How much do you need to transfer?
XE Money Transfer
XE specialises in a wide range of foreign currency solutions and offers an affordable solution when you need to send money overseas.
- Send money to 60+ countries.
- Competitive exchange rates that are often better than banks.
- Transfer up to US$500,000 online.
- See exchange rates in real-time.
Want to send up to £10,000 to Thailand?These providers specialise in offering low rates to people sending amounts below £10,000.
Want to send over £10,000 to Thailand?These providers specialise in offering low rates to people sending amounts over £10,000.
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 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 specialise in handling overseas money transfers, offering attractive exchange rates and affordable transfer fees.
Case Study: Carl sends money to Thailand
Carl’s son James is spending a year studying abroad in Bangkok, and Carl needs to find an easy and affordable way to transfer £1,000 to James 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 GBP = 36.12 THB||1 GBP = 34.94 THB|
|Transfer options||Bank account deposit||Cash pickup|
|Transfer speed||5 business days||10 minutes|
|Total THB received||36,120 THB||34,940 THB|
As you can see, Carl can send almost 1,180 THB more and also save £11 in fees by using the first transfer company.
How to compare transfer companies for Thailand Baht
By comparing a few elements of your transfer, you can ensure that you get the best deal for your needs.
- Exchange rates. Nearly all providers skew exchange rates for a profit. Compare the rate you’re offered to the mid-market rate — the rate banks and transfer services use when they trade among themselves — and look for the smallest margin between them.
- Transfer fees. Find out whether the provider charges a flat fee or a percentage of your transfer. If you’re sending a large amount, ask whether you qualify for a fee-free transfer.
- Payment and delivery options. Some transfer companies allow you to pay with a credit card online, by phone or through an app. Others offer agent locations for cash payments and pickups. Also ask how your recipient can receive your funds: bank account, cash pickup, mobile wallet and more.
- Transfer speeds. If it needs to be there fast, companies like Western Union and MoneyGram allow for quick cash pickups, often in minutes. If you have more time, you’ll get better rates and fees with an independent provider.
- Transfer limits. Your best option might depend on how much you want to send. For large transfers, weigh the best exchange rate — especially since providers encourage large transfers by offering low fees. For smaller amounts, consider the fees you’ll pay on top of the exchange rate.
- Flexible transfer options. Ask whether you can schedule payments ahead of time or protect your transfer against market fluctuations with a limit order or forward contract.
- Customer support. Most companies offer customer service by Internet chat, phone, in person or by email. Make sure help will be available if you need it.
Foreign exchange rates explained
Exchange rates shift on a daily basis depending on a number of political and economic factors. If a currency is strong, you can get more money when exchanging it with a weaker currency. This means for every pound you transfer to Thailand, you’ll get almost 38 Baht in return.
What are the ways that I can send money to Thailand?
- Bank transfers. Many banks will allow you to send money to Thailand.
- Money transfer providers. Providers like Ria and XE can help you quickly and easily transfer your money online.
- Providers with cash pickup. Western Union and MoneyGram allow you to send funds for cash pickup at agent locations.
- PayPal. Electronic payment giant PayPal allows you to send money to destinations all over the world.
How to send money to Thailand
- Choose from among the numerous transfer providers who send money to Thailand.
- Register with the provider of your choice on their website providing your name, address, contact information and date of birth. A valid photo ID will also be required.
- Provide your recipient’s name, address and contact details. Depending on the transfer method you may also have to supply their bank account information.
- Enter the amount you want to send, complete your transaction and save your tracking or receipt number to follow up on the progress of your transfer.
Tips for picking up cash
Whether picking up funds in Bangkok or anywhere else in the country, a few simple safety precautions will prevent you from becoming a target for thieves.
- Call ahead. Knowing the company’s business hours and going during daylight hours will help prevent theft.
- Deposit your money immediately. The sooner you get your money in the bank, the safer it is, so determine your path ahead of time and go straight there.
- Bring a friend. Having a friend accompany you will deter others from approaching and trying to scam you.
- Keep your cash hidden. Place your money in your wallet before leaving the office or keep it inside a hidden pocket in your clothes.
Emergency transfers to Thailand
You might need to send an emergency cash transfer to Thailand— for example, if a friend travelling through the country loses their wallet. When you need to transfer funds urgently, your fastest possible transfer will often be your most expensive option. Carefully review the exchange rate and transfer fee against your needs so that you understand exactly how much it will cost you.
Overseas money transfers are easy, no matter which method you choose. But knowing how to compare your options gives you a leg up in terms of cost, rates and transfer speeds. An informed choice is your better choice.