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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

  2. John says

    Hi Peter, 2 comments
    I saw you mentioned you had a receiving fee of THB 500. I have 200 in Bangkok bank.
    You also mentioned contacting Wise thru email. My experience is not that it is bad, it is non existent and likewise if you send a complaint. But for transfer it is the best.
    Reply

    • Winston says

      I receive my transfers in SCB and I get the full amount sans any deduction. I have contact Wise customer service through email and they respond pretty fast. In fact, if there is a problem with the transaction not going through I receive an email advise what was wrong and next steps too. From the below you can see how efficient they. I didn't take a screenshot or extra work to blank out the name etc. I have many emails from them to vouch for their prompt service.

      Hello WINSTON HECTOR,
      Your transfer of 500 AUD to XXXXX was sent back to us.
      There was a problem with the bank details we had for XXXXXXX. Because of that, your money was sent back to us.

      To fix your transfer, you can either:

      *Change your recipient’s bank details and send your money to them again. Before you do, please check that you’ve got their details right. If your money gets sent back to us a second time, we’ll need to give you a refund.
      *Cancel your transfer and get a refund.
      Reply

  3. Bruce says

    very interesting thread, I am married to a Thai who lives in the uk with me( now a British citizen) and we have a property in Thai..moving money has always been an issue. I have seen with the HSBC you can move money free of charge between other HSBC accounts in other countries..does anybody know if this can be done between the uk and Thai? If you can even open an account in Thai?
    Reply

  4. JamesE says

    For US (possibly US$ holders as well?) Wise customers. Wise has a new program - Wise Balance+ - that allows you to earn interest on US$ balances held in your Wise Multi-Currency Account. It's opt-in and administered through JP Morgan-Chase, Wise's "banking partner". The addition of Chase is interesting as Wise has been working with Evolve Bank in the US. The program works by sweeping your US$ balance to an account at Chase. Chase pays Wise interest on the deposit and Wise pays you a portion of that interest - currently 3.92% on your balance - as their way of saying thanks for the use of your money. This is very competitive with the going rate in the US for a high-interest savings account (and way more than most (all?) commercial banks are offering). Worth a look as it allows you to park money in Wise while you wait for the FX rate to hit your target without losing money from it just sitting there. Details at: https://wise.com/us/legal/us-interest-program-agreement.
    Reply

  5. Rick Stenson says

    It is pretty confusing figuring out how to get set up financially for an O-A Visa. As I understand the requirements I need to have a Thai Account with 800,000 Baht for 60 days before I can get the Visa. But when researching the requirements to open an account at someplace like Bangkok Bank it wants me to have a Visa. Feels like a chicken and egg scenario. Can't get the Visa without the account and can't get the account without the Visa.
    Reply

    • jamesP says

      If it is actually an ‘O-A’ visa you will be applying for, that’s done in your own country. The 800,000 Baht, or rather the equivalent amount in your own country's currency, only needs to be in your bank in your own country, not a bank in Thailand. Once you’ve obtained your O-A visa and have moved to Thailand, then you can open a Thai bank account and start transferring funds into the account in preparation for when your one year extension is due.
      Reply

        • Max says

          There's a downside with the O-A,the mandatory health insurance. That requirement will never go away as long as your initial visa is an O-A. If you have the required amount of money, apply for the 90 days Non-immigrant O visa based on retirement at home. Then you can extend it another year at the local immigration office after ~60 days as long as you have opened a Thai bank account and transferred the 800k within 30 days. The money must be in your account 2 months prior to the day you apply for the 1 year extension. There's no mandatory health insurance when extending the stay based on an initial O-visa.
          Reply

        • Peter says

          That Thai banks are hesitant to open a bank account for those from the USA may have something to do with FATCA.

          I am not American and never been to the USA but get asked by Thai banks repeatedly if I am.

