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How to Send Money to Thailand with No Bank Fees & Save over $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 2018, $1,859,000,000 in remittances was sent from the US to Thailand. The total worldwide is over 5 Billion USD. Other top sending countries were 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. Its 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 TransferWise to Save You Money

Seriously, I have 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 TransferWise on 13th May, 2019 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. 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 TransferWise 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 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 TransferWise 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. TransferWise is up to 8x cheaper. It's only fair.

How Does 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, TransferWise 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

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.

  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. 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

  2. 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

  6. 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

  7. 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

  9. 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

  12. 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

    • 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

  15. 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

  16. 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

  17. 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

    • TheThailandLife says

      Hi Bob, yes, so you can open a bank account when you get to Thailand and then use Transferwise to transfer money from home to Thailand. You can have your pension paid into the same bank account.
      Reply

  18. 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

  20. 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

  23. 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

  25. 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

  28. 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

  30. 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

  32. 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

  35. 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

  36. James E says

    Hi,I've been using TransferWise for a couple of years now and had a question about how other people are using it. My typical transfer is pretty low - usually in the 10K - 30K Baht range for which I pay +/- 1.25%. But - and this leads to my question - the exchange rate for the Baht fluctuates so if I did the exchange today I'd get 33.26 THB/US$. But if I waited for a pop to 33.67 or so - my exchange essentially becomes free. I, being a cheapskate and all, find some appeal in a free dinner or massage but was wondering if I might be paying a bit too much attention to the details.So what do you think?: A Poll1) What's an "Exchange Rate"? I just transfer the money when I need it.2) I follow the overall trend of the rate but you can never hit the best rate so why try.3) As in #2 but I'll do a bigger transfer early in a downward trend but hold off as long as I can in an uptrend.4) FREE DINNER!!!??? Count me in.Thanks for your votes and ideas!
    Reply

    • TheThailandLife says

      A bit of 2 and 3: I try to do transfers at a time when the rate is favourable. I tend to track the Dollar against the Pound, so when I hear that the Pound has strengthened it generally will have against the Baht too. So I'll check the rate and do an exchange then.
      Reply

      • Jethro says

        Is it possible for me to open a bank account when visiting as a normal tourist I.E. no visa required, just turn up with my passport.I go two or three times a year and will be retiring there shortly, and I want to start building up an account so that it won't be transferred all in one lump and too handy for me to dip into from a UK bank.
        Reply

        • TheThailandLife says

          Hi Jethro, it is possible. Have a read over the following post and it's comments for the latest reader experiences of opening a bank account: https://www.thethailandlife.com/thai-bank-account-foreigners
          Reply

  38. Elizabeth Dickinson says

    We are travelling to Australia and staying for two months holiday. We want to apply for a 90 day visa to Thailand whilst still in the U.K. can you apply for this visa and state what date you want it to run from?
    Reply

    • TheThailandLife says

      You can't get 90 days unless you are visiting for something other than tourism. You can get a 60 day tourist visa, single entry or multiple entry. The multiple entry will last for six months, but you can only stay for 60 days at a time. If it is just 90 days that you need, get a single entry tourist Visa, which you can then extend for a further 30 days at immigration for 1900 Baht. For further information on visas please visit this page and leave your comments there: https://www.thethailandlife.com/thai-visa-requirements
      Reply

  39. Ian says

    I am another advocate of Transferwise. I regularly transfer money from the UK to my account at Bangkok Bank, to an account I have in Portugal, and more recently from the Portuguese account back to the UK. In my opinion Transferwise cannot be beaten with regard to exchange rates, amount and visibility of charges, and speed of transfer (funds frequently arrive before the estimated date). Easy to use app or website, which also allows you to monitor the status of the transaction.I once had a situation where the transfer to Bangkok Bank was delayed presumably because they couldn't match with currency going the other way. But I was kept informed and the funds arrived 1 day late as advised.Excellent system and service.
    Reply

