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You are here: Home / Work & Money / Cheapest Way to Transfer Money Out of Thailand

Cheapest Way to Transfer Money Out of Thailand

The options for transferring money out of Thailand are fairly limited, but with modern banking technology slowly catching up in Thailand, it's becoming much easier.

Once you understand the fees involved and the time it takes for each method, you can make a decision on what's best for you.

In this post, I'll give you an overview of the options – their lead times, fees and sending limits – plus a a few exchange comparisons to help you decide on the most practical, cost-effective option.

What's the Best Way to Transfer Money Out of Thailand?

The three main options for moving your cash out of Thailand and to your home country or anywhere else in the world are:

  1. Direct Bank Transfer
  2. Western Union
  3. DeeMoney

There is a fourth, and that is to use cryptocurrency, but since hardly anyone is going to want to get involved in that I won't be covering that option.

1. International Bank Transfer (SWIFT)

SWIFT international bank transfer is a great if you have a Thai bank account with one of  the following banks:

  • Bangkok Bank
  • Siam Commercial Bank
  • Kasikorn Bank
  • Krungsri Bank
  • Krungthai Bank

Fees:

Fees will vary from bank to bank, the country you are sending to, and in some instances the type of account you have, be that personal or business banking.

Bangkok Bank (using the app), for example, charges 0.25% of the transfer value, with a minimum 200 Baht and maximum 500 Baht per transaction.

You can also send via Western Union through the Bangkok Bank app and at branches, if you have an account. It costs 1,200 Baht for a 70,000 Baht transfer, and 300 Baht for every additional 30,000 thereafter.

Kasikorn Bank charges are the same as Bangkok Bank.

Documentation:

Please note that in an earlier version of this article I wrote here that banks in Thailand require you to state the source of funds when sending money abroad. I refer to the following rule:

The Bank of Thailand requires every commercial bank to obtain documents from customers outlining the reasons for sending the funds abroad before completing the transaction

For example, the Bangkok Bank website states that it requires you to fill out this application form.

However, I was recently informed by a reader that no such documentation was required when he transferred 200,000 Baht from his Bangkok Bank account to his account in Europe via the app.

Rather than being asked for documentation, he received a message stating:

The international funds transfers service complies with official regulations from the Bank of Thailand and the AMLO Office and the Bank may require additional information from you.

It may be that if you make multiple transfers in a short period of time, or you transfer very large amounts, the system will flag a transaction and request further details.

Lead Time:

A SWIFT transaction can take 1-5 days, depending on the bank, so if you want cash to arrive immediately, see the next option.

Sending Limit:

The maximum amount you can transfer out of Thailand is determined by the Bank of Thailand, depending on the source of funds and/or the purpose of payment, including supporting documents.

2. Western Union

Western Union is the most popular remittence service, trusted the world over.

They offer instant transfers by cash and bank transfers that take 2-5 days.

Fees:

Western Union is best priced for sending moderate amounts of money.

For example, you can send 40,000 Baht to the US or UK for a fee of 850 Baht. But on small amounts such as 2,500 Baht, you will pay 400 Baht. The fee reflects the instant nature of the transfer.

You can use WU online or on via their app, or through a bank provider or high street booth.

One thing to consider is the exchange rate fee.

WU makes money on the exchange rate and doesn't give you the mid-market rate as one might expect.

At today's rate, sending 50,000 THB from Thailand to the United Kingdom would result in a transfer of £1095.25.

This is £75 less than DeeMoney! See below.

Lead Time:

It depends on the type of payment you use. You can use the Money In Minutes service to send cash to an agent for pickup. Using a bank transfer will take 2-5 days.

Sending Limit:

You can send up to 250,000 THB per transaction and multiple transactions per day.

Western Union requires you to fill out a bank form stating the source of income, and certain money transfers may require you to provide proof of source of funds.

3. DeeMoney

DeeMoney is a remittance service that charges a flat fee to send money from Thailand to 35 different countries.

You can use the app to set up a transaction, or attend one of four branches in Bangkok to transfer cash.

Fees:

DeeMoney charges a 125 Baht flat fee to send money out of Thailand.

They also have a service called DeeNext that offers next day delivery. This costs 250 Baht. However, there is currently a special flat rate across the board offer of 125 Baht.

While the fee is cheap, the exchange rate isn't always favorable.

I compared the exchange rate of DeeMoney on 50,000 THB Vs the mid-market rate, which is the real exchange rate without any fees.

Those of you who use Wise to transfer money into Thailand will know that the mid-market rate is important in saving money on your transfer.

  • DeeMoney = 1,165.10 GBP
  • Mid Market Rate = 1,182.90 GBP

DeeMoney is nicking £17 on the transaction, which is a lot less than Western Union.

