Thanks for the advise on my last question. We've got another. I've seen lots on here with people recommending Wise for the transfer of money into a Thai bank account. I've also looked at just doing a wire from my bank account. I may be missing something but it seems cheaper doing it that way. Here's my calculations:
Wise - first I assume wise takes the money from my bank by ACH so there is no cost there. Moving $25000 usd Wise will cost about $150. My Thai bank will charge 250 baht to accept the wire.
Wire from my bank - it costs $15 for the wire, my Thai bank converts it at the bank standard rate which is fairly consistent. Today's rate for such a transfer was only about 1000 baht difference, about $30. So the cost is about $45, and the Thai bank will again charge the 250 baht wire fee.
Please tell me if I am missing something. Thanks.
TLDR : Answer Summary
The user is comparing two methods for transferring $25,000 to a Thai bank account: using Wise and a traditional bank wire transfer. They detail the costs associated with both methods, noting that Wise charges approximately $150 for the transfer while their bank wire costs around $45 plus a 250 baht fee from the Thai bank. Several commenters suggest that while bank transfers often have lower flat fees for large amounts, the hidden costs related to exchange rates can make Wise more favorable. The discussion also touches on ensuring a transfer is recognized as international for visa purposes and the importance of timing due to upcoming visa application deadlines.
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