Best Way to Send Money to Thailand

Most people who send money to Thailand use one of two methods.

Bank transfers are reliable and secure but are usually slower and more expensive than other methods.

Alternatively, specialist online money transfer services typically offer better exchange rates, lower fees and faster transfers.

But which is the best way to send money to Thailand?

Best Way to Send Money to Thailand: My Verdict

For most people, the best way to send money to Thailand is through an online transfer service like Wise, TorFx and Revolut.

These services offer competitive exchange rates, low fees and fast transfer fees.

The website and apps are incredibly user-friendly, and it took me just a few minutes to set up my account and transfer money to Thailand.

Although online, providers such as Currencies Direct, OFX and TorFX offer excellent customer service, giving customers who want to send large amounts of money a dedicated account manager.

Alternatively, banks like NatWest and RBS offer reliable and secure international transfers to Thailand if you prefer in-person transfers.

Although more convenient and familiar than a specialist online money transfer service, bank transfers typically have higher fees, less favourable exchange rates and slow transfer speeds.

What’s the Cheapest Way to Send Money to Thailand?

Overall, TorFX is the cheapest way to send money to Thailand, offering a competitive exchange rate and zero transfer fees, regardless of the amount you want to send. 

This is particularly important for sending smaller amounts, where transfer fees would significantly impact the amount of money your recipient receives.

Currencies Direct and OFX also don’t charge a transfer fee, but their exchange rate is less favourable than TorFX, so you’ll get fewer Bahts for your Pounds. 

However, you should calculate the total cost of sending money to Thailand, not just the transfer fee.

If you want to send a large amount of money to Thailand, you may find it more cost-effective to pay a transfer fee to access a better exchange rate.

Even the smallest difference between exchange rates can influence the amount of money your recipient receives in Thailand. 

Wise and Revolut offer the most favourable exchange rates. However, they also charge the highest transfer fees.

What’s the Fastest Way to Send Money to Thailand?

Wise is the fastest way to send money to Thailand, with most transfers typically arriving within seconds. 

Remitly also offers a fast service, sending money to Thailand within minutes if you pay by card or within 2 hours if you pay by bank transfer. 

Generally, transfers paid for by a card are processed faster than those paid for by bank transfer.

As you can see from the table, your transfer speed will vary depending on your provider, with most services completing the transfer within two working days.

Can I Send Money to Thailand Online?

There are several ways to send money to Thailand online.

1. Online Money Transfer Services: Platforms like Currencies Direct and XE offer competitive rates, lower fees and faster transfers than traditional banks. However, some services may have transfer limits, which could be an issue when sending large amounts of money. 
2. International Bank Transfer: You can send money directly to bank accounts with popular Thai banks like Bangkok Bank and KBank. While secure and reliable, this method has less favourable exchange rates, higher fees, and slower transfer processing than alternative methods. 
3. Digital Wallets: Services like PayPal and Skrill allow you to send money from your UK digital wallet to a Thai digital wallet. Although suitable for recipients without a Thai bank account, fees for international transfers can be higher than other methods. 
4. Prepaid Cards: You can load money onto a prepaid debit card and then transfer funds to a Thai bank account or use the card directly in Thailand. This method is fast and convenient, but you may incur fees for loading money onto the card and withdrawing in Thailand. 
5. Cash Pick-Up Services: Providers like Western Union and MoneyGram allow you to send money online for the recipient to collect in cash from a designated pickup location in Thailand. Suitable for those without a traditional bank account, cash pick-up services are less convenient and often have higher fees than other transfer methods. 
6. Cryptocurrency Transfer: You can convert GBP into cryptocurrency like Bitcoin and send it to a cryptocurrency wallet in Thailand, which can be converted back into THB. Although fast, cryptocurrency exchange rates can be volatile, leading to potential losses.

Sending Large Amounts of Money to Thailand

Specialist online money transfer services are ideal for sending large amounts of money to Thailand.

These services offer better exchange rates and lower transaction fees, increasing the amount of Thai Baht your recipient will receive. 

Whilst some providers limit your transfer amount, Currencies Direct, OFX and TorFX don’t have a maximum limit, giving you greater flexibility when sending large amounts of money to Thailand.

All three platforms are highly user-friendly, so it takes just a few minutes to set up an account and send money to Thailand. 

Although based online, they also offer excellent customer service, with a dedicated account manager contacting me to walk me through the entire process, from start to finish. 

Alternatively, UK banks like RBS, NatWest and Barclays allow you to transfer large amounts of money directly to bank accounts in Thailand.

This method is secure, reliable and familiar but often involves high feels and less favourable exchange rates than specialist money transfer services.

Traditional bank transfers are also slower than online money transfer services, making them less suitable for urgent or time-sensitive situations.

Monitor exchange rates closely and consider using a service or platform that offers competitive rates to maximise the value of your transfer. Some providers may offer discounted transfer fees or enhanced exchange rates for large transfers to Thailand.

Depending on the size of your transfer, you might be asked to provide extra documentation for verification checks and regulatory compliance. This could include proof of address, source of funds, and copies of government-issued IDs, such as driving licences.

Can I Set Up Regular Payments to Thailand?