          I assume that the extra paperwork required by Thai banks for US citizens does make it worthwhile for them.
          Reply

        • Max says

          Have you tried Bangkok Bank with a Residence Certificate from the local immigration office? There are many branches. You need a permanent address,a hotel is not accepted. Doesn't the US Embassy in BKK still issue the equivalent to the Residence Certificate to be able to use when opening a bank account? It's not free, though.
          Reply

          • JamesE says

            Yes, Max, the US Embassy is still issuing Affidavits of Residence for opening a bank account. They say they're working with Thai Immigration to come up with a "less costly" alternative. Right now costs US$50.
            Reply

              • JamesE says

                Yeah, the post on the embassy website didn't specify what form the arrangement would take. The US is seeking to cut costs (and services those costs provide) any way they can. Other countries' embassies are supported by a populace who sees value in service - and pays the taxes necessary to support said services - whereas in the US 3/4 of taxpayers scream bloody murder at a 1% increase for the top earners. Oh, well. It'll be a moot point next month after the US defaults on its debt payments and the world spirals into a global recession. ;0
                Reply

            • Johnie D Crocker SR says

              As of June '23, the American embassy no longer will do any certification of residency. Not for driver's license or banks. But they will let you stand in line and make it inside before telling you.
              Reply

              • Max says

                This will make it quite hard for US citizens to open an account at Bangkok Bank. Some branches still accepts the Residence Certificate from immigration, though.The US Embassy has also stopped issuing other certifications. They must be the worst embassy ever when it comes to helping citizens in Thailand.
                Reply

                  • Max says

                    Rick,I don't know if Peter is ghosting me,I can't see my post from this morning.
                    Thai immigration has nothing to do with decisions made by the US Embassy. From June 23 it doesn't issue the Affidavit of Residence,but that's not immigrations problem nor concern. Do you really think that they will change official requirements because of US citizens having problems with opening bank accounts? Blame the US government. Most banks in Thailand don't officially allow foreigners to open savings accounts,and that's their prerogative. Many Bangkok Bank branches in tourist areas still accepts the Residence Certificate from Immigration. You need a permanent address,(not a hotel) and it's a plus if you have a long term visa (permission of stay). You also need a Thai phone number and an email-address when applying for the account. I don't know where in Thailand you're going to stay,but there are many bank branches.
                    Reply

    • JamesE says

      With the O-A there's only a chicken. For your initial application you can use funds in your home country bank. For subsequent extensions (AKA - the "egg") you are required to have the money in a Thai bank account which gives you basically ten months to get the account set up and funded.
      Reply

    • Johnie says

      you don't have to have 800,000 ฿ for an O-A visa. you have to have health insurance. the 800k requirement is for visa -O and other retirement or wok visas. you do have to show your bank account information in your home country with your visa application.
      when you get to Thailand, you will need to get a certificate of residency from immigration. you will need your rent contract and landlord's information to get the certificate. if living free with friend, they have to bring their ownership papers or rental agreement and copies of their Thai citizen card and attest that you live with them. don't loose your airport declaration of import paper. also make sure that immigration officer at the airport puts the date stamp in your passport. Bangkok Bank is picky about those papers. other banks I don't know so much about. they wouldn't even talk to me, as I'm American and they have to guarantee my money is safe from what I understand. I just went with Bangkok Bank to resolve that issue.
      Reply

      • Max says

        Johnie, the 800k in a Thai bank account is needed when extending the stay based on an initial O-A visa another year at immigration. The rules are exactly the same as for an extension based on an initial O visa except for the mandatory health insurance. The reason Americans have problems opening bank accounts, that even includes Bangkok Bank, is FATCA = The US banking systems paranoia about money laundering. Thai banks hates the extra paperwork and that's why US citizens quite often are being denied opening simple savings accounts.
        Reply

  6. Winston says

    Have you noticed Wise transfers. Their rates are not that good as before. Also, now the money shows deposit in few seconds but it also says 'the transaction will be viewed manually and time might change' and then you see that the transfer will take days from what previously would take seconds. They are not as efficient as before.
    Reply

    • TheThailandLife says

      Hi Winston, I think the fees increased a little for me earlier this year due to card providers increasing their fees and inflation-related costs, but the service has still be very quick for me. I did a transfer earlier this month at night and by the time I'd woken up I saw it in my account.Also, Wise has this new initiative where they return fees if their costs go down. Check out this email I received:As the costs to provide you with our services were less in January, we’re giving you back a percentage of the fees we charged you last month.We’re doing this because it’s our mission to make money work without borders — to make it instant, cheap, convenient and transparent. See how you can help.We’ll continue to look at our monthly costs and give back what we can. This means that the amount you’ll receive might change depending on our costs — in some months that might be more, and in others we won’t be able to give anything.I got back 40% of the fees I paid. Not bad, eh?
      Reply

