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Wise: Is This Still the Cheapest Way to Send Money to Thailand?

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

But we all have to do it.

The scale of it is huge:

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

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

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

This sucks. They have us like a puppet on a string; free to slap on big fees and unfair exchange rates when we want to transfer money. When you sit back and think about it, it's the strangest thing: You are charged to withdraw your own money!

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

There is a solution, though, and one myself and thousands of my readers have been using for the last 7 years. It's called Wise, and I'll review the service in a moment, and give you a code to get your first transfer free.

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

Contents

    1. 4 Ways You Lose on Money Transfers
      1. Bank Transfer Fee
      2. Receiving Fee
      3. Currency Conversion Charge
      4. Transfer Times
    2. Wise Review – Deep Dive
      1. Sending GBP
      2. Sending USD
      3. My Fastest Transfer
    3. Sending Limits
    4. Free Transfer Code
    5. How the Wise System Works
    6. Benefits Summary
    7. FAQ

4 Ways You Lose on Money Transfer to Thailand

1: The Bank Transfer Fee

The SWIFT (international transfer) fee can vary between £10-25 / $15-30, depending on your banking institution. If you engage in frequent transfers, let's say twice a month, this could accumulate to approximately £250 / $320 annually!

Even if you're a client of Bangkok Bank or Kasikorn Bank, both of which maintain overseas branches, including London and LA, evading the international transfer fee is impossible.

Take Bangkok Bank, for instance, which imposes a £20 fee for routing funds to your Thai bank account. Furthermore, you're subjected to an unfavorable exchange rate that means you lose even more money.

At this point, you're already experiencing significant financial losses, and the fees don't stop here. Keep reading.

2: The Receiving Fee

Following the payment of the international transfer fee, you'll encounter a corresponding charge from the receiving bank.

Most banks, such as Bangkok Bank, impose a maximum fee of 500 Baht to receive funds, although it typically amounts to the full 500 Baht, equating to an additional £10 / $16.

Now, you've already incurred two charges in the process of transferring your money, and this is before considering the currency conversion fee.

3: Currency Conversion Charge

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

Many individuals assume they receive the mid-market transfer rate, the rate displayed on platforms like XE.com and similar websites. However, when you crunch the numbers, you quickly realize that you've been significantly shortchanged!

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

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

Regrettably, you aren't provided with the authentic rate.

This tactic serves as a method to conceal the actual amount being levied. Most banks take the mid-market rate and impose an undisclosed margin, leaving you unaware of the extent of their overcharge.

By embedding the charge within the offered exchange rate, banks generate substantial profits at your cost, and you remain oblivious to the extent of the cost to your pocket.

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

money-transfer-comparison

You can mitigate the loss to some extent by opting to send money in your home currency rather than Baht. However, a common mistake made by many sending money to Thailand is choosing to convert to Thai Baht at their source bank rather than at the Thai destination.

This results in an additional loss because your bank takes a substantial portion of cash at their own exchange rate, a rate they arbitrarily set, deviating from the “mid-market rate.”

While the Thai bank will still convert your currency to Thai Baht at an unfavorable rate, it's generally not as harsh on your pockets as the sending bank (your home bank).

4: Transfer Times

So, you've been hit on all fronts, and you're down at least $50-100.

You've borne the brunt of two transfer fees and a currency conversion charge.

Yet, even after multiple dips into your honeypot, the banks can't assure you that the money will be there within 24 or 48 hours.

It's a harsh reality.

In fact, sometimes it stretches to an agonizing 5-7 days!

This is 2024, not 1990. Given the digitized era we live in, the money should be transferred at lightning speed.

And it can be. The method I'm currently using not only sidesteps bank fees but ensures that a transfer can arrive in as little as 9 seconds!

