There are many ways to send money to Thailand. Your options include:
Specialist international money transfer providers
International money transfer services move funds over international borders without the money going through the international banking system. Money transfer service companies can transfer money faster and more cheaply than banks can, offering lower fees and markups on exchange rates. They can typically get money to your destination within two days, if not the same day or even instantly within seconds. Savvy works with a trusted range of international online money transfer providers offering you the most reliable way to transfer money overseas.
Cash transfers
Some international money transfer providers can send cash overseas almost instantly for it to be collected by someone at the other end. This can be very useful if you need to transfer money fast in an emergency. However, instant cash transfers aren’t available with all providers, or to all destinations, and they aren’t the cheapest way to send money overseas. Often higher fees are charged for cash transfers, and the exchange rate on offer may not be the most competitive.
International phone app accounts
Another type of international money transfer method is opening an international account on a phone app with a company such as Wise. Using your international account, you can transfer money directly to your contact in Thailand through their mobile phone (if they have the same app installed) or to their bank account. These accounts also allow you to exchange your Australian dollars for Thai baht when the exchange rate is strong and store the baht in your account online until you want to send it to Thailand. This could potentially save you hundreds of dollars in an environment where the exchange rate is moving against you.
PayPal and Xoom
PayPal’s international payment system Xoom isn’t yet available to Australians who want to transfer money to other countries in Australian dollars. However, if you open an international account through a specialist transfer provider, you could transfer money into US dollars, British pounds or Euros and send these to Thailand. However, Xoom will provide a less competitive exchange rate compared to money transfer specialists and you may also face delays getting the money transferred from a Xoom account to a bank account.
Phone top-ups or recharges
Another option to send money to someone in Thailand is by using a phone top-up (also known as a phone recharge or reload). However, the exchange rate you will receive to send your transfer will often be lower compared to an international transfer company, and the fees charged by telcos can be more expensive. Additionally, money sent in the form of a pre-paid phone recharge can’t be used as freely as cash can.
Bank transfers
You could use your traditional bank to send money overseas. However, the fees charged for this service will be higher, with up to $30 or more charged in some cases, and there’s no guarantee you’ll receive the best exchange rate. Also, it may take from three to five days for your money to arrive at your destination, whereas transfer providers can be completed instantly, on the same day or within two days. In almost all cases, specialist international money transfer services will get your money to Thailand more quickly and at a lower cost than your bank can. Get a quote and compare rates before booking your transfer through Savvy today.
