This is NOT an official government website. We are an independent resource providing information and assistance to travelers.
What is the best way to transfer funds to Thailand for visa purposes and minimize costs?
money transfertransfer feesWiseThai banking systemvisa requirementsbest exchange ratesforeign currency exchangeinternational wire transfers
May 3, 2023
3 years ago
Tara ********
ORIGINAL POSTERUpdate:
Hands down I’m finding Wise is the best option for exchange rates.
Forget the fees. It’s the exchange rate that will get you!
Thanks, everyone! Your input is appreciated. ❤️👍🏼
Original Post:
The cost of transferring the money for the 800,000 baht into a Bangkok bank account from my US account is quite high.
The US side comes with costs, and the Thailand side does too.
Can somebody share the best way you found to lessen these costs?
Also, time is a factor for visa purposes.
Thanks in advance for sharing your knowledge. Enjoy your day!
Hands down I’m finding Wise is the best option for exchange rates.
Forget the fees. It’s the exchange rate that will get you!
Thanks, everyone! Your input is appreciated. ❤️👍🏼
Original Post:
The cost of transferring the money for the 800,000 baht into a Bangkok bank account from my US account is quite high.
The US side comes with costs, and the Thailand side does too.
Can somebody share the best way you found to lessen these costs?
Also, time is a factor for visa purposes.
Thanks in advance for sharing your knowledge. Enjoy your day!
TLDR : Answer Summary
The community discusses various options for transferring money to Thailand, particularly for visa purposes, emphasizing the advantages of using Wise for better exchange rates and lower fees compared to traditional bank wire transfers. Several users share their experiences, highlighting that while Wise may have higher upfront fees for large transfers, the exchange rate difference often results in a better overall financial outcome. Other options such as direct bank transfers, remittance services, and exchanging cash are also mentioned, with caution about hidden fees and exchange rate disadvantages.
Pelle Eriksson★★★★★
Absolutely Bangkok's best service I highly...recently on Facebook
Luca G.★★★★★
I used this agency for my DTV Visa...recently on Google
Trusted Thai Visa Agent
OVER 100,000 EXPATS SERVED
#1 VISA AGENT IN THAILAND
Paul ******
Wise rocks. For best results, apply while in the US and get the physical debit card (they won't send you the card in Thailand for some reason) which doubles as a Mastercard. Very handy
Tara ********
ORIGINAL POSTER@Paul *****
thank you!Paul ******
@Tara *******
You're so welcome! 🙂 Give them at least a couple weeks for the card to arrive before you departTara ********
ORIGINAL POSTER@Paul *****
thanks again!Reply to
Tara ********
Reply
Jonathan *********
Since u r American I use USAA fyi
Michael ******
@Jonathan ********
I have USAA as well. So can you do that online without talking to anyone and aren't there any charges on the Thailand side of banking?Jonathan *********
@Michael *****
No I always call honestly. Set it up once years ago and now I refer to my template when I call and have a saved template for Thailand makes it much easier. I get our time difference sucks but I always call 1 min after they open. Everytime 15 mins or less and off the phone. Xfrs r quick!!! 1 go 2 business days max even though they say 3 to 5. Should test a small to descent amount and test the difference with wise and USAA xfr. Thailand side no xtra fees etc .. now if u r only xfring like $500 or less idk maybe wise could better and I recommend it to most but with USAA to my Thai bank account I always get a better for rate and done this loads of times. Good luck just trying to help.Tara ********
ORIGINAL POSTER@Jonathan ********
good to know. Thanks!Michael ******
@Jonathan ********
you know what I will give it a try and I appreciate the answer and I don't hold you to anything I just hope that it's as good as it sounds!! It's nice seeing expats help each other over here I truly appreciate it!!!Jonathan *********
@Michael *****
I hear ya any more questions pm me think that's enuf banking talk for me on a public discussion board :) also make sure u xfr in usdReply to
Jonathan *********
Reply
Jonathan *********
I understand Wise is hands down the best rate that beingsaid I have a military bank in the US that I get a better exchange rate and pay just the $45 international fee. Lived in Thailand 7 years and always compare. My bank can't b the only one that can get more $ than wise. FYI I usually xfr $10k to 30k usd at a time ....
Tara ********
ORIGINAL POSTER@Jonathan ********
lucky!Reply to
Tara ********
Reply
John-Paul ******
Oh hell... I use the ATM at BKk bank. Olay... so fees are added but most of the time with my usual monthly withdrawals it is cheaper than ACH or wire trans. As for Wise.... there are sign up fees and then their transaction fees and in the past... delays. My mantra.... KISS (Keep It Simple Stupid).
Gerhard ***********
@John-Paul *****
but how much did it cost you to get the money into baht and to bank?John-Paul ******
@Gerhard **********
through the ATM... 220bht service fee + depending upon amount receiving... $16 aprox for transaction. All depends on requested amount. Very large amounts you are better going through an ACH transfer or through BKK bank in NY. Wise is good... but I have had issues of having to wait for funds to postJohn-Paul ******
@Craig *******
you know how much I move? Well.. 80k in baht isn't really small. Larger sums I use BKK bank branch in NY or ACH for traceability.Craig ********
@John-Paul *****
800,000, not 80John-Paul ******
@Craig *******
okay... I get it 800K is the figure posted. So I missed the extra zero. May I be drawn and quartered. But why he isn't just talking to his bank here or BKK Bank in NY or an agent ... well there is an ideaCraig ********
@John-Paul *****
Because the fees are high for such a transactionJohn-Paul ******
@Craig *******
really.... have not found that to be always true.Reply to
John-Paul ******
Reply
Craig ********
@John-Paul *****
Your talking small amounts, everyone knows that, he is moving a large amountReply to
Craig ********
Reply
Edna *******
Wise was good for me for awhile. When I attempted to change eE-mail and password I could not. So I got lucky and found Remitly, great service and recommended by friends. Keeps a running record of all your transactions.
