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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

Comments Sort by : newest | oldest

  1. Tom Jansen says

    I have a transfer scheduled for September 29 with Wise. I live in Thailand, so I am wondering what time of day and what time zone they use.

    They are usually pretty reliable, but it is important to me to have my monthly transfers come at the "same" time each month to satisfy Thai Immigration for my Retirement Extension. This is the first one that I scheduled ahead, so I am as nervous as a mother hen waiting for it to happen. The previous ones I have done early in the day on the 29th of the month.
    Reply

    • Max says

      You should actually be able to see what time the money arrives at your bank. I have a transfer coming September 30,14:12pm. My transfers always arrives in time, maybe 2 min later sometime. If I were you I would never go for scheduled monthly transfers every 29th. If the 29th is on a Saturday, the money will arrive Monday. It might mean that the money will arrive next month. When using monthly deposits as a retiree, the money doesn't have to arrive "exactly same" date. Immigration knows that money from a pension provider doesn't arrive at the exactly same date every month. The money has to arrive "about" the same time, for example between the 25th and the 30th. You should change the date for your scheduled transfers to the 25th or 27th the latest,if possible. There might be a national holiday on a Monday, then your money won't arrive until next day if the 29th is on a Saturday. You do understand why the 29th is not a smart date? In my opinion,there's no need for scheduled transfers unless you suffer from dementia.
      Reply

    • Barry Rowe says

      Wise have a problem at the moment, as of this morning they are now sending International Transfers through Kasikorn Bank and not Bangkok Bank. Hence there is no record being an International Transfer, sent from another bank notation.
      Reply

        • JamesE says

          This has been reported around the internet over the past few days. But people who have tested the transfers to BKK Bank have reported that everything is still working. There are two hypotheses being floated - low value transfers, and transfers on weekends and holidays when there's nobody working to manually code the transaction. Both just speculation at this point.
          Reply

        • Barry Rowe says

          I have done 3 Wise transfers this month, the first went through as normal and straight to my Bangkok Bank Account with "International Funds Transfer" noted on my Bank Statement. Transfer 2 was sent on the seventh of October it arrived with "Transfer A/C at Other Bank" when checking it was an internal transfer from Krasikorn Bank to my Bangkok Bank Account. So I left it a few days thinking I had forgotten to use the Long Term Stay In Thailand as the reason for the transfer. That was not the case then I saw that other people were having the same problem Facebook TransferWise Solutions page is full of comments including mine. On the 13th of October I sent another $50 test Transfer it was a Holiday in Thailand so the Banks were closed, that money arrived yesterday and again the same the my my was an internal transfer from Krasikorn Bank to my Bangkok Bank Account. I have written three emails to Wise now two have been answered but no real joy or explanation bas why the "Long Term Stay in Thailand" notation is now being ignored by Wise. I have asked as have many others for this to be looked at by top Management not the Help Desk, all we can do is wait for their reply. I have suggested charging a fee or similar to ensure the Transfer is sent direct to Bangkok Bank and not through their Banking Partners.
          Reply

  2. Tom Jansenq says

    Can anyone recommend the best way they have found to transfer money out of Thailand to the US?
    I talked to SCB, and they told me I would have to show where the money came from. I can do that. However, they could not tell me their exchange rate.
    So, I would like to know, from someone's personal experience, a reliable economical way to transfer Thai baht, or even US dollars from Thailand to the US. I see a number of very negative comments about DeeMoney, but I also see a lot of positive comments.
    Any help will be appreciated.
    Tom
    Reply

    • Max says

      Tom: What Thai bank are you banking with? How much money are we talking about? The sum matters. You just said you talked to SCB. If you do a swift transfer bank to bank to the US, you'll get the receiving banks exchange rate if you send Baht. That's probably why SCB didn't know the rate.
      Reply

