My honest take after 6 years in Phuket: Wise has saved me thousands in exchange rate fees that I used to lose to bank wire transfers. If you're sending money to Thailand from abroad — whether monthly income, rental deposits, or visa fund requirements — Wise is the default starting point. Here's exactly how to use it in Phuket.
Why Wise Matters for Phuket Expats
Most Phuket expats need to move money from their home country to Thailand regularly — to pay rent, top up their Thai bank account, or maintain the ฿800,000 required for a retirement visa. The traditional method (international bank wire) is expensive: banks typically apply a 2–3% exchange rate margin plus a ฿500–800 receiving fee on the Thai side.
On a ฿50,000 monthly transfer (roughly £1,200 / $1,500 / €1,400), that margin costs you approximately ฿1,000–1,500 extra every single month — ฿12,000–18,000 per year just in lost exchange rate value.
Wise uses the mid-market exchange rate (the rate you see when you Google "GBP to THB") and charges a transparent, small percentage fee instead of hiding margin in the rate. For most transfers, this saves 60–80% compared to bank wire transfers.
Stop Losing Money on Bank Transfers
Wise (formerly TransferWise)
Mid-market exchange rate. Typical fee 0.4–1.5%. Thai bank transfers usually arrive same day. The Wise debit card skips the 220 THB ATM fee at many machines. Used by the majority of Phuket expats.
Open Free Wise Account →
Wise vs Bank Wire: Cost Comparison
| Method | Exchange Rate | Fees | Receiving Fee (THB) | Total Cost on ฿50,000 transfer |
|---|
| Wise | Mid-market rate | ~0.41–0.55% + small fixed | ฿0 | ~฿250–350 |
| SWIFT bank wire (GBP) | Bank rate (-2–3%) | £10–25 sending fee | ฿500–800 | ~฿1,500–2,500 |
| SWIFT bank wire (USD) | Bank rate (-2–3%) | $15–40 sending fee | ฿500–800 | ~฿1,800–3,000 |
| Western Union / MoneyGram | Poor exchange rate | High flat fees | ฿0 | ฿2,000–4,000+ |
| Revolut (to THB bank) | Mid-market (weekdays) | ~0.5–1% depending on plan | ฿0 | ~฿400–700 |
How to Send Money to Thailand with Wise
- Create a Wise account — free to set up at wise.com. Requires identity verification (passport + selfie). Takes 1–3 days on first use.
- Add recipient bank details — your Thai bank account number, SWIFT code, and bank address. For KBank (Kasikorn Bank): SWIFT code KASITHBK, bank name Kasikorn Bank, branch and address of your account-holding branch.
- Enter the amount — you can specify either the amount you're sending (e.g. £1,000) or the amount you want to arrive (e.g. ฿45,000). Wise shows you exactly what will arrive before you confirm.
- Pay Wise — via bank transfer, debit card, or open banking from your home country bank. Bank transfer is cheapest.
- Money arrives in Thailand — typically within 1 business day for GBP/EUR/USD to THB. Sometimes same-day during banking hours.
For the Non-OA retirement visa: When you need to show ฿800,000 in your Thai bank account, Wise is a fast and cost-effective way to transfer large amounts. For amounts above £10,000 equivalent, the savings vs bank wire can be ฿3,000–8,000 on a single transfer. Start the Wise verification process early — large first-time transfers can trigger additional verification steps.
The Wise Debit Card in Phuket
The Wise multi-currency debit card is issued by Wise and linked to your Wise balance. You can hold THB, GBP, USD, EUR and 50+ currencies simultaneously and spend in any of them.
In Phuket, the Wise card works at:
- All card terminals (Visa/Mastercard) — shops, restaurants, supermarkets, pharmacies
- ATMs — all major Phuket bank ATMs (KBank, Bangkok Bank, SCB, Krungsri, KTC)
- Online purchases in THB or foreign currencies
ATM Fees with Wise in Phuket
Two fees apply when using your Wise card at Phuket ATMs:
- Thai ATM fee: ฿220 flat fee per withdrawal, charged by the Thai bank. This is unavoidable with any foreign card — it's the Thai bank's fee, not Wise's.
- Wise fee: The first 2 ATM withdrawals per month are free (up to £200 equivalent each). After that, ~1.75% + £0.50 per withdrawal.
