1.   My funds in the USA are in my Etrade Checking account.  Must I use WISE to transfer the initial 800k baht into my Thai bank for my first extension, as well as for the monthly transfer income method I will use later?  Or can I just use Etrade and wire the money from my Etrade account website?  

2.  If Wise is best to use, how does it work?  Does Wise grab the money from my Etrade account from information I enter on the Wise website and then Wise sends it overseas?

3.   Do most people use Wise or do some of you use your own Bank for wire transfers

Thanks in Advance

 

I can't comment on the "Etrade checking" account. Dont even know what it is.

 

You can use WISE or SWIFT (traditional "wiring") transfer or whatever other services/methods there are.

Many swear that SWIFT gives a better result for high amounts.

WISE is popular among expats who have to transfer typical income/pension on a regular basis. Best result on that.

WISE requires registration with proof of identity and address.

 

Sounds like the question requires specific knowledge about US banking.

Maybe better in the banking forum?

Which bank in Thailand would the money go to?

Just now, KhunBENQ said:

I can't comment on the "Etrade checking" account. Dont even know what it is.

 

You can use WISE or SWIFT (traditional "wiring") transfer or whatever other services/methods there are.

Many swear that SWIFT gives a better result for high amounts.

WISE is popular among expats who have to transfer typical income/pension on a regular basis.

WISE requires registration with proof of identity and address.

 

Sounds like the question requires specific knowledge about US banking.

Maybe better in the banking forum?

Etrade is just my regular bank,  Same as any other,  I have since read up on wise a bit and I think I understand it.  One basically transfers or wires money into Wise and then Wise sends it

Just now, KhunBENQ said:

Which bank in Thailand would the money go to?

I am predicting it will be Kasikorn since I am planning on opening an account there next month when I arrive and it seems that most international monies get transferred there first then routed to other banks in thailand if applicable

7 minutes ago, gk10012001 said:

Etrade is just my regular bank,  Same as any other,  I have since read up on wise a bit and I think I understand it.  One basically transfers or wires money into Wise and then Wise sends it

 

Wise actually doesn't send your money anywhere.  It takes it and pays you locally out of it's Thai accounts at the rate confirmed when you make the transaction.  So the transfer to your local bank is domestic but depending on the receiving bank it is coded in a way that can be seen as originating overseas.  In the case of Kasikorn it will say "Trade Finance Deposit" on the statement in English, but in Thai it will be "ธุรกรรมต่างประเทศ", translates to "Foreign Transactions".

7 minutes ago, Upnotover said:

 

Wise actually doesn't send your money anywhere.  It takes it and pays you locally out of it's Thai accounts at the rate confirmed when you make the transaction.  So the transfer to your local bank is domestic but depending on the receiving bank it is coded in a way that can be seen as originating overseas.  In the case of Kasikorn it will say "Trade Finance Deposit" on the statement in English, but in Thai it will be "ธุรกรรมต่างประเทศ", translates to "Foreign Transactions".

I get it.  As I read online wise has local banks in many countries.  So funds are not actually moved across borders.  Thanks

I was going to use Wise to transfer my first 800k, but even though I had set it up in the US, they were still limiting the amount I could send. I believe I would have to apply to transfer the amount, then they would tell you what documents were needed. I have the documents here, but I didn't want to wait to get the money in K-bank, as I have a limited amount of time to age the money before applying for the extension. I opted to send 95% with a wire transfer through WF bank, it is easily done online or the app. Then I topped off the rest with a small transfer with Wise. It looks like the fees and such were almost a wash with a wire vs Wise. $25 or over $200. The wire went though in about 30 hours. It looks like Wire is better for large amounts, and wise for smaller. YMMV.