      • Tom Jansen says

        I am glad you asked these questions. I was already putting together a more detailed inquiry. Here are some pertinent details.
        - The amount would be 100,000 or so baht.
        - The bank is Bangkok Bank. I will also need to ask the same question about SCB, but that can come later.
        - All of the money was earned under a work permit or transferred in from the US. I can track the money with a lot of detailed effort, maybe including looking at my US bank history as well. I had not planned to have to show where the money came from, so I did not have an orderly system for making it easy to follow. Thus, I would prefer not having to use this method.
        - One alternative might be to convert the baht to USDollars at Super Rich if they are still operating. They are the best alternative that I could find through the years for exchanging cash. I could then transfer USDollars to the US
        - I wouldn't mind paying an extra 0.5% or so premium for ease of transfer.
        - I wonder if the New York Bangkok Bank branch could be used to transfer baht to my US bank and then transfer USD to my US bank.
        - Thank you very much for your detailed investigation and reporting.
        Reply

        • JamesE says

          When I saw the amount my first thought was "just take cash." Also, look into Western Union, BKK Bank has some integration with WU for outgoing transfers. WU also has a direct (not through BKK Bank) online service. Check out:

          https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Out-of-Thailand/Western-Union-Money-Transfer

          and

          https://www.westernunion.com/TH/en/home.html

          I've used WU a couple of times for inbound transfers (they occasionally run specials that makes them a bit cheaper than WISE) and had no problems. Haven't tried them outbound yet.

          The NY BKK Bank branch is now just an investment branch and stopped offering retail banking services a couple of years ago.
          Reply

        • Max says

          Are you banking with Bangkok Bank and have the money,100,000 Baht in an account there? Do you use mobile banking at Bangkok Bank? If not,just download the app. Since a few months they have added "International transfers" to their services. The transfer is not expensive.The fee is fixed. 100,000 Baht is in my opinion a very small amount of money. I thought you were talking about much more. You can not walk in to any Thai bank and transfer even 100,000 Baht or more.They will ask for the source. Transferring the money within your own bank is always the easiest way, especially now when you can do it yourself using mobile banking at BB.
          As JamesE said, forget about BB in NY. I was about to say the same thing.
          Reply

          • Tom Jansen says

            I just updated my Bangkok Bank app and I don't see a reference to International transfer nor the name of my bank in the United States. I just started using the app a few weeks ago, so I may be missing something very obvious.
            Thank you for any additional help.
            Reply

            • Max says

              Log in, then in the menu at the bottom, click on Banking. Then scroll down. If you have a 5.5 inch display or smaller you might only see 'Extra Services' in the middle at the bottom. It says 'Int'l funds transfer' further down. Then choose 'SWIFT transfer' and then you just enter what's needed. You'll get the fee and everything.
              You can only access 'SWIFT transfer' between 8:30-17:00 business days Thai time. It means you have to wait until tomorrow, Friday.
              Reply

              • Tom Jansen says

                Yes, I found it. I had been clicking on "Transfer" rather than "banking" at the bottom. Thank you for your patient persistence.

                I received message that you mentioned that the service is not currently available, try back between 8:30 to 17:00. I am eager to see how it goes tomorrow.
                Reply

                • Tom Jansen says

                  Hello Max, I have tried twice to do the transfer with two different, unsuccessful results. I just called the help line of Bangkok Bank, and they took all of my data, including Android version and Bualuang version and said someone will call me in five days to help.

                  What happened this last time was that the "Save" button did not become active. It remained grey, and so there was nothing else I could do. Another time, last week, the blue Save button became active, and when I pressed it, I got a message that my information could not be displayed.

                  I thought maybe in the meantime you might know some likely missteps that I may have made. I have included all of the data they asked for in filling in the form on the app, but to no avail.

                  Thanks if you think of something else to try or even if you don't. I will just try some more while waiting for their call in five days, I guess next Monday at the earliest.