      • Winston says

        but there are now greater delays for the money to reach the bank unlike in few seconds as before. It has happened to me to 3 transaction and I had to cancel all 3 of them. Who wants money coming into my bank account after 9 days. yes you read that correctly, after 9 days so it said . Un believable. the others were in the area of 4-5 days. Utter nonsense. or perhaps as the saying goes "it only happens to me" hahahaha
        Reply

        • Max says

          My last transfer using Wise was from my balance account and it took 6 seconds. Normally I'm using the "Low cost transfer"-option and my money always arrives at Bangkok Bank 2pm next day. Winston,where do you send money from,what country? When I've been reading about people having problems with delays,they have always been bank related. I know people from the US having problems with delays. I must be lucky because it never happens to me.
          Reply

    • Max says

      Winston, do you mean rates or fees? The rate is always the mid-market rate. When Wise for some reason has to increase their fees,they always announce it and also explains the reason for it. My transfers always arrives on time as they have for years. I haven't had one delayed transfer.
      Reply

      • Winston says

        the fees. I select direct transfer, It say 35 cents or 60 cents When I go to make the final payment it shows fees as $3+ ridiculous, and the number of days increases from 'few seconds' to 4-5 days and in one case it said 9 days. that too this transfer was from my Thai bank account to another Thai bank account.
        Reply

        • Max says

          Winston, why don't you start using a Balance account transfers instead of the Direct debit option?
          It's much easier because your bank won't be involved in the transfer. You just transfer money to Wise's local account in Canada. Your money will show up in your Balance account. When you transfer money,you just chose the Balance option. I'm 100% sure you won't have any delays because your money is like half way to Thailand. The total fee should also go down a bit. If domestic transfers are free in Canada then the only fee you'll pay is the fee to Wise.
          Reply

    • Max says

      Rick, You're confusing the O with the O-A.
      You have to apply at home for the O-A and have the required amount of money in a bank-account back home.
      When going for an extension based on retirement (not a visa) at the local immigration office, you should start with applying for the 90 days Non-immigrant O visa at home. Then you have 30 days in Thailand to open a bank account and transfer the money. The easiest way to open a savings account at Bangkok Bank is to apply for a Residence Certificate at the local immigration office,but you must have an address other than a hotel OR get the equivalent to the Residence Certificate from your embassy in BKK. And, showing a proper address.
      Reply

  7. sidney leonard says

    Peter, et al., as the time is nearing for our return to Thailand, and after reading the comments re: sending funds to/from Thailand, and the financial requirement for extending a Non-O visa based on marriage, I ask that you please respond to the following comments & questions:

    We have decided that the best option for us for sending funds from our Bangkok Bank joint savings account to our checking account at Bank of America in the U.S. (until it will be possible to do so via WISE) is to wire same directly via SWIFT; I was pleased to read on Bangkok Bank's website that using this option there is “No need to apply for the service in advance or submit any supporting documents. You can make a transfer by yourself online.” - Do you find this to be the case?

    Regarding the financial requirement for obtaining, annually, my visa extension: My wife and I have been transferring funds, via Wise, into our Bangkok Bank joint account (opened in 2017) over the last 3 years and now have a balance in that account of >฿M.

    I have been assured by several expats that the least complicated option is the ฿400K in a personal bank account for a minimum of 2 months before applying for a visa extension, and that I can open such an account and transfer the required funds into it from our existing Bangkok Bank joint savings account without any requirement as to where the funds came from. Do you concur?

    An aside: Does Bangkok Bank offer a fee-free credit card which can be used to purchase (in baht) and pay the balance each month via debiting our savings account?

    I thank all respondents for your time and generous sharing of your experience and knowledge.
    Reply

    • JamesE says

      So first, yes. A SWIFT transfer is do-it-yourself. Main caveat is to let Bangkok Bank do the conversion because, as onerous as their spread is, they will have a much better rate than a US bank. Second, yes, the funds must be in an account in your name alone. Third, no, the fund source in your ฿400k account must be a foreign transfer.

      Bangkok Bank has a credit card or several, but as a foreigner they are very difficult to come by. Your wife may have better luck. However, you can do everything you need with mobile banking in most stores (from the tiniest to the largest) using a direct payment with your phone. Unless you can get a points/cashback card of some type, that's the way to go.

