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What is the cheapest way to transfer funds to a Thai bank account?
money transferThai bank accountWiseWestern UnionRemitlycrypto transfersSWIFT transfersbank chargesexchange ratesinternational transfers
Sep 4, 2024
2 years ago
Ali ******
ORIGINAL POSTERHello. What is cheapest way to transfer funds to a Thai bank account? I was charged $250 to transfer $6,000 the last time. Is this normal? What is the cheapest way? TIA.
TLDR : Answer Summary
The discussion focuses on finding the cheapest methods to transfer funds to a Thai bank account. A user experienced a $250 charge for a $6,000 transfer, which sparked a debate about the normalcy of such fees. Comments suggest several alternatives, with Wise, Western Union, and Remitly being the most recommended options due to their lower fees and better exchange rates. Users share personal experiences supporting the efficiency and cost-effectiveness of these services, illustrating their varying preferences based on individual needs and transfer amounts.
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
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Martin *********
wise(dot)com
Krystian ******
Cheapest is crypto if u got clue
Wim ************
Ik vergelijk altijd Wise met Remitly. Wise berekent een betere koers, maar rekent meer kosten. Remitly komt altijd beter uit de vergelijking.
Wim ************
Remitly
Sherry *****
Wise closed my account and took all the money.
Norbert **********
@Sherry ****
they cant take your money.Treat them to make a Report to the international financial supervision
Stephen *********
@Sherry ****
Why?Reply to
Stephen *********
Reply
Greg *********
I never transfer money. I use a Charles Schwab Bank account and take money out of any ATM. No ATM fees
Bob *********
wise
Michel ******
Bangkok bank, 500bath for transfer, any amount...
Hank *********
I talked with my bank today and they told me that transfers will be free for me from the US to Thailand. I use Bank of America.
Ome *****
Best Rate with low fees
******************
Tee *****
Wise
Gett ***********
Is the fee coming from your home bank or the thai bank?
I just go into the branch with my foreign debit card and my thai bank card and tell them I want to transfer the money.
No fees on either side, and the rate is as good or better than I can find anywhere else.
This is New Zealand Dollar - Thai Baht
I have wise, but prefer not to use it unless I am too lazy to go to the bank. The fees are worse.
I just go into the branch with my foreign debit card and my thai bank card and tell them I want to transfer the money.
No fees on either side, and the rate is as good or better than I can find anywhere else.
This is New Zealand Dollar - Thai Baht
I have wise, but prefer not to use it unless I am too lazy to go to the bank. The fees are worse.
Ralph *******
@Gett **********
To a Thai bank account, I transfer to my Wise account (no fee) convert to Baht (small fee) then transfer to Thai account (about 44 baht I think). Quite inexpensive and I don’t leave the house.Gett ***********
My fees using wise are a lot more than 44 baht.
Something like 12-15USD if I want to transfer 49,000 baht, which is the limit for daily deposit in my thai bank.
I still use it because I am lazy.
But for me the bank has no fees, and from what I can tell the exchange rate is very similar.
Something like 12-15USD if I want to transfer 49,000 baht, which is the limit for daily deposit in my thai bank.
I still use it because I am lazy.
But for me the bank has no fees, and from what I can tell the exchange rate is very similar.
Reply to
Gett ***********
Reply
Keiton *****
Revolut
Thomas ******
Wise is great
Andra *********
Revolut
Bent *************
Wise sucks!👎🏿
Sam **********
Moneygram or western union. Usually takes 1 hour and 1.99 fee
Krystian ******
@Sam *********
shitty exchange rateSam **********
@Krystian *****
1usd=34.22 baht. That's not bad at allReply to
Sam **********
Reply
Chris ******
Wise
James ********
Wise wise wise
Everyone say it, ‘WISE’
thank you 🙏
Everyone say it, ‘WISE’
thank you 🙏
Ali ******
ORIGINAL POSTER@James *******
hi. When you transfer, do you have it that the receiver receives USD or TBH?James ********
@Ali *****
providing it’s a Thai bank, Thai bahtReply to
James ********
Reply
Krystian ******
@James *******
wise often lock ur acc, there is whole group on fb about itJeff *******
@Krystian *****
provide context, 'often' ? How many customers have they got and how many are affected etc etcKrystian ******
@Jeff ******
************************************************************************
Jeff *******
@Krystian *****
so no context then?Krystian ******
@Jeff ******
u find ur content in groups related to wiseJeff *******
@Krystian *****
To do that I have to join a group full of whinging expats when I and millions of others have never hit a problem. I'll pass thanksReply to
Jeff *******
Reply
Maninder *****
Go to branch of your bank and set up wire transfer service.