  40. Grasshopper says

    My bank only charges me $40 USA money to transfer any amount. Transferwire is wanting to charge nearly $70 for the transfer, not including the ACH charge of $12 dollars. I could NOT recommend this, if you are transferring a large amount of money. I will say... the exchange rate matches XE and is much better than my receiving bank. But, the difference in exchange rate doesn't make up for their fee. Better to use the bank to bank transfer. My bank in Thailand is Bank of Bangkok and they don't charge me for receiving the wire transfer. Their exchange rate is horrible compared to transferwise. Today, transferwise 31.58, vs BKK bank 31.16. Again, even with the bad rate, it costs me less to do it from my bank in US to my bank in Thailand. For example, 10K is $30 less to use my bank to bkk bank for the transfer. Maybe cheaper if you are moving small amounts of money, but then your yearly figure for transferring is a lot more. I spend $80 a year, do two transfers when the THB rate is up of course.
    Reply

    • TheThailandLife says

      Hi Grasshopper, on 10k you would SAVE 2.6k. I reached out to Transferwise with your example and they did the math:Unfortunately, banks charge hidden fees in the exchange rate, which is something the user also mentions in the comment you sent through. We encounter situations like these all the time, because customers don't actually know how much banks charge in hidden fees.In this case, the exchange rate markup is 1.35% (31.58 TransferWise vs 31.16 Bangkok bank). I've done the quick math with the details from the comment and with the 1.35% markup, the customer actually incurs $175 fees ($40 fees + $134 markup) on $10,000 transfer to THB. With TransferWise they would receive 2.6k more THB than they would with the bank, which in fact makes TransferWise cheaper. Please see details below.amount USD FX Fee FX markup Total fee Received THB TW $10,000.00 31.58 $101.00 0 $101.00 312,610.42 bank $10,000.00 31.16 $40.00 $134.79 $174.79 310,353.60The fee should be subtracted from the FROM currency, which is USD in this case. So the calculation would be: ($10,000 - $101 (TransferWise fee + ACH)) x 31.58 = 312,610.42 THB ($10,000 - $174.79 (fee + FX markup)) x 31.16 = 310,353.60 THB
      Reply

    • TheThailandLife says

      Hi Sid, All comments are moderated before publishing because I get a lot of spam email with people advertising things or posting links to fraudulent websites. I have a spam filter but sometimes these things get through. also had incidents in the past where I have gone to sleep and woken up and seen comments on subject matters that could get me into trouble for having them published on my blog. I don't currently see any comments awaiting moderation. if it's something you need an answer to quickly please go to the contact page and semi-an email and I'll get back to as soon as I can: https://www.thethailandlife.com/about-me-thailand-blog/contact
      Reply

  42. JC says

    Keep in mind when comparing exchange rates that not always are you comparing same same things. They is a Nominal Exchange Rate (NER) and Real Exchange Rate (RER). Nominal Exchange Rate is the relative price of the currency of 2 countries. Or, It is the price of foreign currency in terms of domestic currency. Real Exchange Rate sometimes called as the terms of trade is the relative price of the goods of 2 countries. It tells us the rate at which we can trade the goods of one country for the goods of other country.Many times these are factored into the exchange along with differences between international exchange rates and domestic exchange rates.
    Reply

    • TheThailandLife says

      Very true: The important thing to remember is that there is only one real exchange rate. Sometimes this is called the mid-market rate, interbank rate and spot rate amongst other things.The real exchange rate is the mid-point between the BUY and SELL rates on the global currency markets and it constantly fluctuates. It’s the rate you find on Reuters, Google, finance.yahoo.com, etc. and the rate that TransferWise uses.
      Reply

    • TheThailandLife says

      It's a good question: The system automatically matches the currency flows at the real mid-market exchange rate (as you would find in newspapers or at xe.com) and then pays out from the local currency account, meaning the money never actually moves across borders - so there is no receiving fee due.
      Reply

      • James E says

        I never bothered to look until your question but at my home (outgoing bank) the transaction is shown as a "Payment". However, BKK Bank is showing the receipt as an "International Transfer" in both English and Thai. BKK Bank does have a disclaimer that "The Transfer Reference is provided by the sender. The bank is not responsible for its content or appropriateness." So, it would appear that TW is describing it as an International Transfer for proof that the money came from overseas while at the same time moving the money around in-country to get around the transfer fee. I hope the bank(s) don't wise up.
        Reply

      • James E says

        Based on my understanding of how Transferwise works I also suspect that there wouldn't be an FET possible as the receiving bank does not get the funds from a foreign source. If you're transferring Pounds, say, your transaction might go through Euros, Dollars, Renminbi and who knows what else before it ends up as Baht. But the final transfer will be in the local currency. This article kind of explains it...
        Reply