      Good luck with your relocation!
      Reply

    • Max says

      1)
      You can do international transfers using Bangkok Banks Mobile banking app. Bangkok Bank has the rights to ask for supporting documents.
      2)
      A joint account in Thailand is not accepted at immigration. The two of you must have an account each. So,฿400k each, 2 months prior to the day you apply for the 1 year extension if you're going for the "based on marriage" method. Saying that this option is the easiest is not true,but you need less money in the bank. Officially, immigration requires the transfers to your Thai bank account to be foreign.
      3)
      You will get a debit card connected to your account, not a credit card. It's not free,the annual fee is about ฿250-300. Every purchase and ATM withdrawal is deducted from your account in real time.
      Reply

    • Max says

      Sidney, I forgot to mention one thing.
      When married to a Thai in Thailand it's a walk in the park to get the required marriage certificate for immigration. But, you are both foreigners and that makes it much more complicated. You need your marriage certificate from back home to be certified at the US embassy in BKK, translated and then certified by authorities in Bkk. This is non-negotiable at immigration and it can be a hassle. It might take a couple of days.
      Reply

      • sidney leonard says

        Thanks, Max, for your input. Just to clarify: My wife is Thai with due citizenship; In 2017 we did all the necessary paperwork at the district office re: marriage certificate translation, registration, etc. and we opened a joint savings account at Bangkok Bank which currently has a balance of >฿1,000,000. I have been told by supposedly knowledgeable expats that I can simply transfer the required ฿400K from our joint account into a personal account (2 months prior to applying for an extension), which seems less complicated than the ฿40K/month option, and that, contrary to what you assert, the source of the transferred ฿400K will not be questioned. Now, I am uncertain regarding the source question; can you verify your assertion regarding same?


        I believe you are saying that we can use our Bangkok Bank debit card when making purchases and that payment will automatically be debited to our account. Here in the U.S. the use of a debit card for purchases is much less secure than using a credit card for same, as credit card companies replace losses resulting from fraudulent use with much less complication than banks for fraudulent use of a debit card. Also, I have been told that it will be easier for my wife, a Thai national, to obtain a credit card than for me; do you agree?

        Again, thanks for your generous attention to my inquiries.
        Reply

        • TheThailandLife says

          That is correct. 40,000 THB 2 months prior to application.Supporting documents as proof of the security deposit in a Thai bank are as follows:- Updated bank book or passbook - Bank letter stating that the money had been deposited to the account from an overseas source for not less than 2 months.Edit. Sorry, I should have noted the following: The account cannot be a joint account. The money must belong to you and must not be your wife's or any other person in Thailand.
          Reply

        • Max says

          I didn't say anything about the source, but for many years there's been an official requirement saying that the transfer of 800k when applying for an extension based on retirement should be foreign. Maybe when going for the marriage option this might not be the case. Yes,your wife can get a credit card in minutes. But you can't. The only way for you to obtain a credit card, is to open, for example, a Fixed Deposit Account = an FDA where the amount in the account will work as collateral. This worked earlier at my Bangkok Bank branch, but requirements changes all the time. Just ask. (I've been using my Thai debit cards for many years when buying stuff online without any problem what so ever, we're talking about many hundreds of purchases.) Last year Bangkok Bank changed one out of several "official" requirements to open a simple savings account. Earlier, with a Certificate of Residence from the local immigration office and together with the passport you were ok to open an account. This is now "officially" not possible. Now they want the equivalent to the CoR from an embassy or consulate. But as always in Thailand, it's up to the branch. Several branches don't care that much about changes.
          Reply

          • TheThailandLife says

            Having looked on some legal websites I see that some state that the source of funds must be an overseas account. Perhaps this is looked over by some immigration officers but I'd just do a foreign transfer to be sure.
            Reply

        • JamesE says

          Sydney, This: "Here in the U.S. the use of a debit card for purchases is much less secure than using a credit card", is true the world over but the direct payment model used in Thailand is even more secure than either. It's basically hack-proof. When you do one of these direct payments it is a circular transaction where both parties receive independent confirmation of the details. It's even kind of spooky at a bigger retailer where you scan a QR code off of a terminal and your phone goes *bing* at the same time the register starts spitting out your receipt. Even with tiny vendors on the street you'll scan a QR code and your phone will show you the details, which will match their QR code info before you confirm the transaction. Then they take a picture of your phone so they have a record. I was skeptical at first but now I use it all the time. No numbers to skim, no cards to get stolen.
          Reply

