Is it better to withdraw cash from a local ATM in Thailand or transfer funds using Wise?

Jul 10, 2023
a year ago
Jack *********
ORIGINAL POSTER
My smart friends, question:

US bank account, Does it make better financial sense to withdraw 30,000 baht from local ATM and then deposit it into Bangkok Bank with out of province fees and local bank exchange rates...

OR use Wise and transfer?
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TLDR : Answer Summary
The discussion revolves around whether it's more financially advantageous to withdraw 30,000 baht from a local ATM in Thailand and deposit it into Bangkok Bank, considering potential fees and exchange rates, or to utilize Wise for a transfer. Users highlight that Wise generally offers lower rates and fees compared to ATM withdrawals, with many affirming that Wise is faster and more efficient. However, some users note that using local ATMs can be beneficial if withdrawal fees are refunded by the user's US bank and the exchange rate is favorable. Ultimately, varying experiences lead to a consensus that for smaller amounts, Wise is preferable, while for larger transfers, direct bank-to-bank options might be more cost-effective.
Edna *******
Please consider Remitley instead of Wise. One can also see every transaction made. I used Wise and had a change in my e-mail carrier and couldn’t update. As a result couldn’t use it. Had to find an alternative, glad I did. Cost is very reasonable.
Bruno ********
Friendly reminder that Binance P2P is cheaper than Wise. Albeit requires some initial setup.
Wayne *******
Google Wise, it will give you the exact exchange rate on the dollar to baht at any given time
Bob **********
Wise is a lot better way to get Thai baht you’ll pay 220 baht ATM fees plus what ever your bank charges a Charles Schwab Card they return ATM fees
Jack *********
ORIGINAL POSTER
@Bob *********
I have Charles Schwab, that's why I'm asking. If the exchange rate it better with Schwab then it might be cheaper to withdraw and make a cash deposit.
Mark ******
@Jack ********
I make two large wire transfers a year. Once you cross the 15-20K USD threshold, Schwab's set $15 transfer fee, no matter the amount being transferred, is cheaper than Wise. Smaller transactions I would go with Wise vs ATM, whereas the savings might be small each time, they would add up over the years.
Seth *********
@Jack ********
I have Schwab and recall checking the 2 even with returning the AtM fees. Wise was the better option ultimately. But the savings was not anything major, moreso just saves the hassle of the ATM withdrawal and deposit procedure
Bob **********
@Jack ********
I don’t think an ATM will be a better rate than Wise but if your here for a short time don’t think it matters much
Ross ********
Wise
Seth *********
I believe when I compared the total $US pulled from ATM and deposited into Thai acct vs. Wise transfer, it was cheaper to use Wise even with my ATM fees being refunded. Something about the exchange rate I believe.
Sam ********
Wyse for sure. Fast and cheap.
Mark ********
Wise is always easy and fast. Use it all the time.
Aaron ******
I’m not sure there is an exact answer.

Sounds like you get atm fees refunded and if your American bank gives good rates than it is likely the cheapest. But that doesn’t figure in your time or hassle.

If you are going to leave the money in an account vs taking out cash it is likely a wash. Save a bit of money vs save a bit of time.

Just remember if you need this to show as money from outside TH you don’t want to do the atm.

Personally I’d just use wise for a one time bank to bank transfer. And my atm to pull out from the US account if I needed cash. Like you I get atm fees refunded.
Jack *********
ORIGINAL POSTER
@Aaron *****
Yes the ATM fees are refunded. I have 800k in the bank since the beginning of this year for my visa. It's just monthly money that I'm putting in so that I can use the scan option on the phone to pay for everything. I love that. Monthly expenses, etc. I don't know what the better exchange rate is. I guess I could just try both and then see.
Richard *********
did a wise transfer of $1,000 from us account to my scb account last month, took 7 seconds, got a great rate and was less than $9!!

