Is Wise a good choice for withdrawing money in Thailand?

Oct 22, 2023
a year ago
Fernando ************
ORIGINAL POSTER
Hi guys, I hear plenty of buzz about “wise” as a good alternative for money withdrawal while in Thailand. Is “wise” an App? Do I just download it and link my bank acct to it? And then withdraw from an ATM in Thailand? Any advice much appreciated and apologies, I know this is a very basic question to many.
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TLDR : Answer Summary
The conversation discusses the use of Wise (formerly TransferWise) as an alternative for withdrawing money while in Thailand. Users confirm that Wise is indeed an app that allows users to send money internationally and withdraw cash from ATMs. Although it's beneficial for those with a Thai bank account, many find it easier to use Wise to transfer funds from their home bank to a Thai bank account to avoid high fees. Some users also mention getting Wise debit cards to facilitate withdrawals and purchases without incurring extra fees. The discussion touches on related concerns about potential taxation on foreign income in Thailand.
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Amanda *********
If still at home get a wise Visa card then you can just transfer money onto it via the wise app easy peasy
Fernando ************
ORIGINAL POSTER
@Amanda ********
I did. Card is on its way. Thanks
Fernando ************
ORIGINAL POSTER
Thank you to all. Got the Wise acct and card is being mailed. Will try to open that Thai bank acct as well. Thank you
Ken *******
I use Wise to transfer from my US bank to a Thai bank monthly, it works great except it normally takes 5 working days each time I do a transfer but the fee is very cheap. Like the one person said the first time it ask for passport and photo but after that verification it’s quick to setup a transfer.
Dan **********
You will need verification of identity before you can open an account but it doesn't take that long.

I've had an account for a while and my pension is paid into my UK account. I live between France and Thailand and change money when the rates are good. It's much cheaper than using bank transfers
Dan **********
Just a caution... when I last checked, money in a wise account is not protected as a UK bank would be so I haven't left large amounts in although the interest was tempting
Richard ***********
Did you try downloading the app and creating an account? This will answer more questions than asking strangers on the internet. Wise does currency exchange and transfer. If that’s what you want to do then give it a go.
Joe *********
Wise lets u go from your bank account to your Thai bank account.
Paul *********
Yes wise is great I've used them for the last 4 years. Very fast abs great rate. Easy to install just follow the link.

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Ian *******
I’ve used XE for around four years, never had problems, rates are good too
Anita ******
I brought Wise card with me. Converted money to baht and use in shops.
Ruth *******
I opened a Wise account (at least I believe I did. I applied and they accepted), but it still feels like a total mystery to me. I don't know why I have a mental block on how it works.
Colin *********
@Ruth ******
do you have the Wise App on your phone? If so, did you register within the App? I can't remember what steps I took after downloading the App, but guessing that I had to register with Wise within the App & then some verification process, which would have been easy. Though I use a fair bit of 'technology' these days, I'm far from an expert, but usually find my way around.

Why would you use it, if you don't mind me asking? Transferring to someone else, or to your Thai Bank Account, if you have one? Personally, I use it to send some money to a friend in Thailand (shh lol), but I don't have a Wise Debit Card at the moment. Transferring money, once I did it the first time, it's very easy from then on.
Ruth *******
@Colin ********
I know they verified me. I just don’t know how I then initiate transfers when I’m ready.
Colin *********
@Ruth ******
would you be transferring money to another person, as I do, or another account belonging to you?
Ruth *******
@Colin ********
once I open my account, to myself.
Colin *********
@Ruth ******
ok, I'm not sure how to do that, but I guess that it would be the same, or similar to sending money to another person.

Start by tapping the green button (send) at the bottom of the screen once you're logged in. That will take you to the next screen, where, at the top you will choose the currency you want to send to, e.g. USA dollar to THB (Thai Baht), or send to the same currency.

Most will send from their own home currency, to a foreign currency, such as Thai Baht (THB). If transferring to a foreign currency, adjust the amount in your home currency & it will automatically adjust the foreign currency depending on what you enter. (There are drop down arrows to allow for changing currencies). Below your 'home' currency, there's a another option for how you prefer to do a transfer. I use 'Manual Bank transfer fee' as it's easier for me and cheaper fees (PayID is a lower fee also, but I haven't done it that way before). Whatever you choose there, it will adjust the fee according to how much money you choose to send. How much you enter in your own currency isn't exactly what is sent, because the fees are deducted from what you are sending to Wise for transferring. The actual amount that will be sent to the other account is what Wise will convert, shown below, along with the current exchange rate. The large drop down box at the bottom, is the actual amount in the other currency that will go into my account. Set all that, then tap the green "continue" button.

On the next screen, in the field at the top, you necessary to enter 2 or 3 bits of info, to identify who the money is going to. This is where I cannot help you further as I haven't done transfers to myself, but it does show some info as to what is required, but that may change if you enter your own name and/or other details.

