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Best Way to Send Money to Thailand: No Bank Fees & 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.

In 2019, Over 7 Billion USD was remitted to Thailand. Among the top sending countries were the US, Germany, Australia, UK, and Sweden. (Source)

You can bet your bottom dollar a huge amount of that 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: because 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, and I'll get to that in a moment. But first let's look at how the fees rack up.

The 4 Pain Points of Transferring Money to Thailand

1: Transfer Fee

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

And we're nowhere near done with fees yet. Read on.

2: Receiving Fee

After the transfer fee, you get hit by the receiving bank for another amount of about the same. Most banks such as Bangkok Bank charge a maximum of 500 Baht.

So you've already paid twice to transfer your own money, and that's without 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. 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 it's not the rate they pass onto you.

It's one of the ways they can hide the true amount they're charging. 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.

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

money-transfer-comparison

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

Remember: This means you lose even more money, because your bank steals a nice chunk of cash on their own exchange rate, a rate they set themselves – not the “mid-market rate”.

That said, the Thai bank will still convert your currency to Thai Baht at their own rate too, and make a enough for a meal out. But they generally won't squeeze your pockets as hard as your sending bank  (your home bank).

4: Transfer Times

So, you've had your pockets skimmed on all fronts.

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 48 hours. That's a real kick in the teeth.

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

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. And 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).

Well, as you probably guessed, the point of this post is to reveal that there is a solution. Thank Buddha!

+ Enter Wise (formerly Transferwise) to Save You Money

Seriously, I waited years for this. You can now transfer money to Thailand with ZERO bank charges, get the Mid Market Rate currency conversion and only pay a small fee.

Typically that fee, on £1,000 is 0.35%.

I know, it's hard to believe, but I'm doing it and so now are hundreds of readers of TheThailandLife.

Check this out:

Here is the rate I got from Wise on 13th May, 2020 on 1,000 GBP:

transferwise-payment-comparison

Yes I know, the Pound (£) is weak and getting weaker.

But now look at the bank transfer rates of four high-street banks. Wise (formerly Transferwise) beats them both, comfortably.

The exchange rate is lower and the fees are higher.

transferwise-bank-comparison

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!

transferwise-mid-market-rates

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 £6.81 fee. Usually, my bank (Nationwide) charges £20. Plus I'd have to pay 500 Baht (£12) to my receiving bank in Thailand.

So altogether, with the favorable exchange rate, I saved over £50 with Wise (formerly Transferwise) over transferring with my bank!

Sending USD to Thailand

For my friends from the USA, here's how things size up in dollars:

transferwise-bank-comparisons

The dollar isn't very strong against the Baht at the moment, but again, the Wise rate is better than the market rate on Xe.com (below).

Usually the rate is the same or slightly better, but note that rates change by the second at times in the market. You can also check Reuters for comparison.

transferwise-US-mid-market-rates

I was so over the moon with my transfer that I popped off an email to them and asked if I could get more information 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 back there < to get the free gift.

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.

How Does Wise (Transferwise) 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 48 hours; 2-3 days quicker than my bank.

There are readers in the comments section who've received their money to Thailand within 24 hours.

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.

Normally it takes a day or two to process conversions. For bigger amounts it could take longer.

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

Here's a Quick Benefits Summary

Wise, formerly Transferwise, 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.

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. Fast transfer, especially on amounts below 5k. Approx 48 hours.
  5. Once you're comfortable with the system, you can use the iOS or Android app for transfers on the fly.

+ Click here to make your first transfer

Boy does it feel good to avoid those bank fees!

