People who have experiences in transfer money to Thailand whether from the USA, Canada, Australia, or Europe, might be bored of paying too many fees comparing to the exchange rate of the baht you should get at that time.
As the banks or financial institutions that manage the transfer trying to make a huge amount of profit each year from exchange rate difference or hidden fees in order to provide the convenient fast money transfer service. Those financial institutions have exploited a great benefit from us.
4 disadvantages in transferring money across countries that we might more or less experience.
- Transfer Fee: SWIFT transfer fee around $ 15
- Receiving Fee: receiving fee from destination banks of Thailand, for example, Bangkok Bank will charge you 500 Baht.
- Currency Conversion Charge: This one is unclear. Many people think that the exchange rate is based on the money available at that time. But in fact, the money we will receive is much lower than the real exchange rate, namely, if the real exchange rate of the baht for that day is 35, you will receive only 32-33 baht. Most people who transfer money don’t notice it as a lot of money transfer services don’t inform the amount of money we will receive in advance.
- Transfer Times: Although we pay a lot of fees, the banks still don’t guarantee that we will receive the money within 48 hours. In some cases, it takes more than a week before you can receive the money.
Send the money to Thailand through the banks is expensive. How can I transfer the money across countries without paying a huge fee?
While the Western Union is too expensive, PayPal charges 3.5% for transfer and up to 4% for the exchange rate.
There is another option that I recommend you. Sending the money via Transferwise.
The profile of Transferwise is very interesting. The founders are the same people who started to create Skype. TransferWise has received investment by many investors, such as Richard Branson, the founder of Virgin Company, of course, this comes with a supportive network such as Virgin support, Skype, Paypal.
TransferWise is an intermediary in money exchange like PayPal or Moneygram, but the advantage of TransferWise is that you can check an exchange rate before transfer the money and you can know the amount of money to be received before transfer, also it charges you only 1%!
Many people wonder how TransferWise offer a cheap service in money transfer.
When making a transfer, the system will find the person who is transferring money from the area where you will send money and pair the transfer with yours. TransferWise will match the money transferred from the USA to Thailand with the money transferred from Thailand to the USA, thus, the money is still in each country. That allows us not to pay expensive fees and we also receive the money according to the real exchange rate of the day. With this process you will receive the money in very short time, normally it takes only 1 -2 days. But if the amount is huge, it might take a longer time.
- No transfer fee from the source bank.
- No transfer fee from the destination bank.
- Use the real exchange rates in the market.
- Fast, the amount under $ 5000 will take less than 48 – 72 hours to be transferred.
- If you are accustomed to it, you can use the app to send money from anywhere, at anytime.
TransferWise is a very good choice for anyone who is looking to transfer money overseas or transfer money to Thailand with the easy and economical method. Let’s find out more here. https://transferwise.com/
Transferwise method and procedures below