14 hours ago, Khyron said:

I was going to use Wise to transfer my first 800k, but even though I had set it up in the US, they were still limiting the amount I could send. I believe I would have to apply to transfer the amount, then they would tell you what documents were needed. I have the documents here, but I didn't want to wait to get the money in K-bank, as I have a limited amount of time to age the money before applying for the extension. I opted to send 95% with a wire transfer through WF bank, it is easily done online or the app. Then I topped off the rest with a small transfer with Wise. It looks like the fees and such were almost a wash with a wire vs Wise. $25 or over $200. The wire went though in about 30 hours. It looks like Wire is better for large amounts, and wise for smaller. YMMV.

Thank you 

On 11/15/2025 at 4:58 AM, gk10012001 said:

1.   My funds in the USA are in my Etrade Checking account.  Must I use WISE to transfer the initial 800k baht into my Thai bank for my first extension, as well as for the monthly transfer income method I will use later?  Or can I just use Etrade and wire the money from my Etrade account website?  

2.  If Wise is best to use, how does it work?  Does Wise grab the money from my Etrade account from information I enter on the Wise website and then Wise sends it overseas?

3.   Do most people use Wise or do some of you use your own Bank for wire transfers

Thanks in Advance

 

I have used my own US bank (which also advertises WISE as an alternative and possibly cheaper, and have done this with 64K monthly previously with "O" retirement method for many years without any problems.  Wise may be cheaper but not so much that I am concerned.

On 11/15/2025 at 4:58 AM, gk10012001 said:

1.   My funds in the USA are in my Etrade Checking account.  Must I use WISE to transfer the initial 800k baht into my Thai bank for my first extension, as well as for the monthly transfer income method I will use later?  Or can I just use Etrade and wire the money from my Etrade account website?  

2.  If Wise is best to use, how does it work?  Does Wise grab the money from my Etrade account from information I enter on the Wise website and then Wise sends it overseas?

3.   Do most people use Wise or do some of you use your own Bank for wire transfers

Thanks in Advance

 

Wire it by Swift transfer to your Thai bank account. For an amount that large you will find the fee greater in Wise than the swift transfer fee. Swift transfer will show as FTT so no issue there with immigration. Coming from USA you will receive a phone call from the Thai bank as they are required to report the deposit via a USA form, no issue for you though. I suggest you put the funds in a fixed account to receive slightly better interest over time. With the funds in the Thai bank long term you will need to submit a FBAR report annually to the US treasury department. Once again no issues for tax liability, just a formality.

 

Oh, very important; wire the funds in US dollars, you'll get a much better exchange rate from the Thai bank. If you let your US account make the swift transfer in baht they will charge a fee making the exchange rate terrible. My last swift transfer I received a great rate from SCB bank. As others have mentioned I use Wise for smaller transfers which the wire fee would be higher than wise. It really depends on the amount you need to move. Typical wire fees from US banks are $35-$45.

I find Wise to be extremely fast ( usually seconds )  and way cheaper than wire transfers from Chase

 If you have a U.S. address ..  you can also get  Wise cards , both a physical debit card ( it's a Visa card ) and a digital card

I use them quite often here in Thailand

 

U.S. FBAR reporting only applies if you have any "Foreign" accts..  ) aka Kasikorn, or any other Thai bank

  that individually or collectively  hits $10,000 even for just 1 day

 

On 11/15/2025 at 6:41 AM, gk10012001 said:

I get it.  As I read online wise has local banks in many countries.  So funds are not actually moved across borders.  Thanks

If you're currency to convert is USD then I believe SWIFT works out cheaper than Wise anove about 5000. The margin is so tight between buy and sell that there's little difference between Wise's exchange rate and the receiving banks.

 

That's not the case with EUR, GBP and most other currencies where the margin makes Wise the better option even on large transfers.

4 hours ago, Stocky said:

If you're currency to convert is USD then I believe SWIFT works out cheaper than Wise anove about 5000. The margin is so tight between buy and sell that there's little difference between Wise's exchange rate and the receiving banks.