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  1. kurt g. tietje says

    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

  2. kurt g. tietje says

    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

    • Max says

      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

  3. kurt g. tietje says

    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

    • Max says

      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

      • kurt g. tietje says

        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

  5. ed says

    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

  7. JamesE says

    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

    • JamesE says

      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

  8. M says

    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

  9. Paul Hastilow says

    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

    • Max says

      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

        • JamesE says

          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

          • Max says

            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

            • JamesE says

              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

              • Max says

                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

  10. Bubba says

    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

    • Max says

      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

      • Steve says

        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

        • TheThailandLife says

          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

  12. John Peters says

    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

    • Max says

      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

      • John Peters says

        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

        • Max says

          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

    • JamesE says

      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

      • Max says

        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

    • James says

      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

    • James says

      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

    • Max says

      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

    • JamesE says

      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

    • Max says

      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

    • JamesE says

      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

      • Max says

        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

  15. Tom Jansen says

    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

    • Max says

      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

    • Barry Rowe says

      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

        • JamesE says

          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

        • Barry Rowe says

          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

  16. Tom Jansenq says

    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

    • Max says

      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

      • Tom Jansen says

        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

        • JamesE says

          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

        • Max says

          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

          • Tom Jansen says

            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

            • Max says

              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

              • Tom Jansen says

                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

                • Tom Jansen says

                  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

                  • Max says

                    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

        • Max says

          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

        • JamesE says

          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

          • Max says

            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

    • Max says

      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

    • Max says

      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

  20. Patrick Mark Davis says

    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

    • Max says

      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

  21. Cashboy says

    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

    • Max says

      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

  22. Phil Lowney says

    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

  24. Tom Jansen says

    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

    • Max says

      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

    • James says

      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

      • Max says

        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

  25. ed says

    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

    • Max says

      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

  26. Chris H says

    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

    • Max says

      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

  27. JamesE says

    (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

  28. JamesE says

    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

    • TheThailandLife says

      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

    • Patrick Mark Davis says

      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

    • Max says

      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

        • Max says

          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

    • TheThailandLife says

      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

  31. Joe G says

    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

    • Max says

      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

    • JamesE says

      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

      • Joe G says

        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

        • Max says

          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

        • Joe G says

          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

          • JamesE says

            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

          • JamesE says

            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

            • Max says

              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

            • JamesE says

              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

              • Max says

                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

                  • Max says

                    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

                • JamesE says

                  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

            • Joe G says

              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

              • JamesE says

                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

                • Joe G says

                  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

  32. Christopher Hickman says

    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

  33. Paul ward says

    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

    • Max says

      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

        • Max says

          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

  34. ray goodwin says

    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

      • Max says

        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

    • Max says

      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

    • TheThailandLife says

      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

      • Max says

        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

      • Brian Marshall says

        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

        • Max says

          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

          • Anthony Capilli says

            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

            • Max says

              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

  36. Amelia says

    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

  37. JamesE says

    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

    • Max says

      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

      • JamesE says

        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

  38. Ceri Griffiths says

    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

    • JamesE says

      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

      • Ceri Griffiths says

        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

        • JamesE says

          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

    • Ceri Griffiths says

      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

      • JamesE says

        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

        • Max says

          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

            • Max says

              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

    • Ceri Griffiths says

      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

      • Max says

        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

  39. Brian Marshall says

    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

    • Jeff says

      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

  41. Christopher Wood says

    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

    • TheThailandLife says

      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

    • Max says

      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

    • Ian Milburn says

      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

  42. michael barber says

    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

    • Max says

      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

    • panos says

      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

      • TheThailandLife says

        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

    • Max says

      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

        • Max says

          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

            • Max says

              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

            • Max says

              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

    • Brian Marshall says

      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

      • Max says

        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

  43. Peter Booth says

    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

  44. Ben says

    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

    • Max says

      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

  45. Robert Johnson says

    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

    • Max says

      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

    • Max says

      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

  47. Don B. says

    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

    • TheThailandLife says

      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

      • Don B. says

        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

        • JamesE says

          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

    • JamesE says

      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

      • Max says

        "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

        • JamesE says

          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

    • Max says

      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

  48. Larry Bardelmeier says

    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

    • JamesE says

      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

      • Frankbank says

        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

        • TheThailandLife says

          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

          • Frankbank says

            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

            • TheThailandLife says

              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

              • Noel says

                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

                • TheThailandLife says

                  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

                  • Noel says

                    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

                    • TheThailandLife says

                      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.