        • TheThailandLife says

          Exactly. The rule is that the money must be sent by Telegraphic Transfer, with a document identifying the name of the purchaser.Alternatively, it is possible for the buyer to ask a third party to transfer the money to buy the property.In theory TW is the third party, and you receive email confirmation from them to say they have sent the money, which can be shown to the bank.The law also states that the purchaser has to include in the transfer instructions that the purpose of this money is to buy a condominium unit. This condition is also met, because when you send money to Thailand with Transferwise you include a description of what the money is for.Thai bank staff often don't know the rules of their own bank, let alone the law. If I came up against this issue I'd probably just pay a few K Baht to go to the bank with a lawyer to get it sorted.It's also worth noting that: In order to obtain a Foreign Exchange Transaction Form, the amount of money must be above US$50,000; lesser amounts require the purchaser to obtain a bank certificate from the bank.
          Reply

          • Andreas says

            It is not possible to get an FET with TransferWise. I have tried. The receiving bank will not issue that. In my case the money came from Bangkok Bank to my bank Siam. So no international transaction and because of that no FET.
            Reply

      • farah says

        My receiving bank, Kbank doesn't want to issue the FET as it says it was a local transfer. (I had sent it via a remittance co in Singapore called GPL, cost about S$700, exchange ,bank charges, etc) They say they can't give me FET. So 2 million plus (S$100K) has been sent but no one is willing to give me the documentation except for what I have that shows the funds came from Singapore. Not a FET form. Now trying to contact the land transfer office to see if that receipt will work. It has been a terrible experience buying in Thailand. I recommend renting. Dealing with the bank tellers has been a nightmare. Forget about land of smiles. It is a land of insults. The Kbank officer saw the GPL receipt but she shouts CANNOT, and then accuses me of "working in Thailand".
        Reply

        • TheThailandLife says

          Hi Farah, please see my answer to James earlier as I addressed a few of the points in that comment. A good friend of mine runs a business in Thailand and while he loves living her he says his one annoyance is banking and the endless bureaucracy that comes with completing transactions that should be very straight forward.
          Reply

    • TheThailandLife says

      Transferwise only accepts deposits via local bank transfer, debit or credit card (in selected currencies), SWIFT international transfer and in the U.S. via ACH Debit or Domestic Wire.They don't accept cash deposits, or cheques, and don't have cash kiosks or ties with any other companies (e.g. post offices) who would accept cash deposits or cheques.
      Reply

  47. Jethro says

    As one of the other posters said, I “stumbled” onto TransferWise, and have never looked back.When I transferred dosh through the Halifax, I was getting extortionate exchange rates, a huge bank fee to send it, and another fee for Bangkok bank to receive it.I save about £20 to £30 every transfer, and I heartily endorse everything that’s said in the article.Good exchange rates, fees of about £2.00 and lightning fast transfers - I did a transfer on a Friday night at about 22.00, and it was in the Bangkok bank account at 16.00 Saturday!Not only that, when you open an account on their website, you have full visibility of all your transfers, a list of all your recipients, and an extremely easy process to actually do the transfer.Yup, they are good and I recommend them!! :)
    Reply

  48. Farah says

    We are buying a condo and had to transfer 100K. Transferwise max is only $1000. We sent it from a remittance company and it wasn't cheap. Now we have problems as the transfer does not show as it has come from abroad. Kbank sees it as local transfer and we can't get a tor tor 3! We have to register at the land office and although the receipt shows the money came from overseas but as we don't have an FX form signed from a Thai company we have issues! The company which did it from my country says the document they have given us is all they can do. Any bright ideas?
    Reply

    • TheThailandLife says

      Hi Farah, Transferwise limits are much higher than that:Private individual - $50,000 per day and $250,000 per year Business - $250,000 per day and $1,000,000 per year.I'm assuming you used Western Union or similar right? In that case, go to them and ask for a copy of the transaction record. This will show the money coming into Thailand via them and into your account. The bank should then issue the FET for you. If not, go to a lawyer and bite the bullet to pay 2-5k to get them to sort it.
      Reply

  50. James E says

    Transferwise is getting faster.I sent a transfer from my bank in the States to BKK Bank on the evening (Pacific Time) of 8-Jan. First off I got a rate that was marginally higher than the FX rate being reported at the time (32.255 vs 32.250). I submitted the transfer at about 04:00GMT on 9-Jan, I got confirmation of the transfer at 10:14GMT on 9-Jan, and it hit my account in Bangkok at 06:04GMT on 10-Jan. Total elapsed time 26:04. Freaking amazing. It takes longer to send money between my accounts in the States.
    Reply

