What are the best ways to transfer money from the US to Thailand and how can retirees open a bank account?

Mar 1, 2024
9 months ago
Larry **********
ORIGINAL POSTER
Beautiful day 🌻

Curious to know what is the best way to transfer money to Thailand from the United States , and best place for a retired person to get a Bank account

Just looking for a solid easy solution , can only travel with $20K

Thanks everyone
2,699
views
7
likes
82
all likes
53
replies
2
images
23
users
TLDR : Answer Summary
When transferring money from the United States to Thailand, several options were mentioned by users. Popular services include Wise, known for its favorable exchange rates and quick transfers, and Remitly. Opinions varied on using traditional banks, with some users claiming they offer competitive rates without fees, while others advocated for alternatives due to banks' higher exchange rates. It's also highlighted that travelers can bring any amount of cash, but amounts over $20,000 must be declared. For retirees wanting a bank account in Thailand, it is often suggested to ask for recommendations and be prepared to visit multiple bank branches, as policies may differ. Ultimately, having an approach that blends both bank and online transfer services could yield the best results.
Danny *******
FYI to those recommending Wise. There are apparently some issues with Wise transfers and Immigration, so you might want to checkout this group ...
*********************************************
Graham ******
@Danny ******
That's a Private Group, what does it say?
Danny *******
@Graham *****
I don't belong to it but the "About" page says ..."TransferWise solution Thailand NEW 2021 (former TransferWise Solutions) is a collaborative effort by selected Thailand Expats to find solutions to get Thai Immigration Officials to recognize funds transfers into Thai Banks using Wise services always begin as a Foreign Transaction with funds in countries other than Thailand and problems of other kind."
Graham ******
@Danny ******
If the final selection in this drop down menu is selected then it transfers as an International deposit
Danny *******
@Graham *****
Yea, I don't know since this isn't a problem I have. Maybe it's how it reads on some Thai banks statements since that is what you'd be providing Immigration. So, maybe a bank issue as much as a WISE issue.
Nongnuch ********
@Larry *********
no problem taking US Dollar in cash to Thailand. You just have to declare an amount over 15,000.- USD to Thai customs. If you intend to do a change of visa type on Immigration, or buy a condo, the customes declaration receipt is a proof that the money came from abroad
Tom *********
Bringing money in is no problem. You can only take out ฿50,000 per transaction. I hold both USD and Baht in my Wise account and set up auto conversions to execute trades at favorable rates. Wise uses the mid market rate, and fees are much lower using ACH as opposed to wire transfers.
Dennis *********
You have to declare anything 10k and over

It's never been 20k
Denny ********
Ria is best cost. Wise is 2nd choice.
Robert *********
Use Western Union to your closest Western Union, $1.99 transfer. Banks here seem to be able to do whatever they want, fiduciary trust most likely doesn’t exist here. Cash is king!
Richard ********
Wise.
Terary **********
I use Trasferwise (Wise). I think they're one of the best exchange rates. Transfers happen quickly (within 24 hours). When using Wise you can transfer the money directly as spendable cash or you code it as an international transfer. It seems when coding as international it takes a bit longer. More accurately, when I was transferring as spendable cash I was getting my transfers within minutes.

If you need to show immigration anything financial, you will most likely need to show the origin is from a foreign source. This is also applicable for the local land office. Hence, if you intend to buy property or apply for retirement visa (or any other visa that has financial requirements) you will need to indicate in Wise the purpose of the transfer is "Longer term living in Thailand". Those transactions, it seems to me, take a about a day.

Another thing to note about Wise, they usually conclude transactions quickly. Rarely but sometimes, they can take a week or more. So you want to plan for that.

Bank accounts are funny here. If you have a long-term visa you should be able to walk into any bank and get a bank account, but you can't. You will likely need to go to a few branches and get told "no" a couple of times before you get a yes. The trick is to ask this group "I am in [your semi permanent location] and I need to open a bank account, does anybody have a recommendation".