Tara ********
ORIGINAL POSTER@Edna ******
good to know. Thanks!Reply to
Tara ********
Reply
Martin *********
Agree
David *******
I use it daily to make money transferring currency. Best in the business for me!
David *********
WISE ..the ONLY sensible option that is available at this point ,no question .
Tara ********
ORIGINAL POSTER@David ********
as it turns out! Thank you.Reply to
Tara ********
Reply
Russell *******
Wise was £96 from transferring 900,000. You also have an option to choose reason for transfer. Funds for Thailand retirement visa .
So I would imagine from there you would be able to prove the funds were from overseas. I was never asked that question.
So I would imagine from there you would be able to prove the funds were from overseas. I was never asked that question.
Bob **********
@Russell ******
your bankbook must say FTTBob **********
In your bank book after the amount, if you don’t have that then you’ll have problems with immigration
Russell *******
@Bob *********
I haven't noticed or looked. Away at the moment so can't check. There was no mentioning of it , so maybe that's whyTara ********
ORIGINAL POSTER@Bob *********
thank you. Where does it say that?Reply to
Tara ********
Reply
Tara ********
ORIGINAL POSTER@Russell ******
thank you.Russell *******
@Tara *******
welcome 🙏Reply to
Russell *******
Reply
Jukka ********
I but my wise account and transfer there then send my Bangkok bank account
Tara ********
ORIGINAL POSTER@Jukka *******
thank you.Reply to
Tara ********
Reply
Ken *******
Bangkok Bank works I get charged $40 for international wire and I loose about .4 bht with the current days exchange rate when deposited
Tara ********
ORIGINAL POSTER@Ken ******
thank you.Reply to
Tara ********
Reply
Matt *******
found this info on bangkok bank site in USA..it looks like you can transfer from US bank to thailand bank and fees look very reasonable.
**************************************************************************************************************************************************************
Todd *********
@Matt ******
unfortunately the exchange rate is very unreasonableTara ********
ORIGINAL POSTER@Todd ********
thank you.Reply to
Tara ********
Reply
John *******
Social Security tranfers the money for me at no costs on both sides.
Tara ********
ORIGINAL POSTER@John ******
nice! Thanks a lot.John *******
@Tara *******
Go througg the Phillipines US Embassy. You will be charged if u do any transactions from your direct deposits to your savings BB account if you do not use the BB branch that you oppened the savings account under. The direct deposit account is handled by the BB branch and a debit card is not given.Reply to
John *******
Reply
Brian ***********
Cash. Best rate by far if you find a great exchange agent.
The savings on 800,000 will pay for a plane ticket to go fetch it in any country..
Just make sure you declare it and carry the withdrawal paper work
The savings on 800,000 will pay for a plane ticket to go fetch it in any country..
Just make sure you declare it and carry the withdrawal paper work
Tara ********
ORIGINAL POSTER@Brian **********
right?! This is what I’m thinking.Casey ******
@Tara *******
transferring 800,000 baht on wise costs $153. Just looked. That’s a great flight price.Brian ***********
@Casey *****
ok. You are correct. I normally take a Large amount of $$ every year or so. Still enough to pay plane ticket , even compared to WISE.Most people don't feel comfortable carrying Large amounts of ,$$
Tara ********
ORIGINAL POSTER@Casey *****
Whaaat? Consider it done! Thanks a lot!Tara ********
ORIGINAL POSTERThis is so cool of you to do. Thanks a lot.
Casey ******
@Tara *******
I live here and transfer about 100,000 every month. Sometimes there are promotions from other sites but at the end of the day we’re talking dollars not worth the time. And I looked. Bloomberg spot price THBUSD is the same as Wise price.
Could you save $5? Maybe, but what is your time worth?
Welcome!
Tara ********
ORIGINAL POSTER@Casey *****
I agree. Thanks again!Reply to
Tara ********
Reply
Donnie *******
Wise
Tara ********
ORIGINAL POSTER@Donnie ******
thank you.Donnie *******
@Ta**
no problemReply to
Donnie *******
Reply
Chapathan *************
1. Download Binance, buy the stable coins (USDT / BUSD) with your USD and keep them in your wallet (funding).
2.1 If the Bangkok bank account is yours, connect it with Binance to get the money from your selling via P2P later.
2.2 If not, ask the one with the Bangkok bank account to download Binance and connect their bank account with it.
3. After buying the stable coins, transfer them to the Binance account that you have the Bangkok bank connected.
4. Go to wallet > funding > P2P > sell
5. The buyer will transfer THB to your bank account then you can click release the coins later after checking that you’ve already received THB.