    • TheThailandLife says

      That's super fast, much more so than SWIFT payments in the UK. I assume that the more people who use the service the faster it will become, as there will be more money flowing back and forth to facilitate other transfers.
      Reply

  51. James E says

    Hi, I just stumbled upon a Transferwise competitor called World Remit from an article about the founder on the BBC. While a very similar concept they still play with the conversion rate to their advantage.For example right now to send 6,000THB from the US to my bank in Thailand would cost:World Remit - $192.53 including a $3.99 fee at an exchange rate of 31.82THB/1US$ Effective exchange rate: 31.162Transferwise - $187.15 including a $3.83 fee at an exchange rate of 32.73THB/1US$ Effective exchange rate: 32.06In this case Transferwise is better by about 3%.For 60,000THB the cost is:World Remit - $1,889.37 including a $3.99 fee at an exchange rate of 31.82THB/1US$ Effective exchange rate: 31.76Transferwise - $1,853.51 including a $20.33 fee at an exchange rate of 32.73THB/1US$ Effective exchange rate: 32.37In this case Transferwise is better by a bit less than 2%.As I write this the Baht is trading at 32.75 to the dollar.So Transferwise still wins but World Remit is a reasonable second place when compared to other options. Transferwise still has a significantly deeper level of support for different currencies (although still no THB-out).
    Reply

  52. Andreas Wolter says

    Dear JaroFor me sending from Sweden the limit was 2 mill THB. But I could make more than one payment I think the same day. I did it 3 days later without problem and anything went well. You can check our XE Exchange also. They also transfer money. I did not check them out myself. Andreas
    Reply

  53. Jaro Kovaricek says

    Hello. I am planing to move to Thailand from Australia. That involves selling my house here and buying one in Thailand and rather huge sums of money needed to be transferred. Is there any limit on the money transfer and are there any specific problems to face?
    Reply

    • TheThailandLife says

      None at all. I'm using the service regularly and the company is rapidly expanding, with offices in Australia, London, NY, Singapore, Tokyo and other major cities. A reader I spoke to over email this past week transferred around 60k Euros for a condo deposit and it went through very quickly. They are also launching a borderless bank account feature which I can't wait to get!
      Reply

  54. Captorx says

    Hi I want to send a larger sum money for buying a home in Thailand. How does it work? In my country Sweden, I will have to show were the money comes from. To the Swedish Tax agency. That is no problem they comes from my savings. But what happen in the other end? How will my girlfriends bank react on that if there comes 3500 000 THB to that bank? Do they report that to the Thai Tax agency? And if that is so, do I get a receipt or something from you so she can show from were the money comes (from my bank in Sweden)?
    Reply

    • Patrick says

      When buying any Condo or House in a foreigner's name, The money has to be transferred into your Thai bank account in foreign currency and exchanged in Thailand, As an F.E.T (Foreign exchange transfer) form supplied by the Bank or maybe another banking enterprise has to be provided when signing the property deeds. You could bring the money in in cash and declare it at customs, but I would not advise that. If you did however you could exchange at Superrich whom I have talked to with a higher rate than advertised by agreement. I believe that they can also issue an FET form. I have not seen any requirement to justify where funds have come from in the country of origin, such as the UK which I am familiar with. However your country may have different regulations which you will have to clarify yourself. You will have to have a Thai bank account which cannot be opened with a tourist visa, although I have heard of exceptions. The process of purchasing a property in Thailand with all the necessary paperwork in place is simple but may take several hours to a day at the land department. It is wise to instruct a lawyer to act on your behalf o a trustworthy knowledgable land agent you are familiar with. All information on what is required for the purchase can be found online. You will require a residency certificate from the Thai Embassy in Thai as a requirement of the transfer. This certificate can be gotten expensively from your own Embassy but will need to be translated into Thai. Not advisable. It is free from the Thai Immigration but they may state a fee or not as the case may be. You will have to have an address to send the residency certificate to. A year's visa is required for the certificate and transfer.
      Reply

      • TheThailandLife says

        Hi Patrick,The same Condo Act of 1991 also states; "Alternatively, it is possible for the buyer to ask a third party to transfer the money for him to buy the property by identifying himself as the receiver".You can open a bank account on a tourist visa. Many people do so. There are a number of examples here: https://www.thethailandlife.com/thai-bank-account-foreigners
        Reply

