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Answered4 years ago

What are the best methods for Canadians to transfer money to Thailand?

Money Transfer Canada to Thailand Banks Wise CIBC Tangerine

Mark ******

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asked Jul 5, 2022

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For the Canadians out there. What is the best method(s) that you have found to transfer money from Canada to Thailand? Starting from the best Canadian bank(s) or other financial institution(s) to assist with transfers, credit card(s), Wise, and helpful bank(s) in Thailand....and etc?

Would also appreciate other expats from other countries also with helpful tips.

Thanks all!

Answer summary

Canadians have several options for transferring money to Thailand, including using services like Wise, CIBC, and Tangerine. Wise is popular for its favorable exchange rates and ease of use, and some users reported fast transactions. Others have suggested using Remitly for its good exchange rates and no fees on initial transfers. It's important to avoid Canadian banks converting funds to baht due to poor rates. In some cases, wires may require in-person visits to banks, and there's a risk of account closure for Canadians living abroad. A workaround involves transferring money to a family member in Canada who can then send it to Thailand.

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Helen ********

Helen ********

We use Tangerine and transfer the $$ using Wise to our BKK bank. We have our Wise code set up and use the bill payment method which works. As a Canadian you can, for now, do the affidavit of income with a consulate so don't need the $$ to be transferred in a certain way.

0

James ***********

James ***********

I thought that Immigration had stopped allowing the letter from the consulate to be used to verify income?

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Helen ********

Helen ********

@James **********

for Canadians I believe it is still available, unless something has changed. We used this in December 2021.

1

Helen ********

Helen ********

and

@James **********

hope it works for you both. The Chiang Mai consulate was very responsive on email, usually had the answer the next day.

2

Mark ******

Mark ******

OP

Appreciate that answer also.

1

James ***********

James ***********

Thank you, appreciate the information.

1

Helen ********

Helen ********

@James **********

we used a copy of the proof of income statement from the prior years taxes. You can get it from your CRA account. We had our bank statements as well but it wasn't necessary, unfortunately our bank doesn't issue certification letters. This is what the consulate in Chiang Mai told us to bring: "Please bring your original passport, any document or statement showing your income or an income tax statement, and the notary service fee of THB 1,250 in cash only. You will be required to confirm/swear your statement on the affidavit and sign in front of consular officer at the Consulate. Then a letter confirming pension income will be issued to you in the same morning". If you r bank issues a letter that would probably work but best to ask

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James ***********

James ***********

At the consulate, what documents are required to show income, a letter from the bank certifying the balance or is your current tax filing required?

1

Mark ******

Mark ******

OP

Thanks you for taking the time to reply and input!

1

Mark ******

Mark ******

OP

Hmmm! I just thought of one possible work-around for Canadian Banks that may not want to wire transfer money to you in Thailand if you are living there. Just transfer the money to a family member in Canada.....and let them transfer the money from their account in Canada to your account in Thailand. Seems pretty simple....but is it?

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Robert ******

Robert ******

Remitly gives a good exchange rate. Consider it. They also charge no fee on your first transfer.

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Mark ******

Mark ******

OP

Thanks Robert.

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Zap **********

Zap **********

Some Canadian banks Wise can not be set up as payee. You also don't want the bank in Canada to convert to baht as you will get a poor exchange rate. Wire transfers in Canadian funds often require to do in person at Canadian bank. Also have met Canadians here that bank in Canada is saying they will have to close account due to not living in country/several transfers of $$$ out of the country. Just some things to watch for.

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Mark ******

Mark ******

OP

@Michelle ***********

Thanks Michelle.

1

David *********

David *********

I have an account with CIBC. I just inform my bank to transfer funds to my Thai bank. Just give the bank the Swift Code for your Thai bank along with the account number and address of your bank in Thailand. I have even had funds transferred in less than 24 hours

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Mark ******

Mark ******

OP

@David ********

Thanks you for taking the time to reply and input!

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Terary **********

Terary **********

I use Wise as do several people in this group. I am a US citizen no experience with Canadian banks.

1

Mark ******

Mark ******

OP

@Terary *********

Thank you

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