Money Transfers to and from Thailand: Complete 2025 Guide

Why Money Transfers Matter for Expats

Whether you're moving to Thailand or already living here, you'll need to transfer money internationally:

• Initial move: Transfer savings to Thailand
• Ongoing living expenses: Regular transfers from home country
• Receiving income: Remote work payments, pensions, investments
• Visa requirements: Retirement/marriage visas require Thai bank funds
• Property purchases: Large sums for buying property
• Emergencies: Quick access to funds when needed

Choosing the wrong transfer method can cost you thousands of dollars in fees and poor exchange rates. This guide covers the best options in 2025.

Best Money Transfer Services (2025)

1. Wise (Formerly TransferWise) ⭐ BEST OVERALL

Best for: Regular transfers, amounts under $10,000

How It Works:

• Uses mid-market exchange rate (the "real" rate with zero markup)
• Transparent, low fees
• Fast transfers (64% instant, 95% within 24 hours)

Costs (2025):

• Fee: 0.4-0.6% of transfer amount
• Example: Send $1,000, pay $4-6 in fees
• No hidden exchange rate markup
• Total cost: 0.4-0.6% (vs 3-5% with banks)

Speed:

• 64% of transfers: Instant (under 20 seconds)
• 95% of transfers: Under 24 hours
• Bank transfers (slower): 1-3 days

Limits:

• Maximum: Varies by country (often $1-5 million/transfer)
• Minimum: Usually $1

Pros:

• ✓ Cheapest option for most transfers
• ✓ True mid-market rate (no markup)
• ✓ Transparent fees shown upfront
• ✓ Very fast (often instant)
• ✓ Easy to use app and website
• ✓ Excellent track record and reviews
• ✓ Multi-currency account available
• ✓ Wise debit card for spending in Thailand

Cons:

• ✗ Can only send INTO Thailand (not out)
• ✗ Not ideal for very large transfers ($50k+)
• ✗ Some countries not supported

Best for: Monthly expense transfers, receiving salary/pension, most expat needs

2. Western Union

Best for: Emergency cash, sending to someone without bank account

How It Works:

• Cash-to-cash transfer network
• Recipient can collect cash at 5,000+ locations in Thailand
• Also offers bank transfers

Costs (2025):

• Fee: $5-50 (varies by amount and speed)
• Exchange rate: 3-5% worse than mid-market rate
• Example: Send $1,000
  • Fee: $17.90
  • Exchange rate markup: ~$30-50
  • Total cost: $48-68 (5-7%)

Speed:

• Cash pickup: Minutes to hours
• Bank transfer: 1-3 days

Pros:

• ✓ Very fast cash pickup
• ✓ 5,000 locations across Thailand
• ✓ No bank account needed for recipient
• ✓ Available worldwide
• ✓ Good for emergencies

Cons:

• ✗ Expensive (3-7% total cost)
• ✗ Poor exchange rates
• ✗ High fees
• ✗ Not transparent pricing

Best for: Emergency money when speed matters more than cost, sending to rural areas

3. Bank Wire Transfers (SWIFT)

Best for: Very large amounts ($50,000+), property purchases

How It Works:

• Direct bank-to-bank transfer via SWIFT network
• Initiated at your home bank, sent to Thai bank

Costs (2025):

• Sending bank fee: $25-50
• Intermediary bank fee: $10-30 (often hidden)
• Receiving bank fee in Thailand: $10-20
• Exchange rate markup: 2-4%
• Total cost: 3-5% typically

Speed:

• 3-5 business days typically
• Can be slower (up to 10 days)

Pros:

• ✓ Can handle very large amounts
• ✓ Creates paper trail (good for property purchases, visas)
• ✓ Secure and established
• ✓ Works for any amount

Cons:

• ✗ Expensive for small-medium transfers
• ✗ Slow
• ✗ Multiple hidden fees
• ✗ Poor exchange rates
• ✗ Complex process

Best for: Property purchases, large one-time transfers, situations requiring formal documentation

4. OFX (formerly OzForex)

Best for: Large transfers ($10,000+)

How It Works:

• Specialist foreign exchange company
• Better rates than banks for larger amounts
• Phone and online service

Costs (2025):

• No transfer fees for amounts over $10,000
• Exchange rate: 0.5-1.5% markup from mid-market
• Better rates for larger amounts

Speed:

• 1-2 business days typically

Pros:

• ✓ Good for large transfers
• ✓ No fees over $10k
• ✓ Better than banks for big amounts
• ✓ Phone support with dealers
• ✓ Forward contracts available (lock in rate)

Cons:

• ✗ Not great for small transfers
• ✗ Still markup on exchange rate
• ✗ Slower than Wise

Best for: Transfers over $10,000, expats moving large savings

5. Revolut

Best for: Tech-savvy users with multi-currency needs

How It Works:

• Digital bank with multi-currency accounts
• Hold THB and other currencies
• Transfer between currencies instantly

Costs (2025):

• Free tier: Exchange up to £1,000/month at mid-market rate
• Above limit: 0.5% markup on weekends, 1% on exotic currencies
• Premium plans ($8-15/month): Higher limits, better rates

Pros:

• ✓ Great for smaller amounts
• ✓ Instant transfers
• ✓ Multi-currency account useful
• ✓ Debit card works worldwide

Cons:

• ✗ Monthly limits on free tier
• ✗ Not ideal for large amounts
• ✗ Weekend rates worse

Comparison Table

How to Use Wise (Step-by-Step)

Since Wise is the best option for most expats, here's exactly how to use it:

Step 1: Create Wise Account

1. Go to wise.com
2. Sign up with email
3. Verify your identity (passport/ID upload)
4. Add your Thai bank account details

Step 2: Initiate Transfer

1. Click "Send money"
2. Enter amount you want to send
3. Select THB as recipient currency
4. See exact exchange rate and fees upfront
5. Confirm recipient (your Thai bank account)

Step 3: Fund Transfer

Options:

• Bank transfer (cheapest, slowest) - Free or small fee
• Debit card (small fee, faster)
• Credit card (higher fee, instant) - Not recommended

Step 4: Track Transfer

• Wise shows real-time status
• Notifications when money sent and received
• Usually arrives same day or next day

Total time: 5 minutes to set up first transfer, then 1-2 minutes for future transfers

Thailand-Specific Considerations

You Can Send IN But Not OUT

Important limitation: Most services (including Wise) allow you to send money INTO Thailand but not OUT of Thailand.

