Quick Comparison: The Bottom Line
- Best overall (small-mid transfers): Wise — transparent fees, real exchange rate, fast
- Best for large transfers (฿100k+): OFX — no transfer fee, competitive rates on big amounts
- Western Union: Convenient but expensive — 2–4% markup on exchange rate
- Worst option: Bank wire via SWIFT — typically costs 3–5% total including spread
- Typical saving vs bank: ฿1,500–5,000 per ฿100,000 transferred
I've been sending money to my Kasikorn Bank account on Yaowarat Road for seven years, and the difference between using Wise and my home bank's wire transfer was dramatic. On one early transfer of £10,000, the bank charged me £25 in fees and buried an additional £180 in the exchange rate spread. Wise cost me about £40 total — a saving of over £160 on a single transaction.
For Phuket expats, this isn't academic. Whether you're funding your monthly living costs, topping up the Non-OA visa's ฿800,000 bank balance, or buying property through a Thai company, choosing the right transfer service matters. This guide compares the three most commonly used non-bank services: Wise, OFX, and Western Union.
The Master Comparison Table
| Feature | Wise | OFX | Western Union |
|---|---|---|---|
| Exchange rate | Mid-market (real rate) | Near mid-market (small markup) | 2–4% markup typical |
| Transfer fee | 0.4–0.7% of amount + small fixed fee | No transfer fee | Varies (often ฿0 but rate compensates) |
| Total cost on £1,000 transfer | ~£6–9 | ~£10–18 (rate markup) | ~£25–40 |
| Total cost on £10,000 transfer | ~£45–70 | ~£25–60 | ~£200–400 |
| Speed to Thai bank | Same day to 1 business day | 1–2 business days | Minutes (cash) / 1–3 days (bank) |
| Thai bank delivery | Yes — KBank, Bangkok Bank, SCB etc. | Yes — all major Thai banks | Yes + cash pickup option |
| Multi-currency account | Yes (50+ currencies, Wise card) | No | No |
| Minimum transfer | No minimum | ~£150–250 equivalent | No minimum (fees make tiny amounts expensive) |
| Maximum transfer | Varies by verification level | No limit (call for large amounts) | Country-specific limits apply |
| FET document support | Arrives in Thai bank — FET available | Arrives in Thai bank — FET available | Bank transfer option supports FET |
| Non-OA 800k requirement | Suitable — SWIFT-based delivery | Suitable — good for large amounts | Usable but expensive for ฿800k |
| Mobile app | Excellent | Good | Good |
| Regulated | FCA, FinCEN, MAS etc. | ASIC, FCA, FinCEN etc. | Major global regulator network |
Wise: Best All-Round Choice for Most Phuket Expats
Wise (formerly TransferWise) uses the mid-market exchange rate — the same rate you see on Google or XE.com — and charges a transparent percentage fee plus a small fixed amount. There's no hidden markup in the exchange rate, which is where most traditional banks and some competitors make their money.
How Wise Works for Thailand
You send from your home currency account (GBP, EUR, USD, AUD, etc.) and it arrives in THB at your Thai bank. For KBank Yaowarat Road, the SWIFT code is KASITHBK. For Bangkok Bank Phang Nga Road, it's BKKBTHBK. Wise uses its own banking infrastructure in many countries, which keeps costs down and speeds things up.
The Wise multi-currency account and debit card are particularly useful for Phuket expats. You can hold balances in multiple currencies and convert when rates are favourable. The Wise card works at Thai ATMs — you'll still pay the Thai bank's ฿220 ATM fee, but you get two free withdrawals per month above that.
Wise Costs (2026 indicative rates)
| Amount Sent (GBP) | Wise Fee (approx) | Amount Received (THB) | Effective cost vs bank wire |
|---|---|---|---|
| £500 | ~£4 | ~฿22,200 | Save ~฿1,000 |
| £2,000 | ~£14 | ~฿88,700 | Save ~฿3,500 |
| £5,000 | ~£30 | ~฿221,800 | Save ~฿8,000 |
| £10,000 | ~£55 | ~฿443,600 | Save ~฿15,000 |
Exchange rates fluctuate. These are approximate figures for illustrative purposes only, based on mid-2026 rates.
Send Money to Phuket with Wise
The transfer service used by hundreds of thousands of Thailand expats. Real exchange rate, transparent fees.
Open Wise Account →OFX: The Better Choice for Large Transfers
OFX (formerly OzForex) is an Australian-headquartered currency exchange specialist with offices in multiple countries. Unlike Wise, OFX charges no transfer fee — but makes its margin entirely within the exchange rate. On smaller transfers, this often makes OFX more expensive than Wise. On larger transfers (roughly £5,000 equivalent and above), the math can flip.
When OFX Makes Sense
- One-off large transfers: Sending the Non-OA ฿800,000 visa lump sum from the UK? OFX's competitive rate on large amounts can save you over Wise's combined fee structure.