                  • James says

                    "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

                • JamesE says

                  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

            • Max says

              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

  50. Munnster says

    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

    • Max says

      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

  52. John Blake Jr. says

    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

    • Max says

      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

    • James E says

      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

      • Max says

        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

        • preesy chepuce says

          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

          • Max says

            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

  53. ray goodwin says

    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

      • wachirapranee tesprasit says

        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

        • JamesE says

          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

  54. Terrence Barker says

    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

    • Max says

      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

  55. Gus says

    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

    • James E says

      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

    • TheThailandLife says

      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

  57. Dan says

    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

    • Max says

      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

      • Ian says

        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

          • Ian says

            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

              • Ian says

                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

                • Max says

                  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

                  • Ian says

                    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

              • Max says

                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

        • Norman says

          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

          • Max says

            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

        • Max says

          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

      • Anthony Handley says

        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

        • Max Fredriksson says

          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

        • James E says

          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

          • Max says

            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

      • preesy chepuce says

        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

        • Max says

          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

    • John Blake Jr. says

      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

      • Max says

        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

  58. JP says

    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

    • Max says

      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

    • Martin1 says

      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

    • Max says

      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

      • James E says

        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

      • Max says

        "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

  60. Tony Flynn says

    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

    • TheThailandLife says

      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

    • Max says

      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

  61. Mike Atkinson says

    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

    • James E says

      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

    • Max says

      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

        • James E says

          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

          • Max says

            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

            • James E says

              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

              • Max says

                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

        • Max says

          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

        • Steve Ginn says

          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

    • Max says

      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

  64. James E says

    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

  65. RM says

    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

      • James E says

        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

        • Max says

          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

          • James E says

            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

            • preesy chepuce says

              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

              • Max says

                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

  69. Greg says

    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

      • Max says

        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

      • Greg says

        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

        • TheThailandLife says

          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

        • Max says

          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

    • Max says

      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

  71. TonyT says

    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

  72. James E says

    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

    • Max says

      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

      • James E says

        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

          • James E says

            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

            • James E says

              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

        • James E says

          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

          • Max says

            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

            • James E says

              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

              • Max says

                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

    • James E says

      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

      • TheThailandLife says

        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

        • James E says

          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

          • Max says

            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

            • James E says

              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

            • James E says

              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

      • Max says

        "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

        • James E says

          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

          • Max says

            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

  73. Jeff Proulx says

    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

  74. anthony godfrey akhurst says

    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

    • TonyT says

      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

        • TonyT says

          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

  75. Pertti Suominen says

    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

  76. Max says

    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

  78. Mike says

    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

  79. Steve says

    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

    • Max says

      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

  80. SALEH ALRIFAI says

    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

    • James E says

      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

  84. Scott says

    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

  86. Philip says

    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

    • Max says

      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

  87. jim j fox says

    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

  88. Fabio says

    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

  89. James E says

    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

      • James E says

        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

  90. carl clark-darby says

    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

    • James E says

      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

    • Fabio says

      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

      • Max says

        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

  91. Richard says

    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

  92. Michael Stevens says

    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

    • Rob says

      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

    • TheThailandLife says

      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

      • Michael Stevens says

        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

    • James E says

      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

  94. David Anthony (Tony) Evans says

    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

    • TheThailandLife says

      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

      • Max says

        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

  95. Mike Utumapu says

    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

    • TheThailandLife says

      Hey Mike, yes Transferwise is quick once set up and competitive in terms of fees vs the banks. It's good for regular transfers and I'm still using it to transfer money from my UK bank account to my Thai bank account which is held with Bangkok Bank.
      Reply

        • James E says

          Well, they probably would have based their European operation in London if you hadn't started the whole Brexit thing... :) I started the account opening procedure and it's rather cumbersome (in the US). You strt the process by initiating a transfer. You fill out basic information about you and then detailed information about the recipient at the destination - Name, address in Thailand, bank details. Then you provide detailed information about you - driver's license and address - to prove you're who you say you are. Then you wait. This is where I am now. The only thing that caught my eye so far is that they appear to be using SWIFT for the transfer. Also, so far they haven't asked me about my originating bank. That means I'll have to go through an account verification (micro-deposits from the customer service rep I spoke with) after my person is verified as real. I'll update as I know more. For US$ transfers it's a flat 0.5% fee which gives it an edge over Transferwise on smaller denomination transfers.
          Reply

            • James E says

              I've been looking at reviews of both TW and InstaReM and it's interesting how they differ. For TW the complaints are almost exclusively from business clients whose accounts have been suspended. For IR it's all from individuals whose transfers were initiated and didn't go through so their money was in limbo. Several of the comments seem to indicate that if the rate went against IR after the transfer was started then it just didn't finish. On the Play Store probably 90% of the recent reviews are for this problem and are of one-star.
              Reply

              • Rob says

                James, found that Instarem is not interested in commercial transfers generally whilst TW via "Borderless Account " expedite painlessly enough.
                Instarem whilst a little convoluted with their rego process have been fine on transactions. All my transactions are originally in AUD.
                Regards
                Reply

                • James E says

                  Three days since applying for my InstaReM account and not a peep. This is all before they spend another week verifying my account with micro-deposits. I could go online and have a credit card applied for and approved in about 3 minutes. Clearly, InstaReM is not ready for the big leagues yet. I still think it's good to have a TW alternative waiting in the wings both for the downward pressure of fees it provides and as a way to expatriate more money in the same time should western civilization collapse, as predicted, within the next few years. I'll comment more as (if?) things progress.
                  Reply

                  • Rob C says

                    Hi James, read your travails with Instarem. I have the belief that often time it comes down to the operative handling your case - it took me a very much longer time to get TW's requirements sorted out and numerous conversations - Cheers
                    Reply

                    • James E says

                      InstaRem approved my account today so I continued on with my transfer. It got really uncomfortable really quickly. First, InstaReM uses a third-party developer - Plaid - for their US ACH/Direct Debit processing. Plaid uses your login credentials to your bank to allow you to start the transaction but it does so from within InstaReM's website (Plaid is just an API). They do so with a pop-up login screen that looks like it might be from your bank but isn't. I'm sorry, but nobody gets my credentials other than my bank. It's just not worth the risk. Clearly, InstaReM's fee advantage is coming from using a least-cost (for them) option for accessing your financial accounts. It's just not worth the risk. That being said, InstaReM does have an option for directly paying them out of your account. You set up the transaction and then go to your bank's website and fund the transaction. This is more secure but - per InstaReM anyway - adds a few days to the time it takes to complete the transfer. It also adds an extra step and potential for error.