Online money transfer services like TorFx, OFX and Currencies Direct allow you to set up regular payments to Thailand. These services have more flexibility than traditional banks, offering favourable exchange rates. However, these rates can still fluctuate, affecting the final amount received in Thailand. 

Alternatively, you can set up a standing order authorising your UK bank to automatically send money to your recipient’s bank account in Thailand. While easy to set up, you will have limited flexibility to adjust payment timing or amounts without setting up a new standing order.

Sending Money to Businesses in Thailand

The best way to send money to Thailand is usually through an online money transfer service.

Providers like Currencies Direct, OFX and TorFX have specialist solutions tailored to business needs. They also offer faster transfers, more competitive exchange rates and lower fees than banks.

However, they’re a little less convenient than sending money directly from your UK bank account to the business’s bank account in Thailand. 

International bank transfers through banks like RBS and NatWest are secure and widely accepted but can involve high fees and take longer to process. 

Before sending money to a business, determine the recipient’s requirements in Thailand, including details such as preferred currency, payment methods, and regulatory compliance requirements.

If you have an ongoing business relationship with the recipient business in Thailand, consider factors such as trust, reliability, and past experiences when choosing a money transfer service or bank. 

Prioritise services with a good reputation and track record for international business transactions.

How to Send Money to Thailand

How you can fund your transfer to Thailand depends on your chosen method and provider.

Some of the most common ways to pay for your transfer are:

1. Bank Transfer: This is a secure and reliable way to fund large transfers to Thailand. However, it usually takes significantly longer to process than if you pay by card, making it unsuitable for urgent situations. 
2. Debit Card: Convenient for small transfers, debit card payments can be processed quickly. However, depending on your bank, you may have transaction limits, making it less suitable for large transfers. 
3. Credit Card: This method gives you enhanced consumer protection and the ability to get cash advances for emergency transfers. Although transfers are processed quickly, they typically have higher fees than those paid using a debit card.
4. Digital Wallet: Platforms like PayPal are convenient and ideal for transferring on mobile devices. However, not all transfer services accept digital wallet payments and usually have a low transaction limit.
5. Cash Deposits: This method suits those without a traditional bank account, and transfers are processed quickly. However, it’s less convenient than other methods, and some providers have a low cash handling limit. 
6. Bank Drafts or Cheques: Mainly used by those not comfortable using online banking services, cheques are suitable for large transactions but have slow processing times and a higher risk of loss or theft in transit.

What Details Do I Need to Send Money to Thailand?

To send money to Thailand from the UK, you may need the following details and documents:

• Recipient’s Contact Details: Including address, e-mail address and telephone number.
• Recipient’s Payment Details: The bank account number of the recipient’s bank in Thailand or, if using a digital wallet, a mobile number or e-mail address associated with their account.
• Recipient’s Bank Name and Address: The name and address of the recipient’s bank in Thailand.
• Recipient’s Bank SWIFT/BIC Code: A unique 8-11 character alphanumeric code identifying the recipient’s bank in Thailand for international transfers. 
• Purpose of Transfer: Some services may require you to specify the purpose of the transfer, such as personal or business reasons.
• Additional Documents: Depending on the transfer amount and service provider, you may need to provide identification such as a passport or driver’s license or documents like proof of address and source of funds.

Note: Thai banks don’t have IBAN.

Ensure all details are accurate to prevent delays or errors in the transfer process.

How Much Does it Cost to Send Money to Thailand?

You might encounter different fees when sending money from the UK to Thailand.

Transaction Fees

These are charges imposed by the money transfer service or bank for processing the transfer. 

They can be fixed, a percentage of the transfer amount or a combination of the two.

Transaction fees vary depending on the provider, with bank transfer fees typically ranging between £10 and £30 per transaction.

In contrast, online money transfer services like Currencies Direct offer fees from £0 to £10 per transaction. 

Exchange Rate Markup

Providers often apply a markup to the exchange rate, which means you may receive a different rate than the mid-market rate you see on currency converters. 

This difference means you’ll receive fewer Thai Baht for your British Pound.

Generally, online money transfer services like TorFX have a lower exchange rate markup, ranging from 0.5% to 2% above the mid-market range.

Banks often apply a markup of around 3% to 5% on the mid-market-exchange rate, making them less cost-effective.

Recipient Fees

Some banks or money transfer services in Thailand may charge fees to the recipient for receiving the funds. 

Fees are deducted from the received amount and vary between banks. Generally, recipient fees range from £0 to £20 per transaction.

Additional Services 

Depending on the transfer method chosen, additional charges such as intermediary bank fees or express transfer fees may be added for faster processing.

Expedited transfer fees for bank transfers can range from £20 to £50 per transaction.

In contrast, express transfer fees for online money transfer services like OFX are cheaper, usually between £5 and £20 per transaction.

How Long Does it Take to Send Money to Thailand?

Sending money to Thailand from the UK can take different amounts of time, depending on the transfer method.

• Online money transfer services: Within minutes to 2 business days. 
• Bank transfers: 3 to 5 business days or longer

Some services may also provide expedited or express transfer options for an additional fee.

The transfer speed of sending money to Thailand from the UK is influenced by factors such as the transfer method, banks involved, currency conversion, time of transfer, verification checks, transfer amount, and payment method.

Frequently Asked Questions