Evolution of banking services in Thailand

The only thing I can tell,  nowadays when I transfer money from Europe using Wise to a local branch of Kasikorn, it takes less  than a second to transfer. It doesn’t matter what day of the week,  weekdays or weekends is always fast. I did not try on holiday.

    The only thing I can tell,  nowadays when I transfer money from Europe using Wise to a local branch of Kasikorn, it takes less  than a second to transfer. It doesn’t matter what day of the week,  weekdays or weekends is always fast. I did not try on holiday.
   

    -@Mister Ralf

Don't forget that the fee for a fast transfer is higher than the low cost transfer option. Do you really need the money in seconds? The reason for the fast transfer (or any transfer) is there isn't actually a transfer from Europe. Wise transfers the money locally from their account at K-Bank to your account.

    Hello everyone,

With rapid technological advancements, banking services are digitizing at lightning speed. Expats are thus propelled into a new era of options and payment methods, disrupting the traditional banking services of local establishments in Thailand. An evolution that presents a range of opportunities and challenges on a local scale.

Share your experiences regarding the evolution of bankings services in Thailand:

To what extent are the latest banking technologies being adopted and utilized in Thailand? (contactless payments, phone-based payment systems, QR codes, etc.)
What are the advantages and disadvantages?

Are new payment methods emerging in Thailand? Which ones, and what does it change in your daily life?

What are the advantages of using local bank services versus an international online banking service as an expat?

Are there specific features in banking apps that you find particularly helpful as an expat in Thailand?

By sharing your experiences and insights, you contribute to a broader understanding of the evolving banking landscape for expats in Thailand.

Thank you for your contribution.

Cheryl
Expat.com Team
   

    -@Cheryl

"Are new payment methods emerging in Thailand? Which ones, and what does it change in your daily life?"

The payment metod that has become more and more popular since the pandemic is PromptPay. Even sellers in fresh food markets and some street vendors now offers this payment method. It's easy to use and fast. You need to register using a Thai phone number and have a Thai bank account.

@Leeds forever!

Hi....

"Wise transfers the money locally from their account at K-Bank to your account."

....

I didn't know Wise uses a Kasikorn bank account in Thailand. Or I misunderstood...

    @Leeds forever!
Hi....
"Wise transfers the money locally from their account at K-Bank to your account."
....
I didn't know Wise uses a Kasikorn bank account in Thailand. Or I misunderstood...
   

    -@North24

Wise has three partner banks in Thailand, Bangkok Bank, Kasikorn Bank and SCB,and have accounts in those banks.

So if I want to transfer to somewhere in Europe I have to ask them ? Or via mobile App.....let me check

Thank you

    So if I want to transfer to somewhere in Europe I have to ask them ? Or via mobile App.....let me check
Thank you
   

    -@North24

No, you can't use Wise for transfers out of Thailand.

That's I knew..so I misunderstood....I post a question regarding DeeMoney..waiting for answers...

    That's I knew..so I misunderstood....I post a question regarding DeeMoney..waiting for answers...        -@North24

You can read everything you need to know about DeeMoney on their website. The only thing you have to be aware about are fees vs exchange rates. When a financial institution brags about low fees, the exchange rate is low. The exchange rate is the most important factor.

https://www.deemoney.com/

        @Leeds forever!Hi...."Wise transfers the money locally from their account at K-Bank to your account."....I didn't know Wise uses a Kasikorn bank account in Thailand. Or I misunderstood...        -@North24

Wise has three partner banks in Thailand, Bangkok Bank, Kasikorn Bank and SCB,and have accounts in those banks.
   

    -@Leeds forever!

Advantage of them having three banks is that inward transfers are not bound to the 50,000 thb max transfer limit

If you have an account at any of these three that is..