Wise Review: Deep Dive

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

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

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

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

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

+ Enter Wise to Save You Money

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

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

Sending GBP to Thailand with Wise

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

wise-conversion-rate-GBP

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

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

wise-competitor-rates

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

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

XE-GBP-Baht-market-rate-wise

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

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

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

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

Sending USD to Thailand with Wise

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

transferwise-bank-comparisons

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

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

transferwise-US-mid-market-rates

My Fastest Transfer: 9 Seconds to Receive My Money!

61% of Wise transfers are instant and completed in under 20 seconds.

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

That's insane!

Check out the screenshot below for proof.

wise-transfer-confirmation-2023

Wise Sending Limits

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

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

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

However, unless you are sending to one of the following three banks, you’ll only be allowed to send up to 49,999 Thai Baht per transfer. Though again, there’s no limit on how many transfers you can make.

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

For this reason, I always recommend opening a bank account with Bangkok Bank or Kasikorn Bank. These two banks in particular are “foreigner friendly”.

Get Your Free Wise Transfer

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

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

Click that text link above to get the free transfer.

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

How Does Wise Make Sending Money to Thailand So Cheap?

Well, with investments from notable figures like Richard Branson, it seems like anything is possible.

Yet, the concept is quite ingenious.

Once you initiate the transfer, Wise actively searches for others conducting transfers to the same location, facilitating an effective currency swap.

Given the frequency of money transfers, there are usually several matches available, streamlining the process significantly.

My first ever transfer was completed within 24 hours, a notable 2-3 days faster than my bank. Subsequent transfers have been even speedier (as shown above).

In the comments section, there are readers who've received their money in Thailand within minutes, and some, like me, even within seconds. For larger amounts, the process may take a bit longer.

The mechanism operates by executing several individual conversions using market exchange rates that work to your advantage.

For a visual breakdown of how it works, check out this informative video

Quick Benefits Summary

Wise was established with a commitment to providing people with transparency, fairness, and better value in managing their money.

This principle resonates with the majority of us who have long awaited a service of this kind. For too long, banks have been able to overcharge for money transfers despite the digital nature of transactions—simply numbers changing in a system with no physical movement of cash.

Wise stands out as, on average, it is 7 times more cost-effective than traditional banks when sending, spending, or withdrawing money globally (though this can vary by country).

Here's a quick summary of the benefits:

  • No home country bank fee.
  • No receiving country bank fee.
  • Access to the true Mid-Market rate for currency conversion, or even better!
  • Capability to send up to 2 million Thai Baht per transaction.
  • Rapid transfers, especially for amounts below 5k, taking approximately 24 hours.
  • Once you become accustomed to the system, you can utilize the iOS or Android app for seamless transfers on the go.

+ Click here to get your first transfer free

Boy does it feel good to avoid those bank fees!

Frequently Asked Questions:

1. How do I send money with Wise?

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

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

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

2 million THB in a single transaction.

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

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

3. How long will the transfer take?

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

4. Do I need a Thai bank account?

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

5. Is Wise like a bank account?

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

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

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

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

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

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

8. How does Wise make money?

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

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

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

10. Can I contact Wise with a question?

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



Last Updated on

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  1. RM says

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

      • James E says

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

        • Max says

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

          • James E says

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

            • preesy chepuce says

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

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

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

              • Max says

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

  5. Greg says

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

      • Max says

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

      • Greg says

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

        • TheThailandLife says

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

        • Max says

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

    • Max says

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

  7. TonyT says

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

  8. James E says

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

    • Max says

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

      • James E says

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

          • James E says

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

            • James E says

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

        • James E says

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

          • Max says

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

            • James E says

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

              • Max says

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

    • James E says

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

      • TheThailandLife says

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

        • James E says

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

          • Max says

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

            • James E says

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

            • James E says

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

      • Max says

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

        • James E says

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

          • Max says

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

  9. Jeff Proulx says

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

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

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

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

    I hope this experience helps someone else.
    Reply

  10. anthony godfrey akhurst says

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

    • TonyT says

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

        • TonyT says

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

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