Why Wise is useful for transferring money to Thailand
Wise is an international money transfer service that makes it easier and cheaper to transfer money to other countries, such as Thailand. Many people use Wise because the fees are often lower than a traditional bank and the money arrives quickly.
For anyone who needs to send money abroad regularly, such as expats or those with family in Thailand, Wise offers a number of great benefits.
How does Wise work?
Wise works differently to a normal bank. Instead of transferring your money directly in foreign currency, Wise first converts your money into the currency of the destination country, for example Thai baht (THB). Wise does not charge the high exchange rate mark-up that banks often charge. This means you get more for your money.
Benefits of Wise for money transfer to Thailand
- Low costs: Wise charges a low fixed fee for the transfer and uses the real exchange rate with no hidden fees. At a bank you often pay an exchange rate surcharge and other extra fees. With Wise you know exactly what you pay and how much will eventually arrive in Thailand.
- Fast transfer: Money transfers to Thailand via Wise can often arrive within a day, hours or sometimes even seconds, depending on the time of day and the recipient’s bank. This is much faster than traditional international bank transfers, which can often take several days.
- Transparency: Wise is very clear about the costs and the exchange rate. You can see exactly how much the recipient will receive before you send the money. This way you know for sure that there are no hidden costs and that you will not be faced with any surprises.
- Ease: Wise makes it easy to transfer money via the website or app, without complicated bank codes or forms. All you need is the recipient’s name and bank details, such as their account number in Thailand.
Who is Wise useful for?
Wise is especially useful for people who regularly transfer money to Thailand, such as expats, digital nomads, people with a second home in Thailand or people who want to financially support family members. Travellers who frequently visit Thailand and use a Thai bank account there can also benefit from Wise. The low fees and fast transfers make it easier for them to manage their financial affairs without high bank fees.
How safe is Wise?
Wise is a licensed and regulated company that has to meet strict security standards in many countries. So your money is safe during the transaction. Wise uses modern security techniques, such as encryption, to ensure that your money and data are well protected. This allows you to transfer money without worrying about security.
Conclusion
Wise is an excellent choice for anyone looking to send money to Thailand. Its low fees, fast transactions and ease of use make it a convenient alternative to expensive bank transfers. Wise offers transparency and security, making it ideal for those who regularly send money abroad. If you’re looking for an easy and cost-effective way to send money to Thailand, Wise is a smart option to consider.
About this blogger
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Known as Khun Peter (62), lives alternately in Apeldoorn and Pattaya. In a relationship with Kanchana for 14 years. Not yet retired, have my own company, something with insurance. Crazy about animals, especially dogs and music.
Enough hobbies, but unfortunately little time: writing for Thailandblog, fitness, health and nutrition, shooting sports, chatting with friends and some other oddities.
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Dear Khun Peter, I have used Wise for years but early this year BNP Fortis refused to transfer money to Wise because according to them it was a company that laundered money, although Wise is controlled by the national bank of Belgium for all of Europe. Now I wonder if there are any Belgians who have experienced this.. And BTW thank you for your many useful contributions.
Remitly is currently cheaper as they have lower fees.
Correct, I just (5/11, 9:30) did 2 simulations, what the receiver gets:
Transfer (always by credit card) of 1000 euros:
Wise = 35.811 baht
Remitly = 36.200
Transfer of 5000 euros:
Wise = 179.302
Remitly = 181.000
But don't just look at the costs, the exchange rate used also plays a role (at Wise higher costs but better exchange rate, nevertheless at a disadvantage)
Come on, if you're going to make a comparison, do it right!
With Remitly you ONLY get that good rate on your first transfer.
In hindsight it is much less favorable.
Wise is the best provider, has been discussed here many times.
As for the discussion, Wise is the cheapest to transfer money to Thailand. It has been shown here many times. I have made the comparison many times.
Those so-called cheap rates of Remitly are just to attract new customers. In the end they are ALWAYS a lot more expensive.
Just done 3 simulations. With bank transfer.
€1000,00
Wise: ฿36,408.43
Remitly: ฿36,061.85
Western Union: ฿36,660.16
€5000,00
Wise: ฿182,323.36
Remitly: ฿180,741.85
Western Union: ฿183,300.78
Western Union refers to an estimate of the amount to be received.
Still very different figures than what Nico suggests above.
Could Wise be the cheapest after all? 😉
My comparison was via credit card, that is clearly stated and for a reason, because then the costs at WISE are much higher than via bank transfer. At Remitly they remain the same.
To be clear, this wasn’t my first transfer via Remitly. And I use both, but since Wise increased fees, it’s been touch and go sometimes.
(And the reason I use credit card is because it's more secure, but that's a personal preference and a topic for another discussion)
One time you write with credit card and the other time there is nothing. Everything but clear. How do you expect us to be able to compare.
I have done quite a few comparisons between Wise, Revolut and Remitly and have never had a better deal than with Wise. At least they give a clear price without loopholes and unclear exchange rates/fees.
The other 2 providers deliberately make it difficult to compare. One time you get a special exchange rate as a new customer, the other time they conjure that you don't have to pay any costs. All nonsense. Give me Wise then.
I recently read on an English-language Facebook group that Western Union is often the most favorable.
No experience myself, but perhaps worth paying attention to
I don't understand where you get that comparison from. Do you have a different internet?
Over the many years that I have been transferring money, I always do the test between 3 providers.
Wise is the most affordable and without hidden fees or fancy exchange rates.
But each to their own, some are happy to pay a little more.
Completely agree. Advise this many times. And not only transfer but also keep a FREE account without hassle. So always euros or other currencies available.
Wise is fast usually within 3 minutes
You forget to mention in the article that Wise is being targeted in Thailand for money laundering. Only three Thai banks can still transfer an amount of +50000 baht at once. In addition, pensioners who transfer their pension directly to their Thai account by the pension service receive a free proof from the bank here every month that the deposit comes from the pension service. They do not provide that proof if you send it via Wise.
I'm thinking here what is so important about the proof from the Thai bank that the money comes from the pension service??? Maybe for immigration that may be necessary if you can't prove that it comes from abroad.
With Wise that is not a problem. With internet banking you just see “INTERNATIONAL TRANSFER” so it is clear that the money comes from abroad.
By the way, after 18 years, I have never been asked by immigration to prove that I have transferred B65000 every month.
Actually, that's nonsense.
Either you target Wise for money laundering or you don't. If 3 banks don't want to go along with those accusations, that says a lot.
If you're going to make such a claim here, I'd like to see some evidence of it.
Wise credit card is convenient for me, no matter which country I go to, just shop and pay with the card in the currency applicable there and Wise gives the best exchange rate.
I don't look at which bank (Wise is not a bank by the way) saves me a few cents, I look at the convenience, which is probably stupid for many, but I'm just a bit lazy and I think Wise is a solution.
MeeYak