2.1 If the Bangkok bank account is yours, connect it with Binance to get the money from your selling via P2P later.
2.2 If not, ask the one with the Bangkok bank account to download Binance and connect their bank account with it.
3. After buying the stable coins, transfer them to the Binance account that you have the Bangkok bank connected.
4. Go to wallet > funding > P2P > sell
5. The buyer will transfer THB to your bank account then you can click release the coins later after checking that you’ve already received THB.
James *******
@Chapathan ************
man of culture. #wagmiTara ********
ORIGINAL POSTER@Chapathan ************
thank you.Tara ********
ORIGINAL POSTERThank you!
Bob **********
@Chapathan ************
just use Wise I doubt the OP wants anything to do with CryptoSturgess ********
@Bob *********
Amen.Bob **********
Up to her
Chapathan *************
@Bob *********
just another option with the info here. She does whatever she prefersReply to
Chapathan *************
Reply
Ken ******
also, seems agent in hongkong only recommends using banks for transfer of funds into thailand for condo purchase, so that condo title deeds can be applied from thai condo registry. they don't have definite answer when asked about WISE
Tara ********
ORIGINAL POSTER@Ken *****
thank you.Reply to
Tara ********
Reply
Ken ******
will immigration recognize the WISE transfer? as far as i.know, if they have enough funds in thai bank, they simply transfer from inside thailand, ie their thai bank ac to yr thai bank, how convince thai immigration you did transfer from overseas, in that case?
Todd *********
@Ken *****
yes they will. See Don’s answer on how to do itTara ********
ORIGINAL POSTER@Ken *****
thank you.Don ***********
@Ken *****
when transferring with wise you have to state a reason for the transfer. Scroll to the bottom and there is “transfer to support long term living” selecting this option.Reply to
Don ***********
Reply
James *******
buy low sell high ETH with all your fiat,
Then sell it back for USDT
then p2p USDT to thai bank = profit haha
Then sell it back for USDT
then p2p USDT to thai bank = profit haha
Tara ********
ORIGINAL POSTER@James ******
thank you!John *******
@James ******
***************************************
Estefan **********
I believe the fees are meant as a deterrent so large amounts of cash don't leave a country. So no matter what moving a lot of money is gonna come with a price tag
Simon **********
WISE
Gyula ********
Hello, does anyone know of a visa agency in Maha Sarakham?
Jushangin ********
XE currency exchange
Robert ********
Thailand regulatory issues seem to have driven most banks, that are not 100% Thai owned, out of retail banking here. HSBC, Standard Charteted, Citibank.
Alistair **********
@Robert *******
citibank has moved out of retail banking in a lot of countries recently.Reply to
Alistair **********
Reply
René ********
oui wise est une excellente solution. Par contre comment fait on pour mettre
Merci !
yes wise is a great solution. On the other hand, how do you put 800,000b in a Thai account to ask the long stay visa when you need a long stay visa to open a Thai account ?…
Thanks !
*****
0b sur un compte Thai pour la demande de visa long stay alors qu’il faut un visa long stay pour ouvrir un compte Thai ?…Merci !
yes wise is a great solution. On the other hand, how do you put 800,000b in a Thai account to ask the long stay visa when you need a long stay visa to open a Thai account ?…
Thanks !
Bernard *****
@René *******
pas besoin de visa long stay pour ouvrir un compteBo *******
@René *******
not need ling time Visa to open bank account, go with Turist visa! 🤭René ********
@Bo ******
I just spent three weeks at HH no bank has agreed to open an account with my tourism visa. Only the Bangkok bank accepts but 5000b insurance and very limited banking operations…Bo *******
@René *******
its wrong but you must have a adress paper written of your Embassy then it work, can not refuse! Many many in my group did it. And a recommendation go to a Bangkok Bank with international department.Reply to
Bo *******
Reply
Robert ********
From Wise:
Please note that you can send 50,000 THB or above per transfer only to the following banks from 7 January 2022 due to regulatory changes: Bangkok Bank Public Company. Kasikorn Bank. Siam Commercial Bank.
Please note that you can send 50,000 THB or above per transfer only to the following banks from 7 January 2022 due to regulatory changes: Bangkok Bank Public Company. Kasikorn Bank. Siam Commercial Bank.
James **************
But you can do in installments oif
*****
!Robert ********
.
Robert ********
@James *************
Or use nank transfer.Reply to
Robert ********
Reply
James **************
@Robert *******
true.Reply to
James **************
Reply
Craig ********
There are so many options, but not knowing why you need so much cash in a foreign country is hard to give my opinion.