          • sidney leonard says

            Thanks, James. You have piqued my interest in the direct payment model; it, indeed, seems to be the most secure method of payment for goods and services in Thailand. I assume you make payments digitally using a mobile phone ewallet such as PromptPay, or a similar option. Now, would you, kindly, provided this not particularly tech-savvy senior citizen with a step-by-step tutorial for using whatever such method you use; I am an analog creature (born 1936) transitioning to the exponentially emerging digital world of today by my frequent impositions on the generosity of smart, tech-savvy, people like you. Thank you for whatever help you can offer.
            Reply

            • JamesE says

              Hi Sydney, Life is a learning experience, isn’t it? Discounting all the 3rd party wallet apps, there are basically three ways to send money. Prompt Pay is the government system that allows basically anybody to participate regardless of whether they have a bank account or not. It just takes a mobile number, citizen id, or tax id to send funds. It sucks. My SO had to use it to pay for some trip expenses back during the subsidized travel programs of COVID. It was a nightmare. Your wife should register for it just to have it if needed, but you can’t (although you can send money to someone else’s account).

              The other system is mBanking which is what the banks got together and set up. It does require a bank account and you get it as soon as you set up your account for mobile - different than online - access. This gets you your QR code and links your account number and phone to the system. This is what I use 99% of the time. It allows you to send/pay for things by scanning someone’s QR code (most common when face to face) or entering their phone or account numbers when you don’t have access to their QR code.

              As far as the 3rd party apps go, the only one I use is Line. Others exist, True Money, Rabbit, eg., but just don’t make sense when mBanking is so easy. The reason I use Line is the BTS. You can link your Rabbit card (ironic, isn’t it) to your Line wallet and earn Rabbit Rewards which gives you free BTS rides. The others have some kind of rewards, too, but nothing that I use. You can also use them to pay for stuff but not as universally as mBanking.
              Reply

            • Max says

              Sidney, if you're going to open an account at Bangkok Bank,then download Bangkok Banks Mobile banking app. Customer care can do it for you. When the mobile app is up and running, you can register at PromptPay using your phone number. I don't know why James said you can't. I've had PromptPay for years and it works. I don't use it all the time, though. You can also connect your debit card to Google Pay in your phone. That's an easy way to pay when buying stuff online.
              Reply

    • PeteBKK says

      With Wise it's cheap and easy and quick to transfer money to Thailand but you can't use Wise when transferring Thai Baht out of Thailand. You'll have to use a Thai Bank to do it via SWIFT or the like. This means worse exchange rates. Remember to send your foreign currency to Thailand and buy Baht in Thailand likewise buy your foreign currency in Thailand as your more likely to get a better forex rate in Thailand than outside.
      Reply

      • Max Fredriksson says

        "buy your foreign currency in Thailand as your more likely to get a better forex rate in Thailand than outside."
        I strongly doubt that. If you buy foreign currency (bank notes) at a bank in Thailand, you'll have to pay the banks Selling-rate which isn't that good,compared to the TT Buy-rate you'll get from an ATM abroad.
        Reply

        • PeteBKK says

          If exchanging cash use "Superrich" (thailand dot com) to buy or sell. They have very good rates for cash (aka physical bank notes). If doing a bank transfer (TT) from/to an overseas bank then after 30 years living in Thailand I can confirm that if transferring currency from Thailand to a "rich" western country then buy the currency of that "rich" country in Thailand then move it overseas. This is because the demand for Thai Baht in that "rich" country will be a lot less than the demand for western currency in a tourism dominated economy like Thailand. This is reflected in the exchange rates.
          Reply

  8. sidney leonard says

    Peter,

    First, I apologize if I have posted this concern on the wrong site. I was unable to find a more suitable one; in fact, I don't think I have ever seen this matter discussed previously anywhere on TheThailandLife.

