we just take our chances?
    Thank you,
    Greg
    Reply

    Jan 28, 2020 at 9:52 pm

    • TheThailandLife says

      January 28, 2020 at 9:55 pm

      Seems silly to send the cash and pay double with the shipping. Why not get his bank account details and send via Transferwise?
      Reply

      Jan 28, 2020 at 9:55 pm

      • Max says

        January 28, 2020 at 10:35 pm

        They have to register at TransferWise in their name with an account of their own. Normally you're sending money to yourself when using TW. If it's just about one transfer it's better go old school using a normal swift bank to bank.
        As you said,sending cash is not very smart.
        Reply

        Jan 28, 2020 at 10:35 pm

        • TheThailandLife says

          January 28, 2020 at 10:37 pm

          Not true. I sent money to pay for a service in Thailand via Transferwise while back in the UK. That person did not an account. The money was sent from my bank account to Transferwise and onto Thailand. I quote: " Your recipient doesn't need a TransferWise account to get their money. Just a bank account."
          Reply

          Jan 28, 2020 at 10:37 pm

          • Max says

            January 28, 2020 at 11:15 pm

            I said the sender needs a TransferWise account,hence they need to register. They can send money to Bangkok Bank using Western Union as well. If not having a TW account and just transfer money once, other options are better.
            Reply

            Jan 28, 2020 at 11:15 pm

            • TheThailandLife says

              January 28, 2020 at 11:36 pm

              Obviously. But that's standard. It's easy to set up.
              Reply

              Jan 28, 2020 at 11:36 pm

      • Greg says

        January 29, 2020 at 12:52 am

        Next time I’ll go right to Transferwise but I’ve already ordered & received the baht notes from our local bank and now have no other use for them. So at this point I guess I just need to know what the chances are of a document-size envelope containing a birthday card and a few 500 baht notes, sent the via the postal system from the U.S, actually arriving intact at its destination in Nakhonpathom. Is the postal system in Thailand reliable when it comes to handling deliveries from the U.S. ?
        Reply

        Jan 29, 2020 at 12:52 am

        • TheThailandLife says

          January 29, 2020 at 1:49 am

          With no trackable information or insurance it's anyone's guess. I'd be inclined to hide it inside something. I've never sent money but have sent gifts to my sister in law and niece by standard post - all have arrived.
          Reply

          Jan 29, 2020 at 1:49 am

          • Greg says

            January 29, 2020 at 9:32 am

            Good advice, thanks much.
            Reply

            Jan 29, 2020 at 9:32 am

        • Max says

          January 29, 2020 at 9:49 am

          Thailand Post is more reliable than US Mail. Don't send it the cheapest way,though,it needs to be trackable. But don't go for the most expensive service. it's quite expensive. When transferring money from the US to Thailand once or twice a year,you don't need to chase the best exchange rate. That's for regular transfers,like a monthly pension. The easiest way to do it is via Western Union. They have offices everywhere in the US. You can send money to a recipient without an account just using his/her name. You'll get a reference number which you give to the recipient. In Thailand he/she goes to the nearest Bangkok Bank branch,shows them the reference number + the passport and gets the money. Easy and fast. I'm using TransferWise (since 2017) monthly because I want the best exchange rate when transferring my pension.
          Using it once or twice a year instead of WU is in my opinion unnecessary. You have already lost money when you bought baht in the US,and you also have to pay for the trackable service. Using for example UPS is not cheap. It doesn't matter how you transfer money in the future,you won't break even.
          Reply

          Jan 29, 2020 at 9:49 am

  91. TonyT says

    January 20, 2020 at 1:01 am

    PS If you send to smaller banks like Siam Commercial Bank it will take about 3 days last time I did that.
    Reply

    Jan 20, 2020 at 1:01 am

    • Max says

      January 20, 2020 at 12:13 pm

      If it's important that the transfers shows up as foreign in the bank book,when using the >65k monthly method as a retiree, then Bangkok Bank, Kasikorn Bank and Thai Military Bank are the banks you need to use. These are TW's partner banks in Thailand. If using another thai bank, then the transfers will show up as domestic.
      Reply

      Jan 20, 2020 at 12:13 pm

  92. TonyT says

    January 20, 2020 at 12:57 am

    I have been using Transferwise for over 2 years without having one drama.
    In fact it used to take two days to come through but lately it takes less than 1 day. I transfer from Nat in Australia to Bangkok Bank - I think these banks have a banking agreement (forget what they call it) and since Transferwise started using Chase Bank the time is even less. My last transfer was from ANZ to BKB, ordered late about 1.30pm Thai time & it arrived next day at 9:00am. I could not believe it. I never bother to study the conversion rate as it is always very good. I started off with a small transfer to be sure but no worry now, they have more than proven themselves. Just enter your numbers once & each time you can just select the "My payee" & the amount when transferring your AUD, it is so easy.
    Reply

    Jan 20, 2020 at 12:57 am

  93. James E says

    December 20, 2019 at 2:20 am

    I just saw an ad for Western Union's 0% fee for international bank - bank transfers. I figured it had a catch but I was unable to find one. It actually worked out better than Transferwise. For example: US$600 was quoted at 17985.66THB on Western Union and 17,871.15THB on Transferwise. TW did give the mid-market rate (30.2) but had a US$8.24 (1.37%) fee. WU had no fee but used a discounted FX rate of 29.9761. It has all of the major Thai banks, A tone of smaller banks, and international banks as transfer destinations. Only downside I can see is that the default source information is your bank login info (the same as InstaRem but not through a third-party) which I refuse to do, but they also allow a manual bank account entry that protects your privacy a bit more. I don't have any transfer plans until next month but wanted to post this in case anybody was moving money sooner. I'll update once I do my first transfer. Of course there's big negative for a lot of you. And - bonus - you can send money from Thailand. There are more fees (115THB +/-) and the discount is worse (0.53 compared to 0.22 on the spread) but it works for bank - bank transfers.
    Reply

    Dec 20, 2019 at 2:20 am

    • Max says

      December 20, 2019 at 7:59 pm

      I have read about this at Thai Visa Forum and also here. The total fee according to a poster is higher than when using TransferWise, depending on which bank you have in Thailand. You might have to pay fees to two banks. Plus, I don't believe in 'no fees' and discounted exchange rates.
      Reply

      Dec 20, 2019 at 7:59 pm

      • James E says

        December 21, 2019 at 12:12 am

        This is why I want to do a small test first. There's no mention of receiving bank fees. No fees required at my bank as it's an electronic withdrawal. BUT if it shows up with an FT coding it might be worth it to pay a bit more.
        Reply