                  Thanks again for your help up to this point.
                  Tom
                  Reply

                  • Max says

                    What did you enter when you suddenly could Save? You started with your contact information incl full address in Thailand. Then saved it. Your phone number and email-address at the bottom should have been grayed out.
                    Then you entered the amount and chose the fee, recipients information,full address incl bank and/or the 24 digit IBAN-number and saved it, right? If something in your address or something else didn't match the info you entered when you opened your bank account,that might have triggered the error message. Was your address and recipient info saved when you tried the second time?
                    You should also have gotten an email telling you the info was saved. Now, I have no reason to send money to my bank back home just to see if it works for me. You have to wait for the call from customer service. Good luck.
                    Reply

        • Max says

          Why €300 X4? Where does those numbers come from? I have already answered your first post. You forget about the difference in exchange rates. For example Bangkok Banks TT Buy rate today is 38,985 Baht for €1. Wise's mid-market rate is now 39,3914. 2 million Baht Low cost transfer will cost you €51,063 using Wise. Incl.fees. A swift bank transfer using Bangkok Bank will cost you €51,301 + sending fee + a 500 Baht receiving fee. I don't know your banks sending fee, but even without fees you get more money using Wise.
          Reply

        • JamesE says

          The thing you're not looking at is that many bank services are priced in percent and many are a fixed price. When you look at Max's calculation the difference between Wise's mid-market rate and the TT Buy rate should be considered a "fee" that works as a percentage. So, the more you transfer, the bigger the fee. Add that to your home bank's send fee and Thai bank's receive fee to come up with the total fee. With Wise you only have to consider the variable cost fee which is a decreasing percentage. Right now, I think it ranges from about 0.77% down to 0.56%. That's the only fee.

          As you point out, Wise limits you to 2M Baht/transfer so at some point it might make more sense to send a very large sum - like for buying a condo - using a traditional wire, particularly if you wanted the sum to show as a single transfer. But (using the TT rates posted this morning) you'd be paying an effective rate of 0.79% (the difference between the TT rate and Wise's mid-market rate) plus any bank fees. Wise is always cheaper.
          Reply

          • Max says

            My example was just to show that sending a quite large sum = 2 million Baht using Wise is cheaper than a normal swift transfer without even counting fees. As you said there are fixed fees and fees in percent.BUT, there's another thing not to be forgotten. In the EU,I don't know about the US, there's a limit on how much money you can transfer abroad using swift without having to report the transfer to banking authorities. This limit is very low, about 17,000 USD, it depends on the exchange rate. So,when talking about sending 2 million Baht using swift that's not an option. It has to be done in cooperation with the bank. To get around that limit when using Wise,is to use the Low cost transfer- option where you transfer money to a domestic Wise account which is normally free . The sum might raise some eyebrows at the bank,but it's not illegal. OR, even better, use your Balance account at Wise. Then you just do several free domestic transfers to Wise to reach the equivalent of for example 2 million Baht. Then you transfer the money. This way the bank back home has nothing to complain about. If they're smart and know about Wise, they might know what you're doing. 😎
            Reply

    • Max says

      You forget about the difference in exchange rate, banks TT Buy rate vs Wise's mid-market rate. The better rate covers a lot of the fee. But you just have to do the math. Check with your bank what it'll cost to transfer 2 million Baht and then just compare it with Wise. But don't forget every fee, both sending and receiving. Then you just pick the best option. Not many people transfer sums like 2 million Baht though.
      Reply

    • Max says

      Forget about foreign checks in Thailand. Even if some Thai banks officially accepts them, there will be fees and it will take time to clear the check. You either transfer money from your bank back home or use Wise (former TransferWise) to get cheaper and faster transfers.
      Reply

  6. Patrick Mark Davis says

    Hi I am looking to 'emigrate' to Thailand later this year(Dec) early next (Jan2022) and have been checking on requirements for this from UK; currently thinking O-A visa - I am 60!- all seems very involved/tedious?! I am currently living in UK and endlessly procrastinating over financial commitment?! No probs with the cash but where to have it and when?? Should I open Thai bank account with B800,000 - thinking Bkk bank? before applyng for visa or can I apply with 'statement' from my UK bank (Halifax) and open Bkk bank account when I am in country?? Grateful for any thoughts (on any aspect of emigration??) regards Paddy
    Reply