                • James E says

                  I received an email from InstaReM today (Day 4) asking: 1. What countries would you like to transfer money to? 2. Reason for Transfers. 3. Relationship with the Beneficiaries. Since the application process requires you to input the receiving end of the transaction first all of these question were already answered.
                  Reply

                  • James E says

                    Since I'm not one to just let questions go unanswered I attempted a transfer with InstaReM using their direct deposit method and I was less than impressed. While this allowed me not to spread my bank login credentials all over the dark web, it also didn't work right out of the box. First, using my banks ACH (direct deposit out) facility I got an error stating that there was a verification error with the payee. (I also was surprised to learn that my bank charges 3% for an ACH out transaction which kind of squirrels the deal right out of the box.) I then tried setting them up as a payee using my bank's electronic bill pay facility which shot up all sorts of red flags. First, Community Federal Savings Bank (CFSB), with whom InstaReM has its banking relationship in the US, is not known to my bank as a destination for payments. This means, at best, my bank could MAIL InstaRem a check to CFSB. Upon further investigation CFSB seems to consist mostly of a network of ATMs in clusters around New York and vicinity and exactly one - yes, one - physical branch located in Queens. Not the paragon of community finance I was expecting. Anyway, I'm sure I could make this work - with TW's new rate structure I'd save even more. But Queens??? Really?
                    Reply

  99. sidney leonard says

    Peter,

    I registered with Transferwise and attempted a trial transfer of $10, but when I entered all the required Bangkok Bank, (where my wife and I have a joint savings account) information I got the message "we cannot currently accept payments to this recipient."

    Do you know if Bangkok Bank allows transfers from USA via Transferwise, and, if so, do you know of others who use Transferwise for Bangkok and are pleased with their service?

    Thank you,

    Sid Leonard
    Reply

    • James E says

      I use TW into BKK Bank all the time. A couple things to look for in addition to the account number issue TTL mentions are: 1) The names on the account have to match exactly the names of the recipient on the transfer. Same spelling, same order, same language.; and, 2) verify that the BKK bank account can accept incoming transfers. (Although that's the account I've got so should be no problem.) I've also got a feeling that the small size of the transfer may be causing an issue as well. Scammers often use small-denomination transactions to test if a particular path works. Maybe BKK Bank's security software is blocking the transfer?
      Reply

  100. L. rees says

    I have been sending money to Thailand for 8 years and tried banks and online banks. For a long time I used Xendpay and transferred several million bahts using them. However I had a problem with them and stopped using them and switched to Transferwise. They are the best online bank you can get at this time. But for a quick transfer always do the deal Monday to Thursday.
    Reply

  102. Sam Williams says

    I have used Transferwise several times, at first they were quite slow, nearly a week. I find normally 3- days is the average, however I have had a transfer in under 2 hours! They seem to be good to deal with and show you how your transfer is progressing and let you know when it has arrived.
    Reply

  105. JONATHAN BOOTH says

    I use TransferWise all the time and have for over a year now. It's great but:

    Don't transfer on a Friday, Saturday, Sunday - they are not a 24x7 organisation and work by matching cash required here to cash transfers in the other direction (so no cash actually moves except for a local transfer to your local account). Since they don't work weekends you won't get your money until the following Monday/Tuesday. I once waited over 5 working days to get 1,000 from the UK.

    On the other hand, I have transferred 1,000 from the UK early Friday morning Thai time and received it by 5:00 PM same day! It just depends on your luck if they can match THB and GBP transfer requests.
    Reply

    • TheThailandLife says

      The offices are open 9-5 Mon-Fri but the service still runs because it is in an automated system. The issue is with the country you are sending it to and whether their system is operating over the weekend.This is from their FAQ:Not all countries have banking systems that work on weekends or holidays. Our delivery times factor in banking hours of the country you’re sending money to.But in some parts of the world, banks stop processing transfers early on Fridays.That means, if your money’s due to arrive on Friday, it may not show in your recipient’s account until the next working day. We’re working to find out which banks do this, and make our delivery estimates more accurate in the process.So technically a transfer should never take more than 3 working days. I agree though, for maximum efficiency send Mon-Thurs. I also just read that they are working on making transfers instant, where possible of course.
      Reply

    • Max says

      The transfer time depends on the type of transfer. Quick transfers are <24 hours,often just a few hours. A "Low cost transfer" arrives normally next day Monday-Thursday. But NEVER forget the membership number on the transfer.
      Reply

    • TheThailandLife says

      What do you mean? You want to try to draw money from your bank in the US via a Thai bank? You can't do this without a debit/credit card to use in an ATM. You'll have to have someone back home wire you cash via Western Union. Transferwise will only work if you have access to an account.
      Reply

    • James E says

      Have you talked to Chase? They have a Bangkok office at 20 อาคาร บุปผจิต ชั้น G N Sathon Rd, Silom, Bang Rak, Bangkok 10500, Thailand. Easy to get to by BTS+MRT. Also, if you still have a credit card you could use that in an ATM or bank and get a cash advance.
      Reply

    • Murray A says

      This happened to me a number of years ago, and I had to get a friend back in Canada to wire me some money through Western Union, which have offices everywhere. That does work well, and saved my bacon on that occasion.

