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
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.
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.
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.
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!
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.
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.
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 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.
- Bangkok Bank Public Company
- Kasikorn Bank
- 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
ed says
Jun 22, 2021 at 2:48 am
Max says
Jun 22, 2021 at 7:19 am
ed says
Jun 23, 2021 at 5:14 pm
Chris H says
*Transactions done on week days. W/end transactions are a tad slow,
usually between 6 and 24 hours.
*Aus to Thailand ($1,000.00 AUD) = 30 seconds.
*Aus to Thailand ($500.00 AUD) = 27 seconds.
*Aus to Thailand (150.00 AUD) = 21 seconds.
*Aus to Thailand ($50.00 AUD) = 9 seconds.
Jun 20, 2021 at 9:34 pm
Max says
Jun 21, 2021 at 7:57 am
JamesE says
This comment applies to Wise accounts in the US with the goal of loading a Wise Multi-currency Account with USD.
Okay, my tests are complete and here's what I found. Wise provides US bank details - ACH Routing Number and a unique account number - that can be used for an ACH Push transfer from your bank to your Wise account.
To start you have to verify that your bank supports outgoing ACH transfers - but not through the Bill Pay system. I tested from accounts at Bank of America, JPMorgan Chase, and Capital One. They went like this:
BOA allowed me to link my Wise account but I could also send the money using an ACH push based on the routing and account numbers (Handy if your transfer is a one-off or from a 3rd-party). The transfer was free for a linked account, but they charged me a flat $3 for a 1-3 day transfer from the ACH Push. This came from an account that is linked to Wise as a primary account and showed me as sender (Max's concern about this not working was unfounded). The transfer took a full 3 days. My second – free – transfer from BOA took less than 24 hours.
Capital One, also an account that Wise knows about, allowed me to link my Wise account as an "External Account" and to send money to Wise for $0 (zero is good). The transfer took 2 days and showed "Capital One" as the transfer source, my name was nowhere to be seen.
Chase, an account that Wise doesn't know about, allowed Wise to be set up as an "External Account" as well. The transfer showed that the sender was "JP Morgan Chase". Again, my name was nowhere to be seen. The transfer took 12 hours and cost $0.
Addressing Max's thought that "Wise must have done a mistake" I think that not to be the case and that Wise is just having to deal with how the ACH system works. ACH is a batch processor, much as the international credit card system works. This makes the system basically blind. Because the user’s USD balance account shows up as a standalone account (required for funding the account using ACH Pull in Wise's Add functionality) as opposed to an account owned by Wise (which would be subject to daily ACH limits because Wise is not a bank) the ability to use ACH *in any way* naturally emerges from the rules and regulations.
Bottom line is that using ACH in the US from your bank can result in saving a bit more money (+/- 0.35%) when transferring to Thai Baht than using Wise to initiate the transfer.
There are implications from this above and beyond the savings from loading your Wise account. Your Wise account works almost exactly like a US bank account. You can send your auto-deposits – Social Security, pension, employment income - straight to Wise, saving time and a transfer. Using an ACH Pull from a bank, vendor, or credit card company you can use Wise to pay bills or transfer funds in the US without using Wise’s Send feature.
Of course, Wise may change its rules going forward so always look before you press “Okay”.
Jun 09, 2021 at 10:51 pm
TheThailandLife says
Jun 09, 2021 at 11:11 pm
JamesE says
This fact is mentioned nowhere on TTL's blog (that I could find) an omission I guess can be chalked up to TTL's aversion to self-promotion. TTL's secret Patreon provides a direct way for us to say thanks for keeping this community going and providing the wealth of information contained herein.
To that end I heartily encourage all of us to kick in whatever you think is fair (remembering that Patreon takes a cut) to help support Peter and the great space he's built for all of us.
