Answered2 years ago
What are the cheapest ways to transfer money from an Indian bank account to a Thai bank account?
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.
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.
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.
54 repliesnewest first
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Jarrad ********
Remitly will give a discount on your first transfer.
Rok ********
Just compared Wise - for a 312,000 baht transfer from £; fee is 0.46%. Exchange rate is also much better than WU.
Kevin ******
Money Gram
Andy **********
For Indian nationals, you need to look at India Overseas Bank, which has a presence in Thailand and provides the major means of remittances for Indians. In UK, if you have a Bank of Bangkok account in Thailand, you can transfer from a UK bank to Thailand for next to nothing via their London branch, which isn't a normal retail branch
Trevor **********
I pay $3 australian to transfer up to 50,000 thb
Nick ************
There are occasions when western Union is slightly cheaper than Wise but Wise is more likely to tag the transfer as international if that is of importance to you.
Heinz *********
If you have a free account with Revolut, there is a monthly limit to pay the transfer costs of a maximum of 1 CHF. Wise is OK, but the IBD Dirt charges more depending on the amount. I personally use Revolut now.
Great rate, fast transfer.
Great rate, fast transfer.
Phil ********
Wise
Juan ****************
wise
Greg *****
Wise
Jeffrey **********
Try Remitly
Vinay ********
I use Wise. Its easy and low cost
Ralph *******
Wise is very easy to use and the fees are quite minimal. Convert to Baht at a low fee, transfer into a bank account about 47 baht.
Andy *******
Revolut
Paul *****
Wise
Ian **********
Last night I divided my pension into 2. 50% wise and 50% in Revolut then I transferred them both into my thai bank account.
Revolut was the winner by 14 baht.
Wise transaction fee was £3.91
Revolut transaction fee was £0.71.
So obviously wise had the best rates but then gobbled up all the advantage with their high transaction fees.
If sending a lot of money it would be worth checking which one is best.
Revolut was the winner by 14 baht.
Wise transaction fee was £3.91
Revolut transaction fee was £0.71.
So obviously wise had the best rates but then gobbled up all the advantage with their high transaction fees.
If sending a lot of money it would be worth checking which one is best.
Ling *****
Ian Coventry very factual, thank you.
Ali ******
OPIan Coventry hi, thanks. But what about considering the exchange rate?
Phil ******
Martin *****
Wise.. look no further
Tim *********
Wise costs very little in fees for transfer in seconds (usually), about £7 for £1000. HSBC (UK) Global Money account costs nothing, but it can take 1-2 days and my Bangkok Bank account steals 100 baht of every transfer. Not sure why, it's already in Baht and they don't have to do anything
Alex *********
Wise
Luc ************
Wise and Revolut
Adam ******
Wise. They even tell you other company rates to compare with their's.
Billy ******
I use Wise
Phillip *********
I only use Wise. Best rates.
Tore *********
That’s robbery
Wise for under 2 million i think I’ve heard. Larger amounts, usually bank to bank cheaper and safer. I ended up using my EU bank for 1m. Rate was good, fee wasn’t too bad. Wise would have been slightly cheaper. Just felt more safe using my bank for that amount.
I use wise all the time for small transfers.
Wise for under 2 million i think I’ve heard. Larger amounts, usually bank to bank cheaper and safer. I ended up using my EU bank for 1m. Rate was good, fee wasn’t too bad. Wise would have been slightly cheaper. Just felt more safe using my bank for that amount.
I use wise all the time for small transfers.
Ali ******
OP@Stuart **********
I’m a smart guy, don’t worry. I see and pay attention to everything. I just need to hear non-wise recs as well because I can’t use wise for INR
Aake **********
@Ali *****
smart 🤣Ali ******
OP@Stuart **********
i used it for USD. I will let you know what percentage it cost using wise.Ali ******
OP@Stuart **********
can’t use wise for transferring out INR
Ali ******
OP@Lloyd ********
really? Wait
Graham ******
@Ali *****
You should have mentioned that in your OP otherwise many will just say "Wise" againLarry *******
Western Union is very expensive
Steve *******
@Larry ******
The fees are cheap for WU, it's just the exchange rate is sh*t!Rok ********
@Steve ******
have you compared exchange rate?Larry *******
@Steve ******
Low fees and crappy exchange fees equals the same thingLarry *******
@Steve ******
And you found it necessary to comment because???Steve *******
@Larry ******
No sh*t Sherlock!
David ********
Wise is comparable and great service. Never use western union rip off
Ross **********
@David *******
bullshit, I have been transferring every month for about 10 years . Cost me much less than wise. Maximum transfer $5000 per transaction .$1.99 per transaction maximum over that time. Wise fee $8.50 .Ross **********
I do also use wise
David ********
@Ross *********
if you are happy to donate your money to WU continue. No need to abuse people here we are trying to help each other.Steve *******
@Ross *********
Yes, calling people's post "bullshit" when it's not is clearly abuse.Ross **********
@David *******
abuse people?
Tony ******
@Ross *********
well you been foolish, as they have a bad exchange rate and you're bragging 10 years 😆 🤣 😂
Dan *******
@Ross *********
that’s because you’re getting ripped off on the exchange rate and then advertising that you are paying a lower feeSteve *******
@Ross *********
But the exchange rate with WU will be about 2 points lower than Wise. That's where WU make their profit
Brian *******
6.54% is outrageously high! As John Tanners says - try Wise.
James ********
Wise
John **********
Try Wise
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