Johnny ********
Electronically from your bank from wherever you come from because and a Thai bank they gonna charge Tran transfer feed and it would take 30 days but if you send it from wherever you come from that electronically, you only pay one flat feet
Mark *******
Wise or revolut are good
Per *************
IF U HAVE A ATM CARD, ITS IS NO PROBLEM ! THEN U DONT HAVE TO TRANSFERE ANY MONEY !!
Nick ************
Western Union is sometimes cheaper than Wise but Wise is more reliable for international transfers.
Graham *******
Wise
Ruby ***********
So expensive wow
Gin *******
Wise good rate
Dadderbob **********
Download Wise app, its great.
Gareth *******
Wise best ever
Richard *****
Fee are only half the story. Exchange rates vary too!
Wise charges $35 fee for $6,000
Wise charges $35 fee for $6,000
Mags ********
Wise
Joe *********
Wise
Dirk ************
Very satisfied with Westen Union
Chris ******
Western Union
Brandon ********
Money gram
Craig *********
OFX
Pat ******
Remitly
Andy **********
While you can't open an account with Bangkok Bank in London you can use it to transfer from UK to Bangkok for a flat €
£15.
£15.
************************************************************************************************************************************************
Neil ******
Xrp by far, almost free
Thomas *******
I have Navy Federal Credit Union here in Washington, it's nationwide and they charge $25 for international transfers. I use Wise until I reach the threshold of $25 and the use my credit union.
Brian *****************
Wise is a lot cheaper.
Klaus ******
Make attention with Wise, they closed many account without reason, mine too. Revolut is ok
Deb ********
Anyone use TorFX?
Kaj **********
wise
John **********
I've been using Western Union and transfered one bank account to another of my bank accounts and they charged me $1.99 .. if I send for pick up it's considerably more
Lucky ******
Take cash - no fees
ضخةبقهنة ********
Try RIA. Has the best rates.
Jack *******
WesternUnion, better rates, quicker and low fees….. people keep saying Wise, they probably haven’t used WesternUnion.
Wise constantly has problems
Wise constantly has problems
Jeff *******
@Jack ******
Wise has never had a problem for me or anyone I know - Western Union is the choice for scammers worldwide!Jack *******
@Jeff ******
I constantly hear people complaining about issues with Wise, I’ve used Wise…. Had constant issues also…. Maybe they have fixed there issues but on all transactions I send and check I end up with more money though WU…. I’ll take more money every time.Jeff *******
@Jack ******
how many people in this thread have recommended Wise compared to the alternatives? There's your answerJack *******
@Jeff ******
they probably work for Wise… who knows. Not sure why you’re getting so uptight about it all.Like I said, I will use the company that gives me the most money ( seems logical ) exchanges jump around constantly, I was directly answering the question, gave examples. If one company offers you more than the other use that one. For most of my transactions in the end I mostly get more money using WU, sometimes not but rarely do I use wise, their rate may seem better but the fees cancel that out.
Transferring 6000 dollars using WU gives you about 800 baht more, takes a few minutes to transfer compared to 72 hours waiting.
Wise maybe good as a travel card, sure but that wasn’t the question asked. It was about “ the best value for money transfer to an account “
Hence my answer…. U can use whoever you want. So will I …. Take the best and fastest, more money simple.
Jeff *******
@Jack ******
Yep thats it they all work for Wise - sorry I didn't read past that bit!Jack *******
@Jeff ******
well there is your problem, you mustn’t have read the actual question or other comments either.Reply to
Jack *******
Reply
Jack *******
Wise shows a slightly better rate ( not much ) but check the fee’s
WU better value and instantly in the bank….. this is using Australia dollars
WU better value and instantly in the bank….. this is using Australia dollars
Jack *******
Not a great deal of difference in the end….. but enough….. personally I’ve found this to be consistent.
