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More "Wise" Bad News For Wise Customers Residing in Thailand

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  • Popular Post

It seems that as time goes on, the BOT and the Thai banks in general are making increasing efforts to squeeze out foreign digital payment platforms in Thailand and maintain the monopoly. They claim it is due to "system upgrades" that now prevent payments from Wise from continuing to be supported at certain banks, but only believe that excuse at your peril.

 

Fortunately, most major Thai banks will not be affected for now (by this new change made in May) and that is what matters. However, I suspect it is only a matter of time before Wise can no longer be used to transfer money into any Thai bank accounts. My guess is that it may last at most another year before it is completely shut down. See the Wise link and pertinent details below.

 

https://wise.com/help/articles/2932335/guide-to-thb-transfers

 

Starting on 6 May 2025, the following banks will no longer be supported due to payment system upgrades in Thailand: 

 

  • TMB Thanachart Bank (011)

  • Citibank (017)

  • Sumitomo Mitsui Banking Corporation (018)

  • Standard Chartered Bank (020)

  • United Overseas Bank (024)

  • The Government Savings Bank (030)

  • HSBC (031)

  • Deutsche Bank (032)

  • The Government Housing Bank (033)

  • Bank For Agriculture And Agricultural Cooperatives (034)

  • Mizuho Corporate Bank (039)

  • BNP Paribas (045)

  • Bank Of China (052)

  • Thanachart Bank (065)

  • Islamic Bank Of Thailand (066)

  • TISCO Bank (067)

  • ICBC (070)

  • The Thai Credit Retail Bank (071)

  • Land And Houses Retail Bank (073)

  • Sumitomo Mitsui Trust Bank (Thai) PCL (SMTB) (080)

Supported recipient banks: 
  • Bangkok Bank Public Company

  • Kasikorn Bank

  • Krung Thai Bank

  • Siam Commercial Bank

  • CIMB Thai Bank

  • Bank Of Ayudhya (Krungsri bank)

  • Kiatnakin Phatra Bank

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  • hotandsticky
    hotandsticky

    Six seconds to Kasikorn Bank 99.5% of the time.

  • Senseless, speculative and groundless long-term scaremongering.

  • Thank you, but there are already plenty of posts about how many seconds it takes to transfer from Wise to a Thai bank account.   The real issue is that out of the 27 Thai banks Wise used to

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  • Popular Post

I have noticed that Wise transfer times to my Philipines and Vietnamese bank accounts still take seconds. Only my Thai account at Bangkok Bank is next business day. I do think there’s something to the idea that this is due to restrictions by the BoT, but like most things it’s probably an unintended consequence of something else. 

 

For my part though, I have started using my Schwab card to withdraw 30,000 baht at a time and just deposit it in cash in my account. If I do that twice a month, plus credit card use, it about covers my expenses. 

  • Popular Post
2 minutes ago, Everyman said:

I have noticed that Wise transfer times to my Philipines and Vietnamese bank accounts still take seconds. Only my Thai account at Bangkok Bank is next business day. I do think there’s something to the idea that this is due to restrictions by the BoT, but like most things it’s probably an unintended consequence of something else. 

 

For my part though, I have started using my Schwab card to withdraw 30,000 baht at a time and just deposit it in cash in my account. If I do that twice a month, plus credit card use, it about covers my expenses. 

 

 

Six seconds to Kasikorn Bank 99.5% of the time.

  • Author
  • Popular Post
44 minutes ago, hotandsticky said:

Six seconds to Kasikorn Bank 99.5% of the time.


Thank you, but there are already plenty of posts about how many seconds it takes to transfer from Wise to a Thai bank account.

 

The real issue is that out of the 27 Thai banks Wise used to support, transfers to 20 have been discontinued as of two and a half months ago. That leaves only seven banks, just 25 percent, that can still receive a Wise transfer. Options are shrinking fast, and if they disappear completely, it will no longer matter how fast a Wise transfer is.

1 hour ago, hotandsticky said:

 

 

Six seconds to Kasikorn Bank 99.5% of the time.

 

I had an account there 20 years ago but unfortunately I let it lapse. I can’t open another one because my visa type doesn’t qualify and I am too young for a retirement visa. 

So something that came in force on May 6 is more bad news in August? I would assume most people concerned would be aware already

2 hours ago, FriscoKid said:

However, I suspect it is only a matter of time before Wise can no longer be used to transfer money into any Thai bank accounts.