I have moved a lot of money by opening an account with a bank that is big in both countries, I opened an account with, HSBC, this bank has no fees
I have moved a lot of money by opening an account with a bank that is big in both countries, I opened an account with, HSBC, this bank has no fees
John ***********
@Craig *******
Obviously for a retirement visa.Craig ********
@John **********
YeahReply to
Craig ********
Reply
Colin ********
@Craig *******
and a minimum of 100,000 rub to maintain the account and cannot go under.Reply to
Colin ********
Reply
Charles *****
I gave the Bank 400.000. 18 years Go and never touched it once. open a crypto account with Bitkub and you can transfere 2 million a day at 0.25%
Eric *****
Use those fees to pay Thailand agent and come out ahead, financially
Todd *********
@Eric ****
yup. That’s true. Amazing that people really can’t understand thisNick ************
@Todd ********
because it is not a good idea.Todd *********
@Nick ***********
I can understand your story here, but certainly not a common experience with agentsReply to
Todd *********
Reply
Nick ************
@Eric ****
and have all number of problems thereafter.Todd *********
@Nick ***********
no they don’tNick ************
@Todd ********
who dont what?Todd *********
@Nick ***********
they don’t all have problems afterward. The agent visas are just fine for the most part. I can understand your experience, but mine presented absolutely no issues at all. And have at least 20 friends using or used same agency.Reply to
Todd *********
Reply
William ****************
@Nick ***********
no problems after.go to nan services.pattaya.i know her 10 years.offers honest service.Nick ************
@William ***************
I had a number of problems. Maybe because my office is difficult but I could not buy a car or get a driving license because they would not issue me with cert of residence without a lot of inconvenience. They would not transfer my stamp into new passport, I had to go to Bangkok. I was even warned at bkk that I should get my Visa stamp myself next time which I did. The only thing I did not have a problem with was 90 day report. Even tm30 was a nightmare.Reply to
Nick ************
Reply
Greg ********
@Eric ****
how does an agent save money on currency exchange and wire transfers?Eric *****
@Greg *******
consider that perhaps one doesn't need to transfer all that moneyAlistair **********
@Eric ****
last I saw agent costs about 55k for no fund retirement visa. That's 7%, not factoring in that you can go down to 400k for a period. Also forces you to use the agent year after year vs switching to monthly income method.Todd *********
@Alistair *********
the cost is about 15k annually to renew your visa via @Thai *****************************
William ****************
@Alistair *********
it costs 30k or less.try nan services pattaya.say Robbie sent you.....Sam ********
@Alistair *********
you need to find another agent. Cost is 25,000 Bhat for a No FUND visa. Ads 4500 if you want multiple. And to renew the 2nd time it’s 12,000 + 4500 optional.Julane *******
@Alistair *********
And you can store the 800K in a time deposit account here too. So it will earn a minimal interest.Reply to
Julane *******
Reply
Joe *********
I’ll be redundant. Wise, it’s what I use.
Dan ********
Wise is your best option
Oliil ******
Wise transfer
Scott *********
Wise.
I use all the time. 15 years here. Not really found a cheaper way. From my english account it is a set amount. So if I was doing a large sum I may use my english account transfer but for most I use wise.
Quick and easy.
I use all the time. 15 years here. Not really found a cheaper way. From my english account it is a set amount. So if I was doing a large sum I may use my english account transfer but for most I use wise.
Quick and easy.
Steve *****
Open a Charles Schwab account. Wire Transfer fee is a fix $15 charge. Their ATM card they reimburse all ATM fees world-wide
Greg ********
@Steve ****
thanks for reminding me of schwab transfers. You can get around the thai bank dollar to baht exchange fees by setting up a dollar account and withdraw dollars in thailand and exchange locallyCarlito **********
@Greg *******
watch up the commission to withdraw USD at your Thai bank (it is usually a hidden cost people not considering)Steve *****
@Greg *******
oh I didn't know you can do that. So you can transfer USD and withdraw the USD from the Thai bank ?Greg ********
@Steve ****
yes thai accounts allow you to keep dollars but like carlito below my post says, "there may be hidden cost" for withdrawing dollars. From a Bangkok bank website: Thai banks allow non-residents to keep US dollars in a Foreign Currency Deposit (FCD) Account. An FCD Account for Non-Residents is for foreigners who would like to hold incoming foreign funds without needing to immediately convert them to baht or for those living in Thailand who want to convert and save their Thai earnings in a foreign currency. You can open an FCD Account for Non-Residents in a Savings, Fixed Deposit or Current Account with the minimum initial deposit at USD1,000, or the equivalent in another currency ******************************************************************************************
Greg ********
I might add that you can open one of these accounts with just a tourist visa. I found that bangkokbank charges 1% to deposit and 1% to withdraw in dollar notes. But your mileage may vary with other banks.
Reply to
Greg ********
Reply
Michael ******
@Steve ****
That's very interesting so you can wire from the Charles Schwab account to a thae account?Steve *****
@Michael *****
it also depends on how much you transfer. The Thai bank will give you a better rate if you transfer a certain amount. I always use this way with big amounts.Ted ********
@Michael *****
you can but need to be careful on exchange rate given by Thai bank. With WISE you know the transfer rate when you send the money.Reply to
Ted ********
Reply
Denny ********
I recommend RIA
Only $1 per 800k tbaht
Only $1 per 800k tbaht
Colin ********
Use Wise, very cheap.