    As my wife and I prepare for our move to Thailand, I believe we have our financial “ducks in order” vis-a-vis bank accounts in both US and Bangkok (using WISE for transferring funds), financial requirements for visa extension, etc. However, as recipients of US Social Security, with our benefits being directly deposited into our US account, we will be required to inform Social Security, yearly, of our continued eligibility to continue to receive benefits (i.e., still alive) by returning to them the FOREIGN ENFORCEMENT QUESTIONNAIRE (SSA-7162) which will be mailed to us yearly.

    As I have seen on other Thailand forums that many US expats have experienced great frustration in fulfilling this S.S. requirement, especially in the matter of returning said questionnaire to S.S. (e.g., long delay in receiving questionnaire, lost in mail, poor assistance from S.S. FBU in Manila and US, etc. - there doesn't seem to be a problem with the Thailand mail system), I would greatly appreciate any experience regarding this matter from those US expats who are receiving S.S. Benefits, particularly what others have found to be their solution to getting the questionnaire received without delay at the designated processing center in the US. indicated on the return envelope provided by S.S.

    My thanks to all who respond.
    Reply

    • JamesE says

      Hi Sidney,

      First, are you giving up your address and US phone number? Assuming you're keeping both and monitoring same then you really don't need to fill out the questionnaire as you have valid US contact information. Second, if you are giving up same (maybe to save on the Part B Medicare Premium?) it's possible to return the form by DHL/FedEx to wherever you want and you'll have a delivery receipt. It might be pricier than Thai Post but you'll know it got there.
      Reply

        • JamesP says

          Hey Sidney. Congrats on your move to Thailand. Sounds like you are almost here!
          You mentioned; “…since our Medicare cannot be used in Thailand we will cancel same.” Are you referring to only Medicare Part B, or both A&B? Since part A costs you nothing, may as well keep it, just in case. Look at the “panic” in the retirement community in Indonesia. You never know what’s coming down the line. Best to hang onto the options you have, especially when they cost you nothing.
          You also mention; “…as recipients of US Social Security, with our benefits being directly deposited into our US account…”
          You probably already know, but since you mention “…we will not be returning the US…”. You can have your SS payments direct-deposited into your Thailand bank account and cut out the need to do the ‘Wise’ transfers.
          Reply

          • Max says

            James P, having the SS payments transferred directly into a Thai bank account is not the best advise. The exchange rate is much better when using Wise,because you'll get the so called mid-market rate. When SS payments goes directly into a Thai bank account, the exchange rate will be the sending banks rate, which is lower than the receiving banks TT buy rate you get when doing a standard swift transfer = bank to bank transfer. So,Wise is still the smartest way.
            Reply

            • JamesP says

              I was just mentioning the SS direct deposit as another option since Sidney mentioned “…we will not be returning the US…”.
              Another option is having SS direct deposited to a U.S. bank, and then just doing an over-the-counter withdrawal at your Thai bank. Some U.S. banks have no-international-fee debit cards, so you can just do a “cash advance” at the current MasterCard or Visa rate over the counter and avoid the Wise fees. Depending on the Thai bank there may or may not be a fee of around 200 Baht. As an example, I just looked at the MC exchange rate and it was 34.8578. Wise was 34.6200 plus fees.
              Another option is to use a Charles Schwab account and just do ATM withdrawals with your Schwab ATM card. Schwab reimburses all ATM fees.
              Personally, I prefer to avoid going into my bank, so I mostly use Wise and my Charles Schwab ATM card.
              These are all just options. Always good to have options. :-)
              Reply

              • Max says

                Nothing is free when it comes to Thai banks. They charge you for everything including receiving money. Using debit or credit cards for doing over-the-counter withdrawels in Thai banks? Only banks having an exchange desk offers that service,and the rate is exactly same as from an ATM, the TT buy rate. I'm not buying that US debit/credit cards offers a better rate than that,and it's lower than the mid-market rate. You also have limits when it comes to withdrawals using a debit/credit card,while you can transfer many times more using Wise,and even with a fee you will get more money in the long run. That I promise you. Doing some withdrawals in Thailand during a vacation,that's one thing, living here long term is another story.
                Reply

  9. Simon says

    Good morning,

    I have a question the other way around: if one decides to leave Thailand and return home (say, to the UK) for good, how easy is it to transfer the THB800,000 (the current figure, I believe) held in a Thai Bank as part of one's retirement visa requirement back to a UK bank?

    Thank you in advance for any help on this.
    Reply

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