This is the only recommended method other than bank remittance for international money transfer of Japanese yen to a Thai bank account


This week I met a freelancer in Manila who said that Adsense will have to be strictly weighted towards affiliate marketing in the future, and I, TKJ, am inspired by him. Well, today I’m going to talk about Thailand. If you are staying in Thailand for a long time, one of the things you may have trouble with is sending money overseas.


You can bring money from your home country and exchange it locally in Thailand or use a cash advance on your credit card, but the exchange method requires you to bring cash, which is insecure, and the cash advance method has unclear fees, so it’s hard to decide which method is the most efficient.


This is where TransferWise comes in. As I have previously introduced in the Philippines section, this is a company that started operations in 2011 and provides an international money transfer service that uses a remittance scheme that is distinct from other companies.

▽Related Post▽

みなさんこんにちは。今日は、最近アツかったフィリピン留学編とはうって変わって、海外送金方法の一つトランスファーワイズについてお話しさせていただこうと思います。 海外に駐在員や現地採用で働いている人、現地でビジネスを立ち上げている人、留...


Even if you don’t want to use this service right now, you can register as a user and go through the authentication process in advance so that you can quickly respond to urgent international money transfer requests. In this article, I’d like to give you a step-by-step overview of TransferWise and how to register.

Official Site Register with TransferWise


TransferWise Overview

TransferWise is a UK-based online money transfer service founded in January 2011 by Estonians Christo Carman and Tervet Hinrichs, and based in London.


The company supports more than 750 currencies around the world, including GBP, USD, EUR, AUD and CAD, and offers multiple currency accounts. In 2018, TransferWise’s net income reached $8 million and the number of customers reached 4 million.


The concept of the service is to match remittances with others and use the interbank mid-market rate, but have a buy/sell rate and pay a small fee to send money overseas, unlike traditional currency transfers where the broker takes the difference between the two.


Currently, there are seven language versions available: English, Polish, French, Spanish, Italian, Hungarian, Portuguese, Chinese, German, and Russian. Authorization can be done through a specially created user account or a user profile of the social network Facebook or Google services.


Why TransferWise?

Why should you use TransferWise? It is because TransferWise is the most convenient service that always provides the best money transfer process.


As if to rub salt in the wound, banks charge a fee to either the sender or the receiver to avoid the burden of the exchange rate. MoneyGram and Western Union charge more than the banks. TransferWise keeps cash reserves in each currency, so there is no need to move small amounts of money for each transaction.


By moving money directly back and forth between currencies and, if necessary, consolidating the transfer into a larger process, TransferWise can save you a lot of money in transfer fees.


TransferWise offers a mid-market rate that no bank can match. TransferWise makes money from small fees of less than 1%, which is also unheard of from a bank. A typical transfer of $1,000 from a US account to a Thai bank account using TransferWise costs about $10.


When you select the currency and amount on the initial screen of TransferWise, you will be shown the exact amount it will cost to send money. This is the final figure, and you will not be charged a surprising amount of fees or charges later on.


TransferWise is a great way to send money to people in Thailand, but if you are a frequent traveler to Thailand, keep a local bank account and fund it with TransferWise and you will save yourself the 220 baht ATM local currency withdrawal fee.


Comparison of remittance of 100,000 yen from an account in Japan to an account in Thailand

Here I will compare the case of sending 100,000 yen to an account in Thailand using two major international money transfer banks and TransferWise.


Rakuten Bank

  • Remittance fee: 1,750 yen
  • Exchange rate: Exchange rate with exchange fee set by the bank added
  • Total cost: 1,750 yen + exchange fee
  • Estimated amount received: 27893.15 baht

Sumitomo Mitsui Banking Corporation

  • Remittance fee: 3,500 yen
  • Exchange rate: Exchange rate with foreign exchange commission set by the bank added
  • Total cost: 3,500 yen + exchange fee
  • Estimated amount received: 27415.65 baht


  • Remittance fee: 370 yen + 0.82%.
  • Exchange rate: Actual exchange rate
  • Total cost: 1,180 yen
  • Estimated amount received: 28747.03 baht


Rakuten Bank and Sumitomo Mitsui Banking Corporation charge exchange rates determined by the banks, while TransferWise applies the actual exchange rates.