Reply to
Jack *******
Reply
Jack *******
@Willy ******
it is for me….. only ever pay 99cents to send money and always get a better rate. I’ve tried them all. So yep…. Cheaper, better rates and faster!
Jeff *******
@Jack ******
Wise give you the actual rate, so how can that be bettered?Jack *******
@Jeff ******
after you pay the fees, in the end you receive more money from WU…. Check the example I posted. I’m only trying to help people, answer the question correctly.Reply to
Jack *******
Reply
Matthew *********
I send by Smartway from Australia and it doesn’t cost anything to send and have it within 30mins in Thai bank account
Ron **********
@Matthew ********
nothing is free of course. Their fee is in the exchange rate.Reply to
Ron **********
Reply
Joseph *********
Wise
Ash ********
Use wise
Tez ******
I use Wise never failed me.
Michael *******
Wise
Martin *****
Wise
Erica ********
WISE
Chris *********
Your bank should do it for about £10
George *******
Wise every time
Martin *********
I used to use Wise until they started closing USA based accounts. Now I use Remitely and Western Union. I check both to get the best net rate.
Austin *********
@Martin ********
I have a question, have you ever had an issue with Remitly if you use a VPN?Martin *********
@Austin ********
no not at all I always use a VPNReply to
Martin *********
Reply
Paulie ********
Wize for speed xe for best rate but can take longer
Marty *********
I just did a $1,000 wire transfer from the US to my Thai bank. My US bank does not charge for international transfers. I looked at what was deposited in my Thai bank and it looks like I paid 133 baht in the transfer and exchange.
Roy ********
Wise
Ralph *******
Get a Wise card. It will cost a fraction of that.
Fernando ************
@Ralph ******
thanks Ralph. I have both the Wise App & Wise card. Can you please explain further? Are you saying I take my Wise card to my Thai bank and do what exactly? This may be an ignorant question so pls forgive me.
Ralph *******
@Fernando ***********
From your post, I thought you were transferring from an overseas account into your Thai account. If this is so, then all you need to do is make a payment from your bank account into your Wise account. This is usually free. Then convert the money to Thai baht in your Wise account (small fee but good exchange rate) then do a ‘send! To your Thai bank account (maybe a 44 baht fee).All this can be done online with the Wise app and your bank app.
Reply to
Ralph *******
Reply
Ron ********
Wise tried charging me about 6 times more than what a simple SWIFT bank transfer cost me on $24 thousand dollars. No problem with my transfer between Charles Schwab in the USA and Bangkok Bank here. A excellent exchange rate too. It took two buiness days. Your mileage may vary.
I just ran a price check on Wise for $24,000. It was around $220. My SWIFT bank to bank transfer total fees for both banks was something less than $40. The exchange rate was very comprable to Wise.
But Wise has been great to me on transfers under $1000. A very quick transfer and cheap.
I just ran a price check on Wise for $24,000. It was around $220. My SWIFT bank to bank transfer total fees for both banks was something less than $40. The exchange rate was very comprable to Wise.
But Wise has been great to me on transfers under $1000. A very quick transfer and cheap.
Ali ******
ORIGINAL POSTER@Ron *******
I have an account with Chase and for a SWIFT transfer of $5,000 to an Indian bank the difference was $450. They sent INR. They said there was no fee. But their conversion rate was lower than market.Reply to
Ali ******
Reply
Rithy *******
@Stuart **********
what’s app is this sirStuart ***********
@Rithy ******
this is the Wise app. It gives you the option to compare rates. It does not always show Wise as the best option. For example today it would be better for me to use Western Union to transfer British Pounds.Reply to
Stuart ***********
Reply
Daniel ************
wise
Brian *******
bank of america does it for free for me and charles schwab has free atm fees…
Richard ***********
@Brian ******
BofA only does it for “free” if you allowthem to transfer in baht at their exchange rate at that day (which is always below actual exchange rate). Depending upon how much you are sending. you could be losing hundreds of dollars due to this. If you are sending anything over $5k or so, it is better to pay BofA $45 international wire charge and have them send in dollars, which is then converted to baht at receiving bank.