You should be aware that opening account at one branch does not necessarily mean other branches can provide you the paperwork you may need. When doing immigration paperwork you may need to show account history. You will need to go to the branch where you opened the account to get that certified history. This means if you open an account in BKK but decide to live in Phuket you will need to travel to BKK or open a new account in Phuket. This is a problem if you need to show your account balances over time.
Michael ************
I've been using Remitly 1.95 usd with no problems. Transferred in seconds
Robert *****
I use Remity dot com. Takes maybe 12 seconds. 1. Cash is king. 2. Have a credit card with no transaction fees, like Barclay card.
Chuck *********
Quickest way to get a bank account is through an agent though you pay for their services. I used Western Union and Wise to transfer from the US and found Wise has the best exchange rate and transfers are almost instantaneous.. Not sure of transfer limits though.
Tom *********
Nongnuch Kamdee I understand. My reply was to the inquiry as to bringing cash in by any method. I stated the warning about the outbound limit as some people are more mobile than others and my not wish to stay. The limit is a transparent ploy to retain foreign currency instead of allowing it to flow freely.
Nongnuch ********
@Chuck ********
transfer limit is 2 million Baht per one transaction with WISE. (or actually it is 1,999,999 THB 😆)
Tom *********
@Chuck ********
there are no limits inbound. ฿50,000 outbound. Wise uses the mid market rate, same as the banks.
Nongnuch ********
@Tom ********
WISE for "outbound"? You cannot send money from your Thai account to a foreign account by using WISE. It is only possible the other way around. The 50,000.- THB limit is the limit for taking cash Thai Baht out of Thailand
Danny *******
@Nongnuch *******
Do you know why WISE doesn’t work for outbound from Thai accounts?
Nongnuch ********
@Danny ******
no. Probably a directive from the government to block money laundering
Jim *****
Wise
Kool *******
You can actually travel here with as much cash as you want. You just have to list anything at, or over US20k on your customs form. There is no limit.
Steve **********
@Kool ******
Haha, try to leave US with more that $10k....you'll be filling out custom, IRS, forms all day.

Bank on line between your US bank and Thai Bank. Or if pension, have it DD.
Danny *******
I have always transferred directly from my bank using their online service. Good rate and super safe.
Steve **********
@Danny ******
me as well Bank of America DD to Bangkok Bank.
Danny *******
@Steve *********
Many here seem to go ballistic when you suggest using a regular bank but mine has worked fine for me and the exchange rate has always been competitive. Been using the same one for 15 years to transfer funds to Thailand.
Rok ********
@Danny ******
have you checked their fees?
Danny *******
@Rok *******
There are none from my bank.
Rok ********
@Danny ******
how do they make the money - exchnage rate used competitive (against eg Wise)? Banks’ business case is to make money on evertything they touch.
Danny *******
@Rok *******
Same way Wise or any other financial institution does I guess. Nothing is free.
John **********
@Danny ******
Have you looked at other companies. The reason I ask is I have never seen a bank to come anywhere near what some of the other companies can offer.
Danny *******
@John *********
What's to offer? I get safety, good rate, no fees, what more do I need?
John **********
@Danny ******
I'll put it in simple terms of you. Banks always charge more
Ruth *******
@John *********
my credit union was a better rate than Wise. I kicked myself for using Wise without checking.
Danny *******
@John *********
Charge more what fees? I pay no fees and the rate is excellent. What more could someone else give me? Who do you used or recommend?
John **********
Yes no fees but they touch you up on the exchange rate. There is a reason people recommend Wise . This question pops up regularly your post has been the only one I have seen recommending a bank.
John **********
@Danny ******
The rates are always lower in my experience. The post was, what is the best way. I was a sceptic as well but after someone recommended Wise I am well and truly converted . Banks are not the best way. Do a comparison, it's very simple
Danny *******
@John *********
I looked into Wise one time and they couldn't give me anything better. I have a global bank with branch around the globe and a premier account, so I get a number of benefits and privileges. I know many use Wise and like it, but it would be an extra complication and risk for me so why bother.
John **********
@Danny ******
Oh Risk. Sorry I get it now😂
John **********
Wise really good exchange rates and fees are reasonable. Super quick transfers. About 4 seconds in my case.
Colin ***********
@John *********
How do you pick up the money in Thailand when using Wise? Don’t you need a bank account?
John **********
@Colin **********
Straight into my accounts in lightning speed. About 5 years ago I used a bank it took a week and a half countless phone calls and lots of frustration.
Deegan ************
Revolut
Kenny *****
I use boa transfer fee is 45 using daily exchange rate.
Robert ********
Kenny *****
@Robert *******
yes have done multiple international transfer, but pls check with your bank, maybe this amount is for specific account requirements.
Robert ********
@Kenny ****
The question is what is 45? You don't explain or be specific what 45 is
Kenny *****
@Robert *******
usd 45 tranafer fee which boa charge.
Ken ***********
@Robert *******
he is from the U.S. so I infer USD 45 in fees
Robert ********
@Ken ******
thank you that's what I wanted to know. Appreciate the that is very expensive
Graham ******
Wise
Robert **********
@Graham *****
Is it wise or wisely
Thai Visa Advice and Everything Else
... members · 60% approval rate
The Thai Visa Advice And Everything Else group allows for a broad range of discussions on life in Thailand, beyond just visa inquiries.
Join the Group
Thai Visa Advice and Everything Else
View the Conversation
Thai Visa Advice and Everything Else