Hidden exchange-rate markups and a May 2025 overhaul of Thailand‘s payment system reshaped how much recipients actually received from international transfers, consumers and providers said.
Why recipients often get less than expected
Banks and money-transfer services converted euros into Thai baht at different rates and charged a mix of visible and hidden fees. The total cost of a transfer typically comprised three elements: an overt transfer fee, processing or intermediary charges from correspondent banks, and — most consequentially — the exchange-rate margin. Traditional banks often applied their own rate below the mid-market or “interbank” rate, which could cost senders hundreds of euros on larger transfers without showing the surcharge on the statement.
Thailand as a test case
Thailand is an instructive example because it attracts tourists, retirees and business money flows, and because the baht can move against the euro. That volatility made the choice of provider and timing of transfers particularly important. In May 2025 the country modernised parts of its payment infrastructure, a move that briefly left several international services unable to route payments to some Thai banks, changing the practical options for senders.
How international transfers to Thailand worked
Most traditional transfers from Europe relied on the SWIFT network. Senders needed the recipient’s account number and the receiving bank’s SWIFT code; banks converted currencies and routed payments through correspondent banks that often levied their own fees. Because Thailand is outside SEPA, these transfers were more complex, slower and typically pricier than intra-European payments.
Fintech challengers reshaped the market
Specialist providers such as Wise (formerly TransferWise) and Revolut disrupted the sector by offering more transparent pricing and, in many cases, better exchange rates. Wise built its model on using the true mid-market rate and charging an upfront, clearly stated fee. Revolut combined currency exchange and digital banking features, with pricing that varied by account tier and timing.
How Wise operated in Thailand
Wise routed many transfers via local partner accounts in Thailand rather than sending funds over borders in the traditional sense. That allowed faster settlement and lower costs, because transfers could be completed within Thailand after the sender deposited euros to a Wise account in Europe. Wise said customers could see fees before confirming a transfer; for a 1,000-euro transfer to Thailand the quoted fee range was roughly 6.76 to 10.82 euros depending on payment method, with the bank-transfer-funded option cheapest.
That local routing had a downside for some legal and administrative uses. Thai banks and regulators sometimes required proof that funds had been received from abroad for transactions such as property purchases. Because Wise’s system credited recipients from a local partner account, Wise itself could not always issue the standard SWIFT-style confirmation some Thai authorities expect. Recipients usually had to request documentation from the local Thai bank that processed the incoming payment, and that bank could charge administrative fees.
Limits and supported banks after May 2025
After the May 2025 changes to Thailand’s payment rails, Wise temporarily lost the ability to send to several Thai banks, including HSBC, Deutsche Bank Thailand and Citibank, among others. Limits per transfer also varied by recipient bank: up to 2 million baht to Bangkok Bank and Kasikorn Bank, 1.5 million baht to Siam Commercial Bank, and lower caps for other banks. Multiple transfers remained possible to move larger sums.
Revolut’s model and the weekend pitfall
Revolut offered a range of account tiers, from free standard accounts to paid premium plans. The cheapest tier provided fee-free currency exchange during weekday hours up to a monthly allowance of 1,000 euros; amounts above that incurred a 1 percent charge. A notable caveat was weekend pricing: from Friday 23:00 to Sunday 24:00 Central European Time Revolut added a surcharge — 1 percent on the Standard plan and 0.5 percent on the Plus tier — while Premium, Metal and Ultra customers were exempt. That combination of limits and weekend levies could make weekend transfers unexpectedly expensive for travellers.
Speed and user experience
Both Wise and Revolut advertised rapid settlement times. Wise reported that many transfers arrived within seconds to minutes, with a typical range up to five working days depending on method and recipient bank. Revolut transfers between app users completed instantly and other transfers usually settled within minutes to a day. Both providers offered apps with clear tracking so users could follow a payment’s status in real time.
Traditional banks remained costly and slow
A standard bank transfer from Germany to Thailand typically cost far more. For a 1,000-euro transfer consumers often faced around 60 euros in total charges when accounting for sender fees, correspondent bank charges, receiving bank fees and a poorer exchange rate. Traditional transfers could take a week or longer; with multiple intermediaries or less common currencies the process sometimes stretched to two weeks. That delay exposed senders and recipients to currency movement risk during the transfer period.
When banks still made sense
Despite higher cost and slower services, classic SWIFT transfers remained relevant for certain situations. Large transactions such as property purchases often demanded formal international-transfer confirmations that some fintechs could not provide directly. Businesses with negotiated contracts and regular cross-border flows could also secure competitive terms from established banks. For many private customers, however, fintechs were likely to be cheaper.
Examples and cash withdrawal costs
A simple comparison illustrated the impact. For a 1,000-euro transfer at an assumed 38 baht per euro, Wise or Revolut under normal weekday conditions delivered about 37,700 baht to the recipient after fees. A bank applying a weaker rate of 36.5 baht per euro together with roughly 20 euros in charges left the recipient with about 35,700 baht — a shortfall of around 2,000 baht (circa 50 euros).
Cash withdrawals in Thailand added further costs. German-issued cards normally triggered an issuing-bank fee (often 5–10 euros) plus an automated 220-baht local ATM fee per withdrawal. Wise and Revolut cards offered monthly free cash withdrawal allowances (about 200 euros), after which percentage fees applied, but neither could avoid the fixed 220-baht ATM charge.
Timing, security and regulation
Timing influenced cost: Revolut users could save by avoiding weekend exchanges, while Wise kept consistent rates around the clock. Both apps offered alerts for favourable rates. On regulation and safety, Wise was regulated by the UK Financial Conduct Authority and held client funds separately, while Revolut operated under a Lithuanian banking licence and fell under European supervision with deposit protection up to 100,000 euros where applicable. Traditional banks continued to benefit from long-established trust and broad deposit guarantees.
Practical advice for senders
For small, occasional transfers Wise typically offered the best blend of price and clarity. Revolut suited frequent travellers and multi-currency users who might benefit from premium plans to avoid weekend surcharges and limits. Classic bank transfers were often the simplest route when official SWIFT confirmations were essential, for example in property purchases, though they were usually the most expensive.
General tips included monitoring exchange rates, consolidating transfers where feasible to avoid multiple fixed fees, avoiding Dynamic Currency Conversion at ATMs, and checking provider support lists after the May 2025 payment-system changes. For large or legally sensitive transactions, consumers were advised to confirm documentation requirements with the receiving Thai bank in advance.
Outlook
Technological upgrades and regulatory moves were pushing cross-border payments toward greater speed and transparency. Industry players and regulators were working to make total costs clearer to consumers, a trend that could further squeeze traditional bank margins. For now, users needed to weigh speed, documentation needs and cost when choosing between fintechs and banks.
This article was compiled from provider information, user reports and official notices about the May 2025 changes to Thailand’s payment system. Fees and supported banks can change; readers should verify current conditions with providers before transferring funds.