      Another option, if you have your banking information, would be to wire yourself some money online. If you can access your Chase account, there should be a provision to wire yourself funds to Western Union.

      Good luck! I know it's not fun to be going through.
      Reply

  108. B. Kane says

    While I really like Transferwise. Be forewarned that money sent to Thailand to meet immigration standards through Transferwise, may not be adequate. Some transfers may not show up as Foreign Transactions. That being said, you may do 11 transfers that show up as Foreign Transactions (FTT) but that 12th one may show up as a local transfer. (ACH). That would void all of your transfers and not meet the requirements for immigration. Basically, you will not meet the requirements for your extension of stay.
    Reply

  109. Murray says

    I've been living in Thailand for just shy of 5 years, and making those monthly transfers from my Canadian bank to my K-Bank account does hurt. Banking fees plus exchange rate. So this article really grabbed my attention. However, after exploring the TransferWise, I used their website calculator to see what I would be receiving in Thailand using them, compared to what I got on this months transfer using my Canadian bank. The difference was a rather insignificant 300 baht.

    Now any savings is nice, but the problem is that I would still have to get my money from my Canadian account into my TransferWise account first, and my Canadian bank would ding me extra for that. So Transfer Wise would safe me a small money on the transfer, but I'd get dinged by my bank for moving the money from my Canadian bank account into my TransferWise account that would undoubtedly exceed the 300 baht TransferWise says that they would save me. I fail to see how this would be a good thing.
    Reply

    • TheThailandLife says

      I'm not sure why your saving is so low, how are you working this out? I just ran the numbers on transferring £1,000 from my bank account through Transferwise to my BKK bank and I'd save £42 - that's 2,000 ($55) Baht. On £10,000 I'd save over £300! I transfer the money to Transferwise from my bank at no fee. Why would your bank charge you for ding the money transfer to Transferwise?
      Reply

      • Murray A says

        Thanks, I thought this would require a sort of double-transfer. A friend here just used Transferwise after I mentioned it to him, and he said it worked great, and he saved money. I will definitely look at this again, and give it a try.
        Reply

    • JP says

      Not sure how it works in Canada, but I guess it is not far from what we have in the UK.
      You do not ask your bank to transfer money. Yes, this is costly.
      You pay TWise with a debit card linked to your account (credit card has a higher fee).
      Or, if you are on some internet-access account, I guess that you have the possibility to pay TWise directly from your account.
      TWise has also (maybe a bit complicated, but if all the above fail) a debit card account that you can start: put some money (little is ok) in any currency you want, and you'll receive a debit card that is loaded with the money you put on it. But... you can use the money from your debit card to send abroad as well. So if all the above fail for some reason, you could send money from your TWise debit card account, by simply transferring money to your recipient.
      Reply

    • Max says

      You're sending money to a Thai bank account using TW,not to a TW account. Why would your bank charge you extra for the transfer? Domestic transfers are normally free. If you use the "Low cost transfer"option,then you transfer money manually to a domestic TW account in Canada. Then TW transfer the money to your Thai bank account.
      Reply

      • Murray A says

        Thanks, I've used TW twice now, and it works great! My fear of being double charged was just my misunderstanding the process.

        The first transfer took a bit of setting up, but the 2nd transfer took all of 5 minutes. Super easy!
        Reply

  110. Bob Ferguson says

    I am getting myself ready to go for the Thailand life and will be sending or taking a large sum of money. I am retired in Australia and will be getting my pension sent over too. What is the best way to do this? So far I like what I’m reading about here. Thank you for a great blog, much needed. Bob.
    Reply

  111. MJ says

    Trying to get set up to transfer $ for renewal of retirement visa. I will transfer from the U.S. to Kasikorn Bank as well. One concern I have is that I have read that when doing transfers with TW, it is not showing that the transfer is coming from outside the country & apparently I have to show that the $ is coming from outside the country for the retirement visa renewal. Is that true? As anyone else run into this?
    Reply

    • James E says

      When I use TW to send money to my BKK bank account it says: ""International Transfer". However, the disclaimer provided states: "The Transfer Reference is provided by the sender. The bank is not responsible for its content or appropriateness."

