People who travel outside of Thailand to work often send up sending money back home. While the reasons for sending money to Thailand might be varied, the need to carry out transfers in a quick and cost effective manner is often the need of the hour. Fortunately, people no longer need to depend on banks, and they get to choose from different overseas money transfer companies depending on where there live.
Transfer Money to Thailand
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
Currency Corridors & Swift Codes
Currency Symbol and Swift Codes
The Thai baht (THB) is the official currency of Thailand. The Bank of Thailand is responsible for issuance of the currency. One baht is divided into 100 satang. According to the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the Thai baht was the 10th most commonly used currency in the world as of February 2017.
If you want to send money to a bank account in Thailand, you will need the bank’s SWIFT code. Given below are SWIFT codes on some popular banks in Thailand.
|Siam Commercial Bank||Bangkok||SICOTHBKXXX|
Popular Currency Corridors
People send money to and transfer money out of Thailand regularly. In 2016, Thai migrants sent more than U.S. $6.3 billion to Thailand from other countries. During the same period, almost U.S. $3 billion made its way out the country in remittances.
The corresponding tables indicate how much money entered the and left the country across its popular currency corridors in 2016. The numbers are in U.S. dollars.
How Do I Compare Companies When Sending Money to Thailand?
Start by looking for companies depending on whether you want to send money to Thailand from USA, Germany, Malaysia, Australia, or any other place. Once you make a shortlist, compare them across the following parameters.
- Cost effectiveness. Overseas money transfer companies tend to offer varied exchange rates while following different fee structures. If you are looking for the cheapest way to send money to Thailand, all you need to do is determine which service provider gets the maximum amount to the recipient.
- Turnaround time. If you want to transfer money to a bank account in Thailand, the process may take one to five working days. Factors that affect the speed of transfers to bank accounts include where you live, the company you select, and the recipient’s bank. If you want your money transfer to Thailand to go through quickly, you may benefit by working with a company that has cash pickup locations in the country. Most such transfers tend to process almost immediately.
- Acceptable modes of payment. Bank account transfers are the most commonly used and accepted. You may have limited options if you want to pay using a debit or credit card. On the other hand, you may even pay using region-specific methods such as POLi, SOFORT, and iDEAL depending on the company you select.
- Customer service. Online platforms such as Trustpilot and Feefo give you an easy way to find out how these companies fare in the real world. Email support is the easiest to find, followed by online chat. Only the top companies provide over the phone support.
How to Transfer Money to Thailand?
You may initiate the process of transferring money to Thailand in different ways.
- Online. While your bank might give you the ability to send money to Thailand online, you may want to compare its cost effectiveness and speed with some of the top overseas money transfer companies.
- Over the phone. Another way to transferring money to Thailand is over the phone. While not many companies offer this functionality, some even give their customers access to dedicated currency brokers.
- In-person. Your local bank might let you initiate your money transfer to Thailand in person. However, you might be better of turning to an overseas money transfer company that operates out of physical locations.
Gan got an opportunity to move to Australia, where he found a job as a chef. His wife and young son were to join him a year or so later. Until they arrived in Australia, Gan was to keep sending them some money every month. Always the one to be financially prudent, he compared his alternatives before his first transfer. The results of his comparison are in the corresponding table.
|Bank||Money Transfer Service|
|Exchange rate||AUD $1 = THB 23.3154||AUD $1 = THB 23.8281|
|Transfer fee||AUD $20||AUD $0|
|Amount received for AUD $1,500||THB 34,506.79||THB 35,742.15|
|Transfer time||2 to 5 days||1 to 3 days|
|Transfer options||Bank account||Bank account|
|Difference of||THB 1,235.36|
By choosing the specialist money transfer company, Gan made sure his wife received a little extra money each month. He also benefited by being able to schedule his transfers in advance.
Cash Pickup Locations in Thailand
If sending money to Thailand in a hurry is what you are after, consider using the services of companies such as Western Union, MoneyGram, WorldRemit, or Ria. Given below are addresses of some cash pickup locations in Thailand.
|Western Union in Thailand|
|Bangkok KTB Bangkok Metropolitan Administration, 173 Dinsor Road, Phra Nakhon||Thailand Post 81 Soi Damnoen Klang Nua Rajdamnoenn Klang Rd Phra Nakhon|
|Pattaya Bay Thanon Pattaya Tai FX Booth 37 37 41 Mu 10 Pattaya Tai Road Nongprue Bang Lamun||KTB Patthayatai 31/4-7 South Patthaya Rd, Bang Lamung|
|MoneyGram in Thailand|
|Bangkok Cimb Thai Bank, 140 Dinso Road, Sao Chingcha Pranakhon||Siam Commercial Bank 59 Bldg 8 Ratchadamnoen Klang Rd, Phra Nakhon|
|Pattaya Siam Commercial Bank 8Mu 10 Pattaya Tai Road Nong Prue Bang Lamung||Siam Commercial Bank 64/69 Pattaya Sai 2 Rd Bang Lamung|
Safety Tips for Picking Up Cash in Thailand
Instances of bag snatching and pickpocketing are common across most cities and tourist areas. Thieves on motorbikes are known to target foreigners when they are walking or travelling in tuk tuks. If you use public transport, keep your valuables and important documents out of sight. Hang on to your belongings if you take a nap or sleep when on public transport.
Do not leave your drink unattended or accept drink from strangers because instances of drinks being spiked are known to take place. There have been reports of unprovoked attacks and sexual assaults from tourist destinations, and they tend to increase in frequency during full moon parties.
What Information Do I Need to Transfer Money to Thailand?
You will need to provide different kinds of information when transferring money to Thailand.
- Bank account. To send money to a bank account in Thailand you will need the complete name of the recipient, his or her bank account number, the bank’s name, and the bank’s SWIFT code.
- Cash pickup up. Determine where the recipient will collect transferred funds from and provide the recipient’s complete name. To collect the money the recipient will need to provide a reference number and a valid form of identification document.
Regulations When Transferring Money To and From Thailand
The Thai baht is completely convertible and there are no transfer restrictions on the flow of money in or out of the country. The Bank of Thailand is responsible for overseeing the country’s payment systems and maintaining the currency’s price stability.
Non-residents of Thailand may hold baht-denominated bank accounts in the country, with a maximum balance limit of THB 3 million. When travelling out of the country, you may carry up to THB 50,000. If you are travelling to a neighboring country, the limit increases to THB 2 million, although you will need to declare any amount over THB 450,000 to the country’s customs authorities.
When looking for an overseas money transfer company to send money to Thailand, or if you want to send money from Thailand to any other country, make sure you compare your alternatives depending on your individual requirements. If you can find ongoing promotional offers, saving even more money is possible.
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