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What are the best methods to transfer money from the US to Thailand without losing too much on exchange rates?
Money TransferWiseExchange RatesBank TransfersATM WithdrawalsRemitlyWestern UnionCryptocurrencyCharles SchwabFinancial Advice
Aug 22, 2024
2 years ago
Glen *******
ORIGINAL POSTERDoes anyone know the best way to move money from the us to Thailand. I used the atm but their exchange rate sucks. Wired money to my Thai bank account and that exchange rate cost me 2000baht on a 1,000 us deposit, worse than ATM
TLDR : Answer Summary
Transferring money from the US to Thailand can be tricky due to unfavorable exchange rates and high fees. Users recommend using Wise for better exchange rates, with transactions typically taking only minutes to a few days. Alternatively, some mention using Schwab accounts for fee-free transfers, while others prefer Western Union and Remitly for their reliability. Cryptocurrency is also discussed as a fast and low-cost method. It's crucial to reject ATM conversion rates to avoid poor rates, and there may be tax implications for incoming transfers starting January 2024.
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Alexander *******
Xe is good
Bob ********
I use WISE
Ruby ***********
Yikes
Jenn *****
Remitely, i just send it to myself from US bank and pick up cash in local bank
Edward ******
i moved a lot of money once when my friend wanted USA dollars and I wanted bahts. we simply traded using the currency converted to know how much to exchange.
Russell *********
Open an account with Charles Schwab Bank , u get a bank account and brokerage account .
Anytime u use ATMs that are not theirs they refund u the transaction fee at the end of the month.
And if your card gets ate by the machine, they will FedEx u another at their costs to Thailand
Anytime u use ATMs that are not theirs they refund u the transaction fee at the end of the month.
And if your card gets ate by the machine, they will FedEx u another at their costs to Thailand
Gregory ********
Remitly or Western Union
John-Paul ******
BKK has a 'branch' in NYC. I use them from he US bank to here.
Robert *****
I use REMITLY to transfer money from USA to SBC bank account in Bangkok. Not expensive. Takes maybe 30 seconds.
Michael **********
I am also a Wise guy.
Keith *******
Have you considered carrying the money and using a street vendor. Also super Rich in Bangkok always have good conversion rates.
Tomas *****
Wise seems to be the most recommended.
I don't yet have a Wise account. Can I get one while living in Thailand? US citizen here
Note, I tried before covid to get a Wise account and was denied because they only open new accounts that have a USA address and they also wanted a utility bill for that address with my name on it. I don't have any address in America and nothing in my name so I gave up on Wise. Have they changed their policies regarding new accounts?
I don't yet have a Wise account. Can I get one while living in Thailand? US citizen here
Note, I tried before covid to get a Wise account and was denied because they only open new accounts that have a USA address and they also wanted a utility bill for that address with my name on it. I don't have any address in America and nothing in my name so I gave up on Wise. Have they changed their policies regarding new accounts?
Glen *******
ORIGINAL POSTERthanks guys, I set up western union online to send to my bangkok bank account. appears to have a great rate
Terary **********
Most use Wise.
Daniel *********
Wise transfer is even cheaper than i use debit card to pay smt lol they got good exchange rates and low fees
Todd *********
Use Wise, but get the debit card
Just change the currency in your account to Thai baht and withdraw it at the ATM
Just change the currency in your account to Thai baht and withdraw it at the ATM
Jim *******
Go into your branch and withdrawal money directly with the teller using your us banks atm card. There is no fee charged by the Thai bank. I use Bangkok bank and Schwab. Using this method and exchange rate is almost identical to xe apps exchange rate
Pierre *********
Wise
John **********
I use Western Union , if I transfer bank account to bank account the fee is $1.99 Canadian
Pedro *******
Us bank to wise. Wise to your Thai account
Carlos *********
A lot of people use Wise transfer, but it's gotten a little expensive from the US. Some ppl have nothing nice to say about wise too
Tin **********
Revolut ok
Ian ********
Wise
Rick ********
Remitly
Amberle **********
I have just used my USA bank account/card everywhere for the last 6 months haven't had any issues (Stores, Hospital, etc) ... Anything I can't I just pay in cash Baht - if you get enough out upfront and tuck it to the side when needed it's not too expensive.
Pablo ********
Bank to bank gives is ya a poor exchange rate
Chuck ************
I have used Wise while living in Mexico to transfer money from my US bank account to my Mexican bank. It was very easy and inexpensive and fast. Most transfers took only seconds.
