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An international money transfer allows you to send money to a recipient overseas. Generally, a transfer involves you providing funds to a bank or an independent transfer provider, which then sends the money to your recipient in another country — in this case, Southeast Asia. This can be done in person, over the phone, through a mobile app or online. You can use cash, a credit or debit card, or transfer funds from your bank account, which will then either be deposited into your recipient’s bank account or mobile wallet, or made available as cash for them to pick up at a location in their country.
Banks will happily handle an international wire transfer to Southeast Asia for you. The problem is that they won’t do it cheaply. Banks offer disappointingly low exchange rates and frustratingly high fees on international transfers.
There’s a much more affordable solution, however, in the form of money transfer companies. From WorldRemit and OFX to Western Union and MoneyGram, these companies offer better exchange rates and lower fees (for online transactions) than banks. They also offer secure transfers and some even allow you to make your money available for collection within minutes.
Matt’s brother, John, is traveling through Thailand for a week-long bachelor party adventure. But when John wakes up in Bangkok after a big night with no wallet, no luggage and no shoes, he realizes he only has £100 back in his hotel room safe and he needs some cash urgently. He phones Matt and asks his brother to send him £1,000, so Matt compares two money transfer companies to see which one can provide the best transfer deal.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||$1 USD = $42.448 THB||$1 USD = $41.984 THB|
|Transfer method||Bank account deposit||Cash pickup|
|Processing time||1-3 business days||10 minutes|
|Amount received (in THB)||$42,448 THB||$41,984 THB|
As you can see, although the second transfer company provides much faster transfers, Matt can send an extra $464 THB by using the services of the first company.
If you ever need to send an emergency transfer to Southeast Asia, just be aware of the fact that you will need to pay extra for the transfer. High fees and low exchange rates typically apply to instant (allow 10 minutes) transfers, so it pays to check the full details of your transaction before you hand over your cash. Otherwise, you could end up paying a whole lot more than you need to in order to send your money overseas ASAP.Back to top
When sending funds to Southeast Asia, you’ll be asked to provide the following information:
Once you have completed your transaction, you will be given a tracking number. Make a note of this number so you can monitor the progress of your money transfer.
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