Answereda year ago
Should I convert US dollars to Baht before transferring to my Thai bank account or send USD directly?
Ok- I have a question for all my Wise Banking American ex-Pats:
When I'm moving money from my Wells Fargo to wise and then Wise to a Thai bank account should I exchange the funds to Baht and then deposit them s Baht to the Thai bank account?
Does that make sense? Or just do a USD dorectly into my Thai bank account?
Which one will give me better rate?
When I'm moving money from my Wells Fargo to wise and then Wise to a Thai bank account should I exchange the funds to Baht and then deposit them s Baht to the Thai bank account?
Does that make sense? Or just do a USD dorectly into my Thai bank account?
Which one will give me better rate?
Answer summary
The post discusses the best method for transferring money from Wells Fargo to a Thai bank account using Wise. The main points include whether to convert funds to Baht before depositing into the Thai bank or to send USD directly. Several commenters suggest that sending USD directly to the Thai bank allows Wise to handle the exchange at a favorable rate. Other opinions mention various personal experiences with different transfer methods, and there's debate over the best exchange rates and transfer speeds between services.
67 repliesnewest first
Click comment and we will ask for your email, then OTP, then name.
Jon ********
Wells Fargo can do SWIFT transfer. They are pretty poor in terms of customer service but you don’t need WISE.
Mike ********
I keep US and Thai balances. Wait for good rates to convert, while earning 3.9% interest in the mean time. The rate is good enough to reduce the fees.
Ralph *******
@Mike *******
You get 3.9% interest on your Wise balance?Mike ********
@Ralph ******
only on the usd balance
Rick ************
@Ralph ******
sure doRick ************
@Ralph ******
it's not automatic. You have to set it up. Use the help function to find.I get interest on AUD & THB.
Ralph *******
@Rick ***********
Mine doesn’t offer that. Revolut does some scheme but Wise doesn’t.
Simon *******
Right now if I transfer from the UK to Bangkok bank transfers are taking about 6 hours if done Monday to Thursday, of done Friday to Sunday it takes until Monday to get to your account. Best to do transfers Mon to Thurs.
Wannikea *********
It's a bit cheaper to send to your Wise acct and then manually choose to convert the funds at your preferred rate, then send to your Thai bank, also it tends to be a faster transfer. YMMV. Regardless, sending directly to your Thai bank is pretty seamless.
Robert **************
Yes you can send it directly from one account to another
Matthew *********
Don't use wise, use remitly. It's american company with lower fees than wise and the money is transfer in less than a minute. So many people have problems with wise. Some people have had their money frozen from wise and wise takes too long to transfer. I have an attorney friend in bangkok, he was so glad I told him about remitly
Norbert **********
@Matthew ********
revolut is also in minutes
Todd *********
@Matthew ********
use Remitly if you are angry at your own money. You always get a worse exchange rate. They charge ‘lower fees’ to prey on the financially uneducated. It’s a good strategy
Robby ************
@Matthew ********
but lower rate about 200 baht on 50.000 baht conversion
Robert ********
I have THB and USD account in wise. I seem to never use the USD one anymore. It is simpler to transfer it into the THB account where it is converted automatically and the exchange rate is good.
Robert ********
OP@Robert *******
and then move it to your bank?Robert ********
@Robert *******
move it to Bangkok bank account
Jeremy ********
Always go with your banks exchange rate
Todd *********
@Jeremy *******
that…. Is hilarious. Ummm - no. Do NOT do thisJeremy ********
@Todd ********
not sure what you’re saying I get a better rate with my home bank than overseas banks
ATM’s other…only exception is super rich when I hand over $100 notes
Wannikea *********
@Jeremy *******
certainly not the American banks rate. Just let Wise do the conversion.Jeremy ********
@Wannikea ********
absolutisms never end well 99.9% of the time the USA/other countries bank uses a better exchange rate than the rate of the receiving bank
I’ve used this algorithm all over the world and it’s worked for me
Jeremy ********
@Wannikea ********
I get better ratesWannikea *********
@Jeremy *******
we are talking Thai bank rates vs the center of the capitalist universe banks. There isn't a hope in hell that those US banks are gonna give a better rate.
Mark ********
I use wise and WF, I exchange to baht via wise. then to my thai acct. I leave money in my wise acct. I am not worried about losing it. I suppose it could happen but it is only a couple thousand dollars.
