Best Thailand Money Transfer Providers in 2021 – that will be the topic of today’s article.
Before introducing this article, if you are interested in our core services which are expat financial, insurance and mortgages, you can contact me here.
The best time to consider your financial situation is when you are moving to a new country.
Thailand is an invariably popular destination for many, not only as a vacation and wintering place, but also as an option for permanent residence; about the amount of expenses during your stay in this country, read our fresh material.
In the 2000s, along with India and Bali, it became the center of many Europeans. Tired managers were leaving their cities to come to Thailand and learn diving, open a small bar or a travel agency. From here, Internet marketers, programmers, copywriters and other specialists who can afford remote work, carried out orders.
But the country remains an attractive destination for those who first of all have enough funds and a good job and will not worry about exchange rate fluctuations. It is the second largest economy in Southeast Asia after Indonesia. There is practically no unemployment here, and tourism accounts for up to 16% of GDP.
The pros of living in Thailand
Here we have collected some pros that every person who’s planning to move to Thailand, must know and consider:
- Climate and nature. First of all, in Thailand there is eternal summer. Here is the sun, and the temperature is not less than +15. The presence of the ocean is not critical, although this is a good bonus.
- An atmosphere of benevolence. Whoever says anything about smiles, but we all want to smile and want to smile in return. In addition, in Thailand you will see people smiling almost always sincere.
- Safety. In comparison with many countries, you will feel just mega-safe in Thailand, and this feeling is really expensive.
- Thai food and fruits. Just imagine a place, full of the most tropical fruits and vegetables, delicious traditional dishes, and sun. Usually no one get bored of Thailand food and you can eat that forever. Note that it is also a healthy lifestyle.
- Cheapness and simplicity. Compared to other countries, in Thailand, you can enjoy the higher quality of living for the same cost. That is, if you are from the category of those who are more profitable to live in Thailand than at home, than this country will be a good place to enjoy life and moreover if you have a remote work than, nothing to worry about. And also, in Thailand it is simply captivating how simply and quickly the issues of housing / food / movement are resolved, and not so much because of the cheapness, but because the whole country is tailored for visitors, and this is sometimes lacking in other places.
For expats, people who want to move to Thailand and those who already started their lives in there, it is very important to know all the details about money transfers. How to do that, which companies are the best and cost-effective.
In this article, we will try to help you with that and review some of the best international money transferring financial agencies, and assist you in making the best choice.
The benefits of online money transfers
For those who are new in Thailand and are getting to known to the country, there are good news. Today the internet gives us the chance to send money to or from Thailand, from your phone using the mobile app. Before we’ll get to the best transferring companies, let’s take a look at the some most important benefits of online translation.
1) Safe, reliable and fast
Online money transfers have become not only more convenient, but also safer. When transferring money over the Internet, you don’t have to worry about someone running away with your hard earned money.
In addition, if there would be any problem with the transfer process, they will immediately inform you and make a fun refund, and they’ll do everything to help you avoid any problems. If you didn’t know, sending cash over the Internet is probably the safest method today. In addition, the online transfer is so fast that the money can be received by the recipient almost instantly.
2) Reduced service fees
Wouldn’t you like to pay less to get your job done? When transferring money from bank to bank or through an agency, you will have to pay a little more than when transferring money over the Internet.
Therefore, it is cheaper to send money abroad. One reason for this is that when transferring money by other means, you are charged a fee based on the total percentage of the amount of money you send, whereas online you are charged a nominal amount of the total amount you want to send not as a percentage.
3) Reduced paperwork
As the world becomes more aware of the dangers of deforestation to create more paper, many countries in the West are working to go online for all their needs to dramatically reduce the amount of paper needed.
When you transfer money online, you do not need to sign any documents and receive paper receipts. All transactions are stored in an “archive” which contains the history of all transfers made by you, and all receipts and confirmations of transfers remain online; hence, paper is not wasted.
4) Available 24/7
Have you ever had an emergency at home and needed to transfer money at 2 a.m.? Well, with online transfer, you can transfer money any time of the day or night, no matter where you are.
Everything you will need is to obtain a mobile phone and have money in your account to easily complete the transfer. If you were to make a bank transfer, it is important for agencies like Western Union to be open, but with online transfers this is never a problem. Moreover, the needy will quickly receive money and satisfy their needs.
Best Thailand Money Transferring Companies
Here are some of the providers we will discuss:
- Western Union
TransferWise is a UK based company that believes that money shouldn’t have borders.
TransferWise was born and generated accounts all over the world. Now, you simply deposit money into a TransferWise bank account in the country of your choice, and it pays your recipient at the correct exchange rate.
Since its inception in 2011, TransferWise has grown to over 6 million customers and is backed by investors from companies like Virgin and PayPal.
TransferWise’s capabilities are divided into several categories depending on how you plan to use the service. At its core, TransferWise is a money transfer service most often used for international transfers in order to keep rates low and adhere to the actual exchange rate.
TransferWise then converts the money, or stores it in the same currency, transferring it to the account of your choice.
That’s pretty much everything TransferWise does. For some reason, the process of sending and / or receiving money from Thailand may seem daunting to you, but TransferWise’s interface makes it pretty easy and convenient.