Denny ********
@Colin *******
check out RIA even cheaper. I used Wise until I found them.Michael *********
@Denny *******
What’s RIA, please?Denny ********
@Michael ********
app like Wise , or remitly, etc.Reply to
Denny ********
Reply
Tara ********
ORIGINAL POSTER@Colin *******
thanks a lot.Reply to
Tara ********
Reply
Tom *********
Wire transfer
Bill ************
Sent you a PM
John **********
You can use wise it will take close to a week to get funds in Thai bank account
Allan *********
@John *********
well I sent money this morning and it’s in my account now and it’s sent via WISE, it will just depend on your bank getting money to wiseTara ********
ORIGINAL POSTER@Allan ********
thanks a lot.Allan *********
Understand the most I do is 15k aud
John **********
@Allan ********
I'm talking about a large amount I usually get the money the next dayReply to
John **********
Reply
Tara ********
ORIGINAL POSTER@John *********
that’s good to know. Thank you.Todd *********
@Tara *******
also completely inaccurate. Take minutes to 24 hours for WiseJohn **********
@Tara *******
the transfers with wise usually come the same day or the next day unless it is a Thailand holiday it is a very good application to transfer money. With such a large amount it will take around 7 days but you will get your money at a good rateMarc ********
@John *********
Maybe for USD. Wise want to give me very high fees with Euro and CHFR.John **********
@Marc *******
almost 200 usd in fees for 800,000 baht transferMarc ********
Todd *********
@Marc *******
don’t focus solely on the ‘fee’. It’s the exchange rate with the banks where you loseTara ********
ORIGINAL POSTER@Todd ********
exactly. Big time.Tara ********
ORIGINAL POSTER@John *********
thanks a lot.John **********
@Tara *******
no problemReply to
John **********
Reply
Marc ************
Wise
Tara ********
ORIGINAL POSTER@Marc ***********
thank you.Reply to
Tara ********
Reply
Bill *********
I’ve looked at various methods from Wise to wire transfers and Wise seemed like the best. Wire transfer you don’t get as good a rate and the Thai bank may charge an incoming wire fee. Wise rate is good and the fee comes out to a little under 1% like others said, it’s part of the rhe cost of coming to Thailand.
Tara ********
ORIGINAL POSTER@Bill ********
thanks a lot. So the bank here won’t charge a wire fee as they would if it came from my bank account in the US?Todd *********
@Tara *******
not with a Wise transfer. You can still choose wire transfer workin Wise, but don’t to avoid that feeBill *********
@Tara *******
your Thai bank may charge an incoming wire fee. Give them a call.Ted ********
@Tara *******
no local bank fee.Reply to
Ted ********
Reply
Albert *******
Remitly or transfer wise. Link it to your account s in the USA to your account in Thailand . Works in VERY short time and low fees .
Greg ********
@Albert ******
are you talking about ach transfer or swift?Albert *******
@Greg *******
neither . It’s a transfer service app. Download the app or Google it and they’ll explain how it works. Been around a few years now I love it ! Can use on a desktop computer as well and they’re trustworthy.Reply to
Albert *******
Reply
Nick ************
@Albert ******
second remitly! Hands down the best transfer service. Instant and good Fx rates. Only thing is 50k Bhat limit…Nick ************
All done today. Rate was 25.56 THB to SGD on Wise compared to 24.87 on Remitly. It arrived immediately. I did have to link my government ID to the account. Happy with that service, thanks for the tip 😎
Todd *********
@Nick ***********
that’s awesome mate. Big difference! Nicely doneTara ********
ORIGINAL POSTER@Nick ***********
glad it worked out.Reply to
Tara ********
Reply
Todd *********
@Nick ***********
I consistently compare Remitly to Wise at time of transfer. And Remitly is the loser every time. Wise is hands down the winner and it’s easy to verify. Use Remitly if you hate your own money thoughNick ************
@Todd ********
thanks for the feedback if a little sharp at the end… I haven’t tried Wise as I was happy with Remitly. The rates do look slightly better. Is the service instant normally? I send Singapore to Thailand. Also with Remitly I went through a fairly extensive KYC (ID proof) to get the top tier. Does the same process apply at Wise?Todd *********
@Nick ***********
I think u are doing the right thing really, comparing. At some point the ride will shift inevitably. I have a good buddy who swore by Remitly but a quick check of his last 10 transactions showed all would have been cheaper with Wise. So I gotta remember to keep verifying also. Sorry, I can’t remember the extent of KYC with Wise. Been a long time. But someone here should know!
The is instant for many with the caveat that is absolutely depends on the originating nation, the destination nation and the method of sending within Wise that affects the time. Seconds up to 24 hours for the vast majority
Nick ************
@Todd ********
ok! I have downloaded so will try the next transaction and see how it works out.Todd *********
@Nick ***********
great! let us know! I will try to remember to do the same!Reply to
Todd *********
Reply
Tara ********
ORIGINAL POSTER@Albert ******
thank you.Reply to
Tara ********
Reply
Alan *********
If you are that worried, are you sure you can afford to live in Thailand!
Jae *******
There can be thousands of dollars difference by the time it arrives in your Thai bank account, depending on who you transfer it with. Is thousands of dollars trivial to you and your so far removed from reality to think it's also trivial for every other foreigner?
Jae *******
@Alan ********
Well, that's the most inane comment I've seen today.David ********
@Alan ********
yes, because people acquire fortunes by giving away money carelesslyKen ********
@Alan ********
where did it say he was worriedStefan ****
Alan Snowley if you know how to save costs , you get rich or stay rich. You are free to not think about how to keep your money.