        Dec 21, 2019 at 12:12 am

        • Max says

          December 21, 2019 at 6:37 pm

          Why would WU mention receiving fees? As far as I know, the only way to avoid fees at both the sending bank and receiving bank is using TransferWise. Do your transfer and we'll see.
          Reply

          Dec 21, 2019 at 6:37 pm

          • James E says

            December 22, 2019 at 12:03 am

            Typically, a company will asterisk things like that with a "Your bank may impose additional fees" caveat or similar as a CYA for when things end up costing more than the customer expects. I can't find anything like that in their disclaimers. I'll report back when I do my transfer.
            Reply

            Dec 22, 2019 at 12:03 am

            • James E says

              January 6, 2020 at 7:17 am

              Okay, I initiated the Western Union test transfer today and learned a couple of things. First - The "Your bank may impose additional fees warning" does show up on the last page authorizing the transfer. Sneaky. Second - despite setting up your bank manually you are still required to use the PayWithMyBank 3rd party service. I checked their terms and privacy policy and it seems pretty well thought out and tighter than the Plaid service used by InstaREM. 3rd - Western Union is cheaper than Transferwise. About US$2.25 less on a US$100 transfer and about US$15 less on a US$1,000 transfer. I'm now waiting for the transaction to hit my bank and show up in Bangkok. That's it for now.
              Reply

              Jan 06, 2020 at 7:17 am

              • TheThailandLife says

                January 6, 2020 at 6:34 pm

                Great. Waiting for the outcome. Interested to know how long it takes to reach your bank. The initial setup sounds like a bit of a pain, especially if you're in a hurry.
                Reply

                Jan 06, 2020 at 6:34 pm

                • James E says

                  January 6, 2020 at 11:52 pm

                  It actually wasn't too bad. I just had to convince myself that PayWithMyBank was a worthwhile risk.
                  Reply

                  Jan 06, 2020 at 11:52 pm

              • Max says

                January 6, 2020 at 8:56 pm

                You're not mentioning the exchange rate. TW gives you the mid-market rate. How can a $100 transfer be $2.25 cheaper when Bangkok Banks receiving fee is 200 baht? With TW there's no receiving fee at all.
                Reply

                Jan 06, 2020 at 8:56 pm

                • James E says

                  January 6, 2020 at 11:57 pm

                  I realize that Max. WU makes it's money on the Buy-Sell spread as opposed to a fee. At this point I still don't know if BKK Bank is going to hit me with a charge (although they might). The main purpose of the exercise was to see if it shows up as an FT instead of an IB and what the final cost difference was. At this point I'm about halfway through the experiment.
                  Reply

                  Jan 06, 2020 at 11:57 pm

                  • Max says

                    January 7, 2020 at 8:53 am

                    You do know that you won't see the receiving fee in the bank statement or bank book. You have to do the math to find out. I am quite sure you'll have to pay a 200 baht fee.
                    Reply

                    Jan 07, 2020 at 8:53 am

                    • James E says

                      January 8, 2020 at 12:37 am

                      This, dear Max, is not my first day at the rodeo.

                      Jan 08, 2020 at 12:37 am

        • James E says

          February 12, 2020 at 3:26 am

          Just a quick follow-up. I did a larger transaction with Western Union (not large, but just larger...) than my first test. Took the same amount of time - 6 Thai business days - and I saved roughly 40% over Transferwise. If you need the money NOW, then, clearly, TW is the way to go. If you can wait a week, then, free beer. I did contact TW about WU undercutting them and was told "Transferwise is always looking to reduce its fees" so maybe we can have cheaper and still fast transfers in the future.
          Reply

          Feb 12, 2020 at 3:26 am

          • Max says

            February 12, 2020 at 3:48 pm

            You transfer money from a US bank account to a Thai bank account,right?
            If using WU in Europe and transfer from a bank account or via a debit card to a Thai bank account, you have to pay either a local standard fee to the sending bank or a debit card withdrawal fee on top of the €2.90 which is the WU fee. Then I guess the receiving fee will be 200 Baht. These fees together are more expensive than doing a bank to bank transfer using swift,and much more expensive than a TW-transfer. The only way for WU to transfer money from the US to Thailand as cheap as you claim,is a fee discount. Using WU from Europe is not an option unless you make a very good deal with your bank.
            Reply

            Feb 12, 2020 at 3:48 pm

            • James E says

              February 12, 2020 at 11:47 pm

              Right Max, US bank. There was that earlier thread about WU from Finland charging fees that weren't charged in the US. I haven't checked all over but WU is currently offering fee-free service in the US and UK. They make their money on a discounted rate but the total is (currently) a better deal than Transferwise. The fees in the Euro Zone may be coming from some Gov't anti-competition regulations to level the playing field for EU-based banks.
              Reply

              Feb 12, 2020 at 11:47 pm

              • Max says

                February 13, 2020 at 7:56 am

                The fees within the EU are there because of the way WU transfers the money. They are not moving the money like a bank the way TW does it. If using Bank Transfer I have to pay the standard fee to my bank + €2.90. If using Credit/Debit Card I have to pay a withdrawal fee to my bank + €2.90. On top of that 200 baht receiving fee. Only if you're agreement with your bank gives you free card withdrawals then the total fee will be lower than with TW. In your case you get a discount or even free transfers. Why would TW compete with that? So, WU is not an option for me and for many others in Europe.
                Reply

                Feb 13, 2020 at 7:56 am

    • James E says

      January 11, 2020 at 1:05 am

      Okay. The test is complete. Here's what I found out. First, timing. I initiated the transfer on Sunday, the money came out of my bank on Monday and was deposited in BKK Bank on Friday. So, slower than TW has been lately. Second, fees. There were no fees associated with the transaction either by Western Union or (sorry, Max) Bangkok Bank. The amount promised by WU exactly matched the amount deposited. Third, exchange rate. The rate from WU was 29.9563/US$ when TW's mid market rate was 3.14. WU saved me a few dollars on the transfer compared to what TW minus fees would have been. I think this is a diminishing return benefit as the saving decrease (due to TW's fee structure) with larger transfers. Fourth, classification. For about the past 9 months or so BKK Bank has been classifying TW transfers as domestic, regardless of origin, and labeling them "Transfer from Account at Other Bank". The WU transfer was labeled "AUTO" and described as "WESTERN UNION". I'm not sure if this would be an issue or help in showing that the transfer came from overseas. Might still be stuck with a bank letter and copy of receipts for proof. So, all-in-all, it worked well, saved me a few bucks compared to TW, and went quickly enough. Plus WU gives you the option to send money out of Thailand, although this takes a separate account. That's all for now, folks.
      Reply

