What a US$10,000 payment to Thailand really costs: bank wire vs Wise vs Storspay

Short answer. On a US$10,000 payment in Thailand, a bank wire typically delivers about ฿315,221 once the sending fee, the correspondent-bank cut and the receiving bank's FX spread are counted. Storspay charges US$100 (1%) and delivers ฿331,988 at the mid-market rate — about ฿16,767 more in the recipient's account — and it lands the same day instead of three to five days later.

Where the money goes on a wire

A wire to Thailand has four costs and only one of them is printed on the confirmation: your bank's outgoing fee (US$25–45), the correspondent bank's lifting fee (US$15–30, deducted in transit), the receiving bank's inward charge, and — the big one — the FX spread, usually 2–4% below the mid-market rate, applied at a rate you did not see when you sent. Add them up and 5–7% of the payment is gone, which on US$10,000 is US$500–700.

Why a consumer transfer app is not the answer for a business

Consumer transfer apps charge less than banks — on a US$100 send to Thailand you might pay around 1.5% all-in — and their rate is close to mid-market. But they are built for one person sending to one person: no batch payroll from a business balance, no invoice reference on every line, no receipt a bookkeeper can file, and many will not onboard a platform or an agency that pays third parties at all.

What Storspay does differently

One business balance funded in USD, CAD, GBP or EUR; one 1% line at the mid-market rate; the exact baht figure shown before you confirm; a batch for the whole team; a receipt with the invoice reference on every payment. The same balance pays Nigeria, Kenya, Mexico and 26 other countries at 2%, so a company with a mixed team runs one payroll, not four.

What is different about Thailand

Thailand is a manufacturing and tourism economy with a deep banking system: every supplier, hotel and studio has a Bangkok Bank, KBank, SCB or Krungthai account and domestic transfers land in seconds. Thai recipients are precise about baht amounts — invoices are issued in baht and the accounts team expects the exact figure — and they are tired of inbound wires that arrive a few per cent short after the correspondent bank and the receiving bank's FX desk have taken their cut. Storspay pays the baht figure on the invoice at the mid-market rate, with the 1% on its own line.

How a payment to Thailand works on Storspay

1. Fund your balance in USD (ACH or wire), CAD (Interac e-Transfer or EFT), GBP (UK bank transfer) or EUR (SEPA) — to account details in your own business name. Funding is free.
2. Add the recipient once: their name as it appears on the account, the bank (Bangkok Bank, Kasikornbank (KBank), Siam Commercial Bank, Krungthai, Krungsri, TMBThanachart and the other Bank of Thailand-licensed banks) and the account number. Storspay checks the account name before you confirm.
3. Type the amount in either box. Enter what you want to send and see the baht that land, or type the baht figure on the invoice and see what it costs you. The rate is the mid-market rate; the 1% is on its own line.
4. Confirm. The money goes over the domestic interbank rail and usually lands within minutes — the same business day at most. The recipient gets a notification with the exact amount, and you get a receipt with the invoice reference.

Nobody in Thailand has to sign up, install an app or touch anything other than their own bank account. Everything on the recipient side looks like an ordinary domestic transfer.

What it costs

Storspay charges 1% all-in on payments to Thailand, with a minimum of US$2, at the mid-market rate. That one line covers conversion, settlement and delivery; there is no FX markup, no intermediary-bank charge and nothing deducted on the recipient side.

Rates in this guide are the mid-market rate on the day of writing (1 USD = 33.5341 THB); the calculator on the homepage shows today's. Large payments are split automatically under the local channel cap, under one reference and one fee.

See what your team in Thailand receives →

Questions businesses ask before the first payment to Thailand

Is 1% really the whole cost?

Yes. The rate is the mid-market rate and the 1% (minimum US$2) is the only line. The recipient's bank does not charge for a domestic credit; if they ask their bank for an export certificate, that bank may charge its own small fee.

What rate do you use?

The mid-market rate at the moment you confirm, locked for that payment and printed on the receipt. The calculator on the homepage shows the live rate.

How does Storspay compare on a US$500 payment?

The 1% is US$5 — above the US$2 minimum — and the recipient gets ฿16,599. A wire's fixed fees alone would eat 10% of a payment that size.

Can you pay PromptPay?

Not yet. Storspay pays Thai bank accounts by account number today; PromptPay is on the roadmap. Every PromptPay ID is linked to an ordinary bank account you can pay now.

Will the recipient's bank ask for documents?

For most business payments, no — the money arrives as a domestic baht credit. At or above the equivalent of US$50,000 the recipient's bank completes a Foreign Exchange Transaction Form; your invoice and the Storspay receipt are what they ask for.

Can I pay a Thai hotel or supplier in baht for a quote they gave me in US dollars?

Yes. Type the dollar amount and Storspay shows the baht figure at the mid-market rate; or type the baht figure on their invoice and see the dollars it costs — both boxes are editable.

Who this is for — and who it is not for

Storspay is for businesses and organisations: companies, agencies, schools, hospitals, facilitators, foundations and sole traders paying other businesses and professionals for work, goods and services. A sole trader counts as a business and signs up in their own name.

What Storspay is not is a personal money-transfer service. We do not open personal accounts, and every payment has to be a business transaction: an invoice, a contract, a fee note, work delivered. Money to family and personal transfers are not what this is, and we would rather say so now than at verification.