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Transferring Money to Thailand: Cheapest Ways That Actually Work

Last updated 2026-07-16

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Getting money into Thailand sounds like it should be simple, and for small amounts it mostly is. The complications show up once you’re moving anything that matters: a monthly remittance to live on, a lump sum for a retirement-visa deposit, or a condo purchase that needs to satisfy a specific Thai regulation. This guide compares the four main ways expats and long-stay visitors actually move money into the country, when a cheap option isn’t the right option, and the paperwork that turns a transfer into proof Thai authorities will accept.

Prices are in Thai baht (THB) with US dollars in parentheses at ฿33 = US$1 (July 2026). If you haven’t opened a Thai account yet, read our guide to opening a Thai bank account first, since where the money lands matters as much as how it gets there.

Wise vs SWIFT wire vs Western Union vs crypto, compared

MethodTypical costSpeedBest for
Wise / Revolut-style transferMid-market rate + ~0.4%-1% feeSame day to ~1 business day for THBMonthly living expenses, most routine transfers
SWIFT bank wire~$35-65 sending fee + $10-30 per correspondent bank + Thai receiving-bank fee, plus an FX margin~1-5 business daysLarge one-off transfers needing clear bank documentation (visa deposit, condo purchase)
Western Union (or similar)$0-25+ depending on corridor/amount, plus ~1%-3% rate markupMinutes to same day for cash pickupRecipients without a Thai bank account, urgent cash needs
CryptoExchange spread + licensed off-ramp fees, varies widelyFast on-chain, slower to cash out legallyGenerally not recommended as a primary method

Figures compiled from current provider fee schedules and bank disclosures as of July 2026; get a live quote before sending, since rates and fees change often.

What’s the cheapest way to move money into Thailand?

For most people, it’s a transfer service like Wise or Revolut, not a bank. These services use the real mid-market exchange rate, the number you’d see on Google, and layer a transparent fee on top, commonly cited around 0.4%-1% of the amount depending on the currency pair and funding method (paying by bank transfer is usually cheaper than paying by card). A $5,000 transfer, for instance, has been quoted with a total fee under 1% of the amount. From 19 May 2026, Wise’s Thailand operations run through a locally licensed entity regulated by the Bank of Thailand, and the company has said Thai baht can now move abroad directly from a local account or Wise balance at mid-market rates too, though some non-THB corridors may route through an extra conversion step that adds cost, so check the in-app quote rather than assuming a flat rate applies everywhere.

When do you actually need a SWIFT wire?

When the money needs to prove where it came from. A traditional international SWIFT bank wire costs more, expect roughly $35-65 in sending fees, plus $10-30 deducted by each correspondent bank the payment routes through, plus a separate inward-transfer fee charged by the receiving Thai bank (commonly a small percentage with a minimum and cap), on top of a less competitive exchange rate than a mid-market transfer service. It also takes longer, typically 1-5 business days. The trade-off is documentation: a SWIFT wire from your own foreign bank account into a named Thai account creates the kind of unambiguous, bank-verifiable record that Thai immigration wants for a retirement-visa deposit and that the Land Office requires for a foreign condo purchase.

What is the FET form, and when does it apply?

The Foreign Exchange Transaction (FET) form is a Bank of Thailand-mandated document your receiving Thai bank issues, and reports to the central bank, confirming an incoming transfer was foreign currency converted into baht. Banks must issue one for transfers equivalent to roughly US$50,000 or more; below that, a bank credit advice or confirmation letter referencing the original SWIFT transfer typically does the same job. This isn’t optional paperwork for a condo purchase, the Condominium Act requires foreigners to remit the full purchase price in foreign currency, and the Land Office won’t register foreign ownership without proof. The Bank of Thailand has adjusted thresholds and due-diligence rules more than once, including changes reported for 2026, so confirm the current requirement with your bank before a large purchase.

Does a Wise transfer count as “money from abroad” for a visa or condo?

Usually, but verify it on your specific statement. Most Wise transfers to a Thai account post as a clearly labelled international transfer, but some have shown up on bank statements looking like a domestic deposit rather than an incoming foreign transfer, which is a problem if an immigration officer or a Land Office clerk is checking for proof of foreign origin. If you’re funding a retirement visa deposit or a property purchase this way, choose any long-stay or visa-related transfer purpose the app offers, and ask your Thai bank for a credit advice or FET letter afterward so you have a document in hand, not just a bank app screenshot, when it’s time to show proof.

