I'm Not A Fan Of The Wise Transfer App

Here's a few links for my favorite credit cards. I try to check the links often, but let me know if there is a problem. If they change the offer on the card, I may need to update the link. Full disclosure, I get a few airline miles for referring a new customer. You should get the same public offer at no additional cost. Thank you very much.

#thailand, #sukhumvit, #bangkok, #expat living

[EagerExpat]

If you enjoy checking out Bangkok and other SE Asia spots, consider subscribing. I'll continue to make videos showing the streets in Bangkok and beyond. Thailand is amazing and a great place to visit, work or retire. I'll do my best to show you how to live affordably in SE Asia. Plus, enjoy some great side trips from Bangkok.

[fredmauren]

Well done video.

I use State Department Federal Credit Union . Opened the account 20 years ago when I joined Foreign Service. SDFCU charges $35 to make foreign transfers. Has been hassle free to move big amounts for house construction to my Thai wife’s Siam Commercial Bank .

[christopheri]

I tried using NFCU to do an international wire transfer 2 days ago for $28k and the exchange rate they quoted me was 35.56 while the exchange rate for Wise on the same day when I looked it up was 36.16. Not sure why the exchange rate was so different than yours but it was over $600 to wire the money at NFCU with fees and all.

[fittekowner]

I agree with you Joe I am comfortable with Navy Federal Credit Union . Semper Fi

[bradley_Bradley]

I think your math is correct when you compare Wise to Navy Fed. If you transfer larger amounts Navy Fed wins. I dont live there so Ill be a Tourist and i just plan on using my Charles Schwab Bank ATM Card which reimburses me for any ATM fees on both sides of the transaction. My only headache is how do you know which ATM's have the best exchange rates? At the Street Exchangers the exchange rate is Posted so you know exactly what the rate is. On the ATM's i have no idea what the rate would be until i complete the transaction. Just wondering if one ATM could spit out money at 32THB and the one down the Street spits money out at 36 THB. Id be angry if i got ripped off on the 32 THB ATM. I guess i just have to take the plunge and see

[btsd]

Charles Schwab, $15 flat rate on international transfers. Plus they re-imburse you monthly for any debit transaction costs that are international. I had a sit down with a VP from the La Jolla office and she said that the $15 was waived after a certain amount for transfers. However she could not tell me what the limit was for the fee to be waived. Please do your own due diligence.

[richmoore]

Thanks for the video! I agree with your logic.... Wise for small transfers and (Possibly) a bank for large transfers.. (I will have to see what my 2 banks charge) Can anyone join the NFCU?

[bogse]

I dont think you have to move 800 000baht to thai bank account in retirement visa. At least in my country its ok if you show your own country bank account that there is worth 800 000baht money and you get 1 year retirement visa.

[robertbangkok]

I agree that using Wise to transfer large sums is very expensive. However, what confused me about your report is your statement that your Thai bank takes out money or uses a different exchange rate. I regularly send small amounts to a friend in Thailand ca. $60/month. The fee that Wise charges is $1.73. They subtract that fee and convert $58.27 at the daily rate (which today is 36.4) and then calculate the amount transferred. That exact amount is what shows up in my friends Siam Bank account. It has never been different, so it appears Siam is not taking a cut.

[No_Strings]

Super useful thanks. I guess it's best to shop around, in UK we don't have NFCU , I'll have to check what other options we have. Either way I think they're all a rip off 😊

[btsd]

PB mailman?? Then you remember Dave? Dave Z Mailman.

[No_Strings]

I don't believe the banks / finance companies are going to make transfers any cheaper or easier... The tech had been there for many years now, and it's not really had an impact on charges, in fact given the technological advances... costs have increased...

[Willtravelsforfood]

Good comparison. What kind of interest does Bank of Bangkok pay on the money they hold? Do they have the option of anything approaching current money market fund yield in the US (currently 5% plus). Maybe that also factors in to conversion strategies? The strategy of not being dependent upon sub-optimal exchange rates seems like a good one (I.e. holding the 800K vs. the monthly $65K requirement), especially if you can make any kind of interest on your holding on the Thai side. How does that work in your experience?

[ThunderGator]

Do you ever use your NFCU debit card to withdraw cash from an ATM in Thailand?