Answered2 years ago
What are the cheapest ways to transfer large sums of money to a Thai bank account?
Hi, I am just opening my Thai bank account and wondered if anyone had advice on cheapest way of transferring large sums into the account. I can use Swift from my uk bank and have Wise and Revolut but open to any suggestions to minimise charges. Many thanks for any reply
Answer summary
This post discusses the various methods for transferring large sums of money into a Thai bank account from the UK. Users recommend using Wise for amounts up to £10,000, as it is often the cheapest option. For larger amounts, traditional bank SWIFT transfers may be more economical. Other options include Revolut and Western Union, each with its pros and cons. Participants also share insights on the importance of considering exchange rates and potential bank fees when making transfers.
72 repliesnewest first
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Eddie ******
Wise I find the best. But make sure you choose the option long term stay in Thailand. If you planning on retirement extension
Colin ********
I used wise 20k UK several transactions over 2 week period. No issues no problems transaction rate was OK. There is a limit on daily incoming monies by Bangkok Bank. Just stay under that limit.
Tim ********
Wise very reliable, never had an issue and there in seconds !!!
Lorich ************
I use wise
Ian **********
First of all the fees or charges, on their own, are irrelevant as they must be considered together with the exchange rate. My bank will transfer my money for free but I still get more if I use Wise as their exchange rate is superior.
Jay **********
I use Remitly only charges me $1.99 US everytime
Jay **********
1 USD = 34.35 THB exchange rate right now and like I said $1.99 US per transfer
Winston ********
Just remember transfers of more than 50k baht can only be done at Bangkok Bank, SCB n Kasikorn Bank. Other banks have a limit of under 50k baht
Winston ********
I use WISE/Western Union depending on which is cheaper abd faster. I may go on a slightly higher rate coz Wise sometimes transfers in 2 biz dates n WU in few mins/hrs do a $ or so more doesn't matter
Norbert **********
Use wise
Todd **********
Just do a international wire just did it and hardly no fee or use WISE
Ingvar *******
It's changing much under the time and how much money you are sending. It's more important to do it the right time, when your own currency is on top against the Baht. A type of luck every time you succeed 😂
Dave *******
Use crypto USDT, transfer for cents, and use crypto debit cards to live . Fuck the banks 🚀
Torbjorn *********
Use your UK bank card to top up your Revolut GBP account.
Free of charges.
Then convert GBP to THB in your Revolut account (Monday to Friday). No charges and nice exchange rate.
Finally transfer your THB from Revolut to your Thai bank.
1 GBP —> 44.15 THB at Revolut now now.
👍🏻🇸🇪
Free of charges.
Then convert GBP to THB in your Revolut account (Monday to Friday). No charges and nice exchange rate.
Finally transfer your THB from Revolut to your Thai bank.
1 GBP —> 44.15 THB at Revolut now now.
👍🏻🇸🇪
Tony **********
I found that when using swift, it is best to send money to Thai bank in your country's native currency. Difference between what my us bank gave and what Bkk gives is significant ฿2-3 per $. My bank also charges $65 per transfer. So for under about ฿75k, wise ends up cheaper.
Wayne ***********
Depends how much. Wise app hit ‘Price
Comparison’ button before you send - examples are GBP
Comparison’ button before you send - examples are GBP
Greg ***********
it depends. If you have to show that the money arrived from abroad and will get coded as such by your Thai bank, you need to take precautions
Arnold **********
Depends on what you call large amounts, hope you are going to do something with the money,don’t leave large amounts in the bank as interest rates are very low and the baht is over priced and most people think it will fall next year and the other thing is the new Thai taxes that have come in.
A lot better to keep large amounts in a uk bank 🏦
A lot better to keep large amounts in a uk bank 🏦
Michael ********
I used Swift to transfer a large amount from my Nationwide account in the UK. I use Wise to transfer smaller amounts.
Lee ***********
Revolut, it hits the account in minutes (Bangkok Bank), I also have wise, but find Revolut better, good luck.
Arron *********
Bank transfer is best. Wise is good 2nd
Michael ******
Wise
Peter *********
Wise
Mark *********
Do people also use wise as a debit/atm card or is it purely for bank transfers?
Tim ******
@Mark ********
I use 1 physical card for ATMs and 3 virtual cards for online payments.But I just realized that my Wise card doesn't work at some ATMs in Vietnam.
I used my Bkk Bank card instead.
So far I didn't have such problems with my Wise card in Thailand
Uchiha ***********
@Mark ********
i use it as daily card for everything, ****
above 200 baht. grab/bolt. i pay with it everywhere i shop the fees are cheap and i also use it to pay rent with bank transfer. really cheap fees for what it gives
Matt *******
I use Revolut
Transfers in seconds
Transfers in seconds
Martyn ***********
Note... some Thai Bank accounts will charge you a substantial fee to recieve funds via swift etc.. Wiping out any savings over wise or similar.
David ********
Wise app
Marianne ********
I've only used Wise.
Happy with the fees, and happy with the currency conversion rates.
Happy with the fees, and happy with the currency conversion rates.
Carlo ********
Revolut free of commission
Michael ******
I use western union. Cost 99 cents and gives the best exchange rate i have found for transfers
Sharron *******
@Michael *****
If I live in Thailand, how do I transfer money from my American bank to Thailand bank with western union?Michael ******
@Sharron ******
If you dont have one already go create a western union account. You can transfer from there and see all the options and prices. I.e. debit card to bank, bank to bank, bank to cash pick up ect..Sharron *******
Great Thank you
Michael ******
For example i just transfered money on friday when the online rate was 33.99 per USD (you will always get less than the online rate) and they gave me 33.48 per USD and charged me $0.99 cents usd.