  57. Mac says

    I just discovered Transferwise after using paypal so long, and the main 2 pains are their hidden fee on the exchange with paypal and the 5-7 day wait for money to arrive. Is Transferwise faster on the sending to arrival window into my current account in Thailand. This is my biggest bug bear ...the wait from offshore money to come in, especially when it overlaps the Thai holidays.
    Reply

  60. Rich says

    Oh,l how I wish we could still get ฿54+ To a pound. Pics are old!TransferWise is usually the same or better than taking cash to the exchange kiosk. Last transfer I made took all of 20hours to reach the Bank of BKK from Nationwide. No fuss, no hassle just quick and accurate.
    Reply

  61. Birgitt says

    Thank you- i ve used transferwise- best rate - was great to pay deposit rent in advance- for cash pick up- as I dont have a thai bank account I found worldremit.. still not the best rate but better than western union . Or do you have a better option? It has to be a cash pick up - thanks
    Reply

  63. Ken says

    Please advise urgently if it is possible to transfer GBP from a UK bank account to a GBP Thai bank account (Foreign Currency Deposit account). The system doesn't seem to provide for this and I am unable to find any reference or FAQ.
    Reply

    • James E says

      Ken, If your FCD account is with a bank that has a branch in the UK you should be able to do the transfer directly from your bank to the branch in the UK. I know BKK Bank have this capability here in the US through their New York branch and in the UK through their London branch. I imaging some of the other large Thai banks have a similar facility.
      Reply

  65. Mike Fitzgerald says

    Hi Peter I think there has been a reaction to TransferWise etc. My UK bank First Direct/HSBC has just offered 'free' international transfers to Thai bank accounts [and virtually all International Bank Transfers] They used to charge £25 per transaction......now Free if done online or £4 if done by phone. Of course I do not know how much my [as yet unopened] Thai bank a/c in CM will charge, but it seems like a good move all round for the transfer scene! Excellent blog. Thank you Mike
    Reply

    • TheThailandLife says

      Hi Mike, is that on all types of accounts or just selected customers? I can't find any literature on that. My banks Halifax and Nationwide are still charging. You will still get charged a minimum of 500 Baht by the receiving bank though, so Transferwise is still cheaper (depending on the amount :)
      Reply

  66. James says

    I just went to do a transfer from US$ into THB and found that Transferwise's fee structure has changed a bit. It is now a fixed amount US$2.00 + 1% of the amount converted (net of fees). So a US$200 transfer yields ฿ 6,559.50 with a fee of US$3.96. This replaces the old fee structure where smaller <฿ 6,000.00 transfers incurred a penalty and it was a flat rate (1.2%? if I remember correctly) after that. Now it looks like the fees range from about 3% for a US$100 transfer decreasing to 1.2% at a US$1,000 transfer. It continues decreasing asymptotically approaching 1% for very large transfers. (Actually, I just checked, it will get to 1% (at US$20,000 from rounding... ))
    Reply

  67. Mrs Karen Fuller says

    My husband and I are on a retirement extn living in Thailand and are required to show funds coming into our joint thai bank account from abroad. If we opted for Transferwiz the funds would come in thai baht and may create a problem for our retirement extension.
    Reply

    • TheThailandLife says

      I can't see how. Any transfer to your Thai bank account from a foreign account will be converted to Thai Baht when it reaches the receiving bank. Some people even opt to convert to Thai Baht at the source bank so that it is sent in Thai Baht (not advisable because you get a better rate from the receiving back). Transferwise acts in the same way. The money will appear in your bank as Thai Baht. The amount required for your extension is calculated in Thai Baht, not foreign currency. For example, you need 800k Baht in a Thai bank account to secure your retirement visa/extension of.
      Reply

  68. Mike Metcalfe says

    Why are many banks in Thailand reluctant to open bank accounts for farangs with a Marriage Visa. My wife bank account is with Krungsri but they will not let me open an account with them or even add my name to my wife's account. My account is with Kasikorn Bank but they have closed their Bank in Muangsamsip and I now have to go to Ubon which is 55 Kilometers away. I have a pension and some savings but not enough for a Retirement visa only a Marriage Visa.
    Reply