Looking at Wise fees for sending the equivalent in GBP to a Thai bank account from the UK, the fee is around £7. Sadly Wise don't do money transfers out of Thailand.

So while the DeeMoney transfer fee is cheap, the exchange rate is where they apply their markup.

Lead Time:

Transfers take 1-5 days.

Sending limit:

You can send a maximum of 800,000 Baht per day.

In Summary

Overall, the cheapest option for sending money out of Thailand is going to be a toss up between your banking provider and DeeMoney.

If you want to send cash for immediate collection and you don't live in Bangkok, Western Union is your friend. DeeMoney also offers a next day service (DeeNext).

On the face of it, DeeMoney is cheaper than your local bank. The fee is cheaper than say Bangkok Bank's SWIFT fee, but it all depends on the exchange rate you get from your bank in your home country.

Bangkok Bank and Kasikorn, for example, are currently only 75 Baht more expensive to send international bank transfer than DeeMoney, but you might get a cheaper exchange rate at the other end that easily makes up for this.

DeeMoney says they exchange rate at local currency rates, but I'm not entirely sure what this means. Which rate? They certainly don't use mid-market rates, so I'm left wondering.

In terms of daily limits, DeeMoney has a higher transaction limit at 800k, but you can't exceed this in one day. Western Union has a transaction limit of 250k, but you can make more than one transaction in a day.

In short,  for convenience, if you have a banking app for your provider in Thailand it makes sense to use this option. The fee shouldn't be more than 500 Baht and will likely be 200 Baht.

If you can't be doing with apps and the potential of your bank asking for further documentation, use DeeMoney.

If you're prudent with financial decisions then check what exchange rate fee your home country bank adds to a transaction and do the math before making your choice.

——

Got a question, or an experience you want to share? Please leave it below.

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Last Updated on December 14, 2022

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Comments Sort by : newest | oldest

  1. paul haynes says

    November 21, 2022 at 1:21 pm

    So if l transfer 800.000baht from my Bangkok bank to my Uk Santander bank they will charge me 25% of 800.000 is that right
    Reply

    Nov 21, 2022 at 1:21 pm

    • TheThailandLife says

      November 21, 2022 at 4:56 pm

      No. 0.25% of the transfer value, with a minimum 200 Baht and maximum 500 Baht per transaction.
      Reply

      Nov 21, 2022 at 4:56 pm

      • Paul Haynes says

        November 21, 2022 at 5:16 pm

        Sorry thank goodness does say on Google 25% not 0.25%. Has anyone on this site heard and used Dee money l have downloaded the app just weighing up pros and cons whether to use bank or Dee money
        Reply

        Nov 21, 2022 at 5:16 pm

  2. Shaun Redfearn says

    November 16, 2022 at 2:45 am

    Hi im coming to Phuket in March and want to open a bank account, as I September i hope yo move there , retire, am i right in reading that I need £18500 in a account to get a visa , any help would be greatly appreciated, I have a partner in Phuket she has full time job in HR . Don’t know if this helps, but need to know what documentation i will need to open a account,
    Reply

    Nov 16, 2022 at 2:45 am

    • TheThailandLife says

      November 16, 2022 at 6:18 pm

      Hi Shaun, you can open an account when you visit in anticipation of retirement. Please see here for more information on opening a bank account: https://www.thethailandlife.com/thai-bank-account-foreigners Bangkok Bank or K Bank are the most foreigner friendly.For information on retirement, please see here: https://www.thethailandlife.com/the-thailand-retirement-visa-guideYou will need to deposit 800,000 Baht in a Thai bank account 2 months prior to obtaining your 1-year retirement extension from immigration. Initially you will need to get a Non O Immigrant visa (single entry, 90-day) from the Thai embassy or consulate in your home country.
      Reply

      Nov 16, 2022 at 6:18 pm

  3. Val King says

    November 9, 2022 at 11:49 am

    Hi Peter.
    Thank you for your info. Is it possible to open digital account at Bangkok Bank for Canadian without physical presence in Thailand. Also, if you know, is it possible to open joint account, again without physically being in Thailand?
    Can you suggest where to get more info on this issue?
    Thank you.

