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What are the most cost-effective methods to transfer funds to Thailand for retirement?
Thailand retirementfund transfer methodsVisa and immigrationexpat bankingWise transfersinternational transfersBangkok Bankcurrency exchange rates
Aug 17, 2024
2 years ago
Bill *************
ORIGINAL POSTERMy wife and I plan to retire in Thailand early next year. I am now sorting out all the details.
What is a good way to actually transfer funds to a bank for meeting the deposit requirements? I assume my current bank would do that, but I think there are pretty steep fees involved. Is that what most people do or is there a better way? I am in the US BTW.
What is a good way to actually transfer funds to a bank for meeting the deposit requirements? I assume my current bank would do that, but I think there are pretty steep fees involved. Is that what most people do or is there a better way? I am in the US BTW.
TLDR : Answer Summary
The post discusses various methods for transferring funds to Thailand as a means to meet retirement requirements. It highlights the use of services like Wise and Remitly as cost-effective options compared to traditional bank transfers, which may involve high fees and poor exchange rates. Comments also suggest checking with Bangkok Bank for direct transfers and address concerns about regulations and safety. Additional methods noted include using low-fee bank accounts and ensuring that any transfers are documented appropriately for immigration purposes.
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Diane *********
Western Union has a bank to bank international transfer service for .99. They say it takes 4 days, but it’s usually much faster.
Billy ******
I use Wise to transfer from my UK bank to Bangkok bank every month with no issues.
Mikolai ********
Just to add to the "WISE" comments - been using them since 2013 and never had an issue. There have been occasional issues with unauthorized access to my digital debit cards, which I suppose is normal these days. I simply reported these and Wise refunded me every time. Once I also submitted a claim to Google for a refund in a very similar case and they politely told me to gtfo. I was glad it all went through my wise card - otherwise I would have no way to get the money back.
Adam ******
WISE
Nigel ********
WISE
Nick ************
I think it is the same as from Uk. Get a 90 day non o based on retirement, assuming you are over 50, in your home country. Enter Thailand with that and it will be easier to open a bank account. Only 3 Thai banks will allow transfers using Wise over
*****
baht. Bangkok Bank is one of them. Transfer *****
0 baht to new Thai account two months before applying for 12 month extension at local immigration. Make sure you ask your immigration office for a list of their requirements. Job done. Good luck.Bill *************
ORIGINAL POSTER@Nick ***********
I have seen that suggestion before to get the non o in my home country before coming to Thailand, and that's what I would like to do. But looking at the Thai embassy website it lists the bank account as a requirement. It that correct?Nick ************
@Bill ************
no, I beleive that to get the non o in your home country you can show the funds in your home bank. Unless it is different at your embassy this is what I beleive us correct. Email the embassy to find out. I got my first 90 day non o in Savannakhet and showed my UK bank statements.Reply to
Nick ************
Reply
Terary **********
You'll need a bank account here in Thailand. Many people use Wise. There is a bit of a hiccup, in that you have to specific designate the funds as "international" when transferring to Thailand.
Keith *******
Its getting harder for farange to get a bank in Thailand. I got a bank account in Pattaya okay before the rule change however in AmnatCharoen I had to get a head man my partner new to vouch for me.
Jeffrey ************
You "think" the bank fees are expensive. Why not find out and compare....
Bill *************
ORIGINAL POSTERSorry to bother you with my question. Have a nice day.
Conny **********
@Jeffrey ***********
a person that says it's a fix amount to transfer just don't even know how to find out what the transfer cost is...Reply to
Conny **********
Reply
Mark *********
Just moved 800,000 baht through Wise, US originated. they give you a choice between wiring the money and sending it via ACH US bank to Thai bank. The fees for ACH method were a little less than 1%. Wiring the money might be cheaper and faster. It took 6days total: US bank to Wise 4 days and then a day or so Wise to Thai bank.
Ivan ************
@Ma**
if you open an account with Wise and originate the ACH transfer from your bank to the personal ACH details Wise will give you, rather than asking Wise to pull it from your bank, it's free, no ACH charge. The ACH charge is only if you initiate it from Wise side.Mark ********
@Mark ********
- did u convert all funds to baht as soon as money uploaded to Wise cleared?Mark *********
@Mark *******
yes it was instantReply to
Mark *********
Reply
Tom ***********
We have just used Westpac Bank in AS and we have had nothing but problems. One and a half months down the track and it’s still not sorted. 🤬🤬🤬
Jock *****
Wise 😁
Eric **********
Do you have a Fidelity or Schwab account? I use Fidelity and just do a wire transfer to BKK. Free and easy. Rates equal to Wise.
