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What are the best services for transferring money internationally to fund a Thai visa and open a bank account in Chiang Mai?
Thai Visa RequirementsInternational Money TransferBanking in ThailandWiseWestern UnionXERevolutRemitlyExchange RatesChiang Mai
Oct 8, 2024
2 years ago
Paul *********
ORIGINAL POSTERAfter the problem with using Wise to fund your Thai visa properly, I would like to ask about the other services available.
I have, and have used in the past to fund our breaks Wise, Western Union, XE, and Revolut dependant on the exchange rate offered on the day.
We will be moving full time in January to our house in Chiang Mai, and I will be needing to open a bank account for myself, and transfer the funds required to satisfy my visa requirements, and to purchase a car.
Do the other services mentioned show monies transferred as international transfer, as using Wise on some days could cost a substantial amount in comparison to other providers on large sums ?
I have, and have used in the past to fund our breaks Wise, Western Union, XE, and Revolut dependant on the exchange rate offered on the day.
We will be moving full time in January to our house in Chiang Mai, and I will be needing to open a bank account for myself, and transfer the funds required to satisfy my visa requirements, and to purchase a car.
Do the other services mentioned show monies transferred as international transfer, as using Wise on some days could cost a substantial amount in comparison to other providers on large sums ?
TLDR : Answer Summary
The post discusses alternatives to Wise for funding a Thai visa and purchasing a car after relocating to Chiang Mai. It highlights various international money transfer services like Western Union, XE, and Revolut, as well as the importance of understanding how these transfers appear on Thai bank account statements. Commenters share their personal experiences with different services, emphasizing fees, exchange rates, and transaction times, and express concerns about Wise's reliability for larger sums. There's a focus on the differences in how these services are recorded in Thai accounts, with some users noting that transfers may not always be labeled as international.
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Chris ********
If you are moving here would you not consider brining cash with you when you come?
Paul *********
ORIGINAL POSTER@Chris *******
I could, but I really wouldn't like carrying that much cash around.Reply to
Paul *********
Reply
Winston ********
I used WU then changed to Wise. But over the last year WU final payout has an edge over Wise. Also Wise used to send in minutes bit now can take up to 3 biz days. I do check both on the day I want to send it but WU is faster n cheaper even by a few $/£.
Paul *********
ORIGINAL POSTER@Winston *******
Thank you. Does the WU transfer show as an international transfer in your Thai bank account ?Winston ********
@Paul ********
No. It doesnt show from where the transfer is done on my Thai account, only shows 'deposit'. But on my Canadian bank a/c it shows up as WU/WISE.Paul *********
ORIGINAL POSTERThank you. I was hoping it would show in your Thai account as international.
Reply to
Paul *********
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Brett *******
In six months of transfers I’ve only had wise recorded as an international transfer once
Very disappointing
Very disappointing
Rick ***********
I use Remitly rather than Wise. Sometimes a Wise transfer happens quickly and other times it takes a week for the money to get to Thailand
Either way, money is withdrawn from my US account as soon as I place the transfer so I don't know why Wise sits on it for a week and yet the next time it goes effortlessly and within minutes.
Either way, money is withdrawn from my US account as soon as I place the transfer so I don't know why Wise sits on it for a week and yet the next time it goes effortlessly and within minutes.
David *******
@Rick **********
Remitly good as is wise. Can never have to many options imoIan *********
@Rick **********
wise usually only gets delayed if u send it at weekends .i use both but prefer wise , remit is ok but looks cheaper when in fact its slightly dearer haha,Reply to
Ian *********
Reply
Adam ******
I used Wise yesterday to transfer the money from the UK, £'s to baht, for my visa app in December. Took 8 minutes from typing 'send' to arriving at SCB in Hua Hin. Wise will also show their rate versus other companies on their app (see pic). Most times they are the best and if they aren't it's usually an insignificant difference.
Paul *********
ORIGINAL POSTER@Adam *****
Thanks. This is what I was driving at in the original question. When they are not the best (by their own admission), it can sometimes add up to a fair amount on a large transfer.I was after knowing how the other service providers show on your thai bank account statements. Whether they show as foreign transfer or not ?
Reply to
Paul *********
Reply
Ray *********
I also use wise to transfer, I also use another app called smartway, I sometimes find they are better than wise for larger amounts.
Bob **********
The Rate,The Rate, The Rate
John *********
Most of the people who have had problems with Wise have used Wise as a bank account. Others have had issues with the Wise debit card. If you use Wise only to transfer money from your bank to your other bank account, you will not have issues. Don’t store money at Wise and don’t use Wise debit card.
Andy **********
@John ********
wise can be used as a bank account, they give decent interest rates for euros, USD, and GBP.Nga **************
@John ********
I keep a tiny amount in Wise and Revolut for travel booking's deposits, and I use Revolut virtual card to pay for small transactions while traveling. Is that a problem?John *********
@Nga *************
only deposit what you can afford to lose.Reply to
John *********
Reply
Adam ******
@John ********
'Don’t store money at Wise and don’t use Wise debit card.' Why is that John?Reply to
Adam ******
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Rok ********
I never had problems with Wise … good exchange rate, low fees, they tell you exact time it would reach the BKK bank account … marked as “international TRX” ….
Ken ***********
@Rok *******
I have used WISE for over 5 years and except for a small issue one time, I have found it reliable and a good value. I understand others may have a different experience.Reply to
Ken ***********
Reply
Jay **********
I use Remitly they charge like a $1.99 for transfers
Jay **********
@Paul ********
ok sorry about thatPaul *********
ORIGINAL POSTERNo worries, it's good to know about the services out there.