Others who might read this and do Wise transfers to themselves, might be able to chime in and help with more info.

I hope this helps you a little.
Ruth *******
@Colin ********
thank you, but now how do you load the money into Wise?
Colin *********
@Ruth ******
I guess that because you are sending money to yourself, the best and cheapest option is to use the Manual Bank transfer option. As I said, beyond what I've been able to tell you, I can't give you any more info on how to send to yourself.

If you've been able to get through the part that I described and also entering whatever details are required to send money to yourself, somewhere on a screen that you'll come to (about the third or maybe fourth screen), you will see, I think the details of the person (you) that the money will be sent to. There, a little over halfway down the screen you'll see 'Reference ID' or Reference Number'. Press on that number &'then tap on "copy" that you'll see pop up. You will also see the amount that you need to send to Wise from your chosen bank account, which will, later be transferred to your account where you want your money to end up. You will then need to log in to your bank account from where your money will come out of. The screen which I just mentioned also contains other information that you'll need to enter for the initial transfer to be able to send your money to Wise, who will in turn send to your account you want the money to go to. When logged in to your Bank Account you'll need to find an option to 'Pay' or 'Pay Anyone', or whatever the option is called with your Bank. Basically, it's the same as sending to another person. If you can find that, you will need to enter any details from the "Wise" screen that you have open. The amount that you must enter when in your Bank account, MUST be exactly the same as what it is on the Wise screen. The reference number that you copied, MUST be entered also where a reference number option appears. If there's more than one option there at any point, it won't do any harm to enter it in two fields, if you're not sure. If you can get this far to complete the transfer from your Bank Account, next is the last step.

As you are progressing through the screens of the Wise App, at some point, you'll also see a button that you tap, to let Wise know that you have transferred the money to them. If you successfully get through that, then, Wise will let you know when the money has arrived in your nominated account.

I don't think that there is any more that I can help you with, without literally 'looking over your shoulder' and guiding you through it.

If you need any more details about what I've described, please PM me rather than continue here.

Now, I must go to bed, as it's early morning here and I need to get some sleep before I go to work.
Stuart ***********
I use Wise as Brandon stated to transfer funds to my Thai bank account. I use this for cash purchases.

I have a Starling debit card from the UK that is free to use to pay in shops etc in Thailand and they use the exchange rate on the day. There are other similar cards (Monza) so check to see if you can get a card like this in your home country.
Suzanne ******
Question

Is thailand going to tax pension money when u deposit it into your account?
Dean ***********
@Suzanne *****
no.one knows yet. They say stuff then change their minds daily
Roberto *******
Stuart ***********
@Suzanne *****
I don't think anybody knows the answer to this question, but this is not the intention of the Thai government. They are seeking to tax digital nomads etc.
Colin *********
@Stuart **********
I don't know your source of information, but I really hope that you're correct, otherwise my future plans might become 'doubtful'.
Stuart ***********
@Colin ********
as I said Colin I don't think anybody knows. I think it would be a bad decision to tax pensioners, as I think many would leave, but stranger things have happened.
Suzanne ******
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Colin *********
@Stuart **********
sure, nobody knows what will happen with governments. I would hope that pensioners aren't affected by any Tax they change or introduce.
Suzanne ******
@Stuart **********
leave, irs like stealing their only income, looks like your all good if your country has a DAT....you only pay tax in your own country.
Bob ********
I use it mainly in ATM’s when I travel to withdraw local currency - some people also use it to transfer money.
Dean ***********
Yes and yes. They will give you atm card you can load up as needed from the app, and can use in many countries for local currency withdrawals. Great for traveling. If you live here, get a bank account and use Wise for large transfers and use the banks atm card (or QR code app) for purchases. Either way, Wise is the answer
Brent *******
@Dean **********
dean. Will this be useful

If the anticipated tax on foreign money in January becomes an issue?
Dean ***********
@Brent ******
I believe so, as the only way they can know monies 'inbound' is by monitoring Thai bank deposits. Wise ATM card bypasses the system.
Colin *********
@Dean **********
but then, if the money is transferred to a Thai Bank Account for the purpose of showing income for Visas, such as retirement or Spouse, income would have to be 'declared'. That's just my thoughts without actually having dealt with the 'system' myself, but just trying to learn for my own plans in the near future.
@Brent ******
Dean ***********
@Colin ********
sounds right, though it's all unclear at the moment. You'll have to put a certain amount in thai bank, for your bank book updates, and showing it at renewal time. But 'just enough' to satisfy them, use wise ATM for the rest
Fernando ************
ORIGINAL POSTER
Thx you Dean
Wendy ********
I use wise. Used it in Portugal. $200 from ATM free of charge. At least it was last year. I'm visiting Thailand in February and I've already funded my USA account in wise and transferred it to my baht account because rates are good. U can also set up a transfer automatically when setting up at what exchange rate you want. Well use the debit to pay as if shops accept it
Mike *******
Another one to consider is Revolut. I convert to baht at interbank rate, when it's beneficial, and send to my Thai bank account when needed. You can hold up to 60 different currency accounts at a time. Worth investigating anyway. I've been using it for travel for years.
Edna *******
I like Remitly. I’ve never used it except to send money to Thailand. I’m guessing they have other services. I like it better than Wise.
Maple *********
@Edna ******
I used both depends on who better rate.
Andrew *******
In Australia we can get a debit card with Wise. This works in ATMs for cash withdrawals but more importantly works in shops and bigger restaurants without additional fees.
Colin *********
@Andrew ******
are you referring to using a Wise Debit Card within Australia, or Thailand?