      So, if TW does the same with Kasikorn you should get the same message. Maybe somebody with K-bank can weigh in.
      Reply

  113. Mike says

    Just signed up for TransferWise. Trying to send money for the first time. When I get to account number there is something about an IBAN. Never heard of this or how to find it. Also heard something about SWIFT. Never heard of that either. The bank I'm trying to send to is Kasikorn. Any info would be appreciated.
    Reply

    • James E says

      Where are you trying to send from? And how did you tell TW you wanted to send your money? IBAN is your International Bank Account Number which is a derivative of your regular account number and bank name. Some banks participate and some do not (mine doesn't). SWIFT is the global system for bank transfers, you'd use SWIFT if you were transferring by wire. A lot depends on your location and how connected your bank is. If you can pay bills electronically (direct payment) and receive direct deposits you shouldn't need either IBAN or SWIFT.
      Reply

      • Mike says

        Thank you very much for the reply and info. I'm sending from the US to my GF's account at Kasikorn. I did not use the Wire option to send. I have online banking here in the states with bill payment and direct deposit. But have never done anything internationally. I just entered her account number without an IBAN or SWIFT attached to it. The transfer is still pending. It said she will receive the transfer in 6 days. A lot longer than I thought it would take with TW.
        Reply

        • James E says

          TTL's correct, I've had transfers go through - money in my Thai account - before the money came out of my US account. Since it's your first time they may add some buffer so you're not disappointed. Plus, if I remember correctly you'll have to do some validation of micro-deposits on the source account to prove it's yours. With the US TW can always do an ACH-out which doesn't add anything to the cost of the transfer.
          Reply

            • Mike says

              More info on my transfer. Set up my ACH transfer on the 5th. I was verified on the 5th as well. Sending only $20 US as a test case. I received an email saying TW received my money today the 11th. My account also shows this. The email states that my GF will receive the money on the 12th. That is 8 days for $20 to reach Thailand! Is this normal? I'm very disappointed with TW. Western Union is ridiculous. But at least the money gets there the same day.
              Reply

              • TheThailandLife says

                The first time you send it may take longer due to the test deposits, but generally a transfer takes 48 hours. I've had them same day. If the transfer is absolutely desperate and you need it there same day then by all means use WU.
                Reply

                • Mike says

                  Yes it appears that was the case. Happy to report that i sent a second larger amount (ACH) and it got to Thailand in 10 hours 4 minutes. Can't complain about that! I will be moving there very soon and hoping to have the same success. Thanks again for the replies!
                  Reply

    • JP says

      To send money abroad in general, you do need to know about IBAN as a minimum. Most banks use that. The number usually appears on the bank statement. Kasikorn uses this as well.
      The IBAN is made of numbers for the bank itself, the branch, then the full account number.
      I've used TransferWise from UK to transfer to Thai account, with IBAN, and usually the transfer takes between 2 to 8 hours, depending on the time and the day I do the transfer. I can do that even from teh mobile phone with the TW app. And the fees are pretty low and rates very good.
      Reply

    • James E says

      When my transfers show up in my BKK Bank account they are labeled: "International Transfer". However, the disclaimer provided states: "The Transfer Reference is provided by the sender. The bank is not responsible for its content or appropriateness."

      So the answer to your question (at BKK Bank, anyway) is both Yes! and Maybe Not.
      Reply

    • James E says

      P.S. - Being able to provide documentation of both the beginning and end of the transfer and that the numbers and dates match(-ish) should constitute proof. I'm not sure if the TransferWise origination confirmation would need to be translated though.
      Reply

    • Dave says

      Hi Jan,

      I have the same issue as you. Did you do it? I know the only bank it's remotely possible with is Bangkok bank. For other Thai banks it will show up as an internal transfer... I have Bangkok bank and could provide proof of bank transfer on UK end. If it then shows as an international transfer on my Bangkok bank statement, I don't see a problem.

      Please let me know if you have any info. Many thanks
      Reply

      • MaxPower says

        Are you sure that's the only cost? I suspect TransferWise is charging 3.4% and still flagging it as essentially a "cash advance" (so the credit card is going to slam the customer on that: zero grace period, the higher cash advance APR%, etc.).
        Reply

        • James E says

          I got a reply bank from TW today. It should show as a purchase and not a cash advance. Here's the text: "It should be an online purchase, not a cash advance. With each card payment we send our Merchant Category Code (MCC) to the customer's bank so they could decide how to charge this transfer. Our MCC is 4829. We are not forwarding the merchants a categorization which would lead them to think we deal with cash (but rather an online purchase). The decision of how to categorize and charge the payment is entirely the bank's decision. If this happens to you, you need to ask your bank why our MCC was assigned to the cash advance/cash withdrawal category, and which parameters we met for them to make that choice. Also ask them to refund your money as we are an electronic money company and we do not deal with cash at all. "
          Reply

          • Max Power says

            Thanks for doing that research.

            Sadly, it looks like TransferWise is either deceiving you, or they don't know what they're talking about. The MCC 4829 is flagged as "Money Orders - Wire Transfer." It's considered a "cash equivalent transaction" by most banks. The answer that TransferWise is "an electronic money company and" they "do not deal with cash at all" is a bit disingenuous. Just because it's not paper currency doesn't mean it's not money.

            Of course, each bank is different. I've read a lot about this and it seems that some people manage to slip wire transfers, etc., under the radar and get them considered "purchases" for the purposes of fees/APR. But those seem to be the exception.

