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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 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 2013, $4,124,000,000 in remittances were sent to Thailand from other countries, of which US, Germany, Australia, UK, and Sweden were the biggest senders.

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

We all know banks are a scam, but hiding your money under a mattress is exactly a safe bet these days, not that it has ever been. And because they have you by the short and curlys, they are free to slap on big fees if you want to transfer money.

In short, it sucks. You are charged to withdraw your own money! Okay, so you are abroad, so you expect to pay a small fee, but not for them to make a profit. And they do…

The 4 Pain Points of Transferring Money to Thailand

1: Transfer Fee

The SWIFT transfer fee can be anywhere from 10-20 pounds, approximately $15. Doesn't sound like much, but what if you do regular transfers, say 2 a month, that's going to run you near on 250 a year! And we're nowhere near done yet.

2: Receiving Fee

Then, you get hit on the other end by the receiving bank for another amount of about the same. Bangkok Bank, for example, charge 500 Baht. So you've already paid twice.

3: Currency Conversion Charge

But here's the nasty one. Most people presume you get the regular transfer rate. You know, the one you see on XE.com. It's called the “market rate”. But then you do the math and realise that you've been shortchanged, massively!

You can offset the loss slightly by choosing to send money in your home currency. So many people sending money to Thailand make the mistake of converting to Thai Baht at source instead of at the Thai end. This will see you lose big time as your bank steals a nice chunk on their own exchange rate – one they just made up, not the “market rate”. That said, the Thai bank will still convert your currency to Thai Baht and make a enough for a meal out, but they won't squeeze your pockets as hard as the bank back home.

4: Transfer Times

So you've had your pockets skimmed on all fronts, and even after they've dipped their finger in your honeypot, the banks still can't promise the money will be there within 48 hours. Hell, sometimes it's as long as 7 days!

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

Western Union is just silly expensive, 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.

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

>> Enter Transferwise

Seriously, I have waited years for this, and I was so skeptical I didn't believe it was possible. But now you can transfer money to Thailand with ZERO bank charges, get the MARKET RATE currency conversion and only pay a 1% fee. I know, hard to believe. But I'm doing it.

Check this out: Here is the rate I got from Transferwise on 1,000 GBP:

transferwise review

I saved over 50 quid on transferring through a bank!

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

transferwise-comparison

Yep, the Transferwise rate is actually slightly better!

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. They were chuffed, and offered to give my readers a free transfer up to 1,000 GBP, only for the first transaction though.

But How Does Transferwise Make Sending Money to Thailand so Cheap?

Well, with backing 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 damn quick. My first one completed in 48 hours.

This process is completed by making several individual conversions using effective market exchange rates work in your favour. 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 big amounts it could take longer.

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

Quick Benefits Summary:

  1. No home country bank fee.
  2. No receiving country bank fee.
  3. Market rate on conversion, or better!
  4. Fast transfer, especially on amounts below 5k. 48-72 hours.
  5. Once you're comfortable with the system, can use the iOS or Android app for transfers on the fly.

>> Sign up here to get your free transfer (up to 1,000 quid) <<

It feels good to avoid those bank fees!

Comments Sort by : newest | oldest

  1. 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

    • 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

  2. 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

  3. 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

    • 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

  4. 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

  5. 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

    • 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

  6. 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

    • 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

  8. 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

  9. 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

    • 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

  11. 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 AU8.00

    Second 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

  12. 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

  13. 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

  14. 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

  17. 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

  18. I just took a look and the rate they are providing is no better than XE.com

    That 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

    • 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

  20. 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??

    Thankyou

    Baz Collings

    Reply

  21. 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

  22. 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

    • 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

  25. 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

    • 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

  28. 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

    • 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

  35. 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

  36. 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

  39. 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

    • 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: $ 46.58

      The 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

    • 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

  43. 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

  45. 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

  46. 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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