Is using Wise better than traditional banks for transferring money to Thailand?

It depends upon the amount that you're sending. For USD-THB transfers, assuming that you elect for the currency conversion to be done on the receiving end, above a certain size transaction a bank wire will be more economical than usong Wise. You should be able to work out the math - Thai banks have their current exchange rate for income wires on their web sites (it's the TT rate), you know the flat rate that your US bank will charge and Wise shows you the exact amount of Baht that you'd receive. Compare the two on that basis.

A couple of years ago before relocating here, I looked into Wise and was instantly scared away by numerous PayPal-style horror stories about account freezes and closures with no answers. I don't know if they were accurate (some were on Trustpilot), but after reading those firsthand accounts I wasn't going to touch it with a 10-foot pole.

Nobody gets zero ATM fee unless you have a Thai bank account. They mean they don't charge a fee. The Thai bank still charges a fee of 220 usually.

My wise fees, ar 45thb per transfer. I change my $$ & ££ on the app to THB before transfering and the exchange rate is, slightly better than Xoom quotes.

Wise always seems to give me a better conversion rate. Been using them for years between Aus, the US and Thailand and never been disappointed. Check your conversion rates your bank gives and then look at Wise's rates - it can make up the difference or the cost of the transfer depending on the amount you are sending.

I remember those days!

What is 35.00?

To get to the truth you must spit the transfer with wise into exchange and transfer.

Idk about your case, but I transfer my currency to wise without any fees.

Then I convert to THB (after waiting for a good exchange rate!).

Then I send THB to my this bank for 44.76 baht per transaction.

No to the conversion: Wise uses interbank rates which is lots better than all the banks. You can see that rate in their web page.

And you should find the bank’s “cash rate” on their homepage - which is better than the “exchange rate” used when transferring money.

You will probably see that you get 1.5-2.5 better rates from wise.

This link shows you what you get when you sell/buy your cash to kasikorn, which will give you 329,451.60 baht right now for 10k USD. When sending money you get less.

The screenshot shows you what you get from wise right now.

Wise or open a Charles Schwab account ... They refund all international ATM fees each month, which solves a lot of problems as then no need to transfer, just hit the 🏧.

I just was asked to find this out the other day, great q- thanks. Looks like wise for many reasons.

Typically Wise has lower fees and better exchange rates than the banks do. Do a side by side comparison before you close the deal. You'll probably find Wise to be a bargin...

For cash, the best way is to open a Schwab checking account which allows you to zelle money into it and allows you to withdraw from ATM machines with no currency conversion fee and all ATM fees refunded. If your charging stuff and want to keep it off your American banks credit/debit card then the wise card or wise virtual card (in GPay or apay on phone) is best way

Wise is cheaper. ATM Withdrawl here in Thailand is ฿220 for all foreign cards

I usually transfer to my Thai USD account from BOA for $45.00 fee.

And wait for the exchange rate to be better than exchange from Thai USD to Thai Baht account.

Have checked wise before but with the fees i think its about the same as i am doing.

Wise is far better. Transferring funds from your bank to Wise is free. Conversion to baht is very cheap. Payment into a Thai bank account only ฿44.70. That’s much cheaper!

Wise used to be good but now they have a bht maximum per transfer

Me using wise from US bank to THAI bank for payment on something I get 1 to 33 exchange and use debit card that has a 7$ fee for credit card.

If I use ACH and do it early the receipiant can get it the same day. Ive also had it take 2 days just depends when the ACH process or over weekend.

ACH bank transfer has only charged me 2 to 3$ and I've sent over 1500 with wise.

If I use an atm to pull cash I use the "Continue with out conversion " and it saves money bit i find wise is more convenient and saves more money.

I have yet to see wise fees charge me more based off amount being sent just which mode I use

Debit card or ACH.

If I sent via ach and the merchants sees the pending deposit they take it as paid..

Hope this helps

Wise have better rates my local bank have zero fees and still I use Wise cos I get more from Wise den my local bank that promise zero fees

The exchange rate from Wise is better than my Canadian bank. I transfer 3500 Canadian as a debit transfer direct to my Thai bank. Usually less than 1 minute.

Wise do give excellent exchange rate I've found a lot better then most banks

It's not the transfer fee that really matters. It's the exchange rate where people get burned. Wise all the way

Wise is the way to go

Wise all day

Wise will give you a better conversion. Wiring from your bank may be cheaper than Wise’s fees but you will get less ฿.

actually WISE also takes a fee, which could be higer than the 35 USD fee your American bank takes. It depends on the amount you wish to transfer. WISE however will use a better exchange rate. You need to compare the Fee-excluded (!) WISE exchange rate to the rate your American bank offers. Check out the WISE website for the payment methods, as they offer several ones, and the one using a bank-to-bank transfer offers the lowest fee

Depends on the amount your sending. Break even point with my credit union is about ฿150k. Below that wise is cheaper. But you'll have to do your own calcs. Good luck getting your bank to quote you a rate. Probably just ask what it was the day before.