If you mean Thailand, what fees do you get charged for using an ATM? Some here are saying there's a 220 Baht fee.

If you mean in Australia, do you get charged a fee of $2+ for using a third party ATM?

Are there any fees for transferring money from your Bank Account to the Wise Debit Card?
Andrew *******
The best use of your money in Thailand is to make use of a Thai bank account with a card for purchases and ATM withdrawals. But for those that cant get or don't have a Thai bank account or for those who decide to hold only the necessary Visa balance in their Thai accounts, the Wise account is an excellent option. I understand that for transferring funds into a Thai account Wise is relatively low fee.
Fernando ************
ORIGINAL POSTER
@Andrew ******
thx you Andrew
Andrew *******
@Colin ********
The debit card is a debit card - provided you have funds in your Wise account, it is able to be used for purchases in a large number of countries including both Australia and Thailand. In Thailand you will have already changed the money from your native currency into Baht inside the Wise account so there is no further fees payable when you use the card for purchases in Thailand. Thai ATMs generally charge 220 Baht for any foreign card that is used to withdraw cash. This applies to the Wise debit card but note, it is a bank fee not a Wise card fee. In Australia, if you use a bank ATM there is usually no charge to withdraw cash. But if you use a private ATM (the kind you see in the corner of a
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in Australia) I believe they charge fees whatever card is used. There are no fees for transferring your native currency from your native bank account into the Wise account. There is a Wise fee for exchanging that native currency into a foreign currency inside your Wise account but that is generally offset by the fact that the mid market exchange rate which Wise uses is usually higher than anything you can find at a reputable exchange shop on the street in country.
Brad ********
Some countries issue Wise debit cards which you can bring to Thailand but it's better to use Wise to send the money from home into a Thai bank account as the exchange rate is about half a point better than major banks.
Fernando ************
ORIGINAL POSTER
@Brad *******
thx you.
Phil ******
@Fernando ***********
yes there is an app to download.

There is a debit card but I suggest getting a thai bank debit card.

Then once your id has been verified you can transfer into wise your currency is automatally converted. Its recommended to setup a thai bank account so you don't get charged the 220 baht fee.

Here's a read about Wise.

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Brandon ************
For the most part, it's only truly beneficial if you have a Thai bank account. Then you can transfer money from your home bank account to your Thai bank account with low fees and knowing exactly how much you'll be getting before you do the transfer.
Fernando ************
ORIGINAL POSTER
@Brandon ***********
thx you. So once I have a Thai bank acct, I guess I download any Wise App, link my home bank acct, and transfer at will into Thai acct.
Sean **********
@Fernando ***********
get the debit card if you can. I use it all the time when traveling to different countries. You are able to convert funds within the Wise account and the use the debit card to pay where credit / debit cards are accepted.

BTW In Thailand you will find many smaller places, especially street vendors do not accept credit cards. Cash and Thai banking app are the preferred way to pay
Noel **********
@Fernando ***********
not sure what ‘any’ Wise App means(?) but yes that’s it basically. You can also use it to pay anyone with a Thai bank account (rent etc) in a matter of minutes.
Tony *********
@Fernando ***********
- you should get it all organised BEFORE you leave if there is time and get the debit card if its available.

I would suggest you go to the Wise website it's very good and Q & A's will give you a better idea how it all works. If you are retiring to Thailand and or having lengthy trips to Thailand you will find it very useful. Beware despite Wise claiming otherwise you will be stung with a 220 baht withdrawal fee if using Wise card to withdraw money (they have a very good article about using Wise in Thailand make sure you read it).

As others have said open a Thai bank account but be prepared that can also get awkward too. I would suggest you also join the Wise Facebook group for help there too.

Good luck 🤞🏼🍀
Marianne ********
@Brandon ***********
I honestly find it beneficial anyway, as I can exchange my money at more opportune moment than when I am in a pinch at the nearest ATM and hope the exchange rate isn't terrible.

There are some fees with using the service, but I honestly prefer those over going to the ATM on a bad day and getting hit with a terrible exchange rate.

And if you are lucky to have a Thai account or a friend with a Thai account you trust you can send to, it's absolutely brilliant.
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