Strategy: withdraw larger amounts less frequently to minimise the ฿220/withdrawal cost. Withdrawing ฿10,000 once costs ฿220. Withdrawing ฿2,500 four times costs ฿880.
Thai ATM limit: Thai ATMs typically limit single withdrawals to ฿20,000–30,000. Some older machines cap at ฿10,000. To get ฿50,000+ in cash, you'll need multiple withdrawals or a direct transfer to your Thai bank account. For large amounts, transfer to your KBank account and withdraw there — KBank's own card at KBank ATMs has no withdrawal fee.
Wise + KBank: The Optimal Setup
Most long-term Phuket expats use both Wise and a Thai bank account, which complement each other:
| Use Case | Best Tool | Why |
|---|
| Sending money from abroad to Thailand | Wise | Better exchange rate, lower fees |
| Daily THB spending in Phuket | KBank | Local account, no ATM fees at KBank ATMs |
| Paying Thai bills (electricity, school fees) | KBank | PromptPay, internet banking in Thailand |
| Maintaining ฿800k visa balance | KBank | Immigration requires Thai bank balance letter |
| Online purchases in home country currency | Wise card | Mid-market rate, no currency conversion fee |
| Travelling outside Thailand | Wise card | No foreign transaction fee, 50+ currencies |
The 2024 Thai Income Tax Change — What Wise Users Need to Know
This is important. From 1 January 2024, Thailand changed how it taxes foreign income remitted by Thai tax residents (people who spend 180+ days per year in Thailand).
Old rule (pre-2024): Foreign income remitted to Thailand was only taxable if remitted in the same year it was earned. Income earned in 2023 and transferred to Thailand in 2024 was exempt.
New rule (2024 onwards): Foreign income remitted to Thailand in the same tax year it was earned is assessable for Thai personal income tax. If you earn money abroad in 2025 and transfer it to Thailand via Wise in 2025, it may be taxable in Thailand at personal income tax rates (5–35%).
This affects many expats differently: LTR Wealthy Global and Highly Skilled visa holders are generally exempt from this rule. Most pension income has DTA (Double Tax Agreement) protection. Remote workers earning foreign income are the most affected group. Consult a Thai tax professional — see our
Thai income tax guide for expats for the full picture.
Setting Up Wise: Step-by-Step
- Go to wise.com and sign up with your email
- Verify your identity: passport or national ID + selfie
- Add your home bank account as a payment method
- Add your Thai bank (KBank) as a recipient — you'll need your 10-digit account number and KBank's SWIFT code (KASITHBK)
- Make a small test transfer first to confirm the account details are correct before sending large amounts
- Order the Wise debit card (optional, ~£5 fee for delivery) if you want it for ATM use and spending
FAQ
Is Wise available in Thailand?
Yes. Wise works fully for sending money TO Thailand. The Wise multi-currency account and debit card also work for spending and ATM withdrawals in Thailand. You can receive Thai baht from Wise into a KBank or Bangkok Bank account.
How much does it cost to send money to Thailand with Wise?
Approximately 0.41–0.55% of the transfer amount plus a small fixed fee, depending on your source currency. For GBP to THB: ~0.41% + £0.23. The exchange rate used is the mid-market rate — not a bank margin rate. This makes Wise 60–80% cheaper than standard bank wire transfers for most amounts.
Can I use a Wise card at Phuket ATMs?
Yes. The Wise debit card works at all major Phuket ATMs. You get 2 free monthly withdrawals up to ~£200 each; Thai ATMs also charge a ฿220 flat fee (charged by the Thai bank, not Wise). Withdraw larger amounts less frequently to minimise this cost.
Should I use Wise or a Thai bank account?
Both — they work best together. Use Wise for transferring money from abroad (better exchange rate). Use KBank for daily spending, bill payments, PromptPay, and the ฿800k retirement visa balance requirement. The Wise card is useful for travel outside Thailand and online shopping in foreign currencies.
Does sending money to Thailand via Wise affect my Thai tax liability?
Potentially yes, under the 2024 rule change. If you're a Thai tax resident (180+ days/year in Thailand) and you remit income earned in the same calendar year, it may be assessable for Thai personal income tax. LTR visa holders are largely exempt. Consult a Thai tax professional — see our Thai income tax guide for the full details.
Affiliate disclosure: The Wise link on this page is an affiliate link. We may receive a referral fee if you open an account through it. This does not affect our recommendation — we use Wise ourselves and have done so since 2019.