Exchange rates, fees and transfer options vary depending on the transfer provider you choose, so it’s important that you shop around and compare different transfer providers to find the best deal.
Compare International Money Transfers
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- Buying property abroad
- Regular overseas payments
- Risk management
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Banks versus money transfer services
We use our banks to take care of all our other financial needs, so surely we should use them when we need to send an international money transfer, right? Not necessarily. While major U.S. banks offer money transfer services, they usually present less competitive exchange rates coupled with high transfer fees.
You can often save money by using the services of a dedicated money transfer company. These providers specialize in handling overseas money transfers, offering attractive exchange rates and affordable transfer fees.
Carl’s son Jim is spending a year studying abroad in Bangkok, and Carl needs to find an easy and affordable way to transfer $1,000 to Jim to help him pay his rent. Rather than ask his bank to take care of the transfer, Carl decides to compare the features of a couple of money transfer companies to see if he can find a better deal.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||$1 USD = $35.05 THB||$1 USD = $34.27 THB|
|Transfer method||Bank account deposit||Cash pickup|
|Processing time||5 business days||10 minutes|
|Amount received (in THB)||$35,050 THB||$34,270 THB|
As you can see, Carl can send almost$ 780 THB extra and also save $11 in fees by using the first transfer company.
How to compare transfer companies when transferring money to Thailand
- Exchange rates. Keep in mind that providers that offer competitive exchange rates may also charge higher fees.
- Fees. Fees can vary significantly between providers, so make sure you check the fees charged by different companies.
- Transfer methods. In addition to online or in-branch transfers, some companies allow you to initiate transactions over the telephone or through smartphone apps.
- Transfer options. Can you lock in an ideal exchange rate now and transfer the money later, known as a forward contract? Does the institution offer limit orders, which allows you to take advantage of changing market conditions by executing the money transfer when a certain exchange rate is met? Can you schedule recurring payments.
- Turnaround time. From 10 minutes to several days, processing times can vary depending on the provider, where you’re sending your funds and the transfer method you choose.
- Minimum limit. Always check to see whether a provider imposes a high minimum transfer limit, as this can be restrictive if you only need to send a small amount.
- Pickup methods. Some companies send transfers directly to bank accounts, while others allow you to collect the cash from an agent location.
- Customer service. The availability of phone, email and online chat customer support can be crucial if you experience difficulties with a transaction.
Options for sending money to Thailand from America
- Bank transfers. Approach your bank about sending an international wire transfer from your U.S. bank account to a Thai account.
- Online money transfer providers. Online money transfer providers offer cheap and quick transfers to Thai bank accounts.
- Money transfer companies with cash pickup options. Ria and Western Union are two money transfer companies with pickup locations in Thailand.
- PayPal. PayPal offers a convenient international money transfer option.
- Checks. An international check is a safe but slow transfer method.
Emergency cash transfers in Thailand
If you need to send funds to Thailand as quickly as possible, don’t forget to check the fee and exchange rate that will apply to your transaction. Many money transfer providers will charge higher fees and offer poor exchange rates for urgent transactions, so it’s important that you’re aware of the full transaction details before you hand over your hard-earned cash.Back to topFind a money transfer location near you
Tips for picking up cash in Thailand
Whether you’re picking up cash in Thailand, at home in the U.S. or anywhere else in the world, you should exercise some safety precautions.
- Take someone along with you for increased security.
- Keep hold of your wallet or bag at all times.
- Don’t wave large sums of cash around in public.
- Deposit funds in a bank account rather than carrying around large amounts of money.
How to send money to Thailand
While the transfer process varies between providers, the first thing you will usually have to do is sign up for an account. This can be done by providing a few basic details including your name and address, your contact details and an acceptable form of photo ID.
Once your transfer has been placed, you will typically be given a receipt or a reference number that you can use to check on the status of your transaction.