Is WISE the best option for transferring money to a Thai bank account?

May 5, 2024
6 months ago
Greta *****
ORIGINAL POSTER
So, would you agree that WISE is the wiser choice to transfer money to the Thai bank account? I compared the final outcome (including exchange rate and fees) and it seems to be the best option.
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TLDR : Answer Summary
The discussion centers around the effectiveness and advantages of using WISE for transferring money to Thai bank accounts compared to other options like traditional banks and services such as Western Union and Revolut. Many users agree that WISE often provides better exchange rates and lower fees, making it a preferred choice for various transfer amounts and speeds. However, individuals caution that the best method may vary depending on specific circumstances, including the amount transferred and potential fees from different providers.
Adam ******
WISE actually show you the comparisons with other traders. I transferred some money last week and they advised me that Western Union had a better rate. In the big picture it was only about 150 baht by the time it hit my Thai bank. Not worth the effort of opening new accounts etc. Actually when I did the transfer the following day WISE were back on top.
Mike ********
Fees are going up!
James *******
From the UK moneyuk is the best.
Jim ********
Wise is better for anything above £200. You’ll be losing a lot if you use western long term
Tim *******
I have been using Western Union. Only charge me $2 USD per transfer.
Brook ********
@Tim ******
Are you aware of something called the exchange rate?
Bob **********
@Brook *******
Education is expensive
Tim *******
@Brook *******
The money saved on the transfer more than makes up for any exchange rate. Besides,I'm not going to squabble over pennies
Greta *****
ORIGINAL POSTER
@Tim ******
Not true at all! Every amount of transfer has different variables so the bottom line of how much you meet to ACTUALLY transfer in order to receive a certain amount in your account is what matters
Brook ********
@Tim ******
I submit to your financial prowess.
Tim *******
@Brook *******
Let it go.
Paul *********
Wise is fantastic. Fast service abs great rates. Easy to apply click this link.

**************************************
Roy ******
Tom ******
What if I just have my pension directly deposited into the Thai Bank account?
Greta *****
ORIGINAL POSTER
@Tom *****
Good luck with that. Maybe if it's a private pension. But I don't government will allow
Michael *******
There are many retirees from UK in Thailand and elsewhere who get their pensions paid into a local offshore account - for many of them being non resident they cannot keep a bank account in the UK so they have no choice - stop peddling nonsense
Greta *****
ORIGINAL POSTER
@Michael ******
I guess in UK everything is possible. Including having no brains ..
Kim *********
@Greta ****
they do in Denmark regarding the state pension
Tom ******
@Greta ****
why is that
Greta *****
ORIGINAL POSTER
@Tom *****
I guess they want you to use the government money in the country that you get paid...
Bernard *********
I find remitly the best it's cheap and usually the money arrives with in the hour 😀
Bri ****
Greta *****
ORIGINAL POSTER
@Bri ***
And that's on the wise app! Showing you how transparent they are. But if you're happy to do it with MoneyGram for 120B saving (about 2.5 pounds) go for it!
Brian ********
Wise 100%
Ron **********
Just did a transfer from Oz today into my BKK bank account with Wise in less than 5 minutes
Durrant ********
whats the hold up mine took only 10 seconds ...
Ron **********
@Durrant *******
as it very often does
Bob **********
@Ron *********
you did this today ??
Bob **********
Wow bank holidays and all
Ron **********
@Bob *********
it was yesterday,the 5th
Greta *****
ORIGINAL POSTER
@Ron *********
Did you get a good rate? It's almost the highest it's been in the past year now
Ron **********
@Greta ****
a tad over 24 thb to the AUD. You can check it in real time on the Wise app
John ********
Not really getting clarity here. I use Revolut without complaint but hear that wise is better , but no -one says why .
Kim *********
@John *******
probably because some of the Wise users have not tried other vendors - but wise has a better exchange rate than remitly but remitly has a low transfer fee for fast delivery no matter what the amount - wise can be expensive with fast delivery and a substantial amount
Greta *****
ORIGINAL POSTER
@John *******
I can tell you why. It's very user friendly, clear and transparent,minimum fees, better exchange rate, and faster transactions
Kim *********
@Greta ****
not faster transactions compared to remitly
John ********
@Greta ****
I would still like a confirmation from someone who had also used both Revolut and wise for a true comparison .
Manfred **********
I made the mistake of trying XE.com, because their total delivery amount was the highest on the day of transaction. They say 1-4 days for processing. 5 days have passed, still no money and an abysmal unhelpful customer service center.