Jun 06, 2021 at 7:58 am
TheThailandLife says
Jun 06, 2021 at 7:55 pm
Patrick Mark Davis says
kind regards
Jul 16, 2021 at 2:53 pm
Mike says
May 30, 2021 at 4:48 pm
Max says
May 31, 2021 at 5:14 pm
John says
Jun 01, 2021 at 6:58 am
Max says
Jun 01, 2021 at 2:50 pm
John says
Jun 01, 2021 at 4:33 pm
DAVID says
May 26, 2021 at 3:32 pm
TheThailandLife says
- take a Covid-19 test before departure and have proof of a negative result - book and pay for a Covid-19 test on days two and eight after your return - complete a passenger locator form - quarantine for 10 days at home or the place where you are staying
It may be possible to end quarantine early if you pay for a further private Covid test through the test-to-release scheme.
You will need to quarantine in Thailand when you return.
May 27, 2021 at 5:26 pm
Joe G says
wise: 311,445 THB received
ofx: 311,585 THB received
xe: 313,536 THB received
May 24, 2021 at 11:05 pm
TheThailandLife says
May 24, 2021 at 11:08 pm
Max says
May 25, 2021 at 12:29 am
JamesE says
May 25, 2021 at 1:19 am
Joe G says
May 25, 2021 at 1:59 am
Max says
May 25, 2021 at 7:55 am
Tom says
Sep 23, 2021 at 5:59 pm
Max says
May 25, 2021 at 8:10 am
Joe G says
May 25, 2021 at 8:11 pm
JamesE says
May 25, 2021 at 10:10 pm
JamesE says
May 26, 2021 at 5:38 am
Max says
May 27, 2021 at 9:33 am
JamesE says
May 27, 2021 at 10:37 pm
Joe G says
May 29, 2021 at 1:47 am
JamesE says
Jun 03, 2021 at 8:10 am
Max says
Jun 03, 2021 at 7:14 pm
Joe G says
Jun 03, 2021 at 8:32 pm
Max says
Jun 03, 2021 at 11:52 pm
JamesE says
Jun 03, 2021 at 11:23 pm
Joe G says
Jun 04, 2021 at 7:46 pm
JamesE says
Jun 05, 2021 at 6:33 am
Joe G says
Jun 09, 2021 at 8:25 pm
Christopher Hickman says
I was wondering if anybody would know if by sending money to my girlfriend in thailand could that be liable for gift tax in the U.K..i Have been using TW for quite a while now and the money i have sent is direct into her Account at Kasikorn Bank.Thank you.
May 07, 2021 at 10:33 pm
TheThailandLife says
May 08, 2021 at 4:28 am
Paul ward says
Apr 21, 2021 at 11:39 pm
Max says
Apr 22, 2021 at 12:17 am
P ward says
Apr 22, 2021 at 4:13 pm
Max says
Apr 22, 2021 at 4:49 pm
ray goodwin says
Apr 21, 2021 at 2:47 am
JamesE says
Apr 21, 2021 at 7:23 am
Max says
Apr 21, 2021 at 7:30 pm
JamesE says
Apr 21, 2021 at 10:07 pm
Max says
Apr 22, 2021 at 12:27 am
Max says
There's only one way to get the Non-immigrant O Visa. Arrive on a 60 days tourist Visa and then change it to a 90 days Non-Immigrant O Visa at the local immigration office in Thailand. But, you have to wait until everything goes back to normal regarding TR-Visas and no COE is needed.
This 'might' happen Q4 this year or early next year.
Apr 21, 2021 at 8:09 am
TheThailandLife says
Apr 21, 2021 at 4:49 pm
Max says
Apr 21, 2021 at 7:40 pm
TheThailandLife says
Apr 21, 2021 at 8:08 pm
Brian Marshall says
It's time they woke up and got rid of the 800,000 in the bank for 5 months thing, it would release so much needed cash into the economy!
Apr 22, 2021 at 6:29 pm
Max says
Apr 28, 2021 at 8:22 am
Anthony Capilli says
In certain ways, they are double dipping with regards to requirements.
May 27, 2021 at 3:10 am
Max says
May 27, 2021 at 9:19 am