 

Well that, of course, would kill off the 40k/65k monthly income route for annual marriage and retirement extensions stone dead, wouldn't it?

 

  • Author
  • Popular Post
16 minutes ago, CallumWK said:

So something that came in force on May 6 is more bad news in August? I would assume most people concerned would be aware already

 

I know many people who only transfer funds into Thailand once or twice a year with Wise and not every month because they are not pensioners. Monthly pensioners who are affected would already be aware of this. I only transfer money at the beginning of the year, and the bank I usually use is no longer supported. If I had not come across this information now, I would have been caught out by it early next year. How about you? How often do you transfer money into Thailand with Wise?

  • Popular Post
1 hour ago, FriscoKid said:

The real issue is that out of the 27 Thai banks Wise used to support, transfers to 20 have been discontinued as of two and a half months ago. That leaves only seven banks, just 25 percent, that can still receive a Wise transfer. Options are shrinking fast, and if they disappear completely, it will no longer matter how fast a Wise transfer is.

 

But these 20 are largely minnows, relatively speaking. In actual expat banking terms we are probably talking about a figure way in excess of 25% in respect of the remaining 7.

 

  • Author
7 minutes ago, OJAS said:

 

Well that, of course, would kill off the 40k/65k monthly income route for annual marriage and retirement extensions stone dead, wouldn't it?

 


Yes, it probably would. And I think the majority of the retirees from the UK living in Thailand, who receive a state pension, also have it transferred in via Wise. Without that facility, they would have to do a Bank wire from their UK bank account to get their money into their Thai bank every month. I think wire transfer fees from UK banks are not that inexpensive either. And that would be 12 wires a year for them.

being new to this sort of thing and having only just used Zelle once this week for the first time and was impressed with how fast and easy Zelle was, I wondered if one can use zelle to transfer money to thailand? So some quick research:

 

While Zelle doesn’t work internationally, you don’t have to worry if you want to send money overseas. For international payments, Zelle alternatives include PayPal, WorldRemit, Wise, Revolut, Remitly, and TransferGo.

  • Author
Just now, OJAS said:

 

But these 20 are largely minnows, relatively speaking. In actual expat banking terms we are probably talking about a figure way in excess of 25% in respect of the remaining 7.

 


There are a few big ones on the list of 20, but as I said, in my original post, it's the 7 that are still supported which matter the most. The bigger concern in all this though is that eventually those 7 get wiped out too because of BOT policy. 

  • Author
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3 minutes ago, gk10012001 said:

Zelle alternatives include PayPal, WorldRemit, Wise, Revolut, Remitly, and TransferGo.


Yes, there are of course other options, including bank wires, but Wise works out to be the least costly in terms of fees and the most convenient and the fastest. That's why most people use them. 

2 hours ago, Everyman said:

I have noticed that Wise transfer times to my Philipines and Vietnamese bank accounts still take seconds. Only my Thai account at Bangkok Bank is next business day. I do think there’s something to the idea that this is due to restrictions by the BoT, but like most things it’s probably an unintended consequence of something else. 

 

For my part though, I have started using my Schwab card to withdraw 30,000 baht at a time and just deposit it in cash in my account. If I do that twice a month, plus credit card use, it about covers my expenses. 

yeah.  sometimes simple ways are the best way.  I will probably do the same and just withdraw the cash and then deposit it. Of course depending on ones visa and extension, this may not show that the funds came from overseas transfers which is required by immigration to show right?

  • Popular Post
1 minute ago, FriscoKid said:


There are a few big ones on the list of 20, but as I said, in my original post, it's the 7 that are still supported which matter the most. The bigger concern in all this though is that eventually those 7 get wiped out too because of BOT policy. 

I think Bangkok Bank, Kasikorn Bank, and Siam Commercial Bank will always be OK. Right now Wise can only transfer over 50K Baht to those 3 banks - up to 2 million baht. But for the others they can only transfer 49.9K Baht (under 50K).  

  • Author
2 hours ago, Everyman said:

For my part though, I have started using my Schwab card to withdraw 30,000 baht at a time


Each ATM withdrawal costs you ฿250 in fees from the Thai bank, correct?
 

And which Thai bank ATMs support a 30,000 Baht withdrawal per transaction? I thought the limit was 20,000 Baht per withdrawal in the past. 

