As wise will be under Thai banking rules in August. My question is...will it be cheaper to send 10 k from my UK bank through swift.?or will wise still be a better rate ? The fees for wise transfer for10 k are quite high but I'm not sure if there's any advantage in using wise for transferring UK to Thailand as my wise account is Thai registered. Any advice appreciate on best options .thank you

Edited July 22Jul 22 by mell

If you have a HSBC Global account, where you can send funds commission free, consider opening a FCD account...

the exchange rate should be the same if a UK or thai registered account

I guess another question at the heart of Wise's migration to a Thai bank is:

Will Wise (and all Thai banks) be required to use only the BOT official exchange rates for incoming transfers? Is it possible for Wise account in the original currency to exchange into Thai baht (at a better rate) and then send the transfer in Thai baht to Wise Thailand?

If you are moving money for you visa extension be careful it is clearly shown as a transfer of foreign funds.

I hold baht and GBP in my UK Wise account and have been advised to convert the Thai baht to GBP inside Wise, then transfer the GBP to my UK high street bank account before then using Wise transfer the GBP to my Bangkok account......otherwise immigration might cut up funny.

Happy to hear further advice on this it seems a right rigmarole.

50 minutes ago, ronnie50 said:

Will Wise (and all Thai banks) be required to use only the BOT official exchange rates for incoming transfers?

Of course not

My question was am I saving money by sending my funds through wise or sending them direct to my scb savings account .? So which one is best.?

Just now, mell said:

My question was am I saving money by sending my funds through wise or sending them direct to my scb savings account .? So which one is best.?

It's difficult to tell because it depends what exchange rate you get on the direct transfer, it will be the settlement date which may be 2+ days later than Wise, you need to do some calculations to compare if interested

In general for GBP, Wise will always be cheaper. The spread on the exchange rate used by the banks for a Swift transfer will always outweigh the %age that is part of Wise' fee.

The reason it can't be categorically stated as always better is the timing difference mentioned by scubascuba3 above, so if the exchange rate rises dramatically between you sending and the Thai bank receiving you could lose out.

It's different for USD where the spread is much less and there becomes a crossover point when a bank transfer is better. The exact point varies depending on fees involved.

16 hours ago, mell said:

My question was am I saving money by sending my funds through wise or sending them direct to my scb savings account .? So which one is best.?

From what I've read so far, there is no reason to suppose that there will be any difference regarding the service that Wise provide, including their very favourable charges.

The big advantage they have over their banking rivals is the exchange rate. They use the 'Mid market rate' rather than 'buying rate'. Plus there is no charge imposed by the receiving bank.

Do your home before sending a large sum, but I'm confident that Wise will prevail.

Edited July 23Jul 23 by Moonlover

If I recall the Wise announcement correctly, those with Thai registered accounts funds deposited to the account will be converted to and held in Thai baht.

20 hours ago, ronnie50 said:

I guess another question at the heart of Wise's migration to a Thai bank is:

Will Wise (and all Thai banks) be required to use only the BOT official exchange rates for incoming transfers? Is it possible for Wise account in the original currency to exchange into Thai baht (at a better rate) and then send the transfer in Thai baht to Wise Thailand?

Thailandcultural experiences

20 hours ago, ronnie50 said:

I guess another question at the heart of Wise's migration to a Thai bank is:

Will Wise (and all Thai banks) be required to use only the BOT official exchange rates for incoming transfers? Is it possible for Wise account in the original currency to exchange into Thai baht (at a better rate) and then send the transfer in Thai baht to Wise Thailand?

Thailandcultural experiences

Per Gemini AI, here are the new requirements for Thai registered Wise accounts:

Key Operational Changes & Restrictions

Because Thai-registered accounts fall directly under local financial laws, several global Wise features are being restricted or modified:

• Automated THB Conversion: Any incoming third-party funds sent to your non-THB account details (e.g., USD routing number or UK IBAN) will be automatically converted to Thai Baht (THB) at mid-market rates before hitting your balance.

• No Direct Foreign-to-Foreign Transfers: You can no longer transfer foreign currency directly between two overseas accounts (e.g., USD to SGD) without routing it through THB. This double conversion will incur additional FX fees.

• No Local ATM Cash Withdrawals: The Wise debit card will work for point-of-sale spending in Thailand and ATM cash withdrawals abroad, but domestic ATM cash withdrawals inside Thailand are blocked.