Reply to
Paul *********
Reply
Paul *********
ORIGINAL POSTER@Jay *********
Thanks, Ive just done the calculation using Remitly, and like the bank, the fees are hidden in the exchange rate.An exchange of £20,000 would give me 15,816 THB more by using Wise.
Though the question is whether the other services register the transaction as a foreign transfer in your Thai bank account.
Rick ***********
@Paul ********
if you are transferring that much just use a wire transfer from your bank. It is much cheaper than any money transfer site.Rok ********
@Rick **********
…. Subject to the Exchange Rate they use. Both must be considered: Fees and Exchange rate used.Reply to
Rok ********
Reply
Phil *******
@Paul ********
send money in your native currency, and let your bank in Thailand do the conversion, then it will show as foreign transferReply to
Phil *******
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Bill ********
Zelle from Chase...?
Jordan *******
Try Chase, Monzo, Starling and Revolut.
Also HSBC do a global money account.
Also HSBC do a global money account.
Paul *********
ORIGINAL POSTERThanks, I already use Chase as my debit card when I am there, I also use Revolut.
I was just hoping that someone could confirm about whether transactions from these sources are marked as international, as required by immigration.
I was just hoping that someone could confirm about whether transactions from these sources are marked as international, as required by immigration.
Jordan *******
@Paul ********
if the transfer requires the IBAN number then it’s an international transferReply to
Jordan *******
Reply
Ron ********
I had great service, an excellent exchange rate, and VERY reasonable cost doing a simple bank-to-bank transfer. It was under $40 total for both bank fees. For $24,000. Took two business days, though they said 3 business days.
Wise is fine for under $1000. Above that it can get stiff.
Wise is fine for under $1000. Above that it can get stiff.
Peter *******
I simply go on line to my U.S. bank and wire how ever much I want. All wires cost $25 regardless of the amount. Usually in my Thai bank account within 3 days at the inter-bank exchange rate
People say Wise is cheap, but I like having no middle "man" and/or 3 rd party having access into my acountl
People say Wise is cheap, but I like having no middle "man" and/or 3 rd party having access into my acountl
Ivan ************
@Peter ******
it's not the interbank exchange rate, it's marked up. The are different buying and selling rates and the spread is where there bank makes their money. That's where Wise saves you money, it is actually the mid market rate and they split out their fees explicitly. If you are sending a larger amount in USD (more than a few thousand) though Thai banks can be competitive. You may also be able to get free wires rather than $25 if you shop around. Much less so on the GBP exchange rate, it's a smaller currency and the Thai banks don't do as good rates on it.Peter *******
@Ivan ***********
So where do you see your bank's exchange rate? I divide the amount of money that appears in my account by the amount transferred plus $25 and then compare that to what the internet says the interbank exchange rate is.Ivan ************
@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.
Paul *********
ORIGINAL POSTER@Peter ******
Your banks website should have an FX section where they tell you. For example here is the RBS FX calculator...**************************************************************************************************************************************************************************
Reply to
Paul *********
Reply
Nga **************
@Ivan ***********
piggybacking question since you seem knowledgeable: my bank in VN can send USD or THB, same fee but their USD rate is better. Do Thai banks charge a fee for receiving USD? Am I better off sending USD or THB? (I'm from Viet Nam)Ivan ************
@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.****************************************************************************************
Reply to
Ivan ************
Reply
Andy ************
@Peter ******
No third man has "access" to your account. You make the transfer, sending the money to Wise, and Wise then transfers to your Thai accountSangho *****
@Peter ******
i using chase private banking to transfer no transfer charge but exchange rate is pretty bad compare to other servicePeter *******
I do not understand the
*****
baht. Is that for a year, 5 years, or what? At $25 a month, I only spend $300 per year which, at 32 baht to the $, would be 9600 baht. At 36 baht/$ it would be 10,800 baht.Paul *********
ORIGINAL POSTERThat is a single transaction of £20,000 GBP. The banks rate is almost 1 baht less than Wise, and the charges are also factored in.
Reply to
Paul *********
Reply
Paul *********
ORIGINAL POSTERI've just done the maths on this, it would cost me
So, the banks a non starter.
*****
baht to send via my bank, in comparison to using Wise at this particular point in time.So, the banks a non starter.
Michael ********
@Paul ********
it would only cost me £20 in the UK whatever the amount.Wise is cheaper for sending smaller amounts even though their rates have increased this year.
Paul *********
ORIGINAL POSTER@Michael *******
RBS charge only £15, but the exchange rate isn't as good. That's where the bank makes it's large cut, leaving you thinking you're getting a bargain when you're not.There's a reason the banks have huge offices !
Michael ********
@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 *********
ORIGINAL POSTER@Michael *******
The transfer will be to open my account for my visa, so transferring into the wife's account isn't an option this time.Nga **************
@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?
Michael ********
@Paul ********
no we have two bank accounts, and when we do our Non O Retirement Visas in January it will satisfy the immigration requirements.Reply to
Michael ********
Reply
Jamie ******
@Paul ********
and how much to send by wisePaul *********
ORIGINAL POSTER@Jamie *****
The Wise charge is a lot higher, but the exchange rate is a lot better. The difference is 1.*****
7 baht per pound. That is 22,375.14 baht difference, once the charges are taken into account the difference is circa 18,000 baht in my favour.Jamie ******
@Paul ********
thanksReply to
Jamie ******
Reply
How can I ensure my Wise fund transfers are tagged as international for visa extensions in Thailand?
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