- Home
- Blog
- Money Transfer
- What is the best way to send money to Thailand?
What is the best way to send money to Thailand?
In this guide, we’ll go over the different methods of sending money to Thailand, so you can make an informed decision on how to send money to your recipient in Thailand.
January 18, 2023 — 8 min read
If you want to send money to Thailand, it’s prudent to wonder what the best method is. The main accessible ways for money transfer to Thailand are either through a bank deposit or a cash pick-up. Of course, you want the process to be fast, secure, reliable, and cheap. You know that foreign exchange rates and money transfer fees can sometimes be expensive.
In this guide, we’ll go over the different methods of sending money to Thailand, as well as their advantages and disadvantages. That way, you can make an informed decision on how to send money to your recipient in Thailand.
What are the ways to send remittances to Thailand?
1. Bank transfer
A bank transfer is also known as a wire transfer in the US and Canada. Essentially, your bank account is used to transfer the funds to banks in Thailand. Money is sent directly from your bank account to another bank account (in this case, likely a Thai one).
The benefit of a bank transfer through Xe is that you don’t have to worry about a bunch of expensive fees, and bank transfers are usually very dependable. Xe does not charge to receive funds via bank transfer. Meanwhile, some banks do impose charges on bank transfers, costing anything between $15 and $30 for a single transaction. That is why it is often recommended that you send your bank transfer using Xe, which may give you the best value for your money.
There are certain limits that come with bank transfers. If you live in Canada or America and want to send money to bank account in Thailand, you may need to send $3000 in your respective currency (either CAD or USD) to send the payment.
One main reason people use bank deposits over other methods is that it is typically cheaper. However, this method is generally slower and can take a few days. This is why if you need to send money urgently, it is advisable to use the cash pick-up option instead.
If you are simply planning a vacation and want to convert your currency before you reach abroad, it can be a good idea to send money via a bank-to-bank wire transfer. This way, you won’t need to break the bank and can be prepared with your new, shiny THB currency by the time you get there.
2. Cash pick-up
Cash pickup is one of the most popular methods of sending money to someone in Thailand because there are over 2,300 locations throughout Thailand where your recipient can go to pick up cash instantly! It is a method that is exclusively available in the Xe app. This is an incredible option because it is so fast, which allows you to smoothly and quickly get your money to where it needs to go.
3. Debit or Credit Card
Through Xe, you can select the currency you want to send. Depending on your chosen option, you may be able to use your debit or credit card to transfer money. Both debit cards and credit cards are easy and fast options to use through Xe. Generally, sending money through a debit card will be cheaper than through a credit card.
If you would prefer to pay through direct debit (ACH), Xe also offers an ACH payment option. This essentially means that you are authorizing a one-time debit from your bank account to the Xe account, which may take more time and have a delayed processing and transfer time.
As you can see, there are numerous methods to choose between when you are determining how you want to send money to your Thai recipient.
How to send money to Thailand via bank deposit
Bank deposits are transfers of money made between one bank account and another. Unfortunately, if you transfer money directly using your bank branch, you may be paying extra fees and using average exchange rates for your desired currency conversion.
A bank deposit is easier and cheaper than ever with Xe. All you have to do is make an account, which takes only a few minutes. After that, you just need to start your transfer by choosing the currency, how much you want to send, as well as where you want to send the money to.
Because Xe offers excellent exchange rates with full transparency regarding what additional fees may be charged, you can enjoy fast transfers and peace of mind.
Within minutes, your money should be successfully delivered to your chosen destination.
How to send money to Thailand via cash pick-up
Cash pick-up is a fast and easy way to get money sent to someone in Thailand, who will be able to pick up the money as cash. The exclusive Xe app allows you to collect money from over 2,300 locations around Thailand. The pick-up is instant, which makes this payment method extremely convenient and can help you and your family out in a pinch.
Things to keep in mind when sending money to Thailand
Sending money from the United States to Thailand doesn’t have to be a complicated process. The method you choose should ideally be quick, affordable, come with a fair exchange rate, and be painless overall.
How do you want to send money?
There are several ways you can send remittances to someone who is living in Thailand. Bank transfer, card, and even cash are all options to consider depending on what provider you choose. Depending on the option you choose, the money transfer can be quick as a few minutes or take a few days before it reaches.
What is your recipient’s preferred method?
Sometimes, your recipient may prefer certain ways of collecting the payout options over others. It’s not a bad idea to check in with them and see what their preferred method of payment from you is. If your recipient urgently needs the money and is able to get to a cash pickup location (one of over 2,300 locations in Thailand), cash pickup may be the optimal option for you.
If a bank transfer is more convenient, then you may want to consider transferring money from your bank account to theirs, even though there is a slight delay in speed.
What is the cheapest method of sending money to Thailand?
Sending international payments to an overseas country can be expensive, or it can be cheap. The costs and fees associated with sending money to someone in Thailand can vary greatly depending on your chosen payment method. The exchange rate will also affect how much money you send to Thailand.
In general, a specialist provider like Xe is a lot cheaper to use to transfer money than a bank. It can save you money on fees and give you more control over your money transfer.
In addition, if you want to save money, it is usually cheaper to send a single sum of money that is large in amount as opposed to many small transfers.
What is the exchange rate between USD and THB?
The exchange rate is very important when transferring money. One reason is that banks typically give you poor exchange rates – they will mark exchange rates up by anything from 3% to 5%. If you’re sending large amounts of money, this can make a huge difference.
You can easily check the exchange rate for 1 USD to Thai Baht or Thai Baht to USD. Foreign exchange is swift and easy through Xe so that you can ensure the right amount of money gets into the right person’s hands without costing you endless exchange fees.
The exchange rate between USD and THB is typically around 1 US Dollar ($) = 34.4 Thai Baht (฿). Of course, like all foreign exchange rates, this conversion rate will change over time. It is a good idea to check the exchange rate through Xe for the most accurate and convenient exchange rate finder online.
Xe also shows a full chart of currency exchange rates over time so you can clearly see trends over the course of time. The exchange rate will be affected by certain factors, such as global events and regional shifts.
Send money to Thailand now
Do you need to send money to Thailand? Get it done now; easy breezy. Over 56,000 verified customers recommend sending money through Xe. Xe has over 25 years of experience in providing you with simple, fast, and secure international money transfers.
If you need to know when a currency hits a specific rate before you send your money to Thailand, you can also easily create Xe Rate Alerts for the currency pair so that you can be notified instantly when your desired exchange rate exists.
The content within this blog post is not intended for use as financial advice. This content is for informational purposes only.