    Val
    Reply

    Nov 09, 2022 at 11:49 am

    • TheThailandLife says

      November 9, 2022 at 4:40 pm

      Hi Val, no you can't. You need to go into a branch in Thailand.
      Reply

      Nov 09, 2022 at 4:40 pm

  4. Craig says

    November 4, 2022 at 6:41 pm

    Can I easily set up an account with Dee money just from my phone? I hear that it's possible but I have this uncomfortable feeling I'll have to go to one of their branches in Bangkok to actually set it up. (Uncomfortable because I will be in Phuket).
    Reply

    Nov 04, 2022 at 6:41 pm

  5. Ceri Griffiths says

    August 31, 2022 at 10:08 pm

    Does DeeMoney transfer to UK banks?
    Reply

    Aug 31, 2022 at 10:08 pm

    • TheThailandLife says

      August 31, 2022 at 10:33 pm

      Yes.
      Reply

      Aug 31, 2022 at 10:33 pm

  6. Gunasegaran a/l Muthu says

    July 12, 2022 at 12:18 pm

    I need to send to my account in Malaysia fm my Thai account!!
    Any cheaper methods ??
    Reply

    Jul 12, 2022 at 12:18 pm

    • TheThailandLife says

      July 12, 2022 at 9:55 pm

      These are the best methods depending on the amount. DeeMoney is usually best.
      Reply

      Jul 12, 2022 at 9:55 pm

  7. Brian Dodds says

    June 6, 2022 at 4:10 pm

    If you are sending money from Thailand to your country (Mine is New Zealand) by bank transfer from Bangkok Bank is it better to send in NZ$ or Thai Baht. Meaning do I let Bangkok Convert the Thai Baht to NZ$ and send ...... or send in Thai Baht and let the bank in New Zealand tell me how much I will get.

    Thanks for you trouble

    Brian
    Reply

    Jun 06, 2022 at 4:10 pm

    • TheThailandLife says

      June 9, 2022 at 3:53 pm

      Hey Brian, it's better to let your bank do the conversion. In my experience it is more favorable for the conversion to be done at the receiving bank.
      Reply

      Jun 09, 2022 at 3:53 pm

  8. P.brookes says

    March 14, 2022 at 5:17 pm

    I want to transfer large amount after selling a property in thailand.need money to come to my uk bank what’s my best option please.
    Reply

    Mar 14, 2022 at 5:17 pm

    • Graham Nash says

      March 14, 2022 at 5:35 pm

      Buy bitcoin in Thailand and sell bitcoin in the UK.
      Reply

      Mar 14, 2022 at 5:35 pm

  9. John says

    March 5, 2022 at 6:14 pm

    Example..is this to thailand or always money from thailand, i am sick of getting ripped off by thailand bank bank and anz bank both ripping me off to get my pension sent to me each fortnight whilst in thailand.,please explain how i benefit besides currently being tprioped off by both banks..you mention bangkok bank, they are ripping us off, no intersst but take fees all year, reply from deemoney only thanks, i do not want knowalls giving false info..
    Reply

    Mar 05, 2022 at 6:14 pm

    • TheThailandLife says

      March 5, 2022 at 10:31 pm

      Hey John, to transfer into Thailand, use Wise money transfer service - everyone on here uses it. See this post here: https://www.thethailandlife.com/how-to-send-money-to-thailand-no-bank-fees
      Reply

      Mar 05, 2022 at 10:31 pm

  10. Dennis says

    February 26, 2022 at 3:41 pm

    KrungThai bank charges a whooping 1500 Bhat per transaction using KrungThai Next online.
    DeeMoney only sends to some countries. Also, you have to go to Bangkok to register.

    Best would be Western Union, just 99 Baht fee, but I'm not sure about the exchange rate.
    Reply

    Feb 26, 2022 at 3:41 pm

  11. Chaing Mai Condo says

    November 24, 2021 at 2:18 pm

    Hi Peter. Great blog. this link doesn't work https://www.bangkokbank.com/en/Personal/Other-Services/Foreign-Customers/Funds-Transfer
    Reply

    Nov 24, 2021 at 2:18 pm

    • TheThailandLife says

      November 24, 2021 at 5:06 pm

      Thank you for spotting that. They changed the page. I have updated the link.
      Reply

      Nov 24, 2021 at 5:06 pm

  12. Lewis says

    October 19, 2021 at 3:01 pm

    I don't understand if money wise can trasfer money to Thailand why they can't transfer money from Thailand.
    Reply

    Oct 19, 2021 at 3:01 pm

    • TheThailandLife says

      October 19, 2021 at 3:56 pm

      They want to but it is up to theThai banking system to comply with the request and contracts to be arranged. Until then, to take money out of Thailand you can use one of the following methods in this post: https://www.thethailandlife.com/transfer-money-thailand
      Reply

      Oct 19, 2021 at 3:56 pm

  13. Kevin says

    October 19, 2021 at 1:42 pm

    I wonder if you since you have to use a Thai bank for the retirement visa could you withdrawl money Kasikornbank and deposited into JPMorgan Chase Bank, NA, Bangkok Branch and convert it when you get back to the USA to USD and ellimate the fee for moving it just pay the loss in exchange rate fee.

    Also can you not just write a check with a deposit slip to your US bank and mail it?
    Reply

    Oct 19, 2021 at 1:42 pm

  14. Philippe says

    August 19, 2021 at 3:59 pm

    Would be great if Wise makes transfers out of Thailand possible, not expecting it any time soon though (2021).