  69. Charles weber says

    Hi ! Tx for all this useful info! One more question : is Thailand joining the AEOI agreement ? Is there a limit to the amount i can expatriate to another country from my new account in Thailand ?
    Reply

    • TheThailandLife says

      Thailand has not announced plans to join the AEOI agreement, so exchange of information on bank accounts and tax affairs isn't currently a standard process. There will be no limit on transfers from your Thai account to another country, as far as I know.
      Reply

  70. John Stagg says

    Hi Peter, Your blog is most informative as an Australian who lived for a short time in Britain I can only say"British is best"I am 69 years young and want to live permanently in Thailand I am on the Australian aged pension however will only have about $4000 to bring to Thailand.If I open a Bangkok bank account would Australian authorities know about it ? I am thinking of doing a teaching course in Thailand however if the Australian government found out I was working I would lose my pension also I would have no address in Australia anymore.I have heard you must produce a bank statement at the beginning of each year showing you have $40,000 Australian in your account and prove you have a monthly income of $640 to retire in Thailand I would like to live in either Bangkok or Pattaya what sort of rents would I have to pay for a One or two bedroom apartment? Thank you in anticipation of our reply.lwas previously in the fashion business and had some unusually style clothes made for myself which most people like so I would like to get a fashion men's range made under my name.
    Reply

    • TheThailandLife says

      Hi John, I'm sure they could find out about the account if they wanted to, and I'm sure there are people who do this, but I wouldn't risk your pension. You can't work on a retirement visa; you need a work permit to work and you'd get that on the back of a B visa. There's a post about visas here: https://www.thethailandlife.com/thai-visa-requirementsFor cost of living, please see this post: https://www.thethailandlife.com/cost-living-thailand
      Reply

    • TheThailandLife says

      No, these currencies have not been added yet. You can send money to India from other countries but not from India to Thailand. On the home page there is a dropdown box where you select the country. All the available countries are listed there.
      Reply

  72. Kerry says

    Wow! I read your blog and decided to try it out.i transferred an initial AUD 1000 on Tuesday, thinking I would get it by Friday. I was notified that I would probably get it Monday, as my bank was slow to transfer. Today is Thursday, and it just arrived in my bank in Thailand! Better rate than the banks, and a very low charge,around $8+ instead of the usual $20. Thanks for posting about this!
    Reply

  73. Sharron says

    I am looking into the move over maybe Chiang Mai at this stage,living of my old age pension, and the 800,000 to show in an aus bank till I can set up a Thai account. So dose anyone how it work;s Then can I get it transferred in to my Thai bank account in AUD $. using TransferWise which from what I can see on line seem;s to be the best. Thank;s for any help.
    Reply

    • Paul says

      I was able to open an account at a branch of the Bangkok Bank in Chiang Mai with an initial deposit of 1000 Thai Baht and presenting only a UK passport with a 30 day visa exemption entry stamp. However, what they ask for in the way of documentation, visas etc depends on the manager of the particular branch and possibly on your nationality (I have heard that it can be very difficult for US citizens to open an account)
      Reply

  75. Robert Heatley says

    Being the sceptic I am, I did a transfer from our Australian bank to our Thai bank at the same time as going through TransferWise to our Thai bank.First point: The Australian bank charged AU18.00 for the transfer. TransferWise charged AU8.00Second point: The Australian bank gave an exchange-rate of 24.3350. TransferWise gave an exchange-rate of 25.5764.Third point: The Australian bank gave no notification on how long the transfer would take to arrive in our Thai bank. TransferWise gave a date of when it would be in our account in Thailand.My conclusion is, use TransferWise!Well done TheThailandLife for putting us on to TransferWise
    Reply

  76. Thomas says

    Hello. A lot of good information being shared. Greatly appreciated. While your talking about the Banks, I didn't see anything mentioned regarding Thai ATM's. Just curious, do they have a Max Amount that can be withdrawn daily and what is the Fee Charged per withdrawal. Appreciate any information you can share. Thanks. Thomas
    Reply

  77. NStar says

    I just did my first Transferwise transfer from the USA to Thailand.....WOW!Quite the savings and fast! Great rate-better than Super Rich and I dont have to carry cash.....better than any other method out there..hands down...
    Reply