Gabriel ********
I also use wf in the USA….for transfers under 10k usd I just do bank-to-bank transfers into my Thai accounts using SWIFT codes…some will say that the exchange rate loss is too great to do this…in my 20 years of living in bkk and after having tried every conceivable method this one works best for me….a Schwab account is another good way of chipping away at foreign bank fees
Brandon ************
@Gabriel *******
Schwabb is great for traveling. And if you pull out the maximum 30,000 baht from a Thai ATM occasionally, good for that too.Gabriel ********
@Brandon ***********
exactly what I do although as cash becomes less and less convenient 30k can take an awful long time to spend lolLynnette *******
Send to wise and wise send to Thai account? Not heard of that. I just add recipient bank and amount in my home currency and it gets sent.
Robert ********
OPno two answers are the same lol
Lynnette *******
@Robert *******
because there's more than one way to use wise.Robert ********
OP@Lynnette ******
I'm learning.
Ken *******
@Lynnette ******
I just sent a wire to wise then they convert to my Thai account. It's a better rate than transferring directly to Thai account. Also it's not an international transfer so all around cheaper.Lynnette *******
@Ken ******
ah ok. I only do international transfers. 😊Ken *******
@Lynnette ******
my bank charges me less. Because the bank wise uses is in the United States. They send it over to my Thai bank. I get the rate at the time. I do the transfer, and I pay a fee, which in the end.There's a couple hundred dollars cheaper on the money.I send over
Max *************
@Lynnette ******
It means you're sending money to your Wise Balance. Then you can send money from the Balance to your Thai bank account when you feel like it.Lynnette *******
@Max ************
that's 2 transactions for me so I'll stick to typing in amount and one click to send, unless it works out cheaper so I'll check that out.Max *************
@Lynnette ******
Sending money to your Balance is totally free as long as you do manual transfers from your bank account back home to Wise's local bank account. The fee is a bit cheaper when sending money from the Balance to your Thai bank account. The idea is that you can keep money in the Balance and use it like a common bank account. For some currencies you can even earn some interest.
Willy *******
@Lynnette ******
I always use Wise like that. First I send SEPA payment from my bank account to Wise. And when it arrives I sen it to my Thailand bank. I choose this method because I can better identify where money is going if problems.Lynnette *******
@Willy ******
never done that, my recipient is the bank in Thailand and that's where the money goes. Not sure how sending it to Wise and then they send it on afterwards makes sense.Willy *******
@Lynnette ******
I think it's very convenient in SEPA area (free and instant) and I can better control if there is problems. And I don't need to link my bankaccount to Wise. Just my Bangkok Bank to my reciepent so not need to add account details again.Brandon ************
Just directly send the USD to your Thai bank account and let Wise do the conversion. What some people do is transfer the USD to their Wise account, and then convert it to baht when they like the exchange rate, but I would never do this. Wise is not a real bank and your money is not FDIC insured while there. You should never leave money in Wise or in any technology financial company. Just use the service for transfers.
Peter **********
@Brandon ***********
I keep (some) money in Wise and use their card on Lazada, Shopee and such. That saves me the cost of transferring to Thailand.Brandon ************
@Peter *********
I just use my foreign credit cardRobert ********
OP@Brandon ***********
I bank on both coasts. And my business banker has been good to me. It's a marriage of convenience but I also use credit unions for my local banking. I'm not excited about Thai banks... which one do you recommend using?Brandon ************
@Robert *******
Which Thai bank? I would recommend Kasikorn. For the US you should get a Schwabb account, because they will refund your ATM fees worldwide. Great for pulling money out when you're traveling.Mike ***********
@Brandon ***********
I need to get a different account for credit card. My last 4 month trip I racked up some fees.
Chris *******
USAA also refunds foreign ATM fees. I also recommend KK bank in Thailand
Mike ***********
@Brandon ***********
just transfer from bank to bank and skip wise
Alan *****
@Mike **********
the exchange rate is poorMike ***********
@Alan ****
I don’t want to direct deposit my check incase I decide to leave then have to get it stopped. Probably a fee of $40 at that end and $30 here plus what I loose in exchange rate. I guess chalk that up to moving abroad and expenses.Alan *****
@Mike **********
they charge about 10 US dollars to change about 1200 dollars.Alan *****
@Mike **********
it changes all the time. Your best opening a wise account or something like that, you don’t have to keep money in the account Just transfer money from your home bank via wise to your Thai account you will save a lot of moneyMike ***********
@Alan ****
any idea what it is? What percent do they keep?Brandon ************
@Mike **********
There's a breakeven point, especially when talking about large dollar amounts, where it makes sense to do a wire transfer. But for smaller amounts like under $5000 it's generally better to use Wise. Each bank will have different points where it does and does not make sense so it's an individual decision.