            For more info, check this article out. It explains a bit better than I have: https://www.creditcardinsider.com/blog/can-you-buy-a-money-order-with-a-credit-card/
            Reply

            • James E says

              And I think that's exactly why there would be no cash advance fee. You're not getting cash from the credit card you're using the CC to buy a money order - an agreement from the vendor to pay someone, essentially a service - from a third-party vendor. This would be unlike going to your bank and funding a wire transfer with your CC which is using your CC to buy money. The cash advance rules would kick in only if you were the recipient. The article link you posted says " purchase will be coded as a cash advance." There is no merchant code for a "cash advance" in the MCC tables (https://www.dm.usda.gov/procurement/card/card_x/mcc.pdf) only for "Manual Cash Disbursment [sic]" (codes 6610 and 6611). PayPal works the same way. I can send money to a friend using my credit card and, other than PayPal's heinous fees, will not get a cash advance hit against my CC. Now, it may be that some money order/transfer places are coding the transaction as a cash disbursement but, if so, that may be because there's a cut of the fee for them. As you say, it could be bank specific as to how they handle it but, given that everything goes through some kind of central clearing house, I would think not. Only one way to find out...
              Reply

              • Max Power says

                I appreciate the thought you've put into that, and a part of me wishes cash equivalent transactions (e.g., money orders and wire transfers) were handled that way by credit card companies. Sadly, they're not.

                The key here isn't whether there's actual physical currency changing hands in the purchase, it's whether or not what you're buying is a cash *equivalent.* For example, let's assume you're right and MCC 4829 "purchases" are handled by your credit card company as run-of-the-mill purchases. That means you'd be able to max out your credit card on things that are easily convertible back into cash and then pop that cash into your bank account. Weeks later, you'd spend that cash to pay your credit card bill (if you pay in full, no interest), and voila. You just got an interest free loan. If you're smart, you put the money in a nice interest-bearing account and you also racked up a ton of rewards points/miles. You only had to pay the money order fee or wire transfer fee.

                You should read a few articles/blogs on "churning." It's basically people regularly applying for credit cards with sign-up rewards (e.g., get $500 if you spend $3,000 in the first 90 days), paying them off, and repeating the process. I'm hardly a pro (I dabbled a bit, but I only used the cards for purchases I'd otherwise have made anyway), but some people are really intense about it and have to find ways to artificially spend money (and then recover it). They've had to resort to things like buying gold coins, etc., in order to find the closest substitute for a cash-convertible purchase. That's because the overwhelming majority of credit card companies (it's on them, not the merchant) are going to code cash-equivalent transactions to prevent this kind of abuse. (Also, many merchants selling things like money orders aren't going to accept credit cards given the swipe fees they're stuck paying, which reduce or exceed whatever fee/spread they're charging the customer.)

                The bottom line is that if cash-equivalent transactions are being considered purchases, I could quit my job right now and live off cycling through my ~$90,000 in available credit (and starting to open new accounts and churn) just like I've outlined above. Sadly, it just doesn't work that way.
                Reply

                • Max Power says

                  I forgot to add: I'm not dismissing your experiences. It's possible some outlier credit cards companies / banks are behind the curve and might miss a transaction now and then. And maybe PayPal isn't flagged as cash equivalent (seems like it should be). I'm just saying that, broadly speaking, those sorts of transactions are going to interpreted by your credit card company not as purchases, but as cash advances.
                  Reply

                • James E says

                  Hey Max, "It's basically people regularly applying for credit cards with sign-up rewards (e.g., get $500 if you spend $3,000 in the first 90 days), paying them off, and repeating the process. I'm hardly a pro (I dabbled a bit, but I only used the cards for purchases I'd otherwise have made anyway)..." I do this regularly along with opening checking/savings accounts that I'm never going to use. I make about $2 Grand a year in cash and travel rewards. I, like you, have only done it for purchases I was already planning on making but now you've gone ahead and made me curious whether all the limits are defined. I was planning on sending some travel funds via Transferwise soon. I think I'll do a test with $100 just to see what happens.
                  Reply

    • Lo Chan says

      Basically there is an extra cost and it is written what thw cost is, when TW ask you to choose which method you are using to pay for your transfer ( at least that is the case if you are transferring money oversea from is Australia)
      Reply

      • Max says

        What do you mean by extra cost?
        You choose from Easy transfer or Low cost transfer. That's the only cost you pay. You don't normally pay anything to your bank back home because it will be domestic transfer,and there's no receiving cost in Thailand.
        Reply

  116. JPB says

    I've been sending money to Thailand regularly 9almost every month) for 3 years now, and have tried many (including banks) and yes TransferWise seems the best for exchange rate, fees and transfer time, typically 24 hours, although a few times it took up to 3 days.
    Now TransferWise has started also a 'cash' debit card (visa) that you can load with the currency you want. I tried it last time I went to Thailand, loaded about 10,000 baht: exchange rate and fees are identical to the transfer ones, and then you can use the card in Thailand, in baht: no other fees etc... as long as you still have cash on it. It takes a few hours to load more baht on it if you want/need. The only trick you need to be careful is that as the card is from the country you are (UK for me), some outlets where you pay with your card, will automatically charge you in your national currency (GBP for me)... so careful and make sure that they charge in bahts.
    Reply