Alan *********
@Stefan ***
if you need to penny pinch, you need a rethink 😆Todd *********
@Alan ********
thats a good answer if you don’t understand the basics of finance. Giving up 2.5% or worse per transaction on just a million baht means the cost to you is 250k annually. Thats just being stupid. There are smart ways to minimize the damageAlistair **********
@Alan ********
the difference can be as much as 30k on an 800k transaction. You might be happy to waste money, but most aren't.Jae *******
@Alistair *********
Indeed. We were mislead by the commonwealth bank in 2019. We transferred AUD$*****
through them and approx. $3000 eaten up in ’fees’.Greg ********
@Jae ******
OUCH! that's theftJae *******
@Greg *******
Yeah, we were less than happy and of course the bank couldn't care less. Live and learn...Reply to
Jae *******
Reply
Ricardo ********
Western Union, 99bht cost
Tara ********
ORIGINAL POSTER@Ricardo *******
thank you.Todd *********
@Tara *******
don’t thank him. It’s not the fee that costs you with WU. That’s all part of their scam to the undereducated consumer. They make their money on the exchange rate differentialTed ********
@Tara *******
beware the exchange rate….Tara ********
ORIGINAL POSTER@Ted *******
thanks a lot.Reply to
Tara ********
Reply
Phil ******
@Ricardo *******
800k?Reply to
Phil ******
Reply
Robert **********
I pay about 1.5% on small transfers with Wise-USD to THB. Wise advertising 1%. Not sure nationality of OP.
********************************************************
%20Wise%20works%3A,the%20fee%20is%20just%201%25.James **************
@Bam ****
how about if you put all the money $23k into your Wise account first then send?. Thus avoiding the connected bank fee? Is thatveven possible? I was pretty confused by Wise instructions really....ha haอ้วน *********
@James *************
yes, the fee week be less if you do it that wayReply to
อ้วน *********
Reply
Thomas *************************
You can only send money in a maximum of 50,000 baht single transfers to Thailand through Wise, so it would be a bit of a pain to do, and it would cost more then shown in that screenshot. 16 x single transfers would be required.
Todd *********
@Thomas ************************
you can send 2 million each time via WiseJames **************
@Thomas ************************
no, that's not all banks. Bkk bank is up to *****
00 bhatThomas *************************
@Bam ****
Congratulations mate. That's awesome.Reply to
Thomas *************************
Reply
Robert **********
@Thomas ************************
Bangkok Bank and 2 others can exceed the limit. I just got a notice from krungsri that i need to come have them identify my face in order to transfer over 50.k, not sure if this is for wiseTara ********
ORIGINAL POSTER@Thomas ************************
thank you.Tara ********
ORIGINAL POSTER@Thomas ************************
thank you!John **********
@Thomas ************************
incorrect I send 100k every few weeksThomas *************************
@John *********
Depends on the bank apparently. Mine is one of the restricted ones, as is my wife's.Russell ***********
Thomas Robert Peter Ashworth Bangkok Bank … i transferred £25k,
not good for you to say this applies everywhere in Thailand as this is totally incorrect & misleading
not good for you to say this applies everywhere in Thailand as this is totally incorrect & misleading
Thomas *************************
@Russell **********
My humblest apologies for my most grievous error.Reply to
Thomas *************************
Reply
Bam *****
@Thomas ************************
Really? Is that recently new? I transferred 100k multiple times no problem with kbank. (Twice a month)Reply to
Bam *****
Reply
Bob **********
Set up a Wise account but a wire transfer from the US should only be $25-35 and 500 baht here if that’s a lot you should re consider returning 😎😎😎
Tara ********
ORIGINAL POSTER@Bob *********
thank you.Reply to
Tara ********
Reply
Raymond ******************
Perhaps can open an account in
Bangkok Bank Public Co Ltd in the US
and before that seek information on
How you can access your account in thailand.
just an idea
Bangkok Bank Public Co Ltd in the US
and before that seek information on
How you can access your account in thailand.
just an idea
Robert **********
@Raymond *****************
they are not a retail bank, you cannot do itRaymond ******************
@Robert *********
Perhaps find a bank that has presence both in US & Thai, Thats what I meant to conveyRobert **********
@Raymond *****************
I understand, but the international locations cannot transfer between countries. Bangkok bank in new York, Citibank in Thailand (had a few advantages for Americans but is being sold to a thai bank). Some banks have multi-currency accounts (Krungsri Boarding Card), but there will be a cost to get your currency into Baht.Raymond ******************
@Robert *********
So, what can be a solution for this issue, curious myselfReply to
Raymond ******************
Reply
Tara ********
ORIGINAL POSTER@Raymond *****************
thank you.Reply to
Tara ********
Reply
Robert ********
Wise fees are high for a large amount as they are based on %. Swift fees are fixed, independent of amount. About 75$ maximum, total for both ends.
Robert ********
Current Swift fees:
Bank of America: 45$ Swift fee +15$ bank fee.
Krungsri: 15$ fee.
Total 75$.
$ to $. Any amount.
Bank of America: 45$ Swift fee +15$ bank fee.
Krungsri: 15$ fee.
Total 75$.
$ to $. Any amount.
Robert ********
I also benefit from an extra .25% with a premium account perk.
Robert ********
I just did a large Swift transfer last week. $25k. And it cost $75 total. Both ends. And you are assuming I do an immediate currency exchange, which i don't. I have benefited greatly from currency fluctuations over the past few years.
Robert ********
It costs me approx. $20 net more per transaction and I do it only 1 or 2 times per year. Not huge. The photo is required at all banks and I need it for some domestic transfers as well.