First, they kept the money without moving for 1 day after confirming receipt. Then they informed me that they had passed on the money and declared the transaction finished. However, what takes Wise 10 minutes (from receiving to sending to arriving in my account) is still in motion with XE 5 days in and they try to blame Kasikorn.

Back to Wise for the next transfer....
Greta *****
ORIGINAL POSTER
@Manfred *********
Yes I looked at XE. They're exchange rate is lower than wise so you'll end up transferring less money than what would with WISE
Manfred **********
@Greta ****
on that day even Wise recommended to use XE because they payout amount was higher than Wise's at that time.
Greta *****
ORIGINAL POSTER
@Manfred *********
Ok. But why change if you were happy with Wise? It's not life changing money what you can save. You can transfer maximum of 2m Baht so how much can you save? $100? Not worth it. Stick to what you're used to and happy with
Leigh *****
Never had a problem using wise 👍👍
Jim ********
💯
Jim ********
The difference in rates between wise and western is almost 5-10% , definitely use Wise instead.
Mac *********
I always check the rates with CUEX. Then go direct to Wise, Western Union, XE, Moneygram, etc. I'm never in a rush for the money when transferring from the UK and USA, and I only transfer every 3-6 months. Western Union has been good.
Gary *******
NO!!!!!!!
Greta *****
ORIGINAL POSTER
@Gary ******
Thanks. That's very helpful
Gary *******
@Greta ****
it used to be very good. The last 2+ months transfers are taking 6-9 days. USA bank to Thai bank.
Greta *****
ORIGINAL POSTER
@Gary ******
Maybe it's because you transferred through public holidays?
Gary *******
@Greta ****
no. Many are having problems with Wise delays.it seems to be only USA.
Jim ********
@Gary ******
I’ve done it recently and it was instant.. what am I missing please ?
Gary *******
@Jim *******
USA banks seem to be most affected by the delays. Where are you transferring from?
Greta *****
ORIGINAL POSTER
@Gary ******
I'm from Australia
Jim ********
@Gary ******
ah I understand yes mines from UK
Jeffrey *********
It depends on the amount you're transferring, the currency you're sending, and the country you're sending from. There is no single "correct" answer.
Joseph *********
Pascal ********
Use wise for 10+ years, small and large transfers, never had any problem.
Bent *************
No!
Bob **********
Yes I believe it is
Phil **************
Last time I checked I got a better deal with Revolut than with Wise
Martin *****
Just use Wise
Marco ********
Wise: 36.718

USDT: 36.81
Greta *****
ORIGINAL POSTER
@Marco *******
Looking SOLELY at the exchange rate is tunnel vision. You should look at how much money you transfer in order to receive a certain amount of money. That's a fair comparison
Duncanc **********
Has anyone heard of crypto?
Greta *****
ORIGINAL POSTER
@Duncanc *********
No. But I've heard of crypto creep...
Michael *******
WISE is excellent use them all the time , quick efficient and cheaper than banks
Danny *******
@Michael ******
Some banks don’t charge so not always cheaper.
Kool *******
It all depends on how much you are transferring.
Kim *********
@Kool ******
and the speed you choose
John **********
Works for me.
Brook ********
You can’t analyze a $100 USD transfer and conclude that one service is better than the others for all or even most transactions.

Due to per transaction fees and sliding scale rates, etc., the only way to do a proper comparison is to use the actual amount you intend to transfer monthly or annually, etc.

For very large transactions, a bank to bank international wire transfer may be the best choice, especially if you go to the receiving bank and negotiate a better exchange rate.

For medium size transactions, Wise may, in fact be the best choice.

For small amounts (and there is really no good reason to withdraw small amounts as it’s very costly) a debit card transaction at the teller counter with a no fee debit card may be optimal.

If you are really smart you will go into Wise and automate your annual transfer when the exchange rate reaches ฿37 or even ฿38 to $1 USD (or whatever you prefer).
Greta *****
ORIGINAL POSTER
@Brook *******
That's right. And from my comparison, wise is giving you the highest exchange rate and guarantee you that you can lock it on a higher rate if you wish. The only fees they charge are a percentage on the transfer. But even then the bottom line is what you ACTUALLY transfer in order to land the amount of Bahts in your Thai account. And for the
*****
0B transfer they were definitely the best by far! AU$210 for the whole amount. Nothing else
Jan *******
Wise is funny - when i tried to open an account (never had one before) it ended with error message like “account was probably used for suspicious activities”.

and to make it clear - that was the error message at “registering an account”