Fernando ************
@Richard **********
thank you Richard. This is very well explained! 👌Brian *******
@Richard **********
can you do that in the app? ive never seen that option maybe because i dont do it in thousands i only do it in hundredsRichard ***********
@Brian ******
yes, you can send both ways (baht or dollars) via theapp. As an example, today’s exchange rate is 34.21, and BofA shows at 33.32 ( which the app will show). If you send $500 via baht, BofA will deliver
*****
baht. If you send via dollar, Thai bank will receive *****
baht. So your exchange cost via sending Thai baht is about $14.76. If you send $5000 via baht, then your exchange cost is about $130. Wire transfer of any amount (sending via dollar) is $45Reply to
Richard ***********
Reply
Joann ********************
@Brian ******
BOA is free but you have to transfer in Thai BahtRichard ***********
@Joann *******************
which will usually cost quite a bit in currency conversion charges. BofA does not offer “free” money transfers out of the goodness of their heart.Brian *******
@Richard **********
well its cheaper than the atm fees :) but im going with chuck schwab this time and zelle to chuck from boa..Reply to
Brian *******
Reply
Wylie *******
@Brian ******
Scwhab reimburses ATM fees on top of not charging one themselves. Which I'm guessing is what you meant. I think that is an important distinction since saying they have "free atm fees" more implies that they don't charge one themselves. Which they don't, but they are one of only a few banks I've heard of that actually pay you back the fee that the bank operating the ATM charges.Ivan ************
@Wylie ******
this is all true but the lack of a charge is actually the more significant part, not the 220B. Most common US bank charge is $5+3% which is 775B on a 20k withdrawal. This is a lot more than the 220B Thai-side fee. Nice that Schwab refund that too but the most significant part is the lack of a home bank fee, this is most of the cost for most people.Brian *******
@Wylie ******
ill find out if thats correct from what i understood soon. i used a 711 atm in tokyo yesterday with my chuck card..Wylie *******
@Brian ******
it is 100% correct. All ATMs here charge 220 baht. That's the fee the Thai bank charges and Schwab reimburses that every time. Been using my Schwab card for close to 5 years now in many countries.Joseph ****
@Wylie ******
How does the conversion rate for Schwab compare with Wise?Ivan ************
@Joseph ***
Schwab doesn't do the conversion. If you do a wire it's the Thai bank doing the conversion, you can look at their rates online (look at TT sell rate). It's usually pretty good for USD. If you are using the debit card at an ATM, it's Visa doing the conversion. Those rates are under 1% off the midmarket rate, so if no other charge is applied it works out about the same or even a little better than Wise. Same ballpark really, just whether you want the money in your Thai account (maybe needed for immigration) or cash from the ATM. Visa have an exact rate calculator here, set the bank fee to 0% to see what you get from Schwab:**********************************************************************************
Joseph ****
@Ivan ***********
@Wylie ******
Thank you very much Gentleman. 🫡Wylie *******
@Joseph ***
my last withdrawal on Aug. 27th was at 38.84. Google for that day says 33.91. I also just happened to transfer money with Wise on the same day and the rate was 34.05. They weren't at the exact same time though and there has been some decent fluctuations throughout the day. Even if that was the true difference in the rate, I paid double that in the Wise fee.In the past I believe it ended up being close to a wash between wise with their fees and Schwabs slightly lower rate for that 10-20k baht range. Much more convenient and quicker than wise though, especially lately when it can take days no matter what reason I select.
Brian *******
@Wylie ******
sweetness.. glad i opened an account before i left america.. chuck is a great man lolReply to
Brian *******
Reply
Maa *****
Welcome
*****************************************
Colin ********
Wise
Keith *******
Australia $15.
Rfael ************
Did they actually charge $250 or was that mostly their spread on the exchange rate? If you deduct typical wire transfer fees and charges for both ends (about $60), that adds up to about a 3% spread on the exchange rate for wiring US$6K, which is not too far from typical.