The Thai banks/ The Bank of Thailand use to hold up the money until you were contacted about the purpose of the transfer

Not sure if that still is the case now, but with Wise it is a matter of a few hours with a large sum (above 500 K THB) and no questions asked

            @Leeds forever!Hi...."Wise transfers the money locally from their account at K-Bank to your account."....I didn't know Wise uses a Kasikorn bank account in Thailand. Or I misunderstood...        -@North24Wise has three partner banks in Thailand, Bangkok Bank, Kasikorn Bank and SCB,and have accounts in those banks.         -@Leeds forever!

Advantage of them having three banks is that inward transfers are not bound to the 50,000 thb max transfer limit
If you have an account at any of these three that is..

The Thai banks/ The Bank of Thailand use to hold up the money until you were contacted about the purpose of the transfer
Not sure if that still is the case now, but with Wise it is a matter of a few hours with a large sum (above 500 K THB) and no questions asked
   

    -@martinoo2002

You can transfer up to ฿2 million when banking with one of Wise's partner banks. With other banks the limit is ฿50.000. You can get your money in seconds,but the fee is way higher compared to receiving your money next day. Who needs money in seconds and why pay extra for it? Pure stupidity imo. When I'm using Wise,I always receive my money (at Bangkok Bank) 2pm next day when initiating the transfer Sun-Thursday before or around noon. I have never had a delayed transfer,knock on wood.

@Leeds forever!  I transfer is USD and that was a pain for a long while. but now it is seconds. I use the multicurrency function and that speeds things up significantly. I choose for the cheapest transfer as well but still it is seconds....

    @Leeds forever!  I transfer is USD and that was a pain for a long while. but now it is seconds. I use the multicurrency function and that speeds things up significantly. I choose for the cheapest transfer as well but still it is seconds....         -@martinoo2002

There are no transfers in seconds when using the Balance account (when sending Euro or other currencies in Europe) or the low cost transfer option (when available). The low cost transfer option isn't available in for example the US.

@Leeds forever! I do not live in the US but still have a US currency account at Wise due to 'foreign' income. The USD transfers come direct to my USD wise account and I transfer onwards to EU and/or THB local accounts, within seconds....

    @Leeds forever! I do not live in the US but still have a US currency account at Wise due to 'foreign' income. The USD transfers come direct to my USD wise account and I transfer onwards to EU and/or THB local accounts, within seconds....
   

    -@martinoo2002

It doesn't matter where you live. When sending USD, you will get the transfer options available in the US automatically. When instead sending for example Euro, the transfer options will change.

@Leeds forever! Can very well be, but the transfer is in seconds with the cheapest option available for USD transfers.

Maybe the fact that I have a multicurrency account will have an advantage in that matter but I am not sure. To me it seems logical that different currencies have different costs from different locations

Since I cannot choose the currency I receive (USD) I will have to live with it

@banwanna..let's hope it takes years as all it means is Banks make more money on charges & people end up losing BIGLY & don't get the great bargain of paying cash & getting a Discount

Wise also transfer funds to Krung Thai Bank.

@Leeds forever!

leeds yes it is. i h a Capital One Bank account and went online and opened a Wise Bank account (based in NY) and with my Capital One mobile app i connected the two. Wise is not a bank but has FDIC Insurance. it’s a multi-currency “company” so in the Wise Mobile app i createc a US$ account that has account number and routing number. i was living in Europe the past 17 years so I opened a Euro account which has a Belgium IBAN and a Belgium address. I could transfet money from Capital One to my Wise US$ account then i convert $ to Euros and conversion is instantaneous. Now I’m in Thailand and this is the transaction i did yesterday. i transferred $550 to my Wise $ sccount, arrived in seconds, then converted to THB un a second then sent the THB to my new Bank of Bangkok account and it arrived in seconds. i then transferred 19,000THB to my relator on Phuket and reserved the condo in Old Town and today signed one if two documents . Will sign the lease when i arrive on the 4th and pay the 38,000 THB in cash and will move on the 4th. Wise.com is FANTASTIC!!