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Answered3 years ago

What are the best methods to access cash from a foreign pension in Thailand?

Foreign Pension Money Transfer Banking in Thailand Wise ATM Withdrawals Exchange Rates

Peter *********

Peter *********

OP

asked Aug 22, 2023

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34

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To those on a foriegn Pension, how do you access your cash in Thailand.

What is the best way?

Answer summary

Expat retirees accessing their foreign pensions in Thailand commonly utilize various methods. Many recommend using services like Wise for international transfers due to favorable exchange rates and low fees. Some individuals prefer direct wire transfers from their US or Australian banks to their Thai accounts, which may incur less fee depending on the bank. ATM withdrawals using foreign debit cards are also a popular option, but users should be aware of potential fees and varying exchange rates. Overall, choosing the best method often depends on personal banking relationships and fee structures.

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Christopher ***********

Christopher ***********

For comparison purposes, try;

**************

1

Soeren **********

Soeren **********

I get my retirement directly deposit into my Thai account as I don't have an account in my home country anymore

0

Raman *******

Raman *******

Every month I transfer $8500 to my Bangkok bank account. I transfer money with Swift.

2

Sam ******

Sam ******

I withdraw money from any atm with my Aussie debit card as needed. Don’t pay fees other than visa exchange rates which are the best rates you can get. One thing that’s recently changed is that now I have to pay the Thai banks atm fee

1

Sam ******

Sam ******

I'm not surprised with Commonwealth or any other branched bank. ING works very well.

0

Richard ********

Richard ********

I have a Commonwealth debit card,charged bank fee $44 for Bht

*****

0

Peter *********

Peter *********

OP

@Richard *******

im the same

0

Jason **********

Jason **********

is wise or deemoney not a better option Sam?

0

Sam ******

Sam ******

ING works well for me, no branches so no fees really. Wise charges a fee plus the exchange rates are higher. I think Visa have the best rates, which is what's shown on XE.

0

Carsten ************

Carsten ************

Wise, because of best Xchange rates

0

Martin *****

Martin *****

Use wise..

Best rates and quick transfer

1

Marty *********

Marty *********

I make a direct wire transfer from my US bank to my Thai bank. My US bank does not charge a transfer fee for international transfers. I assume both banks take their cut during the currency exchange.

I tried to set up and use Wise last year but was unsuccessful. Long story except to say I don’t trust the service though many other customers love Wise.

0

Chris *******

Chris *******

@Marty ********

I only use wise for small transfers monthly.

Also use XE takes longer but rates are okay too.

0

Keith *******

Keith *******

To answer you cost question

0

Peter *********

Peter *********

OP

ok thanks Keith

1

Jim ********

Jim ********

I transfer

*****

baht every month from Australia to Thai bank account. I use Wise with Bangkok Bank as the receiving bank. This satisfies the extension requirement as well as my financial requirement

10

Peter *********

Peter *********

OP

@David ********

thanks still deciding..noev3 times a year

0

Riaan **********

Riaan **********

i will NEVER recommend Wise again, I transferred $5000, they closed my account and refuse to refund the money, and reports like these are coming through daily

4

Steve ********

Steve ********

@Riaan *********

What reports are "coming through daily"? First I've heard of it. I used Wise with Bangkok Bank and never had a problem, and most expats I hang around with also use Wise. Everyone seems very happy with the service. I'd say you're doing something wrong.

6

John ********

John ********

totally agree

1

Peter ****************

Peter ****************

@Riaan *********

One time a problem that my money not came in as usual. Sent mail and they said that the "deemoney interface" was added and that they are more strict in the correct name of the account. 2 times they send my money back. After I changed the name of my bank account exactly as on my bank book, everything went fine again. Really do not understand problems. They also have a phone number. Always correct.

1

Jim ********

Jim ********

@Riaan *********

That's fine, but the other many thousands of people using it are very happy with the service (myself included)

4

Peter *********

Peter *********

OP

Thanks Jim. What about the Bangkok bank, fees and exchange rate. Do these override any Wise savings?

0

John ******

John ******

@Peter ********

Wise transfer Thai baht to your Thai bank once they’ve converted your home currency. I’ve used Wise for years now for large, up to the maximum allowed single transfer and for regular living expenses transfers. It takes seconds to transfer from my Wise account in Australia to my Khrungthai Next account.

0

John ******

John ******

@Peter ********

if you’ve lived here before you may already have a Thai bank account but if not that’s probably more of an issue for you. In my case it was very easy but I’ve read on various forums that it can be a hassle, depending on which bank you approach and the bank’s location.

0

Peter *********

Peter *********

OP

Thanks John,

I was worried no about Wise rates and charges, but about Thailand banks applying their own charges, on top.

I'm also from Australia, fifo, looking to move in a year or so.

I did live in Thailand 10 years ago. Thanks Pete.

0

Graham ******

Graham ******

@Peter ********

Transfer to Bangkok Bank using Wise is the norm

0

Graham ******

Graham ******

@Peter ********

No, you send Baht so Wise do the exchange

0

Jim ******

Jim ******

@Peter ********

Bangkok bank do not charge any fees on International transfers.

0

Jim ********

Jim ********

@Peter ********

It's not the banks exchange rate. It's Wise

1

John ********

John ********

@Peter ********

wise gives the exchange rate

5

Peter *********

Peter *********

OP

ok thanks Jim. The fees are fine, but the exchange rate would be Bangkok Banks normal exchange rate i assume?

0

Jim ********

Jim ********

@Peter ********

Just got a quote from Wise. $18.99 to transfer

*****

baht. No bank fees from Australian or Thai bank. Using Swift you pay both ends and possibly don't get such a good exchange rate

1

Peter *********

Peter *********

OP

Thanks Graham.

I still wondering about the fees and exchange rate or the Bangkok Bank. Don't they cancel out any Wise savings?

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