  118. James E says

    I just ran across a new (??) money transfer service from an online ad on The BKK Post that seems to be primarily geared to getting money out of Thailand. It's called DeeMoney (https://www.dee.money) and, at first glance anyway, looks like it might be interesting. As I'm writing this the Spot Rate is 33.08THB/US$ and DeeMoney is selling US$ for 33.06THB. Their transfer fee is 150THB to most of the currencies they support. Drawbacks seem to be that the service is outbound only and that you have to visit one of their four branches to set up an account. It also appears that it's a cash transaction at the Thailand end. (Which to my crime-novel mindset smacks of money laundering but, hey, who am I to judge.

    Anyway, until Transferwise gets its ducks lined up, this may be a cost-effective way of getting money out of Thailand.
    Reply

    • JP says

      Mary-Ann, apologies... a very late answer... but it may help others.
      Cashing in a cheque in foreign currency, anywhere in the world is a costly exercise.
      Unless your bank has facility to open a foreign currency account, and you have a regular arrival of these cheques in foreign currency, you're bound to pay hefty charges.
      HSBC in the UK is charging anything between 10 to 20£ for each transaction. The 'trick' is that, usually, it is per transaction, not per number of cheques. So if you receive a few cheques, wait to have enough before you send them to your bank.
      Reply

  121. Tony Evans says

    TransferWise is an excellent product, reasonable exchange rates and low costs also very fast. I transfer from my UK bank to transferwise London and then usually the money transferred from Travelwise Bangkok bank to my Thai Kasikorn Bank next day.
    The problem for me is that the transfer in my Thai bank book does not indicate it is an International transfer as is comes from Bangkok.
    It is marked as a smart credit and I am not sure Immigration police will accept it as an International transfer. If not I may not be able to use this service.
    Any others have this problem and is there a solution
    Reply

    • TheThailandLife says

      The only issue I know of is with the purchase of a condo whereby you need an FET (Foreign Exchange Transaction Form) to prove the transaction came from abroad. I had someone comment that they weren’t able to get the FET because the transfer didn’t show where the money had come from.I thought immigration just needed to see the balance in the Thai bank account and wouldn’t be concerned with the exact method of transfer?
      Reply

  123. Paul says

    If you use a nationwide credit card to buy product you get the best rate going. I have just spent 22000 baht on a medical bill. The mid point rate at the time was 42,7 to the pound I actually got charged 42.35 with nor fees either in Thailand or UK.
    Secondly if you have a flex plus Nationwide account you can transfer 150,000 Baht a day and the only charge is 200 baht charged by Thai bank with nothing charged by Nationwide. On top of this the average mid range price is only reduced by a maximum of 0.4 average.
    Reply

    • TheThailandLife says

      I have a Nationwide Credit Card and a Flex Plus account. The Flex Plus account costs me £13 per month, plus the charge for payments made overseas, or foreign currency payments within the UK, made through SWIFT is £20 per time. Then I have to pay 500 Baht to receive the money to my Thai bank account.Transferwise consistently saves me between £30 and £50 on money transfers.The Nationwide Credit card is usually a decent rate, but it's the Visa rate, not the mid-market rate. The 0 commission is good.
      Reply

  125. Andreas Wolter says

    When using TransferWise I can not get a FET from the target bank in Bangkok (Siam). They could not trace the money. In the Transfer confirmation from Transferwise it only shows to what bank the money is sent. But not from where! The money comes from my account but actually they came fro, Bangkok Bank. Because someone in Bangkok send the same amount in the opposit direction so the money from Bangkok Bank went to my Siam bank. That I could not show in my documents from transferWise. So, no FET in case I would like to send money back to the homecountry later on of I change my mind and sell house and go back to home country. So I must pay tax on that if I can´t proof that the money comes from my home country in the first place.
    Reply

  128. RichardA_BK says

    Based on the description of how Transferwise operates, it seems they have found a way to legalize the gray market money transfer system that I saw used for transfers between mainland China and Hong Kong when I lived in HK. It was the system that facilitated a large part of Hong Kong's economy, considering how difficult the mainland China government made it to send money out of China, no matter how legitimate a reason there was. As I remember, the two governments tried to end the system, because it can be used to facilitate money laundering and tax evasion, but had to relent when the cut in money flows caused temporary economic problems.
    Reply

    • TheThailandLife says

      TransferWise uses a simple, secure swap based on a peer-to-peer system. If someone wants to convert their pounds to euros, TransferWise’s technology finds someone who wants to transfer money in the opposite direction (euros into pounds)The system automatically matches the currency flows at the real mid-market exchange rate and then pays out from the local euro or pound account, meaning the money never actually moves across borders. Doing things this way means customers can avoid traditional banking fees and you don’t lose money by transferring at an unfair rate.
      Reply