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It's good bye bank charges when transferring money to Thailand.

Want to send money to Pattaya, with ZERO bank charges, get the MARKET RATE in currency conversion and only pay a 1.5% or less on the whole deal ? Then read on as this is for you ..

You probably have never heard of Taavet Hinrikus and Kristo Käärmann, but these guys came up with a really brilliant way to avoid the horrendous bank charges when sending money abroad. Such a good idea that our old friend Sir Richard Branson and others invested a cool $25 million dollars into TransferWise the company they formed. Of course all legit and above board, authorised by the UK Financial Conduct Authority. Moving hundreds of million's in currency every month globally, saving everyone that transfer money through them extortionate bank charges.

For those that assume when using a bank transfer that they get the regular market or transfer rate, it's simply not true. High Street Banks offer very poor exchange rates and everyone is shortchanged all the way by their home and the receiving bank. Western Union and PayPal are just as bad, pocketing up to 4% in some cases of the money transfer, and then adding a currency conversion fee on top. This is where TransferWise step in, simply avoiding these absorbent fees the banks charge.

So how does TransferWise work, saving your hard earned cash ?

Once you have initiated the transfer TransferWise get down to the business of searching for others making a transfer from the location you are sending to. Then they simply swap the currency, rather than just 'buying' and 'selling' and importantly use the real mid-market rate, which works in your favour. Ingenious or what! You get a true market rate on conversion, no home or receiving country bank fees, and to put some further icing on the cake the first transaction is free. It's not an immediate transfer of course, small amounts take around 48 hours, larger amounts can take longer.


man sleeping with no worries after transfering money

Hello TransferWise the new way

Need a bank account in Pattaya ?

Foreign visitors are welcome to open a current or savings account with any commercial bank in Pattaya or elsewhere in Thailand, providing they have a non immmigrant catogory "0" visa. As a special gesture to non-residents, no restrictions are imposed on the maintenance of or withdrawal from the account, as long as the funds originate from abroad. For additional information concerning foreign exchange regulations, please contact any authorised bank.

Thai and foreign banks provide standard services nationwide, Monday to Friday (except public holidays) between 8:30 AM and 3:30 PM. Major banks such as Bangkok Bank, Thai Danu Bank, Kasikorn and Siam Commercial open at weekends and operate currency exchange counters in most tourist areas from 7:00 AM to 9:00 PM, seven days a week, including holidays.