Sending Money to Thailand: Transfer Options and Limits

Bank of Thailand Foreign Exchange Regulations

The Bank of Thailand (BOT) regulates foreign exchange transactions under the Exchange Control Act B.E. 2485 (1942) and related regulations. While Thailand maintains relatively liberal foreign exchange controls compared to some Asian countries, there are important rules to understand when transferring money.

For most individuals transferring money for personal use (living expenses, retirement funds, property purchases), the process is straightforward. However, large transfers and transfers for specific purposes (like property) have documentation requirements.

Transfer Methods Compared

There are several ways to transfer money to Thailand, each with different costs, speed, and convenience trade-offs.

Method	Exchange Rate	Fees	Speed	Best For
Bank Wire (SWIFT)	Poor (1-3% spread)	$25-50 + intermediary	2-5 days	Large amounts, property
Wise (TransferWise)	Excellent	0.5-1%	1-2 days	Regular transfers
Remitly	Good	Varies	Minutes to days	Smaller amounts
OFX / XE	Excellent	$0 (built into rate)	1-3 days	Large amounts
Western Union	Poor	High	Minutes	Cash pickup only
Crypto (USDT, etc.)	Market rate	Network + exchange	Minutes	Tech-savvy users

Traditional Bank Wire Transfers (SWIFT)

Bank-to-bank SWIFT transfers remain the standard method for large amounts and property transactions. They are secure, traceable, and produce the documentation needed for FET forms. However, they are typically the most expensive option:

Sending bank fee: $25-50 USD (varies by bank)
Intermediary bank fee: $15-30 USD (often deducted from transfer)
Receiving bank fee: 200-500 THB (some Thai banks)
Exchange rate spread: 1-3% worse than mid-market rate

For a $10,000 transfer, total costs could be $100-400 depending on the exchange rate spread.

Wise (Formerly TransferWise)

Wise has become popular among expats for regular transfers due to its transparent pricing and near-mid-market exchange rates. Benefits include:

Transparent fees shown upfront (typically 0.5-1% total cost)
Mid-market exchange rate with small markup
Fast transfers (often 1-2 business days)
Multi-currency account available
Good mobile app and tracking

Wise Limitations for Property

While Wise is excellent for regular transfers, there are considerations for property purchases: (1) Transfer limits may require multiple transactions, (2) The receiving bank may not recognize Wise as a "bank" for FET purposes - verify with your Thai bank first, (3) Some banks require the transfer to originate from a bank account in your name, not a third-party service.

Remitly and Similar Services

Remitly, WorldRemit, and similar services offer convenient transfers, especially for smaller amounts. They often have promotional rates for new customers. However:

Exchange rates may not be as competitive as Wise for larger amounts
Transfer limits may be lower
May not be suitable for property purchase documentation
Some services offer cash pickup (useful if you do not have a Thai bank account)

The FET Form: Critical for Property Purchases

If you are buying a condominium in Thailand, the Foreign Exchange Transaction (FET) form is essential. This document proves that funds were brought into Thailand from abroad in foreign currency, which is required to later repatriate funds when selling the property.

FET Form Requirements

To obtain a valid FET (also called Thor Tor 3 or TT3 form), your transfer must meet these criteria:

Amount must be equivalent to USD 50,000 or more (or less with bank cooperation)
Transfer must be in foreign currency (USD, EUR, GBP, etc.) - not Thai Baht
Receiving bank must convert to Thai Baht and issue the FET
The transfer purpose should indicate "condominium purchase" or similar
The recipient name must match the buyer's name exactly

Why the FET Matters

Without a valid FET, you may have difficulty repatriating sale proceeds when you sell your Thai condo. The Thai bank will require proof that the original purchase funds came from abroad. Keep your FET documents permanently - you will need them years later when selling. Learn more about condo purchases in our Condo Foreign Quota guide.

Reporting Thresholds and Large Transfers

The Bank of Thailand requires reporting for large foreign exchange transactions. Understanding these thresholds helps ensure compliance and smooth processing.

Automatic Reporting (No Action Required)

For incoming transfers of USD 50,000 or equivalent or more, Thai banks automatically report the transaction to the Bank of Thailand. This is routine and does not require any action from you - it is the bank's responsibility.

Supporting Documentation

For large transfers, banks may request supporting documentation to comply with anti-money laundering requirements:

Purpose of the transfer (retirement living expenses, property purchase, etc.)
Source of funds documentation (bank statements, sale proceeds, pension statements)
Relevant contracts (property sale agreement, rental agreement)

Multiple Smaller Transfers

Some people attempt to avoid reporting thresholds by making multiple smaller transfers. This practice, called "structuring," can trigger additional scrutiny from banks and regulators. It is generally better to make straightforward transfers with proper documentation than to appear to be avoiding reporting requirements.

Getting the Best Exchange Rates

Exchange rates fluctuate constantly, and the rate you receive can significantly impact large transfers.

Rate Comparison Tips

Check the mid-market rate: Use Google, XE, or similar to see the current mid-market rate
Compare total cost: Include fees AND exchange rate spread when comparing services
Consider timing: Rates are typically better during business hours in major financial centers
Set rate alerts: Services like Wise allow you to set alerts for favorable rates

Timing Considerations

While timing the market is difficult, consider these factors:

Thai Baht tends to strengthen during tourist high season (November-February)
Major economic announcements can cause volatility
End of month/quarter may have different liquidity
For large property purchases, consider locking in rates in advance with services that offer this

Tips for Regular Transfers

For retirement living expenses, consider monthly transfers to average out exchange rate fluctuations
Maintain a buffer in your Thai account to avoid emergency transfers at poor rates
Some pension providers offer direct deposit to Thai banks - compare their rates
Keep records of all transfers for tax purposes (both Thai and home country)

Tax Implications of Transfers

Money transfers to Thailand may have tax implications, particularly under the 2024 changes to Thai remittance taxation rules.

Thai Tax Residency

If you spend 180 days or more in Thailand in a calendar year, you become a Thai tax resident. Under the 2024 rules, foreign-sourced income remitted to Thailand may be taxable, even if earned in prior years. This is a significant change from the previous rule that exempted income earned before the year of remittance.

Seek Professional Tax Advice

The interaction between Thai remittance taxation and double tax treaties is complex and depends on your specific circumstances (nationality, income sources, visa type, etc.). Consult a qualified tax professional familiar with both Thai tax law and your home country's tax treatment of foreign residents.

Record Keeping

Regardless of your tax situation, maintain records of:

All transfer receipts and confirmations
FET forms for property-related transfers
Bank statements showing receipt of funds
Documentation of the source and nature of funds

Quick Reference: International Transfers to Thailand

Reporting Threshold

USD 50,000+

Best Rate Provider

Wise / OFX

Property Transfer

Bank Wire + FET

FET Currency

Must Be Foreign

Typical Bank Fee

$25-50 + spread

Wise Fee

0.5-1% total

Tax Residency Days

180+ days/year

Keep FET Records

Permanently

Key Points at a Glance