    At this point in time, with many Crypto brokers in almost any country, it's surely something to look into.

    1. Buy your favorite coin (eg. Bitcoin/Ether) on a Thai online exchange with your THB and send it to your favorite Crypto wallet (eg. Exodus) or, not advised, directly to an online broker/exchange wallet in your destination country.
    2. Sell your coins with any online broker in your destination country (connected to your local bank account) and transfer it all back to Fiat.

    You may even make some money if the market is bullish :-)
    Reply

    Aug 19, 2021 at 3:59 pm

    • TheThailandLife says

      August 19, 2021 at 4:19 pm

      I think that will happen eventually and I'm sure they are trying to make it happen. But the outcome depends on the compliance of Thailand's banking system.
      Reply

      Aug 19, 2021 at 4:19 pm

  15. JC says

    July 6, 2021 at 11:56 pm

    I would be interested in knowing more about the 4th option on how to transfer with crypto would you mind directing me to sources on learning how to do so?
    Reply

    Jul 06, 2021 at 11:56 pm

  16. OSSIE says

    April 25, 2021 at 8:55 pm

    I have a Thai buyer for my property 25 million baht they don’t need my company so I will retain that just in case I decide to invest some of the money in Thailand in the future ,however I would like to send a big chunk to my off shore account in Singapore any suggestions on how I could do this the buyer will be paying in Thai baht ☹️
    Reply

    Apr 25, 2021 at 8:55 pm

  17. James says

    April 4, 2021 at 6:18 am

    Do you know of any issues that may arise from keeping a low bank balance, but transferring 100,000B through the account and out of Thailand each month? I used to live in Thailand and am thinking of using my bank account with my forex broker to get around restrictive regulations in my current country. Everything is in my name so it should be ok, however ever since Citibank closed my account without reason a few years ago I am hesitant. I don't want Thailand holding my funds.
    Reply

    Apr 04, 2021 at 6:18 am

  18. Graham Nash says

    March 29, 2021 at 10:16 pm

    Hi Guys, I have just sold a property in Thailand and want to shift about 2mil Thai baht to the UK. I have the documents from the sale and the cash in in SCB. I was thinking of carrying what I can in £ less than 10grand back with me and sending the rest by direct Bank transfer from my SCB account into 5 UK accounts about 8grand into each. What do you think?
    Reply

    Mar 29, 2021 at 10:16 pm

    • TheThailandLife says

      March 29, 2021 at 10:41 pm

      You can take more into the UK, you just have to declare it. You can declare it before you arrive - up to 72 hours. The number of bank transfers will clock up around £120 in fees I reckon. What is SCBs sending limit? Can't you transfer more than 8k at a time?
      Reply

      Mar 29, 2021 at 10:41 pm

  19. kurt gerhard tietje says

    September 23, 2020 at 11:48 am

    thank you peter for our advise, it is very helpfull, how many times in a year, can you send 250 000 baht out of thailand, i brought my money from canada, on banks cheques, i still have the records, i live in thailand for 12 years now, just in case, i have to leave thailand, i am married to my thai wife for 28 years, 12 of it in canada gary in singburi
    Reply

    Sep 23, 2020 at 11:48 am

    • TheThailandLife says

      September 23, 2020 at 4:38 pm

      You can transfer up to 800k in one day with DeeMoney, and up to 250k with WU. But as I note, you should probably use bank transfer if the amount is over 100k, as the fees start to add up at this point.
      Reply

      Sep 23, 2020 at 4:38 pm

      • SymS says

        February 25, 2021 at 4:14 pm

        The exchange rate of banks may be worse than DeeMoney though. It's hard to know for sure, as something the T/T rate on the bank website is not the one they actually use.
        Reply

        Feb 25, 2021 at 4:14 pm

  20. John Pohl says

    September 23, 2020 at 9:17 am

    You recommended Deemoney. From their fees they seem to be a good choice. But they apply unfavorable exchange rates. One way or another the money transfer services get their margins...
    Reply

    Sep 23, 2020 at 9:17 am

    • TheThailandLife says

      September 23, 2020 at 4:39 pm

      Yes, as can be seen from my calculation in the post. How cost effective the transfer is with any of the options will depend on how much you are transferring.
      Reply

      Sep 23, 2020 at 4:39 pm

      • kurt gerhard tietje says

        September 27, 2020 at 12:41 pm

        thank you. Now I know I can send more at the time, how much is the charge on 800 000 baht? As much as I can at one time, and is it restricted for once a year?
        Reply

        Sep 27, 2020 at 12:41 pm

        • TheThailandLife says

          September 28, 2020 at 2:58 am

          On Deemoney you mean? It depends where you are sending to but between 150-200 Baht. You can send up to 800k per day.
          Reply

          Sep 28, 2020 at 2:58 am

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