  78. Ken Foster says

    Last year, I transferred GBP 10,000 from Santander Isle of Man to my Bangkok Bank FCD (GBP) account. Although not paying for FX conversions, I was charged GBP 25 SWIFT fee, GBP 45 for clearing bank fees (?) and approx GBP 12 receiving bank fees. If my math is correct, that totals GBP 82. I think these charges suck and banks are licensed crooks, but using Transferwise with their 1% service charge, I would actually be paying GBP100!? So I guess it depends on the amount transferred.
    Reply

    • TheThailandLife says

      Hi Ken, no, you'd save money. Moreover, you'd save a hell of a lot on the exchange rate that the receiving back would rip you off on.Here's what you would pay if you did this today:61.13 GBP TransferWise fee (included) 44.04203 Guaranteed exchange rate (for 24 hours)
      Reply

    • James says

      Ken,Also consider going through the Bangkok Bank London Branch. According to the website you'd be hit with 20GBP fee from Bangkok Bank London plus 0.25% fee from BKK Bank Thailand. Since your account is FCD there wouldn't be the conversion hit on their buy-sell spread. Not sure if I can post a link with the comment but let's try:http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUK/Pages/ReceivingFundsfromUK.aspxIf that didn't work you'll find the info on BKK Bank's Help sections under "Transfer money from the UK to Thailand".But TTL is right on conversion transfers, until you get to some fairly large numbers Transferwise is cheapest.
      Reply

      • Ken says

        Hi Jamesmany thanks for your suggestion and (working!) link. I will certainly investigate using Bangkok Bank In London as a possible alternative to Santander / Nat West / BKK annual fund transfers. Sounds very promising!I do agree that, depending on circumstances and transfer values, Transferwise appears to offer a more economical and customer-focused service.Kind regards,Ken
        Reply

  81. ade says

    Transferwise all the way for me. I haven't done that much research and figures aren't my strong point but this just makes sense in theory and practice - it works. I use the app and that works really well. I send and receive. Why let the banks fleece you...that irritates the hell out of me. BTW - TheThailandlife is such a great resource my friend, very much appreciated. Thanks Ade.
    Reply

  82. Lele says

    I just took a look and the rate they are providing is no better than XE.comThat was a big disappointment.I would rather carry money through custom and get better rates at the local exchange kioks. There are many of those in Bangkok along the MRT.
    Reply

    • TheThailandLife says

      You are missing the point. That is why Transferwise is so great, because it uses market rates like XE.com does. You would never get the market rate that XE shows on a bank transfer. You certainly will not get a better rate in an exchange booth in Bangkok. Sure, you might save a small fee amount, but for those living in Thailand or living abroad who want to safely transfer money to and from, there is nothing better than Transferwise. I have tried every method.
      Reply

  84. Baz Collings says

    Hi, Transferwise looks great for sending money from say Uk to Thailand. I am going to Thailand for 1 month at the end of March to meet up with my Thai girlfriend, instead of using the ATM machines could I use Transferwise to send money to my girlfriends bank account and she could withdraw cash on my behalf, thus avoiding the 200b charge everytime??ThankyouBaz Collings
    Reply

  85. peter says

    Had many problems with transferring with swift due to Thai banks. Once they held onto the money until the rate dropped (should have been the rate when they got it) before putting it in my account, lost me 40k baht. Another time they charged me again for the transfer fee when the sending bank had already done so. Now I use transferwise, you know exactly what you will get, the exchange rate and when it will be in your account. Thai banks may look modern, but the attitudes and practices are still 'Thai'.
    Reply

  86. Mark says

    First of great site thank you, I've used direct transfer from Australia $15 no matter the amount, western union similar amount, now use TransferWise since start of this year, keeping the amounts to a few hundred Australian dollars it costs $4 and takes about 7 days
    Reply

    • TheThailandLife says

      The fee is included, so you won't pay that fee on top. If you work it out, even with the fee, the exchange rate is still better than what the bank would give you. Plus you avoid the bank charge to send the money. If you send a small amount in USD, say less than 3k in one go, the fee is almost zero.
      Reply

  89. Shayne says

    Thank you for the post, so very easy to do, I was paying $30 Aust for every transfer regardless of amount, plus the banks give you there crappy exchange rate not the going rate. Example last month I transfers money the bank exchange was 23.50 plus a $30 fee. With transfere wise exchange was 26.10 plus a $4 fee , thank you it has annoyed the crap out of me for a while.
    Reply