Ali ******
ORIGINAL POSTER@Rfael ***********
it was the difference between what I sent and received. So spread across. I don’t think there was a fee. I did it through WU.Jack *******
@Ali *****
interesting, I use WU all the time, transferring directly into a Thai bank account, I’ve never been charged a percentage fee, just either $1-2 no extras and it’s instant….Rfael ************
@Ali *****
yes that sounds about right for WU. It's how they are making a killing as you have seen. The banks may be slightly less, but still there is going to be a some losses due to exhange rate. Expect the area of 2-3%, unless your Thai Bank account is a US$ (FCD) account.Reply to
Rfael ************
Reply
Terence ******
Wise is the best option if it’s available in your country. You can transfer to your account then use in different currencies with tap and go
Ali ******
ORIGINAL POSTER@Terence *****
when I am transfer to the Thai bank, do I choose USD or THB?Terence ******
@Ali *****
THB or you can load your Wise account in your currency and just transfer it as requiredReply to
Terence ******
Reply
Ryan ******
Wise.com/compare
Steve *******
Ger Wise Remitly and Revolut
Try making a transfer and compare the prices and exchange rates.
Wise actually gives you a list of other services before you transfer, so you can see if there are cheaper options. They don't hide it if they're not the cheapest ones.
Try making a transfer and compare the prices and exchange rates.
Wise actually gives you a list of other services before you transfer, so you can see if there are cheaper options. They don't hide it if they're not the cheapest ones.
Peter *********
Wise
Philip *********
western union ...
Scotty *******
@Philip ********
absolutely use western union all the time was charged $4.99 for tranfer fee on 20,000 aussie dollars wise wanted 120.00 dollars with a worst exchange rate Never ever had a problem with western union
Phil *******
@Philip ********
I was looking recently and their overall conversion including fees and exchange rate now seems better than Wise.Jack *******
@Phil ******
yes, it’s actually better than everything else, they’ve really upped their game…. Usually instant transfer and only$1-2Todd *********
@Phil ******
it is worth checking. Wise was absolutely destroying WU for years on lower fees, but WU is at least competitive again nowPhilip *********
@Todd ********
yesReply to
Philip *********
Reply
Dazza **********
Remitly
Jim ********
Wire transfer from your bank to Thai bank. Or Wise.
Stuart *********
Set up a Wise account. Send your money to your Wise wallet (usually a local bank transfer so that’s free) and then transfer to your Thai bank for very low fees and good exchange rates.
Jared *********
@Stuart ********
out of curiosity, why transfer twice instead of using wise to transfer directly from bank to bank. Is it faster or cheaper to do this way instead of directly?Billy ******
@Jared ********
that’s what I do, bank to bank, and it’s quick and easy. This is from a UK account to Bangkok bank.Ivan ************
@Jared ********
there's an ACH charge if you initiate the transfer from Wise side. If you have a Wise account and ACH to the bank account details they give you that's free and they also give you a slightly lower overall fee.This is US-specific, some countries it's exactly the same either way.
Peter **********
@Ivan ***********
Same for Netherlands using Ideal (our name for ACH).Jared *********
@Ivan ***********
thanks. I'll try a different method next time and see what the difference is. Currently I use wise to transfer from bank to bank and it takes about a week.Reply to
Jared *********
Reply
Eric **********
@Jared ********
Just out of curiosity I did a Wise transfer and a wire from my Fidelity account. The difference was insignificant.Ivan ************
@Eric *********
it's not going to be significant if you have free wires which I believe Fidelity does. You save if your US bank charges you $40-50 to do it. Thai banks also give particularly good rates on USD, Wise is better with EUR/GBP and *really* better for smaller currencies where the Thai rates are terrible.Eric **********
@Ivan ***********
Agree. You are correct Fidelity has no fee.Reply to
Eric **********
Reply
Stuart *********
@Jared ********
I usually find it way faster. You can check either method and they’ll give you a rough estimate on how long it will take. Usually small transfers (under 1k USD or Euro) from a Wise wallet will take seconds. The fees are pro rata so you don’t lose much doing multiple transfers that you get in seconds.Peter **********
@Stuart ********
I do the same. When I let Wise take it from my bank there’s an Ideal fee. When I initiate out of my bank to the Wise account it’s free and it’s an instant transfer, provided I stay below €5000.Fish **********
@Stuart ********
actually you can transfer to Thai account directly from Wise from a linked local bank account instead of topping the wise wallet. There is no difference for the above in the duration for the other party to received from my own experience. However how long the money is dependent on other factors like are you sending it during office hour or over the weekend etc and also the total amount. Higher value seem to take longer than less than 500 USD
Reply to
Fish **********
Reply
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