      Jan 11, 2020 at 1:05 am

      • TheThailandLife says

        January 11, 2020 at 1:32 am

        Great work James! Thank you for keeping us updated. Considering the time it takes and the fact that the few dollars saving diminishes as the transfer gets larger it probably isn't worth a switch, but good to know there is an alternative. It's good news on the re-labelling of transfers by Transferwise.
        Reply

        Jan 11, 2020 at 1:32 am

        • James E says

          January 11, 2020 at 1:40 am

          I think the biggest benefit is that there is now some realistic pressure from a global financial company to keep TW's fees in line. Competition is a good thing. It'll be interesting to see WU messes with their exchange rate as the service matures.
          Reply

          Jan 11, 2020 at 1:40 am

          • Max says

            January 11, 2020 at 9:35 am

            Why would TW "mess" with the exchange rates?
            They always give you the mid-market rate, which is always better than the TT buy which is the rate banks are using. If it wasn't for TW, there wouldn't be any good alternatives (read competitors) when transferring money, especially from the US. Have you thought about that? I'm from Europe (within the EU),and we don't have any problems with paranoid banking authorities who thinks 'everybody' are involved in money laundering. Hence, easier and faster transfers.
            Reply

            Jan 11, 2020 at 9:35 am

            • James E says

              January 12, 2020 at 12:03 am

              RTFP, Max. I said "WU messes". They may be putting an anomalously high sell rate to build a clientele and then slowly adjusting it downward to boost the profitability of the transfers. Since they set the spread, they control the terms. I agree, TW is the fastest. I've had money show up in Thailand while it was still in my bank at home. But they've been sliding their fees up and it's good to have competition regardless of the idiosyncrasies of the service. WU is a much more formidable competitor than InstaREM or the others and having two low-priced, yet reliable, competing services should help the whole industry.
              Reply

              Jan 12, 2020 at 12:03 am

            • James E says

              January 13, 2020 at 7:15 am

              So here's what I mean. Friday's Mid-Market (TW) rate was 30.235 and their effective rate was 29.864 (net of fees on US1,000) At the same time BKK Bank was quoting 29.84 (on US1,000 best rate, not including transfer fee of 200-500THB) and WU was quoting 30.03 (again on US$1,000, no fees). This gives WU an advantage as their effective rate is higher than TW's by 0.166. This would enable them to lower their rate by up to 0.16 and still be cheaper than TW. So, my guess is that they've artificially raised their rate to get a client base built and then will bring it back to be *just* better than TW.
              Reply

              Jan 13, 2020 at 7:15 am

              • Max says

                January 13, 2020 at 6:00 pm

                You're saying it yourself, the WU rate can be artificial to get US customers. Let's see what happens later. But don't forget that the number of customers from rest of the world combined using TW (43 countries) are huge compared to customers from the US willing to try WU. I think TW can afford losing a few americans.
                Reply

                Jan 13, 2020 at 6:00 pm

                • James E says

                  January 14, 2020 at 12:28 am

                  Max, You've got to get out more. Check BKK Bank's International Transfers page - they are integrated with WU. Then there's https://www.westernunion.com/TH, https://www.westernunion.com/CA, https://www.westernunion.com/GB, and India, Australia, all of the EU and the whole freakin' rest of the planet. WU dwarfs TW and is a worthy competitor globally. Now they've decided to compete on price. This is good. PLUS... You can also transfer out of Thailand.
                  Reply

                  Jan 14, 2020 at 12:28 am

                  • Pertti Suominen says

                    January 14, 2020 at 8:40 am

                    TW gives me (from Finland) 33.314 and WU 32.525. TW took just ONE minute, until the money was in my Bangkok Bank account.
                    Reply

                    Jan 14, 2020 at 8:40 am

                    • TheThailandLife says

                      January 14, 2020 at 6:36 pm

                      Awesome. TW for the win!

                      Jan 14, 2020 at 6:36 pm

      • Max says

        January 11, 2020 at 9:13 am

        "So, slower than TW has been lately"
        I would say much slower,my TW transfers always arrive within 24 hours,and I'm using the Low cost transfer. My transfers are ALWAYS international transfers with the bank code FTT in my bank book.
        When banking with Bangkok Bank or even K-Bank and using the correct reason for transfer, "Funds for long term stay in Thailand", the transfers shows up as international. This is a well known fact among TW-users (I've used them since 2017). So, either you're banking with wrong bank in Thailand,or, you're choosing wrong reason for transfer (or a combination of both). Otherwise,the transfers would show up the way you want it.
        Reply

        Jan 11, 2020 at 9:13 am

        • James E says

          January 12, 2020 at 12:08 am

          Ahhh.. You play your cards close, don't you Max? I had never considered that the *reason* for the transfer could affect the type code. Another experiment. I don't long-stay in Thailand so I've been using Travel and Living Expenses as the reason. This used to give me FTT but last year changed to IB (TW into BKK Bank). I'll have to play around with this. New experiment!
          Reply

          Jan 12, 2020 at 12:08 am

          • Max says

            February 12, 2020 at 4:46 pm

            I must have replied to your post earlier. The reason "General monthly living expenses" is supposed to be used when sending money to let's say a gf. Then the bank code doesn't matter. TW created the reason "Funds for long term stay in Thailand" in July 2019 (I think) especially for expats from the US,UK and Australia when the bank code really matters because of the non-existent income letter. You understand? If you don't stay here long term and never do annual extensions,then you can use the reason you used earlier. You probably get the bank code "Interbank Transfer".
            Reply

            Feb 12, 2020 at 4:46 pm

    • Ron-De-Voux says

      February 12, 2020 at 4:02 am

      Just recieved my first transfer. Took less than 24 hours. Thanks so much if i hadn't got the money within 48 hours I'd have been late on my rent and my landlady is a biaatch!
      Reply

      Feb 12, 2020 at 4:02 am

  94. Jeff Proulx says

    December 18, 2019 at 3:08 pm

    Today, I paid to learn a lesson: I have been using Transferwise for 3 years now to transfer money from Canada without any problem. A few months ago, TW started raising their fees for transfers from Canada to Thailand so I decided to test another supplier (XE.com) this week to transfer a large amount from Canada as they had a better exchange rate than TW when I checked last Friday. The result? Though I had saved about $15 CAD on $20k by using XE.com, the amount that was deposited in my Kasikorn bank account was missing 750 baht. I called and the bank informed me that Bangkok Bank had pocketed 650 baht and that Kasikorn themselves had then pocketed another 100 baht as that was using a system called "BHATNET" instead of the regular thai bank direct payment (see page 19 here for fee details: https://kasikornbank.com/en/rate/fee/ChargesDoc/FeesforInternationalTradeProducts-en.pdf).