Ivan ************
@Robert *******
you're right, it is only around $20 difference. But just pointing out Wise fees are not "high", they are actually lower than what you pay using SWIFT. You said $75 maximum total for both ends but the real number is $170, over double that. While Wise is $152. It's just a matter of being aware of the total cost. SWIFT used be cheaper for larger amounts and if you had a US bank that charged $40 or less for the wire it would be in this case too, some people get free wires (although there's a risk of a correspondent bank charge in that case).Reply to
Ivan ************
Reply
Robert ********
But I can not use Krungsri with Wise over 50,000b. If I was concerned about the small exchange rate variance, I can use other banks. I have an SCB baht account. I favor Krungsri for many other reasons.
Todd *********
@Robert *******
it’s not a small exchange rate variance. It’s huge. And costs you significant money each time. Cost is much more than the actual ‘fee’. You can use Krungsri for over 50k baht transactions now. You need to get photo taken at a branch and on file
Reply to
Todd *********
Reply
Ivan ************
That's still quite OK doing SWIFT to Krungsri, but it's less than Wise. Most of the actual fee is buried in the forex rate, Krungsri is charging you 3,250B (almost $100) in the forex to do the exchange but you don't include that in your calculation. This is the 0.13 difference between the mid-market rate of 34.02 and the 33.89 rate they quote for incoming USD TT. 0.13 may not sound like a lot but it's 3,250 on $25k.
Ivan ************
@Rob***
plus the exchange margin. Wise for 25k = 845,311
$25,000 - $60 US side = $24,940
$24,940 * 33.89 Krungsri rate = 845,216
Minus 500B incoming fee = 844,716
Reply to
Ivan ************
Reply
Tara ********
ORIGINAL POSTER@Robert *******
Thank you!Oliver **********
@Robert *******
yes but most banks impose an exchange rate deduction that is far worse than the percentage Wise chargesRobert ********
@Oliver *********
I usually simply transfer to a baht account in the same bank.Robert ********
@Oliver *********
no. But I have Gold statusRobert ********
@Oliver *********
krungsri, Bangkok Bank, and others.Robert ********
@Oliver *********
Open a US$ account in Thailand. Then transfer to baht locally.Ivan ************
@Rob***
you still pay the exchange then, it just delays it.Greg ********
@Robert *******
do they charge a teller transaction fee to give you dollars?Tara ********
ORIGINAL POSTER@Robert *******
wow. Where do I do this?Reply to
Tara ********
Reply
Michael ******
I didn't see one good idea yet but it's the costs to live here. The second year however you can take the money out of the bank if you sent at least 40,000 baht per month from an overseas bank account to your Thai bank account which shows you have enough money for living expenses. Many embassies will verify your income however our worthless Embassy hasn't seem to want to help out. I have lived overseas for 35 years and the American services at the embassy are a joke.
J ****************
@Michael *****
join this org and complain—********************************
I’d like to see the combo plan - 400k baht plus proof of at least 50k per month but seems not available any more.
Greg ********
@Michael *****
I concur with the your assessment of the embassy. I needed notary services here in japan and went to the us embassy. They refused to notarize a form from the us post office, the mail forwarding service form, because of THEIR interpretation of the form. I didn't know thats part of the notaries job lol. I wanted to change address for myself and my wife and they wanted $50 each for 2 forms lol. I bought a webcam and did it for $45 which included the price of webcam. never again will i use the embassy unless absolutely necessary. what a waste of time with all their security crap just to get inside.Tara ********
ORIGINAL POSTER@Michael *****
my problem with regularly wiring money is that Bangkok Bank charges to receive that money as well.Michael ******
@Tara *******
Yes you can't win but I have been using XE lately versus wise when I transfer a large amount.Jim ***********
@Tara *******
use Wise. Transferred 66k baht yesterday fee was 31 bahtReply to
Jim ***********
Reply
Sarick **********
It's around 50 dollars wired transfer fee at US banks.
Oliver **********
@Sarick *********
you're forgetting about exchange ratesTara ********
ORIGINAL POSTER@Oliver *********
it looks like people are getting better exchange rates through Wise I suppose.Ted ********
@Tara *******
I have found wise to always give good rate. Maybe not vey best but always good.Reply to
Ted ********
Reply
Allan *********
Use Wise Money cheaper to transfer money
Allan *********
Well I transferred AUD and didn’t have any problems. You can transfer in two hits
Jackie ***********
@Allan ********
wise has a monthly limit, doesn't it ? Can you send $24k USD all at once ?Todd *********
@Jackie **********
yes, you canJackie ***********
@Todd ********
you're right, you can, but anything more than 5000 usd they charge fees no cheaper than a SWIFT transfer, because they are using SWIFT. So for that kind of money, you're better off doing a wire from your bankTodd *********
@Jackie **********
the fee isn’t the issue. It’s the exchange rate. Still far better off using Wise. Your actual fee will be ‘higher’, but you receive more money in your bank on completion of the transaction. Wise wins. I’m sure the day when come when someone does this better than Wise, but at present, they winJackie ***********
@Todd ********
interesting point. Wise gives you the rate up front, whereas a swift transfer is going to use the rate advertised on your thai bank's website on the day and hour it arrives at your thai bank. And those rates are usually crappy, not to mention it is impossible to predict the day and hour it will arrive. Usually, when I've done a swift transfer over 25K USD, I got a call from bangkok bank when it arrived and I was able to beg for a rate maybe 5bps higher than their advertised rate. But it was still crap.Todd *********
