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Answered4 years ago

Does a Thai bank charge fees for Wise transfers and what fees are associated with opening a Thai bank account?

Craig *******
asked Nov 27, 2022
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Hi, question regarding Thai banks. When I send a Wise transfer to a Thai bank account, does the recipient's bank charge them a fee?

Also, if I open a Thai bank account, what sort of fees are charged? Is there such a thing as a no fee account?

TIA
Answer summary
When sending a Wise transfer to a Thai bank account, the recipient's bank does not charge a fee. For opening a Thai bank account, typically only an annual fee for the ATM card exists, which is around 200 baht. However, if one does not need an ATM card, fees can be avoided, although low maintenance fees may apply if the balance is below a certain amount.
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Saran ***************
Saran ***************
When I send a Wise transfer to a Thai bank account, does the recipient's bank charge them a fee?

>> Nope. Received money via Wise with a Thai bank account many times. Never need to pay a fee to a Thai bank.

Also, if I open a Thai bank account, what sort of fees are charged? Is there such a thing as a no fee account?

>> Usually, there's only an ATM fee of around 200 baht a year. But now ATM card isn't necessary anymore since you can just withdraw money from mobile banking. However, if you have a balance less than 500 baht or 1,000 baht. You may need to pay bank fee every month.
Craig *******
Craig *******
OP
@Saran **************
thanks, how does "mobile banking " work... Are you talking about paying via QR code, or can you actually withdraw cash without an ATM card?
Saran ***************
Saran ***************
@Craig ******
yup, you cannow withdraw money without an ATM card. Inside your bank application, there should be a withdraw function. You can insert any amount you want there, go to an ATM, and scan QR code on the ATM machine.
Craig *******
Craig *******
OP
@Saran **************
oh cool, thanks!
Alastair ********************
Alastair ********************
Wise to Thai bank, the sender incurs the charges which are relatively small depending on the amount sent.

Having a Thai bank account, for a standard current account there are no fees other than the ATM card. There are ATM fees however if you don't use that bank's ATM or use it outside the area in which it was issued. These fees are small approx 15B.
Craig *******
Craig *******
OP
@Alastair *******************
thanks Alastair, yes I know about fees Wise charges the sender, Ive used Wise many times. But supposedly in some countries the recipients bank charges a fairly big fee for incoming foreign transfers.
Alastair ********************
Alastair ********************
@Craig ******
I've had that when transferring bank to bank with a fee at both ends but wise seems to be much better
Frank **********
Frank **********
What about Western Union? Is that a good app for transfers to a Thai bank.
Craig *******
Craig *******
OP
@Frank *********
western Union rates are terrible....just did a comparison sending 1000CAD, extra 410THB with Wise
Todd *********
Todd *********
@Craig ******
agreed. WU not even worth considering
Frank **********
Frank **********
@Craig ******
okay, thanks for the info
Stephen *******
Stephen *******
There's a few small fees here and there. Sometimes 20 baht and maybe a few hundred baht annually for the card. No fee for deposits in baht through Wise in my KBank account. Well worth the fees avoided for ATM withdrawals.
Kool *******
Kool *******
Thai banks charge a yearly fee for the ATM card. If you do not get an ATM card with the account then there are no fees. Lots of banks also have a minimum account balance requirement, but this is low enough, and designed simply to get rid of inactive accounts with just a few hundred baht in them.
Phil ******
Phil ******
@Kool ******
my Bangkok bank account doesn't have a minimum balance requirement
Brandon ************
Brandon ************
Wise uses Thai banks to make the transfer, so it will look like a Thai to Thai bank transfer which doesn't have any fees.
Phil ******
Phil ******
@Brandon ***********
depends. If you select funds for long term stay AND it goes vis the k bank intermediary bank to my Bangkok bank it comes up as an international funds transfer. If it goes via the Bangkok bank intermediary bank to my Bangkok bank account transfer it shows as interbank transfer. Strange but true....
Alex *******
Alex *******
@Phil *****
And does this impact if you get charged an incoming money fee by Bangkok Bank? Or regardless of this it is always free?
Phil ******
Phil ******
@Alex ******
never been charged in a wise transfer. Xe and others yes but they dodge and say intermediary bank fees...shit

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