Bill *************
ORIGINAL POSTER@Eric *********
I do have a Schwab account. I use their ATM card a lot while travelling internationally. That's free but has a $1k daily limit. Looking through the website it looks like they do charge wire fees. Maybe I misread that?Eric **********
@Bill ************
Another note I use a Skype number for all my interactions with Fidelity and a US credit union. Flawless.Eric **********
@Bill ************
I use Fidelity and their wires are free. Another benefit is 24 hours a day you get a real person on the phone. You do need to have “standing orders” set up before you leave the states. I assumed Schwab has the same.Ivan ************
@Bi**
it may depend how much money you have with them, they may waive fees over a certain balance, or possibly even if you ask nicely. You might get one a month free? I think Fidelity does them free for anyone though. Worth asking.Reply to
Ivan ************
Reply
Ian ********
Wise is the cheapest and best way
Michael ********
@Ian *******
yes, I have just done a comparison check and Wise is coming up as the best option.For example: A £35,000 transfer would cost me about £206 using Wise. With my own bank nearly double that amount.
So with two transfers for myself and my wife it would cost me £412 compared to £1100 using my high street bank.
Reply to
Michael ********
Reply
Bill *************
ORIGINAL POSTERThanks for all the advice. I’ll take a look at Wise.
Kami ******
We used the atm.. Open a Capital One 360 account online before you go. No atm fees or transaction fees.. Also we just recently used wise for our deposit for our 2nd condo in Bangkok. My main account is Wells Fargo and my Wise is connected to that as well as my Capital One for transfers
Donna *****
@Kami *****
would Capital one 360 run your credit score?before they will open your account?🙏🙏Do I need Wise or it’s fine to connect Wells to Capital one 360 to avoid Wise?Kami ******
@Donna ****
no credit check. My score was a 550… also my Wells Fargo is also connected to my Capital one And my cash app is connected to my Capital oneReply to
Kami ******
Reply
Joseph *******
@Kami *****
Does Thai immigration accept Wise transfers as proof of monthly income requirements?Conny **********
@Joseph ******
yes they do.Steve **********
@Jos***
yes. If you use the dropdown of reasons for transfer one of the options is “funds for long term stay in Thailand” just for that reason.Joseph *******
@Steve *********
Thanks, Steve. Is the 65k baht/month still an option for retirement visa?Steve **********
@Jos***
yes it is.Reply to
Steve **********
Reply
Kami ******
@Joseph ******
it has to be in a sitting bank account. If your money is sitting in your wise, then yes but it’s up to them..Some will approve and I’ve seen some ask for tax returns or payslips..Reply to
Kami ******
Reply
John *******
Do you have a Bank Account in Thailand?
If no then do that first which requires you to come to Thailand.
Bangkok Bank in NYC will not do this.
If no then do that first which requires you to come to Thailand.
Bangkok Bank in NYC will not do this.
Michael ********
@John ******
we are opening bank accounts next month when we arrive. This has all been set up for us and arranged the day after we arrive.We then need to transfer equal amounts to two bank accounts for us to buy our Condo.
Looking at the rates, Wise looks the best option compared to using my high street bank.
Ivan ************
@Mic****
for a condo purchase the money needs to be documented to have come from outside Thailand. Make sure you specify property purchase on the Wise transfer for the reason, and that your bank account is with Bangkok Bank. This SHOULD be OK if going to Bangkok Bank and the amount is large enough and you select the right reason, it will probably go directly and appear as an international transfer.You need a FET form for the condo which you can get from the bank that receives the money, this will be easier if your account is in the same bank that receives it.
Might be no harm to double-check with Wise that it will be sent by SWIFT and coded international. I think it should be, and it would only be a risk under 50,000 or going to a bank other than Bangkok Bank.
