What is the best and most economical way to receive £24,000 into a Thai bank account?

Single payment via Wise

I transfer 67 to 75k each month, that covers my retirement extension and spending money as well and my account here is never less 600k. I have to go on holiday to bring it down to that a few times a year.

It's catch 22 question,it depends on what your bank charges for transfer and it depends on exchange rate, high season, exchange rate drops ,low season it goes up, if you planning to save, your money in Thailand, or spend 🤔 i have a account with Santander in UK and have a monthly standing order, no charge for transfer if you can meet requirements, for transactions. Some bank transfer theres a middle man fee.if you saving bring it in a lump some ,there's many ups and downs.

Use taptap send

Wise no longer shows as international funds. Now using Kasikorn bank as local transfer intermediate. None of the money apps show as international anymore. A direct swift transfer is only option now for visa rules.

This depends on how you transfer, what bank you are with, when you need the money and what the exchange rate is at the time of the transfer. If you transfer every month then you will often have 12 transfer fees and the exchange rate wil be different for each transfer but if you only transfer once when the exchange rate is low then the difference in the exchange rate would probably mean you lose more than the transfer fees. If you need the money each month then you can't wait a year to get it in 1 large transfer. The answer depends on so many factors it's impossible to give 1 answer.

Check out REMITLY. Easy to use, low charges (£1) and good exchange rates. Delivers in 10 minutes. I transfer every month. Cash gets better interest in the UK

I use Revolut . I generally transfer 20,000 Baht as and when it's necessary . I'm happy with their exchange rate and the transaction fee is less than 32 Baht .

Barclays charge £12 per transfer . I just wait till the best exchange rate is available.

There was a very similar question a couple of days ago and it prompted me to do the calculation.

Here is what I found:

I just checked using live prices (OK, not exactly live as it's Sunday).

Wise seem to have increased their fees massively and for sending 24,500USD the fee is now 152USD. I'm sure it was much less previously.

The "live" rate for Wise is 33.29 and the "live" rate for Kasikorn is 33.18

Kasikorn, like all Thai banks I know of, will charge a 0.25% fee for incoming forex capped at 500B.

So assuming a USD20 fee for sending SWIFT from a foreign bank, and allowing for the 500B Thai fee, a Wise transfer of 24,500USD will get you 810,545B and a SWIFT transfer will get you 811,746B.

So Wise does indeed cost 1,200B more based on those numbers. Interesting.

If your foreign bank makes no charge for outgoing SWIFT transfers (and several don't, including one of mine) then Wise is even worse value.

Wise on demand is the best, transfers in seconds and it's cheap. As many others have said - keep the cash in an interest bearing account. Bringing physical money when you travel doesn't make much sense, the conversion is very high. Maybe if you're trying to avoid documenting it for taxes, but if it's already taxed monies (existing cash, not income) it's better to document it cleanly between accounts. Taxes are only required to report if are bringing in income.

Depends on the exchange rate, I transfer more when the rate is good via Wise

If funds are invested abroad earning a better interest rate, I would arrange quarterly payments into your UK bank account, then transfer to Thailand as needed and exchange rates are favourable. eg. Currently WISE rate is 44.7 baht to the pound, up from 43.3.

Tx to Wise as and when needed and the rate is good. 🌞😎

Transfer as you need with wise, cheaper fees and depending on Thai bank it will arrive in seconds. Can also use wise card in 7-11 and supermarkets etc so depends how you manage your cash.

If you can bring it over in a year where you are not in country more than 180 days would be easier

Personally I’d transfer £24k in one go via Wise sometime during low season. For the past 4 years, this is when the £ for me, has been at its strongest against the baht.

Having said that, I recently received an email from XE Money Transfer stating they provide special rates for one time large lump sum transfers.

Depends on where it comes from but if you can get some interest in your home country then transfer via wise on an annual basis. I’m talking about spending money not visa financial required money.

Why transferI £ to a very low interest Thai Bank Account paying less than 2% ?

I transfer once a year via Wise