:)
Greta *****
ORIGINAL POSTER
@Jan ******
No problem with me. Already opened an account and it allows me to use up to 20 different currencies, which means wherever I go I just top up my debit card with the local currency and use it instead of cash! Only cost me $10 for the card. No hidden fees. Looks great so far
Bob **********
@Greta ****
I’m not sure it will work at
****
or many other stores good luck
Bob **********
@Greta ****
you’ll be charged ATM fees 220 baht in Thailand and if it’s over there limit it’ll cost 580 baht
Greta *****
ORIGINAL POSTER
@Bob *********
Wasn't talking about ATM withdrawal. With wise you can store money in any currency and use the card to pay in the local currency wherever it's acceptable. So instead of carrying coins and notes I can pay with the card at
****
in Baht without any fees
Peter *********
Ling *****
Yes I agree, nothing beats wise.
Kim *********
@Ling ****
except when a transfer takes 3-4 days which has happened to me several times
Ling *****
@Kim ********
Did you use PayID or regular bank transfer, it makes a difference? Also if you use CBA, they are slow, I gave them the flick a long time ago.

EDIT: I just had a look at your profile and it appears that you are Danish. I don't know anything about the Danish Banking system so I can't comment on that. The Australian banking system allows for instant payments, they are known as PayID/OSKO, maybe that's why my transfers are so quick. Yesterday was a public holiday in Thailand and I forgot. My transfer took 10 minutes to go through instead of the usual 2 minutes. I try to avoid weekend and Public Holidays, cheers.
Greta *****
ORIGINAL POSTER
@Ling ****
From your own experience, was it smooth sailing and how long did it take to clear in your Thai account? Assuming you're From Australia 😊
Eddie ******
@Greta ****
If you want the transfer for your retirement extension. You transfer for longstay in Thailand. It will then take 2 working days.It will then appear in your thai bank account as an overseas transfer for visaa applications.If you select for tourism it is almost instant transfer but is not correct for visa applications ie
*****
0baht in the account.
Ling *****
@Greta ****
yes from Australia and I have done dozens of transfers over the years. From my au bank to Wise to my Bangkok Bank it's usually 2 minutes.
Greta *****
ORIGINAL POSTER
@Ling ****
So you transfer AUD to your wise account with no fee and then from your wise account to your Thai bank account in Baht? Or do you have a Baht account on wise and then transfer from there to your Thai account?
Ling *****
@Greta ****
I transfer to myself via Wise. I am the payer and the payee. I set up a transfer and there is a fee when the quote comes through. That fee is different depending on how you pay. I use PayID and it costs $7.49 for $1,000. The reason is always "travel expenses" as I don't live permanently in Thailand. So I get my quote and proceed and make a payment to the PayID email address. Then Wise basically sends it straight through to my Bangkok Bank account. I do not hold THB in a jar with Wise, no need to as it goes straight into my account. It works very well and beats all other ways of doing it and I've tried most.
Greta *****
ORIGINAL POSTER
@Ling ****
So how do you have a Thai bank account if you don't live there?
Ling *****
@Greta ****
because I opened it over 20 years ago when the rules were not so strict. These days you can still open one if you have a non immigrant 90 day Visa or if you use a Visa agent within Thailand.
Greta *****
ORIGINAL POSTER
You can't compare transfer of $100 and determine that wise is no good. They guarantee a high exchange rate and that's the big point. But each to their own
Dave *****************************
Yes, after trying other options, in my humble opinion, wise is the best.
Marty *********
My US bank does not charge for international transfers. I’m sure they make their money somewhere but it wasn’t obvious that Wise would be better. My plan was to compare a $100 transfer using both my bank and Wise. In 2022 I tried setting up a Wise account. It was a bit of a disaster and a long story I won’t go into. Wise wasn’t much help fixing the problems. I gave up on Wise.
Greta *****
ORIGINAL POSTER
@Marty ********
You can't compare transfer of $100 and determine that wise is no good. They guarantee a high exchange rate and that's the big point. But each to their own
James *********
@Greta ****
sounds like your mind's made up already
Greta *****
ORIGINAL POSTER
@James ********
Well I opened an account which was very easy and straight forward process, but haven't made any transfer yet so I'm still doing my research
Marty *********
@Greta ****
Doesn’t matter. I never got that far. I couldn’t get the account set up properly.
Greta *****
ORIGINAL POSTER
@Marty ********
see my comment above
Phil **********
Use it every month, excellent.For larger transfers sometimes the bank transfer's are better, depends on your charges 😊
Wayne *********
I prefer wise
Steve ********
Ken ***********
I have tried many other options and have determined WISE is the best option for me.
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