    • Max says

      First of all, don't go for the O-A Visa obtained in the UK. You need a mandatory health insurance from a Thai company. You should apply for the 90 days Non-immigrant O Visa based on retirement. After 60 days you can apply for a 1 year extension based on retirement. Cost: 1900 Baht. You need to open a bank account straight away and deposit 800,000 Baht. Those 800k needs to be in your thai bank account 2 months prior to the 1 year extension. That's not negotiable. Do you have a place to stay in Thailand? Depending on bank branch they might ask for a so called Resident Certificate from the local immigration office,so you'll need an address.
      Reply

  7. Cashboy says

    I have found the cheapest way (being a UK citizen) is to open a GB pound account in Thailand with your bank and transfer the mmoney there first and then do the transfer to your Thai baht with the same bank. I use Bangkok Bank.
    Reply

    • Max says

      You'll get the TT Buy exchange rate compared to the mid-market rate when using Wise. It's totally impossible to get more money cheaper and with better exchange rate with the method you propose. Your method is old school and was used before services like Wise was introduced. Don't forget that Bangkok Bank charges you for everything you do. I know, because I'm banking with them.
      Reply

  8. Phil Lowney says

    We've used Wise to send money from the UK and the money was in my wife's family's bank account within minutes. They received about £20 0r £30 more on a £3500 transfer than if we'd used Western Union - although it's always worth checking.
    Reply

  10. Tom Jansen says

    I use Wise, and I totally agree with your recommendation, having used a number of different ways to transfer money before finding Wise.

    It occurred to me that one additional piece of information could be very useful for expats who have to verify monthly transfers from abroad, like me from the US on a visa retirement extension. There is a good write up on Thaivisa with details of how to do it with various banks in Thailand.

    The simplest way to get the verifications is:
    1) Use Bangkok Bank
    2) In the dropdown menu in Wise, select "long-term stay in Thailand" for the reason for the transfer. Then the code FTT shows up for that transaction, which indicates a Foreign Transfer. These are then shown to Immigration at visa extension renewal time.
    Reply

    • Max says

      You're right, but a lot of expats don't bank with Bangkok Bank. You can use the same reason for the transfer with Kasikorn Bank and Thai Military Bank which are also Wise's partner banks in Thailand. The bank codes in the bank book might differ,though. But even with correct bank codes, you'll need a 12 months bank statement from your bank when extending your stay. That is if you come from the US,UK or Australia because of the non-existing income letter.
      Reply

    • James says

      I believe that drop-down menu option was created specifically due to complaints from people that bank with banks other than BKK Bank. Since the actual transfer of funds into a Thai bank account is actually a domestic transfer (Wise transfers funds from their Thai bank into your Thai bank), if someone was banking with BKK Bank, it usually wasn’t an issue as these transfers would show up as having originated from outside of Thailand. When the transfer was done from a Wise Thailand bank to an account other than BKK Bank, they would (sometimes) show up as domestic, which was not acceptable to Thai immigration. You could still contact Wise and get the verification that the funds originated outside Thailand, but to simplify the process, Wise added the drop-down option that you could choose which would let Wise know the transfer needed to be indicated as originating from outside Thailand for immigration purposes.
      Reply

      • Max says

        You must bank with Bangkok Bank,Kasikorn Bank or Thai Military Bank to automatically get the correct bank code. If you're banking with lets say SCB or Krung Thai Bank, you won't get the correct bank code. Before the reason "Funds for long term stay in Thailand" came up in the list of reasons in July 2019 (I think), it didn't matter if you were banking with Bangkok Bank. The transfer could show up as local. It happened to me just before they added the correct reason for transfer. Thats why the new reason came up.
        It's not Wise's responsibility to help everyone with immigration issues. Wise can not tell a non-partner thai bank to change the bank code just because it's needed when extending a permission to stay. Thats why they have partner banks.
        Reply

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