ATM fees are 220 in Thailand an lousy rate

swift rates are much higher.
Jack *********
ORIGINAL POSTER
@Richard ********
I don't pay any ATM fees but I was curious about the exchange rate and the other fees that are associated with a wise transfer. That's why I'm asking
Myles *******
@Jack ********
u will pay ATM fees at the ATM every ATM charges it for non Thai cards
Jack *********
ORIGINAL POSTER
@Myles ******
Yes, but my bank reimburses me for all ATM fees, so I don't consider that a charge.
Myles *******
@Jack ********
fees that they charge u yes but ATM fees here are added onto the withdrawal amount so dont show as a fee to your bank
Mike **********
I just xfer several thousand USD funds in USD from my US institution directly to my Bangkok bank. The Bangkok account number and SWIFT is saved in my account and done in seconds. Does take Bangkok Bank 1day to do whatever they do manually for it to be shown into my Bangkok account. Never had any hiccups. No fees from my US institution, any currency conversion fees are unseen but seem to be minimal. Also use my US ATM card to withdraw cash, also no transaction fees. Max I’m allowed to withdraw from my US ATM is $500, I do THB 15K. Do be aware of ATMs that could be tampered with but that is a caution globally anyway. I have a habit of only using ATMs in 24HR highly visible areas and still inspect the machine for tampering evidence.
Jack *********
ORIGINAL POSTER
@Mi**
Bergeron I think it's already been established. That wise is cheaper than Swift international transfers. But that's not my question that I'm asking here. And by the way, if you use Krungsi Bank you can withdraw
*****
baht at a time from the ATM I did it twice with my us account.
Mark ******
@Jack ********
Not necessarily true. I make two large wire transfers a year from my US bank to Bangkok Bank. Once you break the 15-20K USD transfer amount the set transfer fee of $15 (no matter how large the amount) makes it cheaper than using Wise. There was an analysis done on this a couple years ago in some financial article I read. If you want to transfer smaller amounts, Wise is a better option.
Andy *******
It's a wash, both ways work pretty much the same. People's answers make sense (except the Brit with 7 separate answers?) bank to bank is cheaper but takes longer whereas the other 2 ways mentioned are almost instantaneous.
John ********
No out of province ATM fees for Bangkok Bank if you use the cardless withdrawal on the app
Jack *********
ORIGINAL POSTER
@John *******
I didn't know that. I'm going to try this. Thanks
Mike ******
Open a thai saving account..
Jack *********
ORIGINAL POSTER
@Mike *****
like I said I have one
Srini ******
Actually it's an interesting idea. My bank in the USA pays the withdrawal fees. The exchange rate is usually good. So it's worth checking the difference overall. Wise charges fees and exchange rates seem similar to what I get with my ATM withdrawals.
Myles *******
If u have Thai bank it will be cheaper to transfer to that and withdraw
Garrett ***********
That sounds like an insane way to put money in your account mate, lol.
Steve ********
Generally Wise is cheaper rate, good Forex rate and no out of province fees
Mike ******
@Steve *******
wise is better????
Mike ******
@Steve *******
this is for expats only
Mike ******
We got you jack
Mike ******
Only on mondays
Mike ******
Cheers Aistair my police wife check already
Jack *********
ORIGINAL POSTER
@Mike *****
Please don't call the police on me. I'm a good man.
Mike ******
The police will come one day.
Mike ******
Cheers Alistair
Alistair **********
@Mike *****
this isn't a group for "expats only"
Mike ******
@Alistair *********
ok cheers..good bye group
Steve ********
@Alistair *********
He's a troll - don't engage! 😆
Alistair **********
@Steve *******
Billy Brown v2.0
Steve ********
@Alistair *********
I think he's left the group! I owe you a beer! 🍺
Alistair **********
@Steve *******
nah he's now wanting to fight me in a comment further down hahaha
Steve ********
@Alistair *********
I love his profile picture. It looks like he's got a broomstick shoved up his rectum, and the expression in his face suggests he's not made up his mind if he's enjoying it or not 😆
Steve ********
@Alistair *********
Actually yes, very much along those lines. Trolls this group with stupid comments and zero useful input.
Mike ******
@Steve *******
remove yourself
Mike ******
You do not live in Thailand..
Chris *********
@Steve *******
much agree Wise is a game changer fast and the rates fantastic.
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