sandyf Posted June 20, 2022 Share Posted June 20, 2022 32 minutes ago, EricTh said: Once we transfer Thai baht to Wise, can we use that money to transfer to a bank outside Thailand? I don't think so. You would have to explain what you mean. I have a THB balance on my Wise account and as far as I am aware you cannot deposit THB to a Wise account. You credit the account from the home country account and then convert it to THB. I can use that THB balance to fund my Thai account, purchase goods in Thailand or convert it back to GBP any time I want. If I do not have enough GBP to cover a transaction in the UK, they will just take one of the other currencies instead. You have to bear in mind that a Wise account cannot be opened with a Thai address so any payment from a Thai account to a Wise account would be an international payment subject to Thai regulations. My account is in the UK and my bank is in the UK so deposits are a domestic transfer. Link to comment Share on other sites More sharing options...
EricTh Posted June 20, 2022 Share Posted June 20, 2022 (edited) 36 minutes ago, sandyf said: You would have to explain what you mean. I have a THB balance on my Wise account and as far as I am aware you cannot deposit THB to a Wise account. You credit the account from the home country account and then convert it to THB. I can use that THB balance to fund my Thai account, purchase goods in Thailand or convert it back to GBP any time I want. If I do not have enough GBP to cover a transaction in the UK, they will just take one of the other currencies instead. You have to bear in mind that a Wise account cannot be opened with a Thai address so any payment from a Thai account to a Wise account would be an international payment subject to Thai regulations. My account is in the UK and my bank is in the UK so deposits are a domestic transfer. The trouble is that it is difficult to transfer money out of Thailand from existing Thai bank accounts. There are not many good options so I am wondering whether we can use this route instead. Edited June 20, 2022 by EricTh Link to comment Share on other sites More sharing options...
Photoguy21 Posted June 20, 2022 Share Posted June 20, 2022 22 hours ago, Ohyesuare said: You mean they will deduct money from you? That's strange. Switzerland on certain accounts does the same Link to comment Share on other sites More sharing options...
sandyf Posted June 21, 2022 Share Posted June 21, 2022 18 hours ago, EricTh said: The trouble is that it is difficult to transfer money out of Thailand from existing Thai bank accounts. There are not many good options so I am wondering whether we can use this route instead. Quite, been there. I don't see that making a payment to a Wise account would be any different to any other international account. I have seen accounts of varying degrees of difficulty on this issue. A while back when I tried to transfer £300 back to the UK I had to jump through hoops to prove it had originated in the UK. Link to comment Share on other sites More sharing options...
EricTh Posted June 21, 2022 Share Posted June 21, 2022 (edited) 8 minutes ago, sandyf said: Quite, been there. I don't see that making a payment to a Wise account would be any different to any other international account. I have seen accounts of varying degrees of difficulty on this issue. A while back when I tried to transfer £300 back to the UK I had to jump through hoops to prove it had originated in the UK. So does that mean it is not possible to transfer money to a Wise account from a Thai bank? I am just wondering why Thailand is making things difficult to move money out but not in. Other southeast-asian countries like Malaysia, Singapore, Philippines don't have this problem. Edited June 21, 2022 by EricTh Link to comment Share on other sites More sharing options...
sandyf Posted June 21, 2022 Share Posted June 21, 2022 2 minutes ago, EricTh said: I am just wondering why Thailand is making things difficult to move money out but not in. The Bank of Thailand has exchange control regulations in place. https://www.bot.or.th/English/FinancialMarkets/ForeignExchangeRegulations/FXRegulation/Pages/default.aspx You have to bear in mind other countries in the area did not suffer from a financial meltdown in the same way Thailand did. I can remember when there were exchange controls in the UK, you couldn't take more than £50 out of the country. 1 Link to comment Share on other sites More sharing options...
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