What are the best services for transferring money internationally to fund a Thai visa and open a bank account in Chiang Mai?

@Rick **********

…. Subject to the Exchange Rate they use. Both must be considered: Fees and Exchange rate used.

@Pe***

most if not all Thai banks list their exchange rate online. If you are transferring in USD (most likely) it will be the Thai bank converting it. I linked Bangkok Bank above. Their rates for USD are good, but 33..61 is still a spread of just under 1%. They usually skew to the buy rate. The current Wise rate of 33.53 is 0.66% better.

This is not a big difference or a terrible rate from Bangkok Bank but if you were transferring $25,000 (for a retirement extension, for example), 0.66% of that is $165. Not saying that's an unfair rate, it's competitive with Wise, but it's a lot more than $25. Thai Thai bank will also charge 500B to receive the money.

If you are transferring in THB, you'd look at the exchange rates for your home bank. This is much less common though and rates are usually much worse, the Thai bank rates are competitive with Wise for larger sums.

@Nga *************

you can look up the banks foreign exchange online to try to calculate it. I suspect probably sending USD, most don't seem to have a TT buying rate for VND and the spread on VND notes is large. Good moneychangers like SuperRich or Sakol here in Chiang Mai do have good rates for VND cash so not necessary to change that before coming physically, although need to change at a good money changer not a bank. But transfer the USD rates are likely a lot better than VND. Banks have a spread on USD but it's lower. They also charge a fee 0.25% min 200 max 500B for receipt of international transfers. Wise transfers don't get this fee, you get the full amount.

@Paul ********

I usually transfer money in GBP and let my Bangkok bank do the exchange. We got a better rate doing this last month.

@Paul ********

does is need to show as an international transfer from yourself to yourself? Because that's 100% impossible for me. My country only allows a person living in Thailand to receive $7100 from my country each year, and if I want to make the wire, I'd have to be in person in my country to do that.

I asked a friend living in Thailand to help. I sent her money to her bank in our country, and she sent me the equivalent in THB to my bank here. Can't you send GPB to your wife and she sends THB to your Thai bank?

@Paul ********

no we have two bank accounts, and when we do our Non O Retirement Visas in January it will satisfy the immigration requirements.

@Paul ********

thanks