@Jackie **********
yes, that’s the problem. You are right that the fee appears lower with the bank. But in reality, you lose even more on the bad exchange rate. Can be as high as 2% difference. So you lose an additional $200 USD on a $10k exchange on top of the feeReply to
Todd *********
Reply
John *************
Use wise.com for the transfer. If you want to take it back out from Thailand use deemoney.com
Stuart *********
Use wise
Jeremy ********
just carry it with you on the plane
Steve *******
@Kirstin ******
34.05 at Bangkok Bank, call it a draw! 😂Kirstin *****************
@Jeremy *******
get a shitty exchange rate, have to declare it when bringing it, and possibly have it mean it doesn't meet the requirements. Great solution.Steve *******
@Kirstin ******
You'll get the best exchange rate bringing it with you and changing it in ThailandKirstin *****************
@Steve ******
Where? All the most popular and apparently best exchange rates are lower than wise right now. Of course it is the balance between exchange rate and fees so for large amounts like this may possibly work out less - by my super quick calculations it's pretty much same same so fair enough I guess. More important though is meeting the requirements both visa wise and legally so still think it's the worst idea on this thread.Steve *******
@Kirstin ******
Anywhere. You'll get a better exchange rate in Thailand than you would in your home country or transferring the money. I agree about the visa requirements but the simplest way to overcome that is to get the Non Imm O in your home country before you leave, much easier! Then bring the 800k with you and bank it for the 1 year extention of stay. Job done!Kirstin *****************
@Steve ******
well that's just untrue but up to youSteve *******
@Kirstin ******
But it's not untrue though is it!Kirstin *****************
@Steve ******
well super rich and others are at 33.95 and wise is at 34.05 so yes it is. Granted the fees might wipe or equalise the savings and yes it is cheaper than doing it in the home country. But it is not the best exchange rate as claimed. Think we've covered most of the aspects now anyway 👍Ivan ************
@Kir****
you need to factor in the % fee Wise charges, after you add that the likes of SuperRich are cheaper. It's not such a big difference that I think it makes sense to carry it in cash never mind go shopping for immigration offices that accept cash but it is true that Super Rich has better rates than Wise. But they don't do the transfer bit.Wise, $25k = 845,311
SuperRich @33.95 = 848,750
Jeremy ********
@Kirstin ******
ummm do you understand FOREX??? If not let me knowAndy *********
@Jeremy *******
Sober up.Jeremy ********
@Andy ********
you do realize the exchange rate changes every hour, minute and day…sp if you bring it you have time to exchange itTara ********
ORIGINAL POSTER@Kirstin ******
thanks a lot.Reply to
Tara ********
Reply
Jeremy ********
@Kirstin ******
sure or if youre traveling with 3 people just split it up its only $23.5K so dispersed via 3 people it comes to $7,850 per person well under the declaration rate....get all the bills in $100 then exchange it...no need to rush either when exchangingReply to
Jeremy ********
Reply
Brandon ************
@Jeremy *******
to apply for a non-O based on retirement in Thailand, many offices require you to prove your money was transferred in from overseas. If you bring it in cash you cannot meet that requirement and cannot get a non-O visa.Jeremy ********
@Brandon ***********
yes many offices require but yet you didn't say 100% require this...so just carry it with youBrandon ************
@Jeremy *******
the only office I know of that doesn't require it is PhuketJeremy ********
@Brandon ***********
well there you go...problem solved and you don't pay any feesBrandon ************
@Jeremy *******
you cannot pick and choose which immigration office you useJeremy ********
@Brandon ***********
yes you can…all you have to do is have a hotel reservation in that area…it’s that easyBrandon ************
@Jeremy *******
Many long term visas require rental contract.Jeremy ********
@Brandon ***********
that’s simple to get as well…you act as if everything in Thailand is so so complicated…Alistair **********
@Jeremy *******
fly to a different city to stay in a hotel for a night just to get a visa because you wanted to carry money in????? Jesuschrist.... Just transfer the funds like a normal person, instead of making things complicated manReply to
Alistair **********
Reply
Phil ********
What are your costs on the American side?
Todd *********
not nearly as high a cost as leaving the 800k in the bank in thailand at 0.25% instead of 5.25% at home. That's 40k per year.
Rob *********
Todd *********
@Rob ********
that’s correct. Not a lotta money. But no need to bring it here at high cost of exchange and loss of interest.Oliver **********
@Rob ********
he means 40k bahtReply to
Oliver **********
Reply
54 comments
2 years ago
151 comments
2 years ago
102 comments
2 years ago
86 comments
2 years ago
74 comments
2 years ago
100 comments
2 years ago
55 comments
2 years ago
50 comments
2 years ago
50 comments
2 years ago
40 comments
2 years ago
58 comments
3 years ago
50 comments
3 years ago
95 comments
3 years ago
35 comments
3 years ago
52 comments
3 years ago
39 comments
3 years ago
14 comments
3 years ago
36 comments
3 years ago
156 comments
3 years ago
26 comments
4 years ago
36 comments
4 years ago
36 comments
5 years ago
62 comments
5 years ago
137 comments
5 years ago
183 comments
6 years ago
7 comments
a month ago
9 comments
a month ago
21 comments
a month ago
16 comments
a month ago
8 comments
a month ago
The ask:thailand community, consisting of multiple Q/A groups with over 100,000 members, powers this platform. It is not an official government resource. Our members actively contribute to this resource, and while we strive for accuracy, we cannot guarantee its complete reliability. Assistance to travelers is provided as a community service.