Transferwise Mastercard

[mngmn]

Have just spent a month in Thailand paying for everything with my Transferwise Mastercard (debit card).  The card is linked to my Transferwise Borderless account and although I have a Thai bank account, I feel that having the card means that I really don't need one!

 

The card is used just like a local Mastercard with no fees or exchange conversion providing you maintain a THB balance.  If you don't have any THB, then Transferwise will use funds in another currency.  They choose the best currency to convert to THB if you hve multile currencies.  There is a small fee for the conversion and the exchange rate is very competitive.

 

You can use the card in ATMs and apart from the rip off Thai fee, there is a 2% fee after you reach a certain limit (GPB 200).  Below the limit, withdrawals don't attract any fees from Transferwise.  You can also make transfers directly from your THB balance to Thai bank accounts to pay rent and other bills.

 

You top up the card with a transfer from your overseas bank.  For example if you live in the UK, you would simply make a GBP transfer from your bank to Transferwise GBP balance.

 

From my perspective, the benefits arre that travellers don't need access to large amounts of Thai cash and they can convert to THB as and when they need to without ending up with a large amount of unused THB.

 

Note.  The card and linked Borderless Account will not satisfy any of the Thai Immigration's financial requirements except maybe for someone who chooses to park THB 800k in Thailand and then use the card for day to day living expenses.

Edited September 19, 2019 by mngmn

[CharlieH]

MOVED to Banking

[Puchaiyank]

When Transferwise can send baht to the US and other western countries...we will get excited about using them again...

[mngmn]

1 hour ago, Puchaiyank said:

When Transferwise can send baht to the US and other western countries...we will get excited about using them again...

This is totally different to transferring money. It's effectively an international bank account.

 

But whatever...