Just that this is one thing you need to be aware of with Wise, their model is they don't necessarily do the transfers from abroad, if it is a smaller transfer they take your money in the UK and then transfer to you in Thailand from their local THB account. That won't come up as international and won't be eligible to buy a condo (or for immigration). For most purposes this does not matter, the money is fine. It's only if you need to document it.
Just to be aware this is a potential issue- and as I say if you select the right reason on the Wise transfer, it is for over 50k THB and your bank is Bangkok Bank, I think you will get it as an international transfer and it will be fine. I'd confirm with Wise though just in case, and so you have someone on record telling you this before the money is transferred.
Michael ********
@Ivan ***********
my intention was to transfer money to my Wise account and my wife's before we leave the UK (equal amounts).Once we have opened our Bangkok bank accounts I will transfer the money to both these accounts for the purchase of the Condo.
I hope this works.
Ivan ************
@Mic****
I'd just ask them to confirm. Worst case if it doesn't you can just transfer it back out and try again, this just costs money with the exchange each time.Michael ********
@Ivan ***********
not sure if that would suffice Ivan but that information came from Wise regarding transferring Thai BahtsReply to
Michael ********
Reply
Ning ******
you can carry a max of 20k usd into Thailand per person, avoid banks transfer if you want good rates.
Conny **********
@Ning *****
wrong , you can carry whatever you want but you need a export and import declaration for some amounts. For in Thailand that is over 20.000 USD or equivalent in other currency. Check your country of departure for limits on exports.Nigel ********
@Ning *****
10 eachJustine *********
@Ning *****
it’s $10k per personIvan ************
@Jus****
@To**
Thailand it's $20k you need to declare. If coming from the US you'd need to declare $10k+ to CBP in the US when leaving, each country has its own number and you need to declare both ends if it's over the number. $15k you would need to declare to CBP leaving the US but not on entering Thailand. $25k you'd have to declare both ends.Tony **********
@Justine ********
above $10k u just have to declare it. You can take any amount of it's justified.Justine *********
@Tony *********
yes, I meant without declaringReply to
Justine *********
Reply
Bill *************
ORIGINAL POSTER@Ning *****
we will definitely carry cash with us, but I thought it was a $10k limit?Ivan ************
@Bi**
Thailand it's $20k. $10k is leaving the US, so if you have $15k you need to declare it leaving the US but don't have to entering Thailand. There's no issue carrying any amount as long as you declare it and for certain things (like buying a condo) you would need the receipt from customs proving that you brought it in anyway. "Individuals or tourists may bring foreign currency in the form of banknotes or coins out of or into the Kingdom without limits. But if the total value exceeds USD 20,000 or its equivalent, a declaration must be made to the customs officer at the time of passing through Customs."
*****************************************************
Reply to
Ivan ************
Reply
Khun *****
@Ning *****
If you're exiting the US with more than $10K make sure you let the CBP/TSA officer, or you risk having it all confiscated.Donna *****
@Khun ****
so if you reported to TSA would you be ok with 10K + with no penalty?🙏🙏Khun *****
@Donna ****
Yes, no penalty for carrying $10K+. This article is old but the rules are still the same: *****************************************************************************
Reply to
Khun *****
Reply
David ****************
From the US transfer through New York office of Bangkok Bank - transfers directly to your account and low transfer rates.
Joseph *******
@David ***************
They stopped doing that years ago.David ****************
@Joseph ******
 I contacted them two months ago, via email and they responded about my question to make the transfer to Thailand and their fees are a lot cheaper than regular bank transferRonnie *********
@Joseph ******
I tranferred money from my US bank to my BKK account via their New York branch earlier this year with no issues.Joseph *******
@Ronnie ********
Interesting. I emailed the New York office in 2022, & they confirmed they could no longer do this due to some change in U.S. banking regulations. Being able to do a domestic transfer from my USAA account monthly made things so easy when I lived in the LoS. Now, if they've started doing this again, it would be wonderful.Ivan ************
@Joseph ******
they can do it if your US bank can code ACH as an international transaction, but most banks can't do this through their online banking systems. If you can get them to do it, it will work. Stuff like social security can do this and that can still go that route.It's also possible they have just forgotten and are processing anyway. It's purely a US financial regulation that stopped them doing it, no technical issues. They were doing these for 10 years after the regulation started. The US doesn't want domestic ACH ending up outside the country.