Darren **********
Charles Schwab brokerage account returns all fees for free.
Bob *********
The baht has been getting stronger between the middle of July and now.
Michael ********
Wise
Michael *******
Wise
Charles **********
Use Wise, I use it every month.
Wayne ******
Western union transfer
Marty *********
A wire transfer is probably going to cost the same no matter how much you transfer. Transfer much larger amounts and the rate starts to look better.
Rene ********
Bear in mind that everything you send into Thailand via wise or any method that goes into your bank, now becomes taxable as of January 2024
Glen *******
ORIGINAL POSTER@Rene *******
how do you even pay your taxes and how much do they tax youGlen *******
ORIGINAL POSTERI’m retired and not an employee, just sending money to myself to pay bills
Rene ********
Reply to
Rene ********
Reply
Jim ********
@Rene *******
not true.Jim ********
@Rene *******
Most Expat’s money coming into Thailand has already been taxed by the sender’s home country. Thailand is not going to double tax the money. If you are making money in Thailand you will have to pay taxes.Rene ********
@Jim *******
I agree with what you're saying but say for example the money or the in whatever format it is was texted 20%, whereas Thailand says that the rate is 35%, the difference will be due..... I'm just sitting on the sidelines reading the info and chewing over it as it comes inRobin ********
@Rene *******
no doesn't matter what the thai tax rate is . If you have paid tax in a country that has an agreement with Thailand then no tax is due , as long as you can prove your money has been taxed .Rene ********
@Robin *******
ok, as long as the rate is the same........ I stand corrected thank youRobin ********
@Rene *******
the law has been in place since January , but I don't know anyone that's been hit with it yet . Its people who have been putting there cash offshore in a tax free place who are worried . If they bring it into Thailand from where it is they could get hot with the 35% tax . If they bring it into the UK first before sending it they will get hit with a tax bill here .Jim ********
@Rene *******
US tax rates are higher than Thai. For example. Also if you have a LTR Visa, overseas income is exempt and limited to 17% for those making money in Thailand.Mark *********
@Jim *******
Jim I took a hypothetical 50k US income with standard deductions and paid a hypothetical 5K in Federal tax. Seems pretty cheap to me!Rene ********
@Jim *******
ok, correcto.. I don't think that Visa group accounts for the majority of people in Thailand, unless I'm missing something hereRene ********
@Jim *******
I agree that I'll double tax agreements with different countries and in different formats.The essential difference seems to be that they are going for income as opposed to savings, I think that's a key point to bear in mind. There is talk, and I know it's early days and nothing is clear yet, that one will have to declare all worldwide income and that will be up to them to sift through it all and decide. I can't see many people being happy about that oneReply to
Rene ********
Reply
Rene ********
@Jim *******
okay sure one has to see where the cash comes from and whether it's part of a pension or not and from what country has different countries have different deals, but my statement is generally true that all incoming income will be taxed with some exceptionsReply to
Rene ********
Reply
Rene ********
The amount ranges from 0 to 35%. Out ch!
Reply to
Rene ********
Reply
Phil ******
@Glen ******
wise is bestWylie *******
If you are saying the exchange rate at the ATM sucks there's a good chance you're accepting their rate. Which you never want to do. It's a complete rip off. Reject their rate and your card will give you very close to market rate. Again, NEVER accept the ATM conversion.
Rfael ************
@Wylie ******
Very important 👆Reply to
Rfael ************
Reply
Dave **********
French banks have stopped me moving money to WISE. They say too much fraud!! I believe its because they want transfer fees
Sé *****
@Dave *********
j utilise remitlyReply to
Sé *****
Reply
Brandon ************
Reminder that this group doesn't allow advertising. A referral link is considered advertising.
Steve *******
@Brandon ***********
check! 👌Reply to
Steve *******
Reply
Eric ******
Do you have to have a bank account in Thailand? Or can you send it somewhere and pick it up?
김**
Crypto bro
김**
Not sure what’s funny about that. You can transfer as much as you want with crypto within minutes. You can buy usdt or even solana. Then transfer to a Thai wallet like bitkub. Then sell the solana for Thai baht and transfer direct into your account. With minimal fees. I do it all the time.
It’s super simple. If you need some more explanation, reach out mate
It’s super simple. If you need some more explanation, reach out mate
김**
What about tax? You won’t get taxed on it. Very minimal transfer fees from bitkub. That’s it. If you want to chat more feel free to msg me via dm.