• Forced Liquidation of Interest & Stocks: Wise can no longer offer its "Interest" or "Stocks" investment features to Thai profiles. Any existing units held in these programs will be forcibly sold off into cash.

• Transaction & Conversion Limits:

  • Daily Outbound Limit: Standard initial limit of 30,000 THB per day for multi-currency transfers/payments (increases automatically with account usage).

  • Daily FX Limit: Maximum 750,000 THB per day for conversions from THB to foreign currencies.

  • Single Payment Limit: Maximum 10,000 THB per individual transaction for e-wallet transfers/top-ups.

New Thai Payment Features

On the positive side, local licensing enables native integration with Thai payment rails:

• Direct PromptPay & ThaiQR Integration: You can scan merchant ThaiQR codes or transfer directly to PromptPay IDs (phone numbers or Citizen IDs) straight from the Wise app.

• Local Bank Funding: You can fund your Wise balance directly from a Thai bank account without extra intermediary hurdles.

• Local Wise Debit Cards: Both physical and digital Wise cards can be issued and delivered directly to Thai addresses.

22 hours ago, ronnie50 said:

I guess another question at the heart of Wise's migration to a Thai bank is:

Will Wise (and all Thai banks) be required to use only the BOT official exchange rates for incoming transfers? Is it possible for Wise account in the original currency to exchange into Thai baht (at a better rate) and then send the transfer in Thai baht to Wise Thailand?

The BOT does not issue an 'official exchange rate' as the Baht is a free flowing currency subject to the prevailing market conditions.

Wise have always used the prevailing 'mid market rate' when sending transfers and will, I'm sure, continue to do so.

4 hours ago, soisanuk said:

Because Thai-registered accounts fall directly under local financial laws, several global Wise features are being restricted or modified:

Maybe this is a naïve question, but if one is sending money from UK to Thailand, wouldn't one use a UK-registered account anyway?

So do these changes only affect people sending money from Thailand to wherever?

My wise account is registered in Thailand as Thai resident ..so one can't have 2 wise accounts.

16 hours ago, VBF said:

Maybe this is a naïve question, but if one is sending money from UK to Thailand, wouldn't one use a UK-registered account anyway?

So do these changes only affect people sending money from Thailand to wherever?

Yes, I do believe so. If your registered as a Thai based customer, (as I am) you'll be able to send money out of Thailand. (not that I'm ever likely to do so!)

Sending money from UK is not affected in any way.

Edited July 23Jul 23 by Moonlover

2 hours ago, Moonlover said:

Yes, I do believe so. If your registered as a Thai based customer, (as I am) you'll be able to send money out of Thailand. (not that I'm ever likely to do so!)

Sending money from UK is not affected in any way.

Currencies& Foreign Exchange

Am I mistaken?

I thought a Thai resident could not register a Wise Account overseas. It is only recently that Wise has registered Thai accounts for Thai residents - allowing transfer of funds from both Overseas Bank Accounts to Thai Bank Accounts; and vice versa. Perhaps you mean overseas Wise Accounts existing prior to the recent changes, with Thai residency not advised to Wise

Appreciate confirmation

27 minutes ago, dinga said:

Am I mistaken?

I thought a Thai resident could not register a Wise Account overseas. It is only recently that Wise has registered Thai accounts for Thai residents - allowing transfer of funds from both Overseas Bank Accounts to Thai Bank Accounts; and vice versa. Perhaps you mean overseas Wise Accounts existing prior to the recent changes, with Thai residency not advised to Wise

Appreciate confirmation

I've been a resident of Thailand for 11 years and customer of Wise for 9 years and have always used my Thai address. (which is the only one I have anyway)

As far as I'm aware that is and always has been the correct way to do it.

7 minutes ago, Moonlover said:

I've been a resident of Thailand for 11 years and customer of Wise for 9 years and have always used my Thai address. (which is the only one I have anyway)

As far as I'm aware that is and always has been the correct way to do it.

+1

Very Odd - I tried to apply to Wise 1-2 years ago and was knocked back due to my residing in Thailand. I thought that was the underlying reason that Wise needed to licensed in Thailand in order to provide financial services.