2 minutes ago, FriscoKid said:


Yes, there are of course other options, including bank wires, but Wise works out to be the least costly in terms of fees and the most convenient and the fastest. That's why most people use them. 

I recently did a comparison from Australia and Wise are the cheapest. But Bangkok Bank are slow - did a transfer of 10K to Bangkok and 10K to Krungsri - sent both at the same time. Bangkok took 2 days and Krungsri less than 10 minutes.  

12 minutes ago, FriscoKid said:


Each ATM withdrawal costs you ฿250 in fees from the Thai bank, correct?
 

And which Thai bank ATMs support a 30,000 Baht withdrawal per transaction? I thought the limit was 20,000 Baht per withdrawal in the past. 

 

Schwab refunds international ATM fees. 

37 minutes ago, FriscoKid said:


Yes, there are of course other options, including bank wires, but Wise works out to be the least costly in terms of fees and the most convenient and the fastest. That's why most people use them. 

Interesting you should say that about the fees. Surely that holds for modest amounts (like 1000 euros). On a 8000 euros transfer my Wise bank fee would already be above 50 euros. A SWIFT transfer (which can be as high as 12k euros) will set me back 22 euros with my EU bank.

  • Popular Post
1 hour ago, FriscoKid said:


Yes, it probably would. And I think the majority of the retirees from the UK living in Thailand, who receive a state pension, also have it transferred in via Wise. Without that facility, they would have to do a Bank wire from their UK bank account to get their money into their Thai bank every month. I think wire transfer fees from UK banks are not that inexpensive either. And that would be 12 wires a year for them.

I get my UK State Pension paid directly to my Thai account each month.  The fees are modest and the exchange rate is very good.

2 hours ago, FriscoKid said:


Yes, there are of course other options, including bank wires, but Wise works out to be the least costly in terms of fees and the most convenient and the fastest. That's why most people use them. 

well.. actually it depends on the amount being sent. Smaller amount $1-2K USD yes wise is typically cheaper.

 

However,  I recently sent 15K to my Thai bank using SWIFT, the fee was $25 and took 2 days.  Wise was going to be $79 for the same amount and the exchange rate was almost the same. 

 

  • Popular Post
9 minutes ago, ericthai said:

well.. actually it depends on the amount being sent. Smaller amount $1-2K USD yes wise is typically cheaper.

 

However,  I recently sent 15K to my Thai bank using SWIFT, the fee was $25 and took 2 days.  Wise was going to be $79 for the same amount and the exchange rate was almost the same. 

 

 

Wise seems to be slowly becoming less and less competitive.  That's good to know SWIFT is cheaper for larger amounts. 

  • Author
2 hours ago, delboy said:

I get my UK State Pension paid directly to my Thai account each month.  The fees are modest and the exchange rate is very good.


Interesting. If that's possible then why have I seen so many people on here talk about having to pay their UK state pension into a UK bank account first and then transferring it to their Thai account via Wise?

  • Author
3 hours ago, JackGats said:

Interesting you should say that about the fees. Surely that holds for modest amounts (like 1000 euros). On a 8000 euros transfer my Wise bank fee would already be above 50 euros. A SWIFT transfer (which can be as high as 12k euros) will set me back 22 euros with my EU bank.


You have to separate the transfer fee and the exchange rate fee. On the exchange rate Wise are normally a better value than the Thai banks. And then for the transfer, Wise only charge 46 Baht to send the money from your Wise account to a bank account in Thailand. No limit on the transfer amount for 46 Baht. 

  • Author
  • Popular Post
4 hours ago, TroubleandGrumpy said:

I think Bangkok Bank, Kasikorn Bank, and Siam Commercial Bank will always be OK.

 

It is hard to say where this is going in my opinion. I also find it unlikely that Wise chose on its own to cut off those 20 banks in Thailand. I suspect they were forced to. Their business is built on transfers, so why would they want to stop working with three quarters of the banks in the country? Now they are down to seven banks, and there is no guarantee those will not be cut off as well. That is my main point. When you say those three will be fine, I agree if it is up to Wise. My concern is that Wise could eventually lose access to all banks in Thailand. PayPal was cut off from Thailand a few years ago and Apple Pay does not work and has never worked with any Thai debit or credit cards. Thailand has a local monopoly on digital payment platforms, and right now Wise is competing with it. They could eventually be pushed out too.