Should you receive THB or hold foreign currency?

Receive THB. Converting at the point of transfer, at the mid-market rate a service like Wise offers, is cheaper than receiving foreign currency and converting it later through an ATM or bank counter, where a worse rate and an extra fee tend to apply, the same trap covered in our guide to ATM fees in Thailand. Holding a foreign-currency balance only makes sense for a specific reason, like upcoming spending back home, and even then it’s worth weighing against the cost of converting twice. For day-to-day cash needs and how exchange counters and ATMs compare once the money has landed, see our guide on exchanging money in Thailand.

Can you use PromptPay for international transfers?

Only in limited, changing ways. PromptPay, Thailand’s domestic QR payment and transfer network, already has cross-border links letting e-wallet and bank customers in a handful of countries pay Thai PromptPay QR codes when visiting. Separately, Wise has announced plans to let customers send money directly to a Thai PromptPay ID as part of its local Thailand rollout. As of writing, this is still rolling out in stages rather than fully live everywhere, check the current feature availability in your transfer app before you plan around it.

What do expats actually use, month to month?

Most long-stay expats settle into a pattern: Wise or Revolut for the recurring rent-and-living-expenses transfer, since the fee and rate beat a bank wire on routine amounts, and a SWIFT wire reserved for the rare large, one-off transfer, a visa deposit, a condo down payment, where a clean paper trail matters more than shaving off a percentage point. Western Union and similar cash networks tend to come up for one-off situations, sending money to someone without a Thai bank account, rather than a monthly habit. Crypto stays niche, useful to a small subset already holding it, not how most people fund daily life here.

The honest take

None of these methods is free, and “cheapest” depends on the transfer’s size and purpose, not just its cost. Optimizing purely for the lowest fee on a visa deposit or condo purchase can backfire if the documentation doesn’t hold up later, a few dollars saved on a Wise transfer isn’t worth a stalled visa extension. Treat routine transfers and one-off, paperwork-sensitive transfers as separate decisions, and when a visa or property title is on the line, confirm exactly what your bank and Thai immigration will accept before you send it.

A tax note worth flagging: if you’re a Thai tax resident (183 or more days in Thailand in a calendar year) remitting foreign-sourced income earned from 1 January 2024 onward, that transfer can be assessable for Thai tax, regardless of the year you actually move it, following a Revenue Department reinterpretation that took effect that year. This is a genuinely complex, evolving area, our Thailand retirement visa guide touches on the broader financial planning context, but get advice from a Thailand-based tax professional before moving a large sum, this article isn’t tax advice.

Sources

Frequently Asked Questions

What's the cheapest way to send money to Thailand?

For most routine amounts, a Wise or Revolut-style transfer service is cheapest. They use the mid-market exchange rate, the same one you'd see on Google or Reuters, and charge a transparent fee on top, commonly cited around 0.4%-1% of the transfer amount depending on the currency pair and how you fund it (bank transfer is usually cheaper than a card). A traditional SWIFT bank wire and services like Western Union both apply a bigger markup to the exchange rate itself, on top of their stated fees, so the same amount typically arrives smaller. Always check the live quote in the app before sending, fees and rates move with the market and with each provider's own pricing changes.

Is Wise safe and reliable for large transfers to Thailand?

Wise is a regulated payments company, not a bank, and it's used by a large number of expats for both routine and larger transfers to Thai accounts. From 19 May 2026, Wise's Thailand operations moved to a locally licensed entity regulated by the Bank of Thailand, which is generally read as a sign of increasing local oversight rather than a warning sign. For very large transfers, especially ones tied to a visa deposit or property purchase, check current transfer limits in the app and confirm with your receiving Thai bank that the transfer will show clearly as an incoming international transfer, not a domestic-looking deposit, since that distinction matters for documentation later.

Do I need a SWIFT wire for a Thailand retirement-visa deposit?

