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Best Ways to Send Money to Thailand

Enjoy fast, low cost transfers, the best exchange rates, and strong customer support on money transfers to Thailand.

Read on for quick reviews, expert insights, and all you need to know about money transfers to Thailand.

Jonathan Merry
Author 
Jonathan Merry
6 minutes
February 5th, 2024
Disclosure
Best Overall
9.2
Wise

Wise is the top rated money transfer provider that usually appears in our search results to Thailand.

Fastest Option
8.6
XE

XE tends to be the fastest way to send money to Thailand for many origin countries and send amounts.

Cheapest Option
8.9
Currencies Direct

Users who searched to send money to Thailand usually find Currencies Direct had the lowest rates and fees.

Compare ways to send and receive money in Thailand

There are multiple ways to easily send and receive money in Thailand but these will largely depend on the provider you decide to use.

There are multiple ways to easily send and receive money in Thailand but these will largely depend on the provider you decide to use. Below you will find everything you need to know about the best ways to send money to Thailand.

Ways to Send Money to Thailand

When sending money to Thailand, getting the right mode of transfer can save you hundreds of dollars in transfer fees and exchange rate differentials. You can decide to send money through the interbank transfer or online money transfer services. Your decision will depend on a number of factors, most of which will be discussed in the sections below.

International Wire Transfers
Money Transfer Service
PayPal

What’s Needed to Send Money to Thailand

Whether you are sending money in person at a store or online, there is some information you’ll have to provide. This will help get the transfer to the right person and enable the recipient to access the money.

  • Your identity card or an equivalent document based on the country you are sending from

  • The name of the recipient. It should match the name appearing on their official documents

  • The recipient’s address and phone number

  • The amount you want to send

  • If you are sending directly to a bank account in Thailand, you’ll require the bank name and account number of the recipient

When signing up for an online money transfer account, some of this information will be captured in advance thus making it easier for you to make your transfer.

What Are the Ways of Receiving Money in Thailand?

Your family in Thailand can receive the money you are sending in a number of ways. The following are the two main channels Thais can use to receive remittances from abroad.

Bank Deposits
Cash Collection

When choosing the money transfer provider to use, the guiding factors should be proximity, reliability and affordability to both you and the recipient.

What is Required to Receive Money in Thailand?

Receiving money in Thailand is simple. If the money is deposited in the recipient’s account, there is nothing much they need to do apart from notifying the sender. On the other hand, when the money is sent through cash pickup, they will receive an SMS or email notification.

The following information will be required to receive money at any payout location. Just a quick note, Western Union will ask you to fill out a form in which you provide the information.

  • The recipient’s government-issued ID

  • Sender's name

  • The source of the money

  • The transaction reference number. For Western Union, their number is called Money Transfer Control Number (MTCN)

Some providers have test questions that you must answer to complete the verification process. Once the confirmation process is complete, you’ll be asked to sign the receipt and collect the money.

Common Reasons for Sending Money to Thailand

Thais in the diaspora have some sort of an unwritten social contract with their families back home. Whenever their conditions abroad become favourable and they start earning, they apportion part of earnings and send it home. The following are some of the reasons why Thais send money to their families.

Household Income Support

Remittances in Thailand households account for up to 40% or more of the overall household income. Some families in rural Thailand are totally dependent on remittances for basic necessities such as food, clothing and shelter.

Education

Once the basic needs are covered, remittances may be allocated to education. With a literacy rate of 92.87%, Thais value quality education and won’t hesitate to send money home to fund their sibling’s tuition fees and other related expenses.

Health

Thailand has one of the best health care system in Asia. The Universal Care Scheme also known as 30 Baht Health Care scheme, gives Thais medical care at a cost of 30 bahts equivalent to USD 1. However, for specialized care, households may require financial support to access private facilities.

Savings and Investment

Hundreds of thousands of Thais send money home regularly for savings and investment. Despite the opportunities abroad, many of them still see their country as the ideal and safe place to build a nest egg. Some of the money is invested in financial products and real estate.

Social Contributions

Though living in the diaspora, Thais have strong linkages back home. They regularly call, visit and send money to their families for festivals such as Songkran Day, Wan Payawan, Wan Parg-bpee and many others. During these festivals remittances to Thailand record an upsurge.

Why Send Money with a Money Transfer Service?

Money transfer services are preferred because of their unique advantages. They complement and even substitute banks as the choice method for Thais abroad sending money to their families. The following are the reasons why you should consider money transfer providers in your next remittance to your family.

Geographical Coverage

Senders can easily find a MoneyGram or Western union store in their host countries or get online and use providers such as Xoom, Wise, Ria, WorldRemit and many others. The recipient in Thailand also doesn’t struggle to locate a payout location even in the rural and remote areas.

Higher Exchange Rates

Most providers use the mid-market rate to exchange your source currency to the Thai baht. This rate is midway between the Buy and Sell rates and gives you more baht per unit of your host currency. Even for providers like Xoom and WorldRemit who add a margin on this rate, the resulting rate is still higher than what banks offer.

Simple to Set Up

It takes anywhere between 2-5 minutes to signup for an account online to enable you to make your transfer to your family. Some providers like WorldRemit will ask you to verify your details by uploading a government-issued ID.

Transaction Cost

The fees money remittance providers charge is a fraction of what banks charge to send the same amount of money. The reason for this is that the providers do not use any correspondence banks and they charge low margins as part of their strategy to build a clientele base.

Transfer Speed

Whether you are sending money home for a medical emergency, debt repayment or tuition fees, speed is of the essence. Money transfer providers assure you of instant delivery for cash pickups and up to three days for bank transfers.

Multi-Currency Support

Banks have a problem dealing with exotic currencies. They will either charge you higher transaction fees or give you a raw deal on the exchange rate. On the contrary, money transfer service providers support more than 50 currencies on their platforms. Therefore, you can literally send from any country without giving away too much in currency exchange rate fees.

Things to Consider When Sending Money to Thailand

Now that you have almost all the information you need to send money to Thailand, you may want to quickly jump onto your phone or computer and initiate a transfer. Of course, nothing can stop you, but you may need to think through the following before you hit the ‘send’ button.

  • Exchange Control Regulations – Any person who receives foreign currency save for visitors who are in Thailand temporarily (not more than 3 months), must sell the currency to an authorized bank within 360 days of receipt.

  • Bank Deposits – Deposits of foreign currency notes are restricted to USD 10,000 per person per day. This is done purposely to limit proceeds of illegal trade and other dealings from infiltrating the Thailand financial system.

  • Reporting of Financial Transactions – Any person withdrawing more than USD 50,000 from a bank, must report the transaction in a format as directed by the Competent Officer.

There you go! Sending money to Thailand can be quick and affordable when you use money transfer service providers. Your family will receive cash payouts or bank deposits faster to help them sort out their needs.

The USD to THB exchange rate

Mid-market Rate
1
= 35.969497 THB
Mid-market rate at: 16:00 UTC
USD/THB Median: 35.817617 Low: 35.635502 High: 35.969497
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Looking to Send Money Somewhere Else?

Sending money anywhere else in the world is as easy as sending money to Thailand. If you're looking to send money to another country, here is the list of the most popular destinations.

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Contributors

Jonathan Merry
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com