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Money Transfers

Best ways to transfer money to Thailand as an expat, Wise vs bank transfers, fees, rates, and tips.

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Transferring money to Thailand is something most expats do regularly, for rent, living costs, visa deposits, and monthly expenses. Bank-to-bank international transfers are expensive and slow. Wise (formerly TransferWise) is the service most expats in Hua Hin use for regular transfers.

Why Not Just Use Your Bank?

Banks charge in two ways for international transfers: an upfront fee (typically 20 to 35 GBP / 25 to 40 USD) plus a hidden margin on the exchange rate, usually 2 to 3% above the mid-market rate. On a transfer of £2,000, this means you could lose £60 to 100 in hidden costs, without realising it.

Wise

Wise uses the mid-market exchange rate (the real rate you see on Google) and charges a transparent, low fee, typically 0.4 to 1.5% of the transfer amount. For most expats doing regular transfers to Thailand, this saves a meaningful amount compared to bank transfers. Transfers typically arrive within 1 to 2 business days.

Setting up a Wise account requires identity verification (passport + proof of address). Once set up. You can fund transfers by bank transfer, debit card, or credit card from your home country.

For Large Transfers

For very large transfers (e.g., buying property or depositing retirement visa funds), a currency broker may offer better rates than Wise for amounts above £20,000 to 50,000. Currency brokers offer rate-lock services and dedicated support for large transfers. Speak to a specialist before moving a very large sum.

Practical Tips

  • Open your Thai bank account before you need to transfer large amounts. You need an account number to receive funds
  • Bangkok Bank is often recommended for receiving international Wise transfers with minimal bank fees
  • Transfer in larger amounts less frequently to minimise per-transfer fees
  • Keep records of all significant transfers for tax purposes if your home country requires it

The link above to Wise is an affiliate link. If you sign up. We may receive a small commission. This does not affect the price you pay. See our disclosure.

Related: Banking & Money Guide | Banks in Hua Hin