Not strictly, but it's the safer default. The retirement (Non-Immigrant O-A) visa's ฿800,000 deposit needs to be shown as coming from abroad, and a SWIFT wire from a foreign bank account produces an unambiguous paper trail your Thai bank can certify. Transfer services like Wise can also work, and can be used for this, but some Wise transfers have posted on Thai bank statements as a domestic-looking deposit rather than a clearly labelled international transfer, which can complicate the proof immigration wants. If you use Wise or a similar service for a visa deposit, select any 'long-stay' or visa-related transfer purpose the app offers, and ask your Thai bank for a credit advice or Foreign Exchange Transaction (FET) confirmation letter afterward as a backup. See our [Thailand retirement visa guide](/guide/thailand-retirement-visa/) for the full deposit requirements, and verify the current documentation rule with your bank or immigration office before you rely on any single transfer method.

What is a Foreign Exchange Transaction (FET) form, and when do I need one?

It's a Bank of Thailand-mandated document that a Thai bank issues (and reports to the central bank) confirming that an incoming foreign-currency transfer was converted into baht. Banks are required to issue one for transfers equivalent to roughly US$50,000 or more; smaller transfers can usually be documented instead with a bank credit advice or confirmation letter referencing the original SWIFT transfer, which the Land Office and immigration generally accept as evidence funds came from abroad. If you're buying a condo as a foreigner, this documentation is not optional, the Condominium Act requires the purchase price to be remitted in foreign currency, and the Land Office won't register foreign ownership without proof of that. Rules and thresholds have been adjusted by the Bank of Thailand as recently as 2026, so confirm the current threshold and required paperwork with your bank before a large purchase or deposit.

Should I receive money in Thailand as THB or in a foreign currency?

For everyday spending, receive in THB. Converting at the point of transfer, using a service that applies the mid-market rate, is generally cheaper than receiving foreign currency and converting later at an ATM or a bank counter, where a worse rate and an extra fee often apply, similar to the Dynamic Currency Conversion trap covered in our [ATM fees in Thailand guide](/guide/atm-fees-thailand/). Keeping a foreign-currency balance only makes sense if you have a specific reason, upcoming spending back home, or a currency you expect to strengthen, and even then, weigh that against the cost of converting twice.

Can I use PromptPay to receive money from abroad?

Not directly from most foreign banks yet, but the picture is changing. PromptPay already has cross-border links with e-wallets and banks in a handful of countries (including Singapore and Malaysia) for QR payments, and Wise has said it plans to let customers send money directly to a Thai PromptPay ID, tied to a phone number or Citizen ID, as part of its move to a locally licensed Thai entity. Check the current status in whichever app you use before counting on it, cross-border PromptPay access has been rolling out in stages through 2026 rather than arriving all at once.

Is sending crypto a good way to transfer money to Thailand?

Treat it as a caveat, not a shortcut. Thailand regulates cryptocurrency exchange and trading through the Securities and Exchange Commission, and legally converting crypto to spendable baht means using a licensed Thai exchange, an extra step with its own fees, spreads and processing time that often erases any apparent savings over Wise or a bank wire. It also doesn't generate the kind of bank-issued, foreign-source documentation that Thai immigration or the Land Office wants for a visa deposit or condo purchase, so it's not a workable substitute for either. For ordinary money transfers, a regulated transfer service or bank wire is simpler and safer.

Will transferring money to Thailand trigger Thai tax?

Possibly, depending on your tax residency and when the income was earned, not on the transfer method itself. Since a 2023 Revenue Department reinterpretation applied from 1 January 2024, a Thai tax resident (broadly, anyone in Thailand 180 or more days in a calendar year) who remits foreign-sourced income earned on or after that date can owe Thai tax on it, even if the transfer happens in a later year. Income earned before 2024 is still generally treated as exempt when remitted. A reform easing this rule has been proposed but wasn't confirmed as enacted as of mid-2026. This is a genuinely complex area with real money at stake, so treat this as an awareness flag, not tax advice, and talk to a Thailand-based tax adviser before moving a large sum, especially around a [retirement visa](/guide/thailand-retirement-visa/) deposit or a property purchase.

Out Thailand Team

Based in Chiang Mai

The Out Thailand team lives in and around Chiang Mai and writes practical, on-the-ground guides to events, cost of living, and daily life in Thailand.