Disclosure: This page contains affiliate partner links to Wise. We may earn a commission if you sign up through these links at no extra cost to you.
The Verdict First
Which Method Should You Use?
For most Phuket expats sending regular transfers from Europe, the UK, the US, or Australia: Wise is the best option in almost every scenario. It's cheaper than your bank, faster, and the process is simple. The one exception is very large one-time transfers (฿5M+) where some banks offer competitive rates if you negotiate.
Here's the honest comparison from a 6-year Phuket resident who has used all of them.
Wise (formerly TransferWise)
✅ Best for most expats
- Mid-market exchange rate
- Transparent fee: 0.4–1%
- Arrives in 1–2 business days
- No hidden costs
- Debit card for local use
- 2024 tax: keep FET records
Bank SWIFT Wire
⚠️ Most expensive option
- Poor exchange rate (1–3% spread)
- Fixed fee: £15–40 or equivalent
- 2–5 business days
- Produces FET certificate automatically
- Useful for large formal transactions
- Required for some property purchases
Revolut
✅ Good alternative to Wise
- Mid-market rate (no markup)
- Free plan has monthly cap (£1,000)
- Paid plans (£2.99+/mo) remove limits
- Weekday transfers only at best rates
- 1.5% markup on weekends
- Good for EUR and GBP sources
InstaReM / OFX
✅ For large transfers
- Competitive rates on large amounts
- OFX good for AUD → THB
- InstaReM well-regarded for SGD
- Human support for large transfers
- Not as fast as Wise for regular use
Cost Comparison
Transfer Cost Comparison — Example: £10,000 to Thai Baht
| Method | Exchange Rate | Fixed Fee | Total Cost | You Receive (est.) |
|---|
| Wise | Mid-market | ~£45 (0.45%) | ~£45 | ฿449,000 |
| Revolut (paid plan) | Mid-market | ฿0 | ฿0 | ฿450,000 |
| Revolut (free plan) | Mid-market | 1% over cap | ~£90 | ฿446,000 |
| Barclays/HSBC wire | Mid-market −2.5% | £25 | ~£275 | ฿422,500 |
| Lloyds/NatWest wire | Mid-market −2.0% | £20 | ~£220 | ฿427,000 |
| OFX (large transfer rate) | Mid-market −0.5% | £0 | ~£50 | ฿447,500 |
Rates are illustrative. Actual rates vary daily. Assuming mid-market rate of ฿45/GBP. March 2026.
SWIFT Codes
Thai Bank SWIFT Codes for International Transfers
You'll need these for any international bank wire. Thailand does not use IBAN numbers.
KBank (Kasikorn Bank) — Most Used by Phuket Expats
SWIFT CodeKASITHBK
Bank NameKasikorn Bank PCL
Head Office Address1 Rat Burana Road, Bangkok 10140
Phuket Branch (Yaowarat)191 Yaowarat Road, Phuket Town 83000
Account Format10 digits
Bangkok Bank — Good for US Dollar Reception
SWIFT CodeBKKBTHBK
Phuket Branch (Phang Nga Road)55 Phang Nga Road, Phuket Town 83000
USD AccountCan hold USD — useful for pre-2024 savings
| Bank | SWIFT Code | Good For |
|---|
| KBank (Kasikorn) | KASITHBK | Most expats, K-PLUS app, PromptPay, KBank ATMs |
| Bangkok Bank | BKKBTHBK | USD reception, FET certificates, older expats |
| SCB (Siam Commercial) | SICOTHBK | Large branch network, good online banking |
| Krungsri (Bank of Ayudhya) | AYUDTHBK | Good for Japanese nationals (Mitsubishi UFJ owner) |
| UOB | UOVBTHBK | Singaporean expats, regional transfers |
The FET Certificate
The FET Certificate — What It Is and When You Need It
A Foreign Exchange Transaction (FET) certificate — also called a Thor Tor 3 — is issued by your Thai bank when you receive foreign currency and convert it to Baht. It's a paper trail that foreign money entered Thailand legally.
When you need it:
- Buying a condo: Required by law — must show FET for the full purchase price. Buyer must request it from KBank or Bangkok Bank at the time of receipt
- Non-OA retirement visa (฿800,000 requirement): Not technically required for the bank balance, but FET documentation is good practice if the money was ever questioned
- Tax documentation: Increasingly important post-2024 Paw 161 rule change — shows when foreign income was received in Thailand
Get FET certificates proactively: When receiving large transfers, go to your KBank or Bangkok Bank branch and request the FET certificate on the same day. Banks are supposed to issue them automatically for large transfers but it doesn't always happen without prompting. Store them safely — you may need them years later for a property purchase.
Save on Every Transfer with Wise
The mid-market rate, transparent fees, and Phuket ATM compatibility make Wise the preferred transfer method for most expats on the island.
Open a Wise Account →
Tax Implications
Transfers and Thai Tax — What to Know in 2026
The 2024 rule change (Paw 161/2566) means foreign income remitted to Thailand is taxable in the year it was earned, if you are a Thai tax resident (180+ days in Thailand). This creates new documentation obligations:
- Keep records of when income was earned (payslips, tax returns, bank statements from source country)
- Keep FET certificates as proof of when money arrived in Thailand
- Pre-2024 savings remitted now are not affected by the new rule — but you need to show the money was earned before 2024
- For retirees: pension income earned from 2024 onwards is potentially taxable if remitted to Thailand — check your DTA status
FAQ
Money Transfer FAQs
What is the cheapest way to send money to Thailand?
Wise is consistently cheapest for most currencies and sizes. It uses the mid-market exchange rate with a transparent fee of 0.4–1%. For a £10,000 transfer, Wise typically saves £200–400 vs a standard bank wire. Revolut is competitive for EUR and GBP sources on paid plans.
How do I send money to KBank in Phuket?
You need the recipient's KBank account number (10 digits), SWIFT code KASITHBK, KBank's head office address (1 Rat Burana Road, Bangkok 10140), and the recipient's name exactly as on the account. KBank Yaowarat Road branch in Phuket Town is used by most expats.
Does Wise work in Thailand?
Yes. Wise transfers TO Thailand in THB work well and arrive in 1–2 business days. The Wise debit card works at Thai ATMs with a ฿220 Thai bank fee per withdrawal. Wise does not support receiving THB from Thai sources into a Wise account.
How long does a bank wire to Thailand take?
Standard SWIFT wire: 2–5 business days. Wise to Thailand: 1–2 business days. Revolut: 1–3 business days. First transfers to a new Thai account may take longer as the receiving bank verifies details.
What is the FET certificate and when do I need it?
A Foreign Exchange Transaction (FET/Thor Tor 3) certificate documents that foreign currency was received and converted in Thailand. Required for condo purchases, good practice for visa documentation, and increasingly important for 2024 tax rule compliance. Request it from your Thai bank when receiving large international transfers.
Related Guides
Related Banking Guides