Why has Western Union become cheaper than Wise for transferring money to Thailand?

Western Union Wise Money Transfer Exchange Rates Thai Banking Foreign Currency Transfer Fees and Costs Immigration and Banking Expats in Thailand

Nov 4, 2024

a day ago

Mike ********

ORIGINAL POSTER

Why is western Union cheaper than wise all of a sudden ? Transfer 20000.  Bht wise £472 and western Union £457 (no transfer fee) I’m guessing it’s a one off no transfer fee ?

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TLDR : Answer Summary

The discussion revolves around the recent comparative costs of transferring money to Thailand using Western Union versus Wise. A user noted that transferring 20,000 baht costs £472 via Wise and £457 via Western Union, prompting speculation about the reasons behind Western Union's lower fees. Comments highlight that while Western Union may appear cheaper, Wise often provides clearer fee structures and rates, leading to better overall deals in many cases. Users shared experiences with different platforms, emphasizing variations in fees and exchange rates, and deliberating on factors like domestic transfers versus international charges. Overall, the conversation illustrates the complexities in choosing the best money transfer service based on individual needs and service reliability.

David ********

I have been coming to Thailand 15 times in 15 years on Tourist visas and on 2 Retirement O visas obtained at the Thai Embassy in Canberra Australia. I have never had a bank account in Thailand, it's not required. I have a fee-free bank account in Australia and it's good to be free anywhere in the world.

11 hours ago

Phil ******

@David *******

which bank?

10 hours ago

Reply to

Phil ******

Merv *******

I found Western Union was cheaper than Moneygram and far more reliable ,from U K to my Thai partner.

12 hours ago

Colin *********************

I have done exactly the same. For 20,000 baht WU is cheaper.

16 hours ago

James *******

I have a Thai account but I am finding it much easier to withdraw 20k baht from an ATM from my UK account. It also helps with the tax avoidance. No idea why people seem so obsessed with getting a Thai account. It cost me £465 today all fees inc.

16 hours ago

Phil ******

@James ******

you may not have to worry about tax here. A thai account is more flexible.

16 hours ago

James *******

@Phil *****

You are right he may not hon.

16 hours ago

Reply to

James *******

Terary **********

I have used WU in the past (10 years ago).. The were cheaper than an ATM.. But I had problems with them and their security practices. I think they had problems with verifying something or another. Their customer service was horrible. If you're going to use WU you should have a plan B, or emergency cash... But that's true for any transfer service.

17 hours ago

Marc ********

People on FB always say Wise is the best.

But when I checked out the rates I was not impressed at all.

Not a good deal for me.

Maybe it's different if sending from the US but Switzerland it's not

17 hours ago

Evan ********

It’s easy to compare what you actually get into the Thai bank. Western Union gives a full discount on your first transfer but after that Wise was better. However, for amounts under $2000 AUD I use XE Rates as it’s always a few hundred baht better than Wise.. Wise is better over $2000 though.

No loyalty. Just go with who gives the best locked in rate. Wise no longer offers me a guaranteed rate as I set up too many transfers chasing the best rate for their liking. Been like that for over a year too. I do still use Wise occasionally as they do update their rates constantly and XE Rates is much slower to update

21 hours ago

Cubi ******

Rebuilding it's busy

21 hours ago

Vitico ********

Always check the different apps like transferwise moneygram and western union. Sometimes one app will have an unusually better exchange rate. In general transferwise gives the least hassle and you will get the money in a few minutes but it will be less than the other apps. Last time western union made me call on the phone to confirm my details and had to wait a few days to get the transfer. Moneygram has better exchange rates but it may take a few days longer than the others or the app will have trouble authenticating your debit card. Transferwise is for the times when you need your money quickly.