公式サイト Compare fees for international money transfers


What you need to set up

Setting up to send money to Thailand using TransferWise is quick and easy, just click to get started. Before you start registering, here is a list of everything you will need I have heard several stories of other money transfer services that had to stop the process because they realized later that they needed to know the recipient’s home address and other information.

  • Your own personal information

  • Information about the owner of the receiving account in Thailand, such as name, email address, home address, bank account number and bank name (routing number and SWIFT code are not required)

  • A photo of your passport or driver’s license is required if you are a resident of a particular country or if the transfer is over 1000 Euros. It can take a couple of days to verify this, but I have heard of some US drivers licenses that only took less than an hour.

  • This is not relevant for money transfers from Japan, but for money transfers from U.S. banks, you will need your online banking login credentials. If you are using a U.S. debit card, the fee will be slightly higher, but no login credentials are required.


How to register for TransferWise

It’s not that difficult to create an account and send your first money, but I’ll share the simple process of sending money overseas below.

  1. Go to the TransferWise website and register with your email address and the appropriate password.
  2. Click on the member icon in the upper right corner and select “Create Personal Profile”. Enter your name, date of birth, phone number, and address.
  3. If you are sending more than the equivalent of 1000 Euros per remittance, click on the member icon in the upper right corner again and select “Confirm.
  4. Click on “Payee” and then “Add Bank Account”. When the input screen appears, add the bank account details.
  5. Once you have added your bank account, click “Add Recipients”.
  6. Switch the recipient’s currency to Thai Baht (or the currency of the destination country) and enter your email address, name, address, bank and account number.
  7. Add another payee if necessary, or click on the TransferWise logo in the upper left corner, then click on “Send Money”.

Official Site Register with TransferWise


How to send money to Thailand with TransferWise

The procedure for remitting money from the Japanese yen to the Thai baht is simple. I would like to explain the remittance procedure below.


Main transfer screen

1.  Make sure that the top box on the main transfer screen is set to your home currency and the bottom box is set to Thai Baht. If you enter an amount in the Send Amount box or the Receive Amount box, the other will be automatically adjusted.


Gold setting screen

2. The exchange rate will be displayed on the screen. If you look at the current rate on a website that shows foreign exchange rates, you will see that it is very close to the actual mid-market rate. The rate you will be charged will be displayed as a single number. Clicking on “View Details” will open the details and show you a detailed list of charges.


You can also use the drop-down box to see the different charges for paying by bank debit (ACH), debit card, wire transfer, or credit card. What’s really great is that the user interface is a world apart from hotel booking sites where the amount displayed here is all that matters and additional charges keep adding up as you proceed through the screen.


Recipient's account details

3. If you have already entered the recipient’s account details, select them from this screen.


Confirmation of remittance details

4. Review the remittance details, add remarks if necessary, check the boxes to agree to the terms, and click “Confirm and Continue.


Selecting a deposit method

5. On the deposit method selection screen, choose the option you want to use. Paying by debit card should be the cheapest. During this test money transfer procedure, I had a problem logging in to my Japanese bank, so I was stuck, but this was not a TransferWise problem.

6. Click on the “Confirm and Execute” icon, and you will see a screen in progress and a success screen.


Time required for overseas remittance

Remittances take 24-48 hours and may take longer depending on the circumstances. Services such as Western Union are convenient for instant money transfers, but they are still expensive, so it is best to plan in advance how long the process will take and how much you will send. If you have any questions or updates to this information, please leave a comment below or contact us.

Official Site Register with TransferWise

Reference The best way to send money into Thailand