    I was mad when I heard this as this is more expensive than a regular transfer through a Canadian bank (Scotiabank = $15 CAD) with no Thai bank deduction.

    To make sure that TW was still the best, a few minutes ago (while writing this post in fact), I decided to initiate another transfer from my TransferWise Borderless account in THB just to see if Kasikorn would deduct 100 baht again. The answer is no! The amount that TW shows when you start a transfer on TW really is what you get when it arrives in Thailand!

    Transferwise is definitely/still the best funds transfer service from Canada after testing out 4-5 and I am now in the process of closing down the XE.com account that I had opened just a few weeks ago.

    I hope this experience helps someone else.
    Reply

    Dec 18, 2019 at 3:08 pm

  95. anthony godfrey akhurst says

    November 26, 2019 at 3:42 pm

    I have lived in Thailand now for the last 10 years and have my pensions paid into my thai bank accounts from the uk is there a way that the sender of my pensions can use this service so I don't loose out thank you.
    Reply

    Nov 26, 2019 at 3:42 pm

    • Max says

      November 26, 2019 at 7:03 pm

      Sorry, but no. You have to transfer the money from an account (in your name) in the UK when using TransferWise. I guess you don't have a bank account in the UK anymore?
      Reply

      Nov 26, 2019 at 7:03 pm

    • TonyT says

      January 30, 2020 at 1:47 pm

      If you still travel back to the UK or you can open a UK account to have your pension paid into then you can use Transferwise. I get an Aussie pension paid into an Aussie bank account. After each payment I simply use Transferwise to send money from myself in Aussie to my bank account in Thailand. However it used to depend which bank you send it to in Thailand as to how long it takes. I have a BKB account here & lately it will come through the same day, like send it before the Aussie bank closes (about 1pm Thai time & it will arrive in 2 or 3 hours. Having said that, as I described in another post, my transfer got lost for 2 days & I had to go searching at BKB & Kasikorn Bank & notifying Transferwise in the UK before it magically appeared in my bank account as an "Adjustment".
      Reply

      Jan 30, 2020 at 1:47 pm

      • Max says

        January 31, 2020 at 8:19 pm

        If Anthony's pension goes straight to his thai bank account, I think he doesn't have an account in the UK anymore. I asked him about that November 26 but he never replied,and I don't think he will.
        Reply

        Jan 31, 2020 at 8:19 pm

        • TonyT says

          February 12, 2020 at 7:54 am

          No Max, I do not now have an account in a UK bank. I am Australian so why should I. I cannot believe there are so many navel gazers around worrying about saving 10 Baht. The important thing is:
          (a) Getting a fast transfer
          (b) Getting a fair conversion rate
          (c) Not having to pay high bank fees
          TW does all of that. I do not care if another way saves me an additional baht or two, Get a life guys!
          Reply

          Feb 12, 2020 at 7:54 am

          • Max says

            February 12, 2020 at 8:53 pm

            I didn't ask you about having an account in the UK. I asked "anthony godfrey akhurst" from the UK because of his enquiry about TransferWise.
            Reply

            Feb 12, 2020 at 8:53 pm

  96. Pertti Suominen says

    November 14, 2019 at 4:18 pm

    I used Transfer Wise today and the money from Finland showed up on my Thai account under TWO MINUTES !
    BTW Opened a bank account (Bangkok Bank / Lamphun) with a SETV (Single Entry Tourist Visa).
    Documents: Thai drivers license, Passport, copies of Residence Certificate and Lease contract. Took about twenty minutes.
    Reply

    Nov 14, 2019 at 4:18 pm

  97. Max says

    November 5, 2019 at 8:33 pm

    Hi,

    Thanks for the lovely and useful page in how to transfer money to Thailand. You mentioned the use of the convenient transfer wise. What if you need to transfer money from Canada to Thailand, transfer wise does not offer this option as far as i know......regards
    Reply

    Nov 05, 2019 at 8:33 pm

    • Max says

      November 5, 2019 at 9:57 pm

      Of course you can transfer money from Canada to a local bank account in Thailand using TW. The other way around isn't that easy. Currently it's not possible to send baht out of Thailand using TW. According to TW's website, they're working on it.
      Reply

      Nov 05, 2019 at 9:57 pm

    • James E says

      November 5, 2019 at 11:17 pm

      They support CAD transfers and have a website for Canada.
      Reply

      Nov 05, 2019 at 11:17 pm

  98. John McAuley says

    November 4, 2019 at 4:05 pm

    There are no IBAN codes in Thailand my wife works in KTB bank and I have a bank account but no IBAN only Swift
    Reply

    Nov 04, 2019 at 4:05 pm

    • James E says

      November 4, 2019 at 10:59 pm

      IBAN is not universal. The US doesn't use it either. For a list of ountries check out: https://www.xe.com/ibancalculator/countrylist/. But you don't need an IBAN to transfer into Thailand, just the local account number and bank.
      Reply

      Nov 04, 2019 at 10:59 pm

  99. Mike says

    October 31, 2019 at 8:52 pm

    Departing in 2 weeks for a much needed, long-term, return visit to Thailand. Amn’t planning to open a bank account (visa exempt). Is there a TransferWise option available where no bank account is held in Thailand?
    Great article, btw. Well written. Clear.
    Reply

    Oct 31, 2019 at 8:52 pm

    • Max says

      October 31, 2019 at 10:12 pm

      When using TW, I think you need to send to a local account in Thailand. It doesn't have to be your account,it can be someone elses.
      Reply

      Oct 31, 2019 at 10:12 pm

      • TheThailandLife says

        October 31, 2019 at 10:21 pm

        Yes, you just need a bank account to send the money to.
        Reply

        Oct 31, 2019 at 10:21 pm

    • Jon says

      November 22, 2019 at 3:04 am

      I think DeeMoney you can do this without having to have local account.