On 7/23/2026 at 2:59 AM, soisanuk said:

If I recall the Wise announcement correctly, those with Thai registered accounts funds deposited to the account will be converted to and held in Thai baht.

That is only partially correct and your AI reply confirms that.

On 7/23/2026 at 8:59 AM, soisanuk said:

If I recall the Wise announcement correctly, those with Thai registered accounts funds deposited to the account will be converted to and held in Thai baht.

They have already started doing so. I've just sent a small sum in GBP to check it out. and it has already been converted to THB.

I've also found out that my mobile app no longer works! The explanation is that my phone needs to have Android V15 installed. This, apparently is a requirement of the Thai regulators. My lowly Samsung only stretches to V13.

How long before Thai banks start following suit I wonder.

38 minutes ago, Moonlover said:

They have already started doing so. I've just sent a small sum in GBP to check it out. and it has already been converted to THB.

Can you confirm if the sending account was in your name and how you sent them? My interpretation of the new rules was that if the you were the source then the funds would not be converted.

1 hour ago, Moonlover said:

They have already started doing so. I've just sent a small sum in GBP to check it out. and it has already been converted to THB.

1 hour ago, treetops said:

Can you confirm if the sending account was in your name and how you sent them? My interpretation of the new rules was that if the you were the source then the funds would not be converted.

It was just a routine transfer from my UK bank account to my Wise Main Account. The same as I've been doing for years. 10 GBP became 448.98 THB.

2 hours ago, Moonlover said:

They have already started doing so. I've just sent a small sum in GBP to check it out. and it has already been converted to THB.

I've also found out that my mobile app no longer works! The explanation is that my phone needs to have Android V15 installed. This, apparently is a requirement of the Thai regulators. My lowly Samsung only stretches to V13.

How long before Thai banks start following suit I wonder.

My Wise with Thai address is not yet converting to THB, I still see USD in it today. Cannot see Thai banks following the V15 Android requirement - how many Thais can afford a new mobile every couple of years?

19 minutes ago, Moonlover said:

It was just a routine transfer from my UK bank account to my Wise Main Account. The same as I've been doing for years. 10 GBP became 448.98 THB.

So your UK bank account sends GBP10 to a UK sort code/account and Wise converts that without asking to a THB balance? Does that THB balance have an account number?

24 minutes ago, Upnotover said:

So your UK bank account sends GBP10 to a UK sort code/account and Wise converts that without asking to a THB balance? Does that THB balance have an account number?

Yes of course it has an account number! Until recently they called it the Multi Currency Account. Now it's simply called my 'Main Account'.

But because I'm registered at a Thai address, they now convert it straight in THB, just as they said they would.

57 minutes ago, Digitalbanana said:

My Wise with Thai address is not yet converting to THB, I still see USD in it today. Cannot see Thai banks following the V15 Android requirement - how many Thais can afford a new mobile every couple of years?

I'm sure you're right about the phones. I'm not bothered about it, I'll just switch back to using the website.

It doesnt remotely matter how high Wise fees are (or low) its all about the bottom line that actually lands in the Thai account

You might have a UK bank sending "free" but its landing at Telegraphic Transfer rates of the receiving bank as opposed to Wise utilising full interbank rates

I used to do a check monthly and Wise always came out on top for £10.000 transfers when it landed (the bottom line)

You can see with Wise the exact amount you'll get

With Swift you can view the current TT rate it lands at your Thai bank.....yes that can change up or down (in the 2 days it takes to arrive) but Wise would also be moving in the same ratio's

Just stick with Wise you wont go wrong

22 hours ago, Moonlover said:

But because I'm registered at a Thai address, they now convert it straight in THB, just as they said they would.

That is not how I interpret their announcement.

9 minutes ago, treetops said:

22 hours ago, Moonlover said:

But because I'm registered at a Thai address, they now convert it straight in THB, just as they said they would.

10 minutes ago, treetops said:

That is not how I interpret their announcement.

Well yes, I get your point, but what I saw when I sent 10 GBP to my multi currency account was 448.98 THB. Go figure.

However, let's not get carried away over this. I've been wondering whether this was actually a 'notional' amount, rather than a conversion. Because until I initiate a transfer, my money is still in the UK and therefor it is still sterling isn't it.

And to prove that point, I've just sent it back to my UK bank account. And what I received was 10 GBP and my Wise account is now empty again.