Is it worth getting a Wise card for money transfers and spending in Thailand as an expat?

Wise card money transfer US-THB conversion rates ATM fees cashless payments in Thailand Thai bank transfers retirement in Thailand

December 13, 2021

3 years ago

Chris ********

ORIGINAL POSTER

Hi, I already use Wise to transfer money from the UK but am retiring to Ubon in January.  What are the benefits of, and is it worth getting, the Wise card instead of ad-hoc transfers? Thanks and stay safe

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TLDR : Answer Summary

The discussion explores the benefits of using the Wise card for transferring money from the UK to Thailand, particularly for an expat retiring in Ubon. Commenters highlight that Wise generally offers better conversion rates than traditional bank wire transfers and mention that the Wise card can facilitate quick transactions. However, some also note potential ATM fees and the growing popularity of cashless payments through QR codes. Concerns were raised about possible restrictions on money transfers in Thailand and the practicality of using ad-hoc transfers for daily expenditures.

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Chris ********

ORIGINAL POSTER

Thanks everyone for your help, cheers

3 years ago

John *******

I have the wise card and when transferring money to my thai account from my wise account takes about 17 seconds 🙃 🙂

3 years ago

Niclas ***********

The TransferWise card is free so get it. It is good for travels and to pay with card. However I think a large normal transfer will be better for spending over time. But the card I use when going around last time India or cruise (Royal only take USD).

Here is an example when I book from BKK to SIN tickets then they want to charge THB and the card is quite handy.

3 years ago

Chadaporn **************

It’s worth to have Wise because you can transfer money from Uk to Thailand with cheaper rate. Now you can transfer money from Thailand to Uk as well.

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3 years ago

Wilmont ******

I heard recently that the Thai Government is only allowing money transfers up to only 50.000 baht, and only through Bangkok Bank. Is this true or just another rumor. Just asking because it’s going to hamper people doing the 65k a month, and the 400 and or 800 thousand seed money for long term visas.

3 years ago

Stuart *********

@Wilmont *****

it’s been a rumour going around. It’s not true.

3 years ago

Wilmont ******

Thanks, I need to move 15 to 20k US in January

3 years ago

Chris ********

ORIGINAL POSTER

@Wilmont *****

I've seen this on other posts and the general consensus is that it's $50,000 not baht. I may be wrong but as per previous reply, lots of people seem to be still able to move more than 50,000 baht

3 years ago

Micah ********

@Wilmont *****

I've recently done a couple 60k baht transfers through Wise to SCB with no problem.

3 years ago

Reply to

Micah ********

Stuart *********

To draw cash out from an ATM with that card you’ll almost certainly still be charged the 220 baht fee (I don’t believe Wise refunds that charge like the Charles Schwab card from the US does).

Many many places now do cashless payments by scanning a QR code from within your banks phone app. I’d probably be more inclined to do ad hoc transfers to your Thai bank and spend it that way.

3 years ago

Chris ********

ORIGINAL POSTER

@Stuart ********

thanks, my fiancée has Siam a/c in Bangkok where I send money then she transfers it to a local bank for day to day spending. She pays a small annual fee for local ATM card, I was hoping to do this myself but good to know Wise charge same 220b as my UK Clarity c/c. Thanks again

3 years ago

Stuart *********

@Chris *******

it’s not a charge from Wise it’s the Thai ATM system and foreign cards. All charge 220 baht per transaction. If you withdraw the max 30k it’s a less than 1% fee, but if you only withdraw a few thousand at a time then it starts to hurt.

3 years ago

Reply to

Stuart *********

Garrett ***********

Generally, transferwise gives a better conversion rate (there by being cheaper) than a wire transfer between banks.

3 years ago

Reply to

Garrett ***********

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