      But YMMV.
      Reply

      Nov 22, 2019 at 3:04 am

      • TonyT says

        January 30, 2020 at 2:01 pm

        That is correct. I have occasionally sent money from Aussie bank to my wife's BKB account But that was just a test. Call me a chauvinist but I prefer to keep control of my money (after the experience of buying a house which has ended up in her name)!!!
        Reply

        Jan 30, 2020 at 2:01 pm

        • Max says

          January 31, 2020 at 8:09 pm

          When buying a house in Thailand you need to know how it works before you buy it. 😀
          Reply

          Jan 31, 2020 at 8:09 pm

          • James E says

            January 31, 2020 at 11:04 pm

            Max smiles! My dour, Teutonic image of him has been shattered on the floor!
            Reply

            Jan 31, 2020 at 11:04 pm

            • TheThailandLife says

              January 31, 2020 at 11:06 pm

              I was shocked!
              Reply

              Jan 31, 2020 at 11:06 pm

            • Max says

              February 1, 2020 at 8:08 am

              I always finds it amusing when foreigners eventually (sort of) get the hang of property laws (incl land leases) and how ownership works here,suddenly realizes that the houses they built with their own money are in their wifes/gf's names.
              Reply

              Feb 01, 2020 at 8:08 am

              • TheThailandLife says

                February 1, 2020 at 6:11 pm

                Ha, yea. Unfortunately it's not so amusing when someone finds themselves back home on state aid living in a hostel, while their Thai ex lives the dream in a 10 million Baht mansion surrounded by rice paddies, making trips to Tesco and back in her Nissan Juke.
                Reply

                Feb 01, 2020 at 6:11 pm

                • Max says

                  February 1, 2020 at 6:29 pm

                  You're right, but people wouldn't do it back home,so why do it here? Lending a gf some money, yes. You might never get it back,but it's only money. A house imo, is a totally different thing. Especially when you won't get it back.
                  Reply

                  Feb 01, 2020 at 6:29 pm

                  • TheThailandLife says

                    February 1, 2020 at 6:38 pm

                    Exactly. It's a strange thing because a house is such a big purchase, so you'd think people would be as cautious as they are back home. But I guess Thailand - when you first arrive / visit for a few holidays - has this sense of freedom about it, this sense of "everything is easy and everyone is nice". It lures people into a false sense of security. I should probably do a post about this; it might help save some people some money.
                    Reply

                    Feb 01, 2020 at 6:38 pm

                    • Max says

                      February 1, 2020 at 7:35 pm

                      Do a post about ownership and how it works and about land leases.

                      Feb 01, 2020 at 7:35 pm

                    • TheThailandLife says

                      February 2, 2020 at 3:16 am

                      Actually, I have something similar on land ownership which covers similar advice.

                      Feb 02, 2020 at 3:16 am

                    • James E says

                      February 2, 2020 at 1:07 am

                      The sting of Cupid's arrow activates the Stoopid gene. It's on the Y-chromosome.

                      Feb 02, 2020 at 1:07 am

                    • TheThailandLife says

                      February 2, 2020 at 3:16 am

                      True story.

                      Feb 02, 2020 at 3:16 am

          • TonyT says

            February 13, 2020 at 8:52 am

            Mine was even worse. I assumed that property laws in TH were the same as at home in Aussie so I think I was smart & paid only !M Baht on a contract with the rest in a year. I then learned about the Thai laws & had to make the decision as to going ahead or walking away & leaving the deposit for the house seller. I decided that I may as well proceed after the year however: the first deposit exchange rate was 32 baht per one Aussie $ but after a year had slipped to 20 Baht. Also I transferred my first lot using my credit card & the bank's c/c machine had a limit of 999,999 baht. (What a loser!)
            Reply

            Feb 13, 2020 at 8:52 am

  100. Steve says

    October 31, 2019 at 4:08 pm

    Hello
    I wonder how to make a transfer from france to thailand for condominium purchase reason. I already used transferwise and when it comes to high amounts 10000EUR+, they let me do a transfer to a german bank which then transfers it to the thai bank.
    That works well, but thepurchasename has to bethecondominium name to show clearly the purchase reason. Problem is that in order to use transferwise and the intermediate bank, i get a purchase name from TW so that the bank knows the purpose...but that does not show the condo purchase any more. What to do to change this? Any idea?
    Thx in advance if someone got solution
    Reply

    Oct 31, 2019 at 4:08 pm

    • Max says

      November 1, 2019 at 9:13 am

      I think you have to talk to TW about this on the phone. Because of banking regulations there's sometimes problems when sending large sums overseas. TW are not allowed to withdraw large sums directly from your home bank,that's why you transfer the money to a TW account in Europe,then they transfer the money to Thailand. Give them a call and explain the situation. If it doesn't work,you might have to transfer the money by swift old school.
      Reply

      Nov 01, 2019 at 9:13 am

      • Steve says

        November 2, 2019 at 2:01 pm

        Hello and thx for feedback.
        I think you are right, maybe this case comes to the limits of TW.
        I'll keep updated if i get news and if i can contact them.
        Thank you
        Reply

        Nov 02, 2019 at 2:01 pm

      • John roberts says

        November 11, 2019 at 10:33 pm

        I will shortly need to send 60k sterling to my thai partners bank account, please tell me the current rate plus any associated costs many thanks
        Reply

        Nov 11, 2019 at 10:33 pm

        • TheThailandLife says

          November 11, 2019 at 11:48 pm

          The rate was showing at 39.033 just now. Thing is, the cap for sterling to Thai Baht is 2 million Baht. The amount you want to send comes in at 2,328,456.40, so you'll have to send in two batches. You will pay a fee of around 345 GBP on that amount, but obviously save more than that due to getting a better exchange rate.
          Reply

          Nov 11, 2019 at 11:48 pm

  101. SALEH ALRIFAI says

    October 29, 2019 at 10:08 am

    Hi,
    I try to transfer euro, with Transferwise, from my account in Spain to my foreign currency account in Kasikorn Bank.
    The application ask for the IBAN code, but in Kasikorn they told me that they dont have this code , only Swift code!!!!
    Can i make the transfer in Euro with Swift code only?
    Thak you very much
    Reply

    Oct 29, 2019 at 10:08 am

    • Max says

      October 29, 2019 at 5:48 pm

      If the TW app asks for the IBAN code,then you need to submit it. You should be able to see your IBAN code in your account info online,otherwise ask your bank at home.
      Reply

      Oct 29, 2019 at 5:48 pm

  102. Jethro says

    October 29, 2019 at 1:14 am

    I did a transfer this morning at 09.00 for 10,000 baht from UK to Bangkok Bank. The app said it would take 45 minutes.
    BUT... It only took 15 minutes!!
    Reply