Fees – Compared to the fees you would pay when transferring through a bank account, TransferWise is throwing them out of the water. For example, the commission for transferring £ 1,500 to EUR is only 0.402% compared to up to 10% with the alternatives.
Transparency – TransferWise offers transparent fees and the company is built on that spirit. The only additional fees apply to debit and credit cards, and all of this information is listed in their help section.
Speed - Transfer speed is a big plus for TransferWise. The speed varies from 24 hours to a full week, but this is no different from a regular bank transfer.
Security – TransferWise is FCA compliant, so all your funds are held in a segregated account without borders. Your money is safe in case anything happens to TransferWise.
Business account – The ability to send, receive and spend money in over 40 currencies is a fantastic advantage for international business. You can create accounts for local businesses in minutes, even if you don’t have an address in those countries.
There is no minimum transfer amount required – you can even send $ 1 if you want.
High daily transfer limit – You can send between $ 49,999 and $ 199,999 every day using Transferwise.
PayPal is an online payment gateway that provides cost-effective services to businesses and individuals.
Along with payment related services, PayPal also offers a wide range of services related to debit cards, small business credit card readers, line of credit, and more.
Of most of the other currently available online payment gateways, PayPal is one of the safest ways to send payments digitally.
PayPal Holdings, Inc. is a company based in the United States that supports all types of activities carried out around the world. In terms of trade details, PayPal is marketed as “NASDAQ: PYPL”, “NASDAQ-100 Component”, “S&P 100 Component” and “S&P 500”.
It was originally founded under the name Confinity and then merged with X.com in 2000. After listing on the stock exchange in 2002, eBay acquired PayPal on October 3, 2002.
Easy to use – PayPal is extremely user-friendly and easy to use. Whether you are buying an item online or setting up PayPal as the payment method for your business, PayPal is extremely simple and convenient.
Transaction records- You can easily view your transactions by viewing the transactions page. This PayPal feature makes creating and tracking invoices for your business less tedious. You also have the option to send electronic checks, track payments, or even request refunds in case of unsatisfied transactions.
Safely encrypted- PayPal also has an encryption feature that protects your customer and your data with the highest level of security. Compared to other payment options, PayPal has a higher level of protection even if and when someone breaks into its public servers.
Suitable for mobile devices- Like its desktop version, PayPal has a very easy-to-use mobile app. You can shop, send and withdraw money anywhere and anytime.
While other payment processors are starting to provide mobile versions of their services, PayPal’s mobile app is the most mobile-friendly.
The app allows you to shop online or track orders for your business. The cost savings with this method are not obvious, but it is an advantage you can offer your customers and therefore an asset to your business.
Sending money to friends and family is free – PayPal charges a commission. Fortunately, sending money to a friend or family member is not included in these fees and is free of charge. Instead of queuing up at a money transfer service center, you can sign up for PayPal to send money – locally or internationally – to a friend or relative via PayPal for free.
Western Union Overview
Western Union is the world’s largest provider of money transfers with over 500,000 locations in over 200 countries and territories. In comparison with many transfer companies out there, Western Union suggests both domestic and international transfers; which means the unique opportunity to quickly send or receive cash abroad is a feature of it.
Western Union is mostly suitable for those people who need to send or receive cash, or those people who ship to locations not covered by other providers, such as prisons and US military bases overseas.
Western Union benefits:
Fast transfers are available – Cash or debit card-funded transfers can arrive within minutes to destinations in the US and abroad. The recipient may have collected the cash at a physical location, such as a supermarket or bank.
Wide availability – You can register with Western Union from almost anywhere in the world – they currently support registration from 70 countries and transfers to 200 countries in 130 currencies. In addition, they have over 500,000 physical agencies worldwide. Western Union has an exclusive presence in the United States where transfer kiosks and agent desks are integrated into convenience stores, check cashing points, and more.
Flexible payment methods – Western Union offers many payment methods to make it easy for you and your recipient to transfer money. They support bank transfers, cash payments, bill payments, and mobile wallet transfers (may vary by location). Therefore, if the recipient does not have a bank account, you can always choose an alternative payment method.
Both personal and business translations – Western Union offers dedicated accounts for personal and business transfers. In fact, Western Union provides industry-specific payment platforms for businesses as well as risk management advice to save money on transfers in the long run. Basically, you can rely on Western Union to pay your family, friends, overseas employees, and support your favorite non-profit organizations.
World Remit Overview
WorldRemit is a company providing online money transfer services. Accordingly, that allows its clients to transfer money in a safe, easy and affordable way.
Founded in 2010 by Ismail Ahmed, an economics student at the University of London, WorldRemit has grown rapidly. Customers can now send money to 150 countries around the world with thousands of convenient payout locations. The company still has opportunities to partner with financial institutions and mobile money companies to strengthen its global presence.
World Remit benefits:
Ease of use: It takes about 5 minutes to register an account with WorldRemit and complete the transfer.
Wide global reach: You can send money to 150 countries on the WorldRemit platform. No matter where your loved ones are, you can rely on WorldRemit to deliver money to over 30,000 agencies worldwide.
Reasonable fees: Compared to other money transfer services, WorldRemit charges a fair transfer fee. This allows you to handle third-party commissions yourself, thereby giving you control over your transfer.
Flexible payment options