This is regarding what is the way to get the lowest cost of transferring from an non-Thai to Thai bank account:
Last night I paid Western Union INR 840,000 which gave me TBH 312,153 (INR 785,101) — that is a difference of INR 54,899 which is a cost of 6.54%.
My question is what method of transferring money into a Thai bank account costs equal to or less than 3%? 6.54% is high, isn’t it? What is the lowest percentage anyone has paid for transferring and what method did you use?
Conversion rate was taken from Google.
Thanks in advance.
TLDR : Answer Summary
The discussion revolves around the high costs associated with transferring money from non-Thai to Thai bank accounts, particularly comparing methods like Western Union and Wise. The author inquires about alternatives that offer lower fees—ideally below 3%. Many users recommend Wise for its better rates and lower fees compared to Western Union, while others suggest checking Revolut and Remitly as potentially cheaper options. Some users express dissatisfaction with Western Union's exchange rates, leading to higher overall costs despite seemingly low transaction fees. The thread is rich with personal experiences and recommendations concerning international money transfers.