  • Popular Post
9 hours ago, FriscoKid said:

It seems that as time goes on, the BOT and the Thai banks in general are making increasing efforts to squeeze out foreign digital payment platforms in Thailand and maintain the monopoly. They claim it is due to "system upgrades" that now prevent payments from Wise from continuing to be supported at certain banks, but only believe that excuse at your peril.

 

Fortunately, most major Thai banks will not be affected for now (by this new change made in May) and that is what matters. However, I suspect it is only a matter of time before Wise can no longer be used to transfer money into any Thai bank accounts. My guess is that it may last at most another year before it is completely shut down. See the Wise link and pertinent details below.

 

https://wise.com/help/articles/2932335/guide-to-thb-transfers

 

Starting on 6 May 2025, the following banks will no longer be supported due to payment system upgrades in Thailand: 

 

  • TMB Thanachart Bank (011)

  • Citibank (017)

  • Sumitomo Mitsui Banking Corporation (018)

  • Standard Chartered Bank (020)

  • United Overseas Bank (024)

  • The Government Savings Bank (030)

  • HSBC (031)

  • Deutsche Bank (032)

  • The Government Housing Bank (033)

  • Bank For Agriculture And Agricultural Cooperatives (034)

  • Mizuho Corporate Bank (039)

  • BNP Paribas (045)

  • Bank Of China (052)

  • Thanachart Bank (065)

  • Islamic Bank Of Thailand (066)

  • TISCO Bank (067)

  • ICBC (070)

  • The Thai Credit Retail Bank (071)

  • Land And Houses Retail Bank (073)

  • Sumitomo Mitsui Trust Bank (Thai) PCL (SMTB) (080)

Supported recipient banks: 
  • Bangkok Bank Public Company

  • Kasikorn Bank

  • Krung Thai Bank

  • Siam Commercial Bank

  • CIMB Thai Bank

  • Bank Of Ayudhya (Krungsri bank)

  • Kiatnakin Phatra Bank

That list was discussed in May, they couldn't handle the required system upgrades, no reason to think the supported banks above will be stopped

7 hours ago, FriscoKid said:


Thank you, but there are already plenty of posts about how many seconds it takes to transfer from Wise to a Thai bank account.

 

The real issue is that out of the 27 Thai banks Wise used to support, transfers to 20 have been discontinued as of two and a half months ago. That leaves only seven banks, just 25 percent, that can still receive a Wise transfer. Options are shrinking fast, and if they disappear completely, it will no longer matter how fast a Wise transfer is.

And why have they been discontinued?

  • Popular Post
6 hours ago, gk10012001 said:

yeah.  sometimes simple ways are the best way.  I will probably do the same and just withdraw the cash and then deposit it. Of course depending on ones visa and extension, this may not show that the funds came from overseas transfers which is required by immigration to show right?

 

That would certainly be an issue for people that use the funds for those purposes, but for me I don’t. I also don’t want to buy anything. Thailand is a renters market. 

4 hours ago, delboy said:

I get my UK State Pension paid directly to my Thai account each month.  The fees are modest and the exchange rate is very good.

Your fees are now 30% which are paid by you not having pension increases for the past 5 years.

It's not that Thai banks are not accepting deposits from Wise. It's a business decision by Wise to maintain relationships with the banks that have the biggest market share and capitalisation. It costs money to maintain any form of interbank network. 

 

This is a list of the top 10 Thai banks by capitalisation. At a quick count, it represents north of 80% of market share. No surprise that Wise choose to deal with most of these banks - the 80/20 rule applies. :coffee1:

 


1    The Siam Commercial Bank Public Company Ltd    $12.42 B 
2    Kasikornbank Public Company Ltd    $11.37 B 
3    Krung Thai Bank PCL    $9.31 B 
4    Bangkok Bank Public Company Ltd    $8.42 B  
5    TMB Bank Public Company Ltd    $5.64 B 
6    Bank of Ayudhya Public Company Ltd    $4.97 B 
7    TISCO Financial Group Public Company Ltd    $2.42 B 
8    Kiatnakin Phatra Bank Public Company Ltd    $1.22 B   
9    LH Financial Group Public Company Ltd    $490.2 M  
10    CIMB Thai Bank Public Company Ltd    $397.5 M 

 

Source: Top 10 largest Thai Banks—Regional Companies 2025

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