Rene ********
Wise and careful if you are a tax resident in Thailand ....m
Janelle *****
@Rene *******
why soRene ********
@Janelle ****
, you need to get up to speed and see the potential new law being discussed. People who spend more than 180 days here a year are considered tax residence and the taxes will be based on remission of funds to ThailandRene ********
@Janelle ****
check messsengerJanelle *****
Rene ********
@Janelle ****
my thoughts exactly as they fleece you at every turn ......try shipping in some used personal things, family mementos, and you will see. So really that opening a whole kind of worms coordinating immigration and the tax authorities is but one of them. This is the typical situation of a nation that decides to join the development club run by Western governments without really thinking it through....I predict a long period of back and forth sJanelle *****
@Rene *******
I agree on all points . If they do this they better give us PR lolRene ********
@Janelle ****
but the start period is Jan 2024 if it goes ahead. I think they will be many problems because if they expect us to pay taxes and still double charges for entries as falung to national parks and a whole host of other issues like importing things, it doesn't really stack up and they're going to have to start handing out some rights and rethink the retirement situation here and status of people. I foresee much back and forth an arguments on the matter and now having been in panic mode for a while, I'm relaxing and taking it with a pinch of saltRene ********
@Janelle ****
trueJanelle *****
@Rene *******
yeah but that’s still potential. Not endorsed yet
Paul *********
Have a look at Monito......
It gives live prices of all the transfer companies, and is also available as an app.
***********************
It gives live prices of all the transfer companies, and is also available as an app.
Christopher ***********
Normally use Wise or, very occasionally, Western Union when they give a slightly better deal. Last month signed up with Zing. Worth considering!
Neil *********
Wise without doubt is the easiest and usually the cheapest way. You will get the odd person who likes to just rant around but generally wise is the best.
Alistair ********
OP@Neil ********
thanks to all for your answers, I normally use wise but looked at Revolut and they have a maximum fee quoted as £5 but I have not tried yet. Also depends on currency rate between the outlets. I will feed back once I have tested all 3. But good to know I am not missing anything
Peter **********
@Alistair *******
be careful using Revolut , they have some ongoing issues with push payments
Jef ********
@Alistair *******
Atleast wise also gives you quotes on what other services cost. And it’s honest sometimes they have been 3rd on the list
Stuart ***********
I have always used Wise, but your post made me thing at a bit of a tangent.
If you used your home bank account to transfer via Swift for a large sum, would that alert them to the fact you have moved to Thailand (I ask because banks sometimes close accounts if they realise you are living abroad).
Using Wise is more 'discreet' imo, even if it costs a few Baht more.
If you used your home bank account to transfer via Swift for a large sum, would that alert them to the fact you have moved to Thailand (I ask because banks sometimes close accounts if they realise you are living abroad).
Using Wise is more 'discreet' imo, even if it costs a few Baht more.
George *******
@Stuart **********
Depends, if your from the UK., Nationwide will let you keep your account even if you don't live in the UK. As long as you've opened your account whilst resident in the UK., then all you have to do is provide your overseas address to Nationwide and all is good.
Bernie *************
@George ******
wow
Michelle ********
@George ******
Barclays are closing accounts for non-residents, including UK citizens.George *******
@Michelle *******
with respect you should of commented in general comments. Don't know why you've replied directly to my comment. Unlike a lot of people I have had bank accounts in several locations outside the UK and in the UK. I've never used Barclays so telling me directly about Barclays is irrelevant. If you read my comments to Stuart Chiverton, I told him that Nationwide will let you keep your account open as long as you give them your overseas address. I never mentioned Barclays. Also I have had HSBC accounts both overseas and here in the UK., whilst living in different locations to the one's where I opened the accounts.Stuart ***********
@George ******
I wish I had known that before I came to Thailand George. My mistake.George *******
@Stuart **********
I know here in the UK you can close your bank account and open with another online. No need to go to your own branch or the new bank. I don't know if it can be done from Thailand. I reckon if you could, the only way it could be done would be with a VPN that you could get a UK IP address from.
Mark *********
@Stuart **********
There are others. Off the top of my head First Direct and Santander.
Stephen ********
I used to transfer from my uk bank to bkk bank via bkk bank London. But now I use wise. Easy and good value
Phil ******
Wise up to 10k gbp then look for your options
Stuart *********
Depends on what you call a large amount. For 10k ($, £, €) etc then wise is probably the cheapest option. For 100k or above then your banks swift rate may well be the cheaper option.
Rene ********
@Stuart ********
, tax liability on that if a tax resident with more than 180 days here in 2024.....and it will be a large debtStuart *********
@Rene *******
The OP didn’t mention tax liability. They asked the cheapest way to transfer.
Paul ********
@John *********
correctPeter *********
@John *********
correct
John **********
@Rene *******
how much you can send with Wise depends on which thai bank you use. Some are limited to 50k baht and some are 2m bahtStuart *********
@Rene *******
I couldn’t say that that’s the maximum. It’s just that above that amount a direct SWIFT transfer from bank to bank may be cheaper.Rene ********
@Stuart ********
, correcto, apologies. Is 10,000 Euros, approximately, the maximum suggested amount to send from Wise to Thailand? ThanksActivity
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