Tony **********
@Pe ***
fat fingers. Wire
Pe ****
@Tony *********
Eye?Tony **********
@Robert *******
send in USD, Thai bank will give you better rate. I find the break even point for me it's about ฿150k. More than that, sending by wire is cheaper.Brandon ************
@Robert *******
NEVER let your American bank do the exchange. They'll ask you if you want to send USD or Thai Baht. Always send USD and let the Thai bank do the exchange when they receive the USD.Mike ***********
@Robert *******
left those guys years ago when they screwed every customer they had. Now just credit unionRobert ********
OP@Brandon ***********
and I know Wells Fargo is going to screw me on the conversion rate already.Robert ********
OP@Mike **********
wise is the way to go I've heard from one intelligent. They give the best exchange rate apparently.Mike ***********
@Brandon ***********
I will have to look into wise. Thanks. I know my bank charges $30 to wire transfer international.Brandon ************
@Mike **********
the best part of Wise is that you'll know the exact dollar amount you're sending and the exact baht amount you'll receive, with the fees and exchange rate broken out separately for you to see.The problem with wire transfers (and many other services) is that you won't know exactly how much baht you'll receive until they receive the money and do the conversation at whatever rate they decide on and then subtract any fees.
Mike ***********
@Brandon ***********
I’ve never looked into wise. I probably should bRobert ********
OP@Mike **********
straight international wire?Robert ********
OP@Brandon ***********
that makes total sense. Thank you sir.Activity
27 joined27
people
Related
25What are the best methods for transferring money to Thailand and finding rehabilitation for stroke patients?
1.2k10132mo
What should I do if my Wise account is unexpectedly closed while transferring money to Thailand?
3.4k1103mo
What are the advantages and disadvantages of notifying U.S. Social Security about moving to Thailand?
12.7k342788mo
Do monthly deposits for a Thai non-O retirement visa extension need to come from a pension?
6.9k59699mo
What are the fees and best methods for transferring USD to a Thai bank?
4.4k254710mo
What are the best ways to convert Thai baht to USD and transfer it to my US account in Chiang Mai?
1.8k14101y
What are the best methods for efficiently transferring money from Canada to Thailand?
2.9k18321y
Should my friend send money in Thai Baht or US Dollars when transferring to Thailand?
9k61941y
What is the best way to transfer money internationally to Thailand using Wise or Western Union?
1.7k1351y
What are the best methods for transferring money from Thailand to the EU without high fees?
2.7k20181y
Why is my bank wire transfer from the USA to Thailand taking so long?
15.1k1261342y
Why has Western Union become cheaper than Wise for transferring money to Thailand?
9.7k65932y
What are the best methods to transfer money from the US to Thailand without losing too much on exchange rates?
11.5k1021002y
What is the cheapest way to exchange UK pounds to Thai Baht in Pattaya, Wise or currency booths?
8k76502y
Can I use a British bank card for currency exchange at SuperRich in Thailand?
5.7k34143y
What are the best ways to quickly exchange money for Baht in Thailand?
10.7k821323y
What is the cheapest way to withdraw money from NETELLER to a Thai bank account in Euros?
1k713y
Why is my WISE money transfer on hold, and how can I expedite it?
5.8k33353y
What are the options for transferring money cheaply into Thailand from a Wise account without a Thai bank account?
3.8k26403y
Why was my money transfer to Phuket short by nearly 1000 Thai Baht?
5.5k48474y
What issues have expats faced when receiving bank transfers from the US to Thailand using SWIFT?
1.1k844y
Why is it considered a bad idea to exchange Thai Baht in the UK?
4.9k39464y
What are the options for UK expats in Thailand facing banking issues with HSBC?
4k37195y
What are the best ways to send money to Thailand while avoiding high fees?
16.2k1371805y
What is the fastest way to send money from the UK to Thailand, Western Union or TransferWise?
6.5k57545y
Resources
Need help with your Thai visa?
#1 visa agent · 4,000+ reviews · 100,000+ expats served