How to send money to Thailand
Discover how to send money to Thailand at the lowest cost in four easy steps
1. Check if the THB exchange rate is interesting
Even though the currency market is impossible to predict, it can help you save money to keep an eye on it in order to maximize how much you get after the conversion. We recommend our users to subscribe to our smart alerts to keep track the evolution of the mid-market.
2. Find the best deal by comparing the 26 available money transfer companies.
Monito's comparison engine lists quite a few money transfer companies to send money to Thailand, such as TransferWise, Western Union, MoneyGram, Currencies Direct, OFX. Using the most competitive provider from the list is a sure way to save on costs.
3. Pick the best money transfer company that suits your needs
Do you want to transfer money to Thailand at the lowest cost, as fast as possible or with the solution with the best customer reviews?
It is also interesting to pay attention to the pay-in/out methods. You can often find money transfer services offering to you the option to transfer the money directly from your bank account, others will also give you the option to pay by cards. At the other end, in Thailand, select the right option, whether you need the amount in THB to be deposited on a local bank account or be available for cash pick-up.
4. Sign up and get started wih your transfer with the service you selected
Go to the money transfer provider's website to go through the sign-up process (you most of the time have to provide documents to prove your identity), and set upyour transaction.
Which provider should you select for your next transfer to Thailand?
The cheapest way to send money to Thailand will almost always be to make a transfer to a bank account in Thailand via a specialized online money transfer operator, that you can pay by debit card or local bank transfer. Services such as TransferWise or Xendpay are good examples of such solutions, they will offer an exchange rate very close to the mid-market rate and apply transparent and low fees. These solutions will be much cheaper than making an international bank transfer to Thailand with your own bank or using PayPal, as these options generally have higher fees and take a huge margin on the exchange rate when converting your money in Thai Bahts.
If your recipient in Thailand doesn’t have a bank account, you also have plenty of good options to choose from. It’s generally worth it to check the money transfers giants Western Union and Moneygram to see if they currently have good offers as they have a great coverage of every region in Thailand and offer very fast transfers, however, other companies such as Azimo, WorldRemit, Transfast or Remitly which offer transfers to many pay-out options (cash pick-up, airtime top-up, bank transfer, bill payment) will usually offer you a better deal.
If you’re sending a large amount to Thailand, let say you are for example and expatriate moving to Bangkok for a few years and you want to take part of your savings with you, or you need to buy property in Thailand, then, we usually recommend to use a foreign exchange company. Most of the big FX companies will support the Thai Baht as receiving currency, we recommend the services of Currency Solutions, OFX, Currencies Direct, Halo or Frontierpay. You can compare these companies with our comparison engine to see which one are likely to give you the most attractive quote.
Find out which provider is currently offering the best deal for your next transfer to Thailand
Whether you’re an expat living in Thailand and regularly need to send money from your home country to Thailand, or you left Thailand to live and work abroad and transfer money back to Thailand to support your family, comparing money transfer solutions before your transfers can help you save a lot on transfer fees and poor exchange rates.
If you’re still using your bank to transfer money to Thailand (or a traditional cash-to-cash money transfer operator, or even worse PayPal), you’re likely paying 3%-5% too much for each of your transfer. There are today a lot of solutions to transfer money to Thailand with transparent fees and great exchange rates, you simply need to compare your options before each of your transfer, for the exact amount you need to send.
What information do you need to send money to a bank account in Thailand
Name of the recipient
The name of the recipient's bank account's holder.
Name of the recipient's bank (ex. The Thai Credit Retail Bank)
The name of the recipient’s bank in Thailand. Often, you will be able to select the name of the bank in the list, in other cases, you have to enter the name yourself.
SWIFT/BIC Code (ex. BKKBTHBK)
The SWIFT (also called BIC) code is a unique code attributed to each bank often used in international transfers.
Account number (ex. 7632234874)
The bank account’s number of the recipient in Thailand.
Address of the recipient
For legal reasons, you need communicate the exact postal address of the recipient in Thailand.
To send money to a bank in Thailand, you’ll need some information about the recipient’s bank details in order to set-up your transaction. Banks in Thailand don’t use the IBAN system so you will have to enter the bank account number of your recipient (usually a ten digit number) as well as the SWIFT (or BIC) code to identify the bank in which your recipient has his account. Sometimes, money transfer operators will allow you to select the name of the bank in a list instead of asking you for the SWIFT code.
In addition, for legal reasons, you will need to give the postal address in Thailand of your recipient (not the address of the bank).