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

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 debit card a/c bank account in Australia and it's good to be free anywhere in the world. It pays me 5.5% on the balance presently. I get 5 free ATM transactions in Thailand or any place in the World each month. There are some modest conditions which I always meet.

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

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

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.

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.

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

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

Rebuilding it's busy

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.

I remember years ago WU was the most expensive by far as they were the *known* to Americans. They finally maybe 10 years ago repriced to compete with Xoom, Transferwise, Moneygram, and the others.

Still last I looked their exchange rates were trash but that was a year ago.

I have transferred the same amount to the same person at least 9 times in the last year... this time.... western union has taken 6 days and still not transferred ... took the money from my US bank no problem the first day... I have switched to Wise and the first transfer to my new Kasikorn account was 7 seconds...

Is this sending 20,000 bht to a uk bank account from a Thai bank account? If so how do you get the 20k bht to WU and is there a cost to that part. And like others said is the uk bank charging any fees.

It's not just the cost to send.. You need to look at Total cost, ie Funds+fees in relation to currency received. It's probably a lower fee, but the exchange rate is lower.. Resulting in a higher overall cost per baht received.

Basically.. They charge a lower fee, but screw you on the rate!

Also my bank doesn't charge me to receive the transfer from wise, it does for others I've tried...

It’s been cheaper for me for nearly a year.

Anyone here not using Wise and can confirm that when the money hits your Thai bank account it shows up as an international transfer? As far as I know my research so far confirms no other alternative if you need this for Immigration.

Western union charge me 4% transaction fee of any amount sent

I have switched to remitly very simple to use

Western Union rates are normally rubbish!

@Mike *******

WAIT FOR interbank fees.

Transferred from my revoult only cost me £1.45 fee

Maybe they have finally realized that their expensive rates are costing them money. Or there are hidden fees and rates.

Moneygram!

After using Wise for many years I've switched to Western Union recently as the exchange rate is significantly better and after getting a few free transfers the fee is now 99p. Also if you use Western Union's direct bank transfer the fee is still 0 with a slightly better exchange rate. Like Wise they tell you exactly how much you will receive (unless you're receiving Bank takes a cut). KBank does not. I usually transfer £1,000. I don't know how their rates for larger amounts compare. WUs website and app were dreadful to begin but seem to be working smoothly now.

A lot of the other services look cheaper than Wise at first glance. But the difference is that Wise is giving you the exact amount of baht you will receive, because they are taking your foreign money and then transferring the money to you from inside of Thailand as a domestic transfer. There are no other fees than what Wise shows in the transfer.

The majority of the other services take your money and then transfer internationally to your account. That means there will be additional conversion and transfer fees from your bank in Thailand, so you don't actually know how much Baht you are going to receive until it's already received and in your bank account.