- Quarterly remittances: If you transfer large sums quarterly rather than monthly, OFX's no-fee model rewards you.
- Negotiated rates: OFX will negotiate rates for transfers over about £30,000. Call them directly — the phone dealers can often beat the online quote by 0.1–0.15%.
- Forward contracts: OFX offers forward exchange contracts, which let you lock in today's rate for a transfer happening in up to 12 months. Useful if you're worried about currency movement before a property settlement.
OFX Practical Notes for Thailand
OFX delivers via SWIFT to Thai banks. Bangkok Bank and KBank both receive OFX transfers reliably. The typical delivery time is 1–2 business days. OFX has phone support (24/5) which is useful when you're dealing with a time zone that puts Thailand 6–7 hours ahead of the UK.
One thing to note: OFX has a minimum transfer that varies by origin country — typically around £150–250 equivalent. This makes it unsuitable for small weekly transfers but fine for monthly or larger movements.
Western Union: Convenient but Expensive
Western Union has global brand recognition and genuine advantages in certain situations — notably cash pickup, which neither Wise nor OFX offer. If you need to get THB cash to someone in Phuket without a Thai bank account, Western Union can do that instantly.
However, for regular bank-to-bank transfers, Western Union's exchange rate markup (typically 2–4% above mid-market) makes it materially more expensive. On a ฿100,000 transfer, you're likely leaving ฿2,000–4,000 on the table compared to Wise.
⚠️ Western Union: Use Only When Needed
The main use cases where Western Union makes sense: sending cash to someone without a Thai bank account, small emergency transfers to a pickup location, or if neither Wise nor OFX is available for your origin country. For regular expat transfers, it's simply too expensive.
The 2024 Thai Tax Remittance Change: What Transfer Services Won't Tell You
Since 1 January 2024, Thailand changed its rules on foreign-sourced income under Departmental Instruction Paw 161/2566. If you are a Thai tax resident (spend 180+ days per year in Thailand), income earned abroad and remitted to Thailand in the same calendar year may now be subject to Thai income tax — regardless of when it was earned.
Your transfer service (Wise, OFX, Western Union) simply moves money — it doesn't know your tax status and won't advise on this. If you're remitting substantial foreign income to Thailand, speak to a Thai tax professional. The Phuket Revenue Department office is at Phraya Nakharin Road (076-212120).
The Optimal Setup for Phuket Expats
After seven years of managing this myself and talking to dozens of expats at the Hash House Harriers Monday runs and Nai Harn lake morning sessions, here's what most financially switched-on Phuket residents do:
- Day-to-day living costs: Wise monthly transfer direct to KBank Yaowarat — transparent, fast, good rate
- Non-OA visa ฿800k lump sum: OFX or Wise — both work, OFX may edge it on very large amounts
- Emergency backup: Western Union cash pickup knowledge (know the location of the Phuket branch) — useful if your bank card fails
- Currency timing: Hold GBP/EUR/AUD in Wise multi-currency account and convert when the THB is strong
Getting the FET Document for Property or Non-OA Visa
The Foreign Exchange Transaction (FET) document — previously known as the TT3 — is required when buying property in Thailand as a foreigner (to prove the funds came from abroad) or when showing the ฿800,000 Non-OA visa requirement in a Thai bank account.
To get the FET document, the money must arrive at your Thai bank via an international wire transfer (SWIFT) in a foreign currency that the bank then converts to THB. Both Wise and OFX deliver in this way. When the money arrives, go to your KBank or Bangkok Bank branch and ask specifically for the FET/TT3 document — bring your passport. They typically issue it within a few days.
Need Help with Your Phuket Finances?
Book a 30-minute consultation with our team — we can walk you through banking setup, transfer strategy, and visa fund requirements.
Book a Consultation →Quick Decision Guide: Which Service Should You Use?
| Your Situation | Best Choice | Why |
|---|---|---|
| Monthly living expenses under £3,000 | Wise | Transparent fee, fast, excellent app |
| Large quarterly remittance £5,000+ | OFX | No fee, competitive rate on large amounts |
| Non-OA ฿800k lump sum from UK/AUS | OFX or Wise | Both support FET document generation |
| Emergency cash for someone in Phuket | Western Union | Cash pickup available at agents across Phuket |
| Property purchase (FET needed) | Wise or OFX | SWIFT delivery to Thai bank supports FET |
| US dollars (USD sender) | Wise | Strong USD transfer infrastructure |
| Rate lock for future property settlement | OFX | Forward contracts available |
Internal Links: Related Banking Guides
- Phuket Banking Hub — All Banking Guides
- Phuket Banking Guide for Expats 2026
- Kasikorn Bank (KBank) for Expats in Phuket
- Opening a Bangkok Bank Account in Phuket
- Wise Money Transfer to Thailand 2026
- How to Send Money to Thailand
- Thai Income Tax for Expats 2026