    Oct 29, 2019 at 1:14 am

    • Max says

      October 29, 2019 at 5:51 pm

      If the TW app asks for the IBAN code,then you need to submit it. You should be able to see your IBAN code in your account info online,otherwise ask your bank at home.
      Reply

      Oct 29, 2019 at 5:51 pm

    • Max says

      October 29, 2019 at 5:55 pm

      It's fast because they just move the money locally. They're not actually transferring the money the old fashioned way.
      Reply

      Oct 29, 2019 at 5:55 pm

  103. Willy says

    October 28, 2019 at 5:42 pm

    I assume one has to open a dollar account at a Thai bank for the TW transfer. How does one then withdraw Bhat without incurring any conversion charges and securing the best conversion rate?
    Reply

    Oct 28, 2019 at 5:42 pm

    • James E says

      October 29, 2019 at 12:19 am

      Nope. Home account is in your local currency. Thai account is in Baht. FX occurs (at least once) during the transfer but you only see the mid-market rate from your home bank to THB. There is a fee, but it's modest compared to most alternatives.
      Reply

      Oct 29, 2019 at 12:19 am

  104. Mike says

    October 25, 2019 at 8:09 am

    Is it possible to use Transferwise to move money FROM Thailand?
    Reply

    Oct 25, 2019 at 8:09 am

    • James E says

      October 25, 2019 at 10:07 pm

      Not yet. They keep saying it's on the way but not anytime soon. Thailand is notoriously finicky about letting money leave the country. Check through the comments, I thinks there were some mentions of some other services that do support it.
      Reply

      Oct 25, 2019 at 10:07 pm

      • Mike says

        October 27, 2019 at 8:38 am

        Thanks, James. I appreciate the info!
        Reply

        Oct 27, 2019 at 8:38 am

    • Max says

      October 26, 2019 at 12:22 pm

      It's not possible. Not yet,anyway.
      Reply

      Oct 26, 2019 at 12:22 pm

      • mcmeister says

        October 26, 2019 at 10:02 pm

        It actually is. I'm sending money out of Thailand with TransferWise monthly.
        Reply

        Oct 26, 2019 at 10:02 pm

        • James E says

          October 26, 2019 at 10:37 pm

          Okay. How? THB does not show up as a supported outbound currency on my internet.
          Reply

          Oct 26, 2019 at 10:37 pm

          • Max says

            October 27, 2019 at 9:01 am

            Maybe it's possible if you have a Foreign Currency Account, and transfer let's say € or £.
            Transfer money (THB) abroad from a savings account is not possible.
            Reply

            Oct 27, 2019 at 9:01 am

        • Max says

          October 27, 2019 at 12:09 am

          It says on TW:s website that transfers out of Thailand isn't currently possible.
          Reply

          Oct 27, 2019 at 12:09 am

          • James E says

            October 27, 2019 at 6:53 am

            Might be if the source account isn't denominated in THB. Not sure how TW works with bank-to-bank with no FX.
            Reply

            Oct 27, 2019 at 6:53 am

        • Mike says

          October 27, 2019 at 8:39 am

          Same question. How do you make that work?
          Reply

          Oct 27, 2019 at 8:39 am

    • TonyT says

      January 29, 2020 at 9:05 am

      No. The Thai government will not allow baht to be sent in this way.
      Reply

      Jan 29, 2020 at 9:05 am

      • Max says

        January 29, 2020 at 9:51 pm

        You mean not to be sent out of Thailand using TW,right? When transferring money into the country, you can use any method you want.
        Reply

        Jan 29, 2020 at 9:51 pm

    • James E says

      January 29, 2020 at 11:49 pm

      You can send baht with Western Union. It's pricier than inbound and you need to set up an account with WU's Thai site.
      Reply

      Jan 29, 2020 at 11:49 pm

      • Max says

        January 30, 2020 at 12:03 am

        You can send baht out of the country using your thai bank. It's just an urban myth that you can't do it. But you need to fill in a few papers. Using Kasikorn Banks mobile app K+ it's possible to transfer money to 22 (or 24) countries.
        Reply

        Jan 30, 2020 at 12:03 am

  105. Scott says

    October 17, 2019 at 5:50 pm

    I just done a transfer from Australia to Thailand, its 9pm here and it only took 6 minutes to reach the bank from when i started the tranfer. 2 mimutes for me to send and 4 minutes for them to send. Im not kidding, it usually takes a day but 6 minutes what the hell?
    Reply

    Oct 17, 2019 at 5:50 pm

    • TheThailandLife says

      October 17, 2019 at 6:51 pm

      Wow. That's a record!
      Reply

      Oct 17, 2019 at 6:51 pm

  106. Yvonne says

    October 15, 2019 at 6:28 pm

    I just down loaded the TransferWise app, but cannot find the currency HKD to send to my Thai bank account. My home country bank account is in HKD. Is this app limited to Europe and US banks only?
    Reply

    Oct 15, 2019 at 6:28 pm

    • Max says

      October 15, 2019 at 10:02 pm

      HKD are among the currencies. There are 22 currencies to choose from. Have you registered? It's not enough to just download the app.
      Reply

      Oct 15, 2019 at 10:02 pm

      • James E says

        October 16, 2019 at 6:38 am

        You'll have to go through several steps to get verified. In the U.S. that process took a few days.
        Reply

        Oct 16, 2019 at 6:38 am

  107. Philip says

    October 9, 2019 at 2:13 pm

    I tried TransferWise for the first time yesterday. The registration process was easy and I transferred 1,000 UKP really just to test the system. The rate I got was very competitive and I was amazed when the money arrived in my Thai account within half an hour. Normally, it takes about one week.

    However, there is one BIG problem because of the way TransferWise works.

    The SMS notification from my bank said I had received a transfer from KBNK, which I assume is Kasikorn Bank in Thailand. I just called my bank's call centre (SCB) and asked them for details of the transfer. They confirmed that is was just a local transfer and NOT an international transfer.

    As we all know, foreign Embassies in Thailand have stopped issuing letters verifying income from abroad but Thai immigration will now accept statements from Thai banks provided there is evidence that money deposited comes from abroad. TransferWise transfers do not come from abroad because TransferWise bypasses the SWIFT system.

    When you do a transfer the money from your home bank account goes to the TransferWise office in your country. They then contact their office in Thailand, which organises a transfer from their Thai bank account to your Thai bank account.

    Doing it this way is very fast and keeps costs down, but it doesn't provide the crucial piece of information for Thai immigration. It's just a local transfer, not an international transfer.