Donna *****
@Ivan ***********
would Bangkok bank accept cash for initial deposit? If so what’s the minimum that would allowed you to deposit?🙏🙏Ivan ************
@Do***
they do accept cash and the minimum is 500B ($15)."Open an account with only 500 baht."
****************************************************************************
Donna *****
@Ivan ***********
great the closest branch from me is New York !! If I deposit $500 would they charge me for exchange? Assuming I can keep adding up once on Thiland.Would they give mi their CC and debit in one assuming that possibly Visa or Master wouldn’t affect my Credit?🙏🙏
Ivan ************
@Donna ****
it's 500 baht which is $15. Like David says you can't open an account at the New York branch, you need to do it in person in Thailand. When you have a Thai account open you can send certain payments to your Thai account number at the New York branch (like social security or veterans benefits).David ****************
@Donna ****
The New York Branch is not a regular bank - just a commerical transfer center - you are not going to do personal banking or set up an account there - you will have to set up an account in person in Thailand - all info needed, SS card - ID, Passbook, etc - they keep the USA regulations per the Obama administration back in the day.Reply to
David ****************
Reply
Terry **********
WISE
I've sent you a direct link by DM
I've sent you a direct link by DM
Michael ********
I currently live in the UK but will we will do a International Bank Transfer when we buy our Condo next month, costing £20 for the transfer.
Conny **********
@Michael *******
no. That is what they show you. Converting is costly. Take a look at xe.com as a reference and use a wise account for the actual transfer.Stuart ***********
@Michael *******
as James and others have stated banks give a terrible exchange rate. Go onto the Wise site ads they have a comparison tool (Wise are not always the cheapest) and compare it to how much you will get from your bank ( I am presuming your UK bank is a high street bank). I would also get a Starling or similar bank debit card. I sometimes withdraw cash using this card and use it in Thailand as they do not charge fees and give a great exchange rate.
Alan ********
@Michael *******
it is not just the transfer fee it is the conversion fee they kill you onJames *******
@Michael *******
banks give terrible exchange rates though.Alex ********
James *******
@Alex *******
What additional security do they provide that a specialist exchange company does not?Alex ********
@James ******
go back several posts. This was discussed at length after several people lost their wise accounts without reasonJames *******
@Alex *******
losing an account is not the same as losing money. I would rather send money via a FCA authorised exchange than a bank any day and save a few grand. Banks offer protection if they go bust but you would have to be extremely unlucky for that to happen in the few days they send your money to Thailand.Alex ********
@James ******
very much the same. Review the older posts. Those individuals lost thousands because wise closed their accounts with no reason and no reliable customer service to help. Some got their accounts reopened and had access to their funds…others weren’t so fortunate. Wise states that it isn’t a secured bank or banking institution but a currency exchange. Different monetary laws and regulations. If you can bank and just pay the bank for the services to ensure your funds are safe. I’d do that and only have a small amount in wise for daily expenses.James *******
@Alex *******
i've never used wise as there are better UK exchanges with better rates. Consumers would be protected under FCA regs if they chose a FCA reg exchange also.Reply to
James *******
Reply
Michael ********
@James ******
think it will better then exchanging the rate in the UK first before sending the amount over.James *******
@Michael *******
yes but banks give bad rates. If you sent 75k for example you'd lose about 1.5k on the exchange rate compared to a specialist currency exchange/sending service.Reply to
James *******
Reply
Chak *********
Why only in Thailand. Come in our country. you can feel the beautiful nature of floating island here. Come
Joseph *******
@Chak ********
And what country might that be?Tim *********
@Joseph ******
he appears to be from Barcelona 🤷🏻♂️Reply to
Tim *********
Reply
Paul **********
Use wise!
Robert *****
I’ve heard people use WISE or REMITLY and once you open a Thai bank account (no easy task) you can transfer money daily to get to your goal. Limits apply. The fees aren’t steep. Some people pay an agent to open that Thai bank account. Check around. Maybe subscribe to ASEAN NOW and other expat publications via email to get news. There’s forums you can read as well.
Marcels *********
u can use wise for bank transfers. its super cheap and trustworthy
Alex ********
@Marcels ********
go back several posts. Several people had their wise accounts closed with no explanation and no way to retrieve their $$$. Reading those posts; some people lost thousands to wise.Reply to
Alex ********
Reply
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