For those who need to send money to or from Thailand, we highly recommend to read this Thailand Money Transfer Guide.
Why? Because here you will find out how to dodge the big bank fees, get better currency exchange rates and all this, in half of the usual delivery time. Be part of the ever growing community of people who have become clients of the Foreign Exchange companies and have left the banks behind.
The Guide’s Topics:
- Best Way to Send Money to Thailand
- Best Company to Transfer Money from Thailand
- Today’s Thai baht Rates
- Reasons to Move Funds into Thailand
- Regulation and Limitations
Best Company To Transfer Money To Thailand
* Expected Rates reflect our rate expectations based on our research. We do not guarantee accuracy. For some companies we used a range of rates because they offer wholesale rates for large trades and higher rates for small trades.
Supported Countries & Payment methods
Currencies Direct is a well known name in the money transfer industry because it has grown exponentially since their inception in 2004. Currently it has 18 offices around the globe and more than 250 employees ready to help you transfer money abroad. To get a free quote, you can go to their website and fill a short form.
WorldFirst is a money transfer operator with the same grade of quality but with two differences in the service they provide:
- The minimum amount is £ / € 1,000 for you to able to get the no fee transfer – not a big problem as the majority of the people how send money to Thailand work with bigger sums.
- It has over 100 currencies at their disposal – this means that you can send money to Thailand from literally every corner of the world.
Best Company to Transfer Money from Thailand
|Min. Transfer: £ / € 100.|
Transfer: Online or by Phone.
Why Them? Over 150,000 Active Clients. £4.5Bn Transferred Annually. Overseas Property Expertise.
Supported Regions & Currencies
There are no limits on the amount of money that you can send from Thailand and the Thai baht is fully convertible in most circumstances. Non-residents can have foreign currency accounts with most of the banks and can freely withdraw as much as they need and get their account credited with as much they want. This applies to all of the regions of the country.
Currencies: With WorldFirst you can send money from Thailand to any country in the world. Simple as that! Because of the small detail we have revealed above – the company works with 100+ currencies daily. And if you take in to consideration the fact that the Euro is used in Germany, Cyprus, Portugal, Italy, Spain, France and so many more countries, you start to see the complete picture and the numerous locations that you can send to.
Tip: In case you need to make small and regular payments or send money from Thailand abroad on a monthly basis, we suggest using TransferWise because they have low and fixed spreads. Meaning they have very low fees and you will know each time how much you are going to pay. With WorldFirst, the benefits get bigger when the amount is more than 40.000 THB.
Today’s Foreign Exchange Rates for THB
Why Send Money To a Thai Bank Account
More than a country with an emerging economy, Thailand is considered nowadays a success story for its remarkable progress, not only because of its high economic growth, especially in the ’80s – ’90s, but also because it has just become an industrialized country.
With a strong purchasing power, Thailand ranks 2nd as largest economies in S-E Asia and according to GDP per capita ranks 4th as richest countries in Southeast Asia, right behind Singapore, Brunei, and Malaysia. On top, Thailand is a country highly recognized for its quality of life.
As a country with such economy and large population, Thailand has clearly gained influence around the globe, but especially in the region where it turns out to be the power engine for the economy of the developing countries.
Thailand is one of the most visited countries in Southeast Asia with an estimate of tourism receipts contributing directly to the country’s GDP with 20% (2.4 trillion baht).
With the continuous efforts of the Tourism Authority of Thailand, the country has scored very high positions in the world tourism rankings:
- 10th Top tourist destination in 2013, with 26.5 million international arrivals;
- 35 of 141 nations in the The Travel and Tourism Competitiveness Report 2015;
- Bangkok was the second most visited city according to the MasterCard 2014 Global Destination Cities Index;
- 3rd Top City Destinations in 2008 with over 10 million visitors.
Exports and manufacturing
Thailand is a major exporter driving almost $105bn worth of goods and services yearly, which accounts almost 60% of country’s GDP. The most important exports include rice, textiles and footwear, fishery products, rubber, jewelry, cars, computers, and electrical appliances.
One of the key industries in Thailand is the automotive industry which is so well developed as in 2012 ranked largest in SE Asia and 9th largest globally.
Thinking Of Relocating To Thailand?
If you consider moving into Kenya and live there as an expat, you may find the following information helpful.
Advantages Of Moving To Thailand:
- Affordable Housing: Five bedroom house with a pool costs between 800-2000 USD per month.
- Low Crime Rate: Thailand has a crime rate of 44.16, which is substantially low.
- Low Cost of Food: The average meal in Thailand made of sensational healthy ingredients will cost 3 GBP per person.
Disadvantages Of Moving To Thailand:
- Poor Education System: This will require the expat to invest in international schools that can exceed 10,000 GBP per year.
- Slow Internet Connection: Internet on average takes three times longer, which can make working difficult.
- Drinking Water: Thailand has highly contaminated water that should be avoided whenever possible.
How The Money Transfer Works
An FX company is a firm that deals with foreign currency exchange. While many people have probably heard about these kinds of companies on the news, most may not realize that one of the services they provide is currency conversion and transfer.
Just as one uses a bank or a remittance company like Western Union, one can turn to an FX company to make an international money transfer to Thailand.
The biggest differences between an FX company and a bank or Western Union are that FX companies are cheaper and faster. Those customers who need to send a large amount of money can often make their transfers without a fee. Further, no matter the size of the transfer, customers can expect their funds to arrive at their destination by the next business day.
While banks and remittance companies may also be able to achieve this speed, customers will pay dearly for the service. As a matter of fact, these fees can easily equal or exceed the actual amount that is being sent. Those who need to send fast money to relatives for groceries or students for school fees may find banks and remittance companies to be cost prohibitive. This means that using a FX company the best way to transfer money to Thailand.
The ability to send money to Thailand online allows senders to help those in need no matter where they are, whether they are at work, on the bus heading home or just preparing to turn in for the night.
What you need to send money to Thailand
- The account number
- The account name
- The address of the bank branch (if required by the remitting bank abroad)
- The SWIFT code
- Your identity card
After you provide all the details listed above, the process is simple:
- You create a free account with the company.
- Receive a quote from one of the dealers – be it online or by the phone.
- Send the money to your account so you can fund the transfer.
- Get a confirmation from the company (usually the same dealer that gave you the quote) that the transaction is completed.
Our Company Recommendation:
- Transfer Money to Thailand: Companies that provide international money transfers to Thailand.
- Transfer Money from Thailand: Companies that take on Thai Customers.
Regulations and taxes when transferring money to and from Thailand
Thailand’s currency is the Thai baht (THB). The THB is fully convertible, making transfers in and out of Thailand relatively simple.
The Bank of Thailand
The Bank of Thailand oversees payment systems, monitors the proper function of financial systems, and works to preserve price stability.
There are no transfer restrictions on money going in and out of Thailand. Non-residents are permitted to hold foreign currency accounts in Thailand, transferring sums of any amount freely. Non-residents may also hold baht-denominated accounts, with sums not exceeding THB3m.
Travellers may carry up to THB50,000 out of the country at one time. Travellers to bordering countries may carry up to THB2m, with sums over THB450,000 declared to customs authorities.
Taxation on foreign income
Thai residents are taxed on any foreign income. Non-residents are taxed only on income originating in Thailand. Double tax treaties are in place to avoid double-taxation.
Biggest banks in Thailand
- Bangkok Bank
- Krungthai Ban
- Siam Commercial Bank
- Bank of Ayudhya
- Thanachart Bank