    If you don't have the required lump sum in a Thai bank account and need to show immigration that you have the required monthly income from abroad, then TransferWise isn't going to work.
    Reply

    Oct 09, 2019 at 2:13 pm

    • James E says

      October 9, 2019 at 5:45 pm

      The same thing happened to me on my last transfer. They now show up as "TRD" which is a domestic transfer code. I guess the powers that be are trying to protect their business from the interlopers.
      Reply

      Oct 09, 2019 at 5:45 pm

    • Max says

      October 10, 2019 at 7:41 pm

      You can call TW (or email them) and tell them to tag your transfers. Then your transfers will go straight to K-Bank and you must choose correct reason for each transfer: Funds for long term stay in Thailand. Then your transfers should show up as foreign transfers = FTT in your bank book.
      Reply

      Oct 10, 2019 at 7:41 pm

  108. jim j fox says

    September 29, 2019 at 2:30 pm

    Transferwise is the best, have used them many times to transfer my UK pension to Aus. BKK Bank is also far better than Krungsri where I was given the Third Degree of Interrogation. Rubbish bank!

    Planning 3/6 mths in Thailand next year so will transfer the required amount to BKK Bank to get the visa. Used to have the 'Retirement Visa' but hardly worth the bother, for me.
    Reply

    Sep 29, 2019 at 2:30 pm

  109. Fabio says

    September 22, 2019 at 3:11 pm

    I opened an account with Krungsri in Bangkok in January this year (As I travel in TH 4 to 5 times a year).
    I was making many transfer into it using transferwise, But then in HuaHin I forgot to get my card out the ATM (as in TH the card get returned as last) and lost my card.

    Went in Branch and asked for a new card and my account was registered with a phone number that I did not recognized and ask them to change.

    Got a new card and from that moment on I could not make any transfer into my KMA account. I called the customer service and got told that non residents cannot make payments into a Thai account.
    But I have managed to send £50 into (17XX THB) it and that was it... I tried £200 then £300 then £100 and all keeps on getting sent back to me :-(
    What could it be?
    Reply

    Sep 22, 2019 at 3:11 pm

    • TheThailandLife says

      September 22, 2019 at 8:39 pm

      Weird. Not heard of this issue before. Time to open an account with K Bank or Bangkok Bank I think.
      Reply

      Sep 22, 2019 at 8:39 pm

      • Max says

        September 22, 2019 at 11:02 pm

        K-Bank have recently changed the requirements. Earlier you needed to show passport and work permit or passport with a retirement visa. Now a foreigner isn't even mentioned in the requirements for opening an account. Bangkok Bank is probably the easiest,but they require either a work permit or a reference from an embassy. A Certificate of Residence from Immigration will do the trick if they issue one.
        Reply

        Sep 22, 2019 at 11:02 pm

    • Max says

      September 22, 2019 at 11:06 pm

      That sounds very strange because if you have an an account then you're allowed to transfer money into that account. I have never heard that before. Why didn't you go to the bank which ATM swallowed your card? They usually keep them a short while.
      Reply

      Sep 22, 2019 at 11:06 pm

      • Fabio says

        September 25, 2019 at 2:06 pm

        Max I have left Hua Hin the same day. and it was weekend too
        Reply

        Sep 25, 2019 at 2:06 pm

  110. James E says

    September 18, 2019 at 10:33 pm

    A couple of things. First, I did a TW transfer yesterday US Pacific time and the money was in my BKK Bank account this morning Bangkok time. So about a 12 hour wait. Second, The transfer does NOT show up as an international transfer as it has in the past. Instead it shows as a "Transfer from Account at Other Bank". I'll be in BKK in ten days so I can get my bank book updated and see if the transaction code has changed. So far they've all been FT; hopefully they haven't changed.
    Reply

    Sep 18, 2019 at 10:33 pm

    • Max says

      September 19, 2019 at 9:04 am

      I would give TW a call if I were you,or email them and ask why the transfer got routed through another bank.
      Reply

      Sep 19, 2019 at 9:04 am

      • James E says

        September 20, 2019 at 10:25 pm

        Hey Max. It didn't. According to TW: "Bangkok Bank is still capable of showing these as international transfers.  You will want to reach out to the branch where your account is maintained, and ask them for a Confirmation Letter of International Funds Transfer. They may ask you to provide the following: 1) Bangkok Bank Savings Passbook or Statement showing the specific transaction 2) Passport of Recipient 3) Agreement of the purchase of Condominium (for purchasing accommodation purposes)." (#3 would also include appropriate visa proof if you needed to document the transfer for immigration.) This agrees with the mechanism TW uses for transfers: the money never leaves the country, only the numbers do. The problem is that now proving the source of the funds becomes problematic as the two Thai documents - a bank book and a letter from a bank - will disagree.
        Reply

        Sep 20, 2019 at 10:25 pm

        • Max says

          September 21, 2019 at 10:56 am

          Have you updated your bank book? Then you will know for sure if it was a foreign transfer or not. If it doesn't say FTT,then the transfer got routed through K-Bank or TMB.
          Reply

          Sep 21, 2019 at 10:56 am

  111. carl clark-darby says

    September 17, 2019 at 10:58 am

    You could also open a Thai account in UK(assuming that's where you are from) with the Bankok Bank in Aldgate EC3 London and save transferring and use their international ATM cards to save on fees,no need for an account here Michael.
    Reply

    Sep 17, 2019 at 10:58 am

    • James E says

      September 17, 2019 at 10:52 pm

      This is interesting as the New York branch does not support deposit accounts for non-rich customers... You would still get screwed by the buy-sell spread when you deposited into your BKK Bank account. This is what Transferwise avoids and is the source of much of the savings. Also, I couldn't find any information on this "international ATM card" on BKK Bank's website. Do you have a link to an info page for it?
      Reply

      Sep 17, 2019 at 10:52 pm

    • Max says

      September 18, 2019 at 12:23 am

      I don't really believe it will be cheaper than using TW because there are several forums in Thailand about transferring money from the UK,and no one have come up with your method.
      Reply

      Sep 18, 2019 at 12:23 am

    • Fabio says

      September 22, 2019 at 3:21 pm

      Did actually opened your account in UK Michael? Or you opened it in TH?
      I've heard that it's quite hard to open a current account in TH for non resident.

