Transferring money can be confusing for a first-time sender. One of the primary challenges in sending money to Thailand is regulatory barriers. Many foreigners might have trouble understanding and dealing with the regulations on how to send money to Thailand. This article will walk you through the easiest and fastest way on how to transfer money to someone in Thailand.
Transfer money to Thailand in five steps
There are many financial institutions that offer money transfers to Thailand. One of the best-known and trusted companies is Wise. Wise is a financial technology company specializing in international money transfers. It offers the easiest and fastest way to transfer money to a Thai bank account without hidden fees. Follow these five steps on how to send money to Thailand using Wise.
Step 1. Register for free
Getting started with Wise is easy. If you are new to Wise, simply sign up online or through the Wise app. To create a free Wise account and password, you only need an email address or a Google or Facebook account.
Step 2. Enter transfer details
Select Thailand as the recipient country and enter the amount you want to transfer in your local currency. Wise will show you the fees upfront and tell you when your money should arrive. Enter where to transfer money to a Thailand bank account, including details of their complete name, bank account number, and bank name.
Step 3. Choose a payment method and verify your identity
Wise accepts various payment methods based on your location, including bank transfers to Thailand and debit and credit cards. For some currencies or for large transfers, Wise will need a photo of your ID to verify your identity. This ensures the money’s safety when you transfer money to a Thai bank account.
Step 4. Review and confirm the transaction
Wise will clearly show you the exchange rate, anticipated transfer fee, and approximate delivery time for your transaction. Review the details of your transaction before you send money online to Thailand.
Step 5. Pay for the transaction
After confirming all information about your bank transfer to Thailand, pay using your chosen payment method. You can track the transfer in your account, and Wise will inform your recipient of the fund transfer.
Send money to Thailand for property purchases
Property purchases involve huge amounts of money in transfer funds to Thailand. There are a few considerations that foreigners must be aware of to send money to Thailand for property purchases, such as:
- Transfer amount limit: For transfers exceeding $50,000, a Foreign Exchange Transaction (FET) Certificate from your bank is usually required. This document certifies the transfer information and the source of funding.
- Higher rates/costs: Banks charge flat rates to wire money to Thailand in smaller amounts. However, a percentage-based rate can be imposed for big transactions.
- Slower speed and special regulations: Large amounts of money in transfer funds to Thailand could be significantly delayed due to anti-money laundering (AML) checks. Thai law obligates banks, money transfer services, and other financial institutions to conduct AML checks to prevent illegal activities.
Wise is the best option to overcome all the problems on how to transfer money to Thailand. They offer services that solve these issues, including:
- No limit on the number of transfers: There’s no limit on how many transfers you can create in Wise. They only limit how much money you transfer in a single transaction or period but not the number of transactions.
- Fair prices and no hidden fees: Wise has no subscriptions or monthly fees. You will always see the fee upfront and only pay for what you use. A fee of 0.35% is charged for sending money to Thailand or to any other currencies.
- Fast service: On many popular transfer options, Wise can wire money to Thailand within one day or even within seconds. Sometimes, different payment methods or routine checks may affect the transfer delivery time.
Frequently Asked Questions (FAQs)
What money do they use in Thailand?
The money used in Thailand is the Thai baht (THB), symbolizing the currency as ฿.
How to get cash in Thailand?
To get cash in Thailand, you can sign up for a Wise account and card to seamlessly transfer and withdraw money.
What is a Foreign Exchange Transaction Form (FET)?
The Foreign Exchange Transaction Form (FET) is an official statement by an authorized Thai bank regarding the exchange of foreign currencies into THB. It is a primary document, in compliance with foreign exchange regulations, for reporting foreign exchange transactions exceeding a certain threshold.
How to send money to Thailand from the USA?
To send money to Thailand from the USA, use Wise by paying in USD with your debit or credit card or sending the money through your online banking. Select who you want to send money online to Thailand and which pay-out method to use. The recipient gets the money in THB directly from Wise’s local bank account.
How to transfer money from Australia to Thailand?
To transfer money to Thailand from the USA, use Wise by entering the amount to send in AUD with your debit or credit card or send the money from your online banking. You will send the money in Australian dollars; the recipient will receive it in Thai baht.
What is the fastest way to send money to Thailand?
The fastest way to send money to Thailand is through Wise. Wise offers various transfer methods that you can choose from, and they ensure secure transfer to Thailand.
How to send money to Thailand from the U.K.?
To send money to Thailand from the U.K., use Wise by entering the amount to send in GBP with your debit or credit card or send the money from your online banking. You can send the money in Pound sterling to Thai baht.
How can I send money to Thailand from Canada?
You can send money to Thailand from Canada by using Wise. Enter the amount to send in CAD with your debit or credit card or send the money from your online banking. You can send the money in Canadian dollars to Thai baht via Wise transfer.