  90. Tony says

    Very useful post TTL. Seems the rate is now 1.5% unless one is sending more than $4,000 (or 3,000 pounds), then it is 1.5% for the first $4,000 (3,000 pounds) and 1% on the additional. https://transferwise.com/pricing#?from=USD&to=THB
    Reply

    • TheThailandLife says

      Yes, they are starting to lower their fees, so hopefully 2017 will bring even more savings. I just had an email from them about lowering their rates as of 15th December for sending US to the UK.It is now 0.85% on the first $10,000 you send, and 0.6% on amounts over the first $10,000.I quote: These drops are partly due to cost savings we're able to make as our revolution gains momentum. And that, in turn, is thanks to you sharing TransferWise with your friends and family.The more we are, the stronger we are, and the closer we get to money without borders.So the more people who use the service to send money to Thailand, the more likely we are to see rate drops.
      Reply

  91. ally says

    Hi there, thanks for this. So to avoid the atm fees when withdrawing cash, I assume its because you transfer the money from your bank in country of origin to thai bank account, then use thai atm card with no fees?
    Reply

  92. Kirk says

    Very happy to have come across this option thanks so much for posting! Have been living in Thailand for just over 2 months and have been seeking ways of avoiding the exorbitant ATM fees here, as well as avoiding prohibitive spreads charged by banks. Your solution will save us hundreds of dollars in fees each year.
    Reply

    • TheThailandLife says

      They haven't added Baht to the transfer list yet, but what you can do is register your interest to send Baht. Select 'other' from the currency drop-down list on the homepage and it will let you enter your email address to be notified when they add Baht to the list. Hopefully it won't be too long!
      Reply

  99. Mohan says

    Hi - this is great. Simply superb rates. No bank fees. However I work in Thailand as foreigner and need to send money out FROM Thailand to my home country.I note that TransferWise does not support THB as sending currency. Is there any other website/service that you recommend for ppl like me? Thanks much.
    Reply

  100. Paul Underwood says

    Thank you for the information on Transferwise. I set up an account a few months ago and have saved a fortune. Currently it is good to bear in mind that the saving goes toward partly offsetting the low GDP rate. Thankyou again.
    Reply

  103. Elias says

    Hi, is the offer through the link still valid? I'm entering USD to THB and I have to pay a fee ranging from 1.5% to 7%(!), depending on the amount. It looks like amounts over $500 are charged 1.5%. For under $100 the fee is probably higher than Paypal.
    Reply

    • TheThailandLife says

      Hi Elas, the link is still valid.You would only pay 1% on that amount. PayPal is the most expensive option in all cases. Even if you already have USD in your PayPal account and route them through to Bangkok Bank in the US, who then forward the funds to Thailand, you will still get a low conversion rate in Thailand from Bangkok Bank, 33-34.With Transferwise you get the real market rate.I did a test on $1000 and I see the following:Real exchange rate guaranteed: ฿35.3400 You'll save: $ 46.58The bank would have given you a lower rate of ฿34.1031 and stolen on the currency conversion.In addition to your bank's charge, which is usually 10-20$, you would have lost $46.58 on a $1,000 transaction.On $100 you would save $15.
      Reply

    • TheThailandLife says

      It did to me at first because I'd waited so long for a service where you can send money to Thailand and avoid bank and currency conversion fees. Now I'm using this service regularly and it's great. Super fast and really cost-efficient.
      Reply

  107. paengfun says

    My friend (Australian) visit BKK 4-6 weeks a time for business meeting or stop over to change the flight to another country.He would like to open bank account in BKK, have been to a few bank but they refuse as he doesn't have work permit in Thailand.Can you please advise, the bank name that foreigner can open saving account
    Reply

    • TheThailandLife says

      If he has a business visa then he can open a bank account no problem. Try Bangkok Bank at The Exchange Tower in Asoke, Bangkok. Take his ID card, passport, proof of address in Thailand, and visa information.
      Reply

  109. Shannon says

    My dad wants to send me some money for my birthday from Ireland to my bank in Thailand. I'm teaching in Bangkok. He wants to know if the receiving bank will change a fee. Please let me know. Thanks in advance. Shannon x
    Reply

  110. herbert says

    My wife just called me to say the money had got to Thailand. Took less than 2 days. I sent $500 and got a rate of just over 54.3, no bank fees or currency conversion fees. Thanks for that link to the free transfer. Great service that is going to save me a lot of money this year.
    Reply

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