 

That's not the case with EUR, GBP and most other currencies where the margin makes Wise the better option even on large transfers.

 

My calculations also show that SWIFT becomes cheaper than Wise at around $5000 if the SWIFT fee from the U.S. based bank is $25. 

1 hour ago, Everyman said:

My calculations also show that SWIFT becomes cheaper than Wise at around $5000 if the SWIFT fee from the U.S. based bank is $25. 

I know everyone's situation is different. I compared Wise before, and my SWIFT wire transfers are just as economical as Wise even on transfers as low as $2,500. Chase Bank doesn't charge me any wire fees, neither does Fidelity. I send USD to my FCD USD acct at Bangkok Bank, then convert to THB when I'm satisfied with the exchange rate. BBL charges an incoming wire fee of .0025 (200 baht min, 500 baht max), so a $2,500 transfer costs me around $6.25 or 200 baht.

3 hours ago, JohnnyBD said:

I know everyone's situation is different. I compared Wise before, and my SWIFT wire transfers are just as economical as Wise even on transfers as low as $2,500. Chase Bank doesn't charge me any wire fees, neither does Fidelity. I send USD to my FCD USD acct at Bangkok Bank, then convert to THB when I'm satisfied with the exchange rate. BBL charges an incoming wire fee of .0025 (200 baht min, 500 baht max), so a $2,500 transfer costs me around $6.25 or 200 baht.

 

I have accounts with Citi, BoFA, Wells Fargo, Fidelity, Schwab, Capital One and US Bank but Chase won’t open an account for me. So they can ‘eff off. 

3 hours ago, Everyman said:

Chase won’t open an account for me. So they can ‘eff off. 

Why? Is it because you have an overseas address? I've been with Chase since 2016, and never had any problems. I have a brokerage acct with them also. I use my US address.

41 minutes ago, JohnnyBD said:

Why? Is it because you have an overseas address? I've been with Chase since 2016, and never had any problems. I have a brokerage acct with them also. I use my US address.

 

If I have to speculate and be fair then their reason is actually pretty good. It has nothing to do with my address. I maintain one in the U.S. with relatives and it’s quite legitimate. 

 

I churn bank account opening bonuses, like “open an account and get $300,” that kind of thing. 

 

When you open a new account it goes into Chex Systems, which is like a hidden credit report but for checking accounts. Just like with credit cards, if you open too many too fast, it looks suspicious. 

 

This past year I’ve opened accounts at Capital One, Citi, and Wells Fargo. So a couple months ago when I went to take advantage of Chase’s $900 bonus for a newly opened checking + savings combo, they probably pulled my Chex Systems report and saw what I was doing. 

 

I’ll just have to wait a year or two without opening new accounts and my report will normalize. Then I’ll try again, depending on  what the current offer is. 

On 11/15/2025 at 6:17 AM, KhunBENQ said:

WISE requires registration with proof of identity and address.

 

Plus, if you're unlucky (like I was recently), proof of your right to reside in Thailand - for which only a Thai driving licence is, in practice, likely to be considered acceptable by WISE. 

6 hours ago, Everyman said:

 

If I have to speculate and be fair then their reason is actually pretty good. It has nothing to do with my address. I maintain one in the U.S. with relatives and it’s quite legitimate. 

 

I churn bank account opening bonuses, like “open an account and get $300,” that kind of thing. 

 

When you open a new account it goes into Chex Systems, which is like a hidden credit report but for checking accounts. Just like with credit cards, if you open too many too fast, it looks suspicious. 

 

This past year I’ve opened accounts at Capital One, Citi, and Wells Fargo. So a couple months ago when I went to take advantage of Chase’s $900 bonus for a newly opened checking + savings combo, they probably pulled my Chex Systems report and saw what I was doing. 

 

I’ll just have to wait a year or two without opening new accounts and my report will normalize. Then I’ll try again, depending on  what the current offer is. 

Yes. Most people are not aware of chex