      I have mine opened but it's so limited to what I can do with it. I cannot use it not even to top up my True-H mobile pre paid SIM.
      P.S. That it's not so much of a problems, since I use my Transferwise card for it
      Reply

      Sep 22, 2019 at 3:21 pm

      • Max says

        September 22, 2019 at 10:54 pm

        What bank do you use in Thailand?
        I have never heard about a limited account.Bangkok Bank requires a reference from an embassy or a Certificate of Residence from Immigration. If having a account like yours, then it's totally useless.
        Reply

        Sep 22, 2019 at 10:54 pm

  112. Richard says

    September 16, 2019 at 4:40 pm

    Thanks for this TheThailandLife, Just wanted to make a add that I just used this service to send to my Kasikorn Bank and received the exact amount stated, and it literally took under 15 minutes to appear in my Kasikorn Bank (I have the Kasikorn App on my phone already). Sent GBP to Baht from my Natwest account.
    Reply

    Sep 16, 2019 at 4:40 pm

    • TheThailandLife says

      September 16, 2019 at 6:43 pm

      Great. Thanks for reporting your experience. Good to know all works smoothly with K Bank/
      Reply

      Sep 16, 2019 at 6:43 pm

  113. Michael Stevens says

    August 8, 2019 at 5:37 pm

    Hi, I'm going to be in Thailand for five months. Do I need a Thai bank account to use Transferwise? Or can I use it if I go into any bank in Thailand and ask them to take the transfer for me as a service and pay me the cash over the counter? If not, how do I open a Thai bank account and what Thai bank do you recommend? Thanks for your help. Mick
    Reply

    Aug 08, 2019 at 5:37 pm

    • Rob says

      August 8, 2019 at 6:29 pm

      Hi Michael, Not certain of which bank is the best but I use Bangkok Bank over the last 6+ years and no issues. Until recently I would have said " Instarem " were the most economical but a new kid on the block ( to me at least ) "Skril" has edged ahead. The latter has alternative to banks but have not researched " Skril " as yet. Hope this is of assistance.
      Reply

      Aug 08, 2019 at 6:29 pm

      • Max says

        August 29, 2019 at 6:37 pm

        The fee for international transfers with Skrill is 1,9%, and that's way more expensive than TransferWise.
        Reply

        Aug 29, 2019 at 6:37 pm

    • TheThailandLife says

      August 8, 2019 at 6:34 pm

      Yes, you do need a bank account to transfer the money to. I too use Bangkok Bank. Based on reader feedback and personal experience, Transferwise is by far the quickest and most reliable service.
      Reply

      Aug 08, 2019 at 6:34 pm

      • Michael Stevens says

        August 14, 2019 at 2:45 am

        Thanks for your feedback and help. So I get to Thailand and go to a branch of Bangkok Bank and ask them to give me an account. What do they need from me for me to do that? In other words is it straight forward and easy? And once I've got an account am I using ATM's or going into branches to get cash? Thanks again. Mick
        Reply

        Aug 14, 2019 at 2:45 am

        • TheThailandLife says

          August 14, 2019 at 3:59 am

          Please have a look at this post: https://www.thethailandlife.com/thai-bank-account-foreignersIf you read the latest comments you'll get information on recent reader experiences. Opening an account can be hit and miss but generally Bangkok Bank in Bangkok is foreigner friendly. You might also try K Bank and Krungsri Bank.
          Reply

          Aug 14, 2019 at 3:59 am

        • Max says

          August 29, 2019 at 6:53 pm

          Bangkok Bank has a great website in English. Click on private banking and then look for saving accounts and how to open an account. There you can see the requirements. The procedure is far from straight forward. This is Thailand. If you are allowed an account you will get a bank book, then ask for an ATM-card. The card includes a MasterCard debit.
          Reply

          Aug 29, 2019 at 6:53 pm

    • James E says

      August 8, 2019 at 9:45 pm

      You could also use TW's Borderless account (TTL has a post about it) and use the ATM that comes with the account. You'd get TW's current exchange rate but be stuck with a local ATM fee. Depends on how much you'll need at any one time, too. I know Thai banks (I use BBK Bank too) allow an unseemly maximum daily withdrawal. I'm not sure what TW's max is.
      Reply

      Aug 08, 2019 at 9:45 pm

  114. david bailey says

    August 6, 2019 at 2:29 pm

    Can I transfer regular smaller amounts with transferwise, by smaller I mean transfers of 300 to 500 pound sterling to Thai Baht, or is there a minimum amount?
    Reply

    Aug 06, 2019 at 2:29 pm

    • TheThailandLife says

      August 6, 2019 at 5:21 pm

      Yes you can transfer smaller amounts; even 20 pounds.
      Reply

      Aug 06, 2019 at 5:21 pm

  115. David Anthony (Tony) Evans says

    July 6, 2019 at 1:25 pm

    Having just been caught out by the problems with TransferWise over the 1/2/3 July where many International transfers all seemed to be coded as Local Transfers and not good for Immigration visa extension purposes. I have made a second transfer using the SWIFT system baht 2000 less compared to Transferwise. My question to you Do you know any way to return the original baht received back to the UK bank to avoid duplicate transfers. The banks will only do this I believe if you earn money here and pay taxes. Seems strange you cannot transfer your own money back to your UK bank
    Reply

    Jul 06, 2019 at 1:25 pm

    • TheThailandLife says

      July 7, 2019 at 3:47 am

      Hi David, this is not an problem, TW transfers usually show as local, which is why it may not be applicable for those who require proof of a Foreign Exchange Transfer. Can't you do a SWIFT transfer back to the UK?
      Reply

      Jul 07, 2019 at 3:47 am

      • Max says

        August 29, 2019 at 3:33 pm

        TW transfers money through 3 banks in Thailand,Bangkok Bank,Kasikorn Bank and now also Thai Military Bank. If you have another Thai bank, transfers will always be shown as domestic transfers=Interbank Transfer. If you're using one of the 3 banks mentioned above and you need it to be a international transfer=FTT,you can call TW,and they can tag your transfers to one of those 3 banks. TW knows about this and recently added a new reason for the transfer,"Funds for long term stay in Thailand". This reason together with the tag will make the transfers show up as an international transfer.
        Reply

        Aug 29, 2019 at 3:33 pm

  116. Mike Utumapu says

    July 2, 2019 at 3:55 am

    Hi Thanks for all the great info, so I'm from Australia (kiwi) and wanting to send money over regularly in your opinion this is still the easiest and less bank fees available. I did recently send via western union and was effortless and quick but noticed transfer fee was $6au the exchange rate was lower than the bank or maybe I didn't see what they took out at Thai end. I'm not real up too date with sending money to Thailand. Thanks again I've enjoyed your blogs.
    Mike
    Reply