What are the transfer limits and fees for bank transfers from Krungsri Bank using Wise versus IBAN?

Jun 19, 2024
6 months ago
David ****
ORIGINAL POSTER
Hi Banking question for you knowledgeable folks

I have an account with Krungsri Bank which unfortunately limits transfers via Wise to 50k baht per transaction I’m in the US now so considering transferring a larger amount via IBAN (bank to bank) Am I still restricted on the amount and will I benefit in regards to fees? Thanks
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TLDR : Answer Summary
The user inquires about the transfer limits when using Wise with Krungsri Bank and whether a bank-to-bank transfer via IBAN would be more advantageous. Responses indicate that the 50k baht limit is likely due to bank restrictions rather than Wise, and using SWIFT transfers often allows higher limits without many issues. Users have transferred larger amounts successfully with Krungsri, suggesting potential for increasing limits by contacting the bank. Regarding fees, it's noted that using SWIFT generally incurs lower costs. Some users also mention alternatives like opening an account with Bangkok Bank for better transfer terms.
Sean **********
You can change transfer limits right in the app.

Goto settings / manage personal limit. Max is 2 million baht for transfers
Dirk **************
You might have to do several transactions. With SCB I do not recall this issue.
Tony **********
My credit Union now charges $65 for a wire transfer. Not to bad for 800k, but the monthly 65k would come in at 3.6%. Not sure what multiple wise xfer per month would come out to. For Remitly, I did. $110 xfer and they charged me over $6.
Shane ********
Just use ATM , good rates, you can do $800 at a time
Tony **********
@Shane *******
doesn't help if he's on a retirement visa and trying to show his 65k/month.
Shane ********
@Tony *********
oh thought he was trying to transfer 50k baht out of Thailand
Tony **********
@Shane *******
maybe! Hard to tell sometimes....
Nick ************
Its a Wise limit. Use XE and the limit is much higher but I'm not sure what. Not much more costly than Wise. Failing that get a Bangkok Bank account and limitsxare higher and more likely to show as ftt uf that is an issue for you.
Kim *********
@Nick ***********
actually it is not a Wise limit but a Thai law limit. With Wise there is not a 50k limit to 3 or 4 banks - Bangkok Bank and SCB are 2 of them.
Sean **********
@Kim ********
nah, just set the transfer limits at the banking question. I have higher limits set at.

Bangkok Bank

Kasikorn

Krungsri
Kim *********
@Sean *********
not a Thai bank issue
Sean **********
@Kim ********
is have also transferred larger 500k+ amounts using Wise. So no issue there either
Nick ************
@Kim ********
it is Wise limit because I have transferred £1000 to my Krungthai bank using XE quite recently.
Kim *********
@Nick ***********
rather strange Wise should have restrictions when they don't have restrictions regarding 3 or 4 banks - but never mind
Nick ************
@Kim ********
3 banks one of them being Bangkok bank. That is the way it is. They must have some sort of agreement with those three banks.
Nick ************
Unless things have changed recently.
David ****
ORIGINAL POSTER
@Nick ***********
That’s for the information. I’m not currently in Thailand but when I’m back I’ll attempt to open a Bangkok Bank account
Salmen ********
Oh, and yes on the fees you would greatly benefit (I recall it's just 100baht per transfer), however, Krungsri exchange rate to USD was never optimal (BBL is usually the best ).
Salmen ********
I've been able to transfer up to 150k via Krungsri (Swift transfer). It's probably your default account transfer limit in which case you will only be able to increase it by visiting your branch in person. Anyways, give it a shot, they may have changed the rules by now.
Colin **********
50k is probably the default value set by your bank, give them a call and see if you increase the limit. (Most banking apps allow to it as well).
Jamie ***********
Swift transfers have no limit
Kool *******
Use the SWIFT transfer method, not IBAN, and you won't have any problems with the transfer for large amounts.
Kim *********
@Kool ******
how is that possible? Swift only tells which bank and in some cases which branch whereas IBAN tells the account number. How can you send money without specifying which account number they are send to?
Kool *******
@Kim ********
each bank has a SWIFT code, and you then designate your account number for that bank. That is how it has been done for decades and still is.
Kim *********
@Kool ******
ahh ok but IBAN (InternationalBankAccountNumber) actually is the account number so not using IBAN and nevertheless specify the account number is exactly the same no matter what it is called
Neil ******
@Kim ********
he’s right. IBAN isn’t used here. No Thai banks have an IBAN.
Kim *********
@Neil *****
so what - doesn't matter what they call the account number.
Neil ******
@Kim ********
it’s just an account number. An IBAN has a specific numbering system that leads with a country code.
Kool *******
@Kim ********
be fully aware that Thailand does NOT support the use of IBAN numbers. They use SWIFT transfer, and local account numbers. You can not listen, and find out for yourself...lolol.
Kim *********
@Kool ******
I can not not listen? 😅 Find what out? I gave transferred money for years to Thailand
Kool *******
@Kim ********
not using IBAN numbers you haven't.
Kim *********
@Kool ******
as said I transfer money with Wise and Remitly frequently and have done that for years
David ****
ORIGINAL POSTER
@Kool ******
I don’t really know the difference between Swift and IBAN so I’ll inquire at my local back. Thanks for the reply
Manuel *********
Swift transfer could be restricted they could ask your the reason tho
Manuel *********
Krungsri
David ****
ORIGINAL POSTER
@Manuel ********
Thank you for the information. I appreciate your help. Seems no limit but if over 50k USD I’ll be required to fill out transaction form. It’s great that the fee maxes at

500 baht per transaction.
Brandon ************
@David ***
the fee is rarely where the bank makes money. It's the exchange rate where you get bitten
David ****
ORIGINAL POSTER
@Brandon ***********
that’s true, definitely an important factor as well. In your experience is it preferable compared to multiple Wise transfers?
Brandon ************
@David ***
it's pretty much impossible tell. You won't know what the rate is until you do the transfer. The advantage of Wise is you now exactly how much it costs and exactly how much will go into your account. With a bank transfer you don't know the final amount until it's complete. Sometimes for especially large transfers the bank method can be better. But you won't know until it's too late to try otherwise.
David ****
ORIGINAL POSTER
@Brandon ***********
Thanks again,

you’re always helpful. I like that Wise offer a great exchange rate and lists all fees. I’ll have to check with my local bank and get more information. I know they also charge a fixed fee on this end.
Manuel *********
@David ***
your welcome :)
Manuel *********
Kbank
Manuel *********
Wylie *******
Not sure, and maybe someone will correct me, if the limit is due to Wise. I believe it's a bank limit and there are only 3-4 thai banks that allow larger transfers.
Nick ************
@Wylie ******
you are correct.
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