Goldin *****
@김**
what about tax?Reply to
Goldin *****
Reply
Tina ********
I use wise
Christopher *************
Wise
Brian **********
I use Wise with great success and low cost and good exchange rates
Kiah ***************
Wise - minimal fees, funds arrive in seconds
Lee ********
Wise
Scott ********
Cash Passport
Ron ******
Agree with Alexander, Wise is good if you keep below 50k baht per transaction it is usually quicker and if you do it as a bank transfer it minimises the fees.
Eric **********
If you have a cash account at a brokerage house like Schwab or Fidelity you can wire to your bank here for free. Rate it very close to Wise.
Steve **********
There is an app called Wise. It’s very good and most of us use this.
It will connect from your US account to your Thai account. Better exchange rates and it used to only be minutes to a day or so but recently I have had to wait 4-5 days.
It will connect from your US account to your Thai account. Better exchange rates and it used to only be minutes to a day or so but recently I have had to wait 4-5 days.
Mark *********
@Steve *********
do you wire money or ACH to Wise account?Steve **********
@Mark ********
ACHReply to
Steve **********
Reply
Don-Laura *******
@Steve *********
Transfers on Wise to my Bangkok Bank account usually take seconds. Only on rare occasions and for unknown reasons has it taken longer.Andy **********
@Steve *********
When I transfer to Krungthai Bank it takes only few seconds, but transfer to Bangkok Bank approx. 1-4 days....from Switzerland. Don't know why...Danny *******
@Steve *********
Why 4-5 days? I’ve heard this and even more recently.Chuck *********
@Danny ******
I wonder if it is the $ amount. If I do $1,000 it takes seconds. Larger amounts (only up to 2k) take 1 day for me to Bangkok Bank.David **********
@Danny ******
trueSteve **********
@Da***
honestly I do not know. I did research and could not find any reasonable explanation. Others from the US have stated the same but my UK friends do not have this issue.Reply to
Steve **********
Reply
Paul *********
WISE
Alexander ********
Wise but max 49.000 baht per transaction
Pertti *************
@Alexander *******
2million/transferDe ******************
@Alexander *******
I had an instant transfer with 800k to buy a car.... 🤔Alexander ********
To all concerned if you move 49.000 baht you have it in 5 minutes
Nicholas *********
@Alexander *******
I ve few hundredsNigel ********
@Alexander *******
Bangkok Bank has no limit on Transfers from abroadPhil ******
@Alexander *******
thats wrong as my bank and 2 others take more baht.How much can I send?
Bank Min* (THB) Max (THB)
Bangkok Bank Public Company 1 2,000,000
Kasikorn Bank 1 2,000,000
Siam Commercial Bank 1 1,499,999
Other recipient banks 1 49,999
*As of 7 January 2022 due to regulatory changes.
There’s no limit on how many transfers you can create.
Bonnie *********
@Alexander *******
I moved my non-o required funds, no problem.Kim *********
@Alexander *******
3 or 4 banks among them BKK does not have the 49.999 baht limitTodd *********
@Alexander *******
the Wise maximum is actually 2 million baht per transaction. The 50k is a limitation of your bank, not Wise. And applies only to Krungsri and Krung Thai. No problem at Kasikorn or Bangkok bankNigel ********
@Todd ********
krungsri has no limit from abroadTodd *********
@Nigel *******
yes, they do. 50k. However, you can overcome by getting verified facial IDReply to
Todd *********
Reply
Andy **********
@Alexander *******
not when transfer to Bangkok Bank and SCB....their limit is 2 Mio Baht.Brandon ************
@Andy *********
plus KasikornAndy **********
@Brandon ***********
rightReply to
Andy **********
Reply
Anthony *********
@Alexander *******
yeah but you can make as many as you like, just a bit annoying when it comes around the visa renewal time having to do 10 transfers lolBob **********
@Anthony ********
can’t do that it has to be 65k+ a month showing as a foreign transfer for 12 consecutive months and I’m sure you can do as many transfers as you wantAnthony *********
@Bob *********
ah for retirement yeah I see, that would make it a bit of a problem, I'm on marriage visa so only need to show 400k and doesn't matter where it comes fromBob **********
@Anthony ********
yes 400k and you don’t have to leave it in the bankReply to
Bob **********
Reply
Jared *********
@Alexander *******
I move 75,000 each time through wise from my bank in USA to Bangkok Bank. Takes about a week to arrive thoughSteve **********
@Alex*****
not if you use the approved bank. I have Bangkok bank and move more than that all the time.Dave *******
@Steve *********
same me, instant transfer above 50,000Reply to
Dave *******
Reply
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