This is due to Thai banking regulations and capital controls.

To send money OUT of Thailand:

• Use Thai bank wire transfer (expensive)
• Use DeeMoney (Thai service for outbound transfers)
• Cash out via cryptocurrency (complex, risky)

FET (Foreign Exchange Transaction) Form

For transfers over $50,000 USD into Thailand:

• Bank will require FET form
• Declare purpose of funds (living expenses, property purchase, etc.)
• Needed for property purchases (proof of foreign funds)
• Keep FET form - required for selling property later

Receiving in Thai Bank

When money arrives in your Thai bank account:

• Usually no fees for receiving under $5,000
• May charge ฿200-500 for larger amounts
• Update your passbook to see transaction
• Exchange rate may differ slightly from what sender saw

Transfer Speed Comparison

Cost Comparison Examples

Example 1: Send $1,000 to Thailand

• Wise: $6 fee + $0 markup = $6 total (0.6%)
• Western Union: $18 fee + $30 markup = $48 total (4.8%)
• Your bank: $30 fee + $40 markup = $70 total (7%)

Winner: Wise saves $42-64

Example 2: Send $10,000 to Thailand

• Wise: $60 fee + $0 markup = $60 total (0.6%)
• OFX: $0 fee + $100 markup = $100 total (1%)
• Bank wire: $50 fee + $400 markup = $450 total (4.5%)

Winner: Wise saves $40-390

Example 3: Send $100,000 (Property Purchase)

• Wise: $600 total (0.6%)
• OFX: $500-1,000 total (0.5-1%)
• Bank wire: $3,000-5,000 total (3-5%)

Winner: OFX or Wise (very close), save $2,400-4,400 vs bank

Common Mistakes to Avoid

1. Using Your Bank Without Comparing

Banks charge the highest fees and worst exchange rates. Always compare with Wise/OFX first.

2. Not Checking the Exchange Rate

Google "USD to THB" to see the mid-market rate. If the service offers significantly worse, you're paying hidden fees.

3. Paying by Credit Card

Credit card transfers incur cash advance fees (3-5%) plus interest. Use bank transfer or debit card instead.

4. Sending Too Often

Each transfer has a fee. Send larger amounts less frequently rather than small amounts constantly.

5. Not Keeping Records

Save transfer confirmations and Thai bank statements. Needed for:

• Visa applications/extensions
• Tax purposes
• Property documentation (FET)

6. Forgetting About Tax Implications

Large or regular transfers may have tax consequences. See our Tax Guide or consult an accountant.

Best Strategy by Situation

Retiree Living in Thailand

Recommended: Wise for monthly pension transfers

• Set up monthly auto-transfer from pension to Thai account
• Lowest cost for regular transfers
• Fast and reliable
• Keep records for visa extensions

Remote Worker Receiving Salary

Recommended: Wise or Wise Business account

• Receive payments to Wise account
• Hold multiple currencies
• Transfer to Thai bank as needed
• Use Wise debit card for daily spending

Moving to Thailand (Large Initial Transfer)

Recommended: OFX for amounts over $10k, Wise for under

• Moving $50,000+? Use OFX or negotiate with your bank
• Moving under $10,000? Use Wise
• Split into multiple transfers if needed

Buying Property

Recommended: Bank wire for paper trail

• Bank wire creates official FET documentation
• Required for legal property ownership
• Worth the extra cost for legal protection
• Or use Wise/OFX but ensure Thai bank issues FET

Emergency Money Needed Fast

Recommended: Western Union cash pickup

• Fastest option (minutes to hours)
• Worth the high cost in true emergency
• Recipient can collect cash anywhere in Thailand

Tips for Saving Money on Transfers

1. Time Your Transfer

• Exchange rates fluctuate daily
• Use Wise rate alerts to notify when rate is favorable
• For large amounts, consider waiting for better rate

2. Send Larger Amounts Less Often

• Instead of weekly $200, send monthly $800
• Fewer transactions = fewer fees
• Percentage fees favor larger amounts

3. Use Bank Transfer Funding (Not Card)

• Bank transfer to Wise: 0.4% fee
• Debit card to Wise: 0.6% fee
• Credit card to Wise: 1.5% fee + cash advance fees

4. Consider Forward Contracts for Large Amounts

• OFX offers forward contracts
• Lock in exchange rate for future transfer
• Good if you know you'll transfer large amount in 3-12 months

5. Get a Wise Multi-Currency Account

• Hold multiple currencies
• Exchange when rates favorable
• Use Wise debit card in Thailand (better than foreign bank card)

Need Help With Money Transfers?

Transferring money internationally, understanding Thai banking regulations, and managing your finances as an expat can be complex. Our relocation services include:

• Setting up optimal transfer strategy for your situation
• Helping register for Wise, OFX, or other services
• Opening Thai bank account to receive transfers
• Explaining FET requirements for large transfers
• Tax planning for foreign income and transfers
• Ongoing financial advice for expat life in Thailand

Book a free consultation to discuss your money transfer needs and get personalized recommendations.