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How to Send Money to Thailand: The Fast, Cheap, Reliable Way

Learn more about your options when it comes to sending money to Thailand.

Sending Money to Thailand

When it comes to sending money to Thailand, you are faced with numerous pitfalls. From international transfer fees to hidden fees in exchange rates, transferring money from abroad into Thailand can be a really tricky matter.

Fortunately, there are various ways to get lower fees, easier payments, and the best exchange rates.

In this article, we’re going to show you how to transfer money from your home country, as well as the options you can consider.

Key Highlights

  • Before choosing what method you want to use to send money, make sure to keep transfer fees, exchange rates, and transfer speeds in mind.
  • Online money transfer services are often the easiest and most affordable.
  • The processing time of international bank transfers can be longer than other options.

What to Keep In Mind

Make sure to pay attention to the following things when you send money from abroad to Thailand:

Transfer Fees
Regardless of the method you use to send money to Thailand; you need to pay transfer fees. There are three forms of transfer fees:

  • Percentage fees – when you use your home country credit card while in Thailand, you can pay transfer fees based on the percentage of the money you transfer.
  • Fixed amount fees – when you use a bank to transfer money, you should be able to pay fixed amount transfer fees.
  • Combination fees – in some cases, you might have to pay transfer fees in a combination of ways. For example, when you use PayPal, you will pay a small fixed fee as well as a high percentage fee.

To avoid paying an expensive transfer fee for a small transfer, choose a transfer method suitable to the amount of money you send to Thailand.

Exchange Rates
One of the most prominent parts of the fees you will notice when it comes to international transfers is the hidden exchange rate.

In addition to the fees charged by your bank or other service providers, you might have to pay a fee of up to 4% of the transfer amount.

Some providers call it a hedging fee, but others might not mention it at all. Even services that say they don’t charge a separate fee may hide an extra fee in the exchange rate.

Transfer Speeds
The transfer speeds depend on where you are in the world and which method you are using. For example, bank transfers from Hong Kong to Thailand may clear within seconds. However, a bank transfer from America to Thailand may take two to three business days.

Online money transfer services may need about three to five days. However, they can be much faster. In some cases, the money might be transferred almost instantly.

Transfer Options

There are numerous options when it comes to sending money into Thailand. The main differences between the options are speed, cost, convenience, and in some cases, legality.

Below are some of the options you can consider:

Money transfer systems have advanced significantly in recent years, making it easier than ever to complete fast transfers between Thailand and other countries.

Online Money Transfer Services

One of the easiest and most cost-effective choices is to use online transfer services. In addition, these services can help you cut down on transfer time.

All you have to do is set up an account and then do the transfer. Here are some of the most popular online transfer services:

  • Wise, formally known as TransferWise – this is probably the most popular online money transfer service. It lets you send money to Thailand with no hidden fees. It charges 1% to 1.5% of the transfer amount, which is a lot cheaper than a bank transfer, making it suitable if you want to transfer less than 2,000 USD. Follow this LINK for one free international transfer.
  • XendPay – XendPay is very similar to Wise. Fo the first two transfers each year, they offer a ‘pay what you want’ fee. However, they do have a minor surcharge in the exchange rate.

Regardless of the method you use to send money to Thailand; you need to pay transfer fees.

International Bank Transfer

The first thing that comes to mind for most people when it comes to sending money to Thailand is via an international bank transfer. However, you can lose up to 4% of the transaction amount (in addition to the fees charged) without even knowing. Besides, the processing times are usually longer than online money transfer services. Therefore, unless you really have to, it’s best to look at other options.

Here’s what you need to decide if you want to use an international bank transfer:

  • Sending bank – every sending bank has its own payment structure. While it’s easy to find out about transfer fees, the exchange rate of each bank can be hard to figure out. Sometimes, even the bank tellers don’t know about the exchange rates. Therefore, if you transfer a lot of money, make sure to compare the bank’s exchange rate on sites like XE.
  • Receiving bank – Just like sending banks, every receiving bank in Thailand has its own payment structure. However, you cannot get quotes on exchange rates in advance. Whether you like it or not, they may also convert your transfer at whatever rate they use. Based on this fact, Bangkok Bank offers the best exchange rates and lowest fees when receiving an international transfer in a foreign currency.

Other Options

Besides online money transfer services and international bank transfers, there are other options you can consider. These include:

Western Union
Western Union is the most popular instant transfer service. You can use it to send money to anyone in the world in just two minutes. However, it does come at a price. Depending on where you send the money from, the cost can range between 10 to 50 USD. In addition, you also have to watch out for the exchange rates. For non-instant transfers, you pay at least 4% of the transfer amount. For instant transfer, expect to pay around 7.5%.

PayPal
As long as you don’t transfer significant amounts of money, PayPal can be a convenient choice. If you choose Personal Payment, you can make payments for as little as 0.50 USD and up to 1% per transfer. Bear in mind, however, that PayPal adds 2.5% on exchange rates if you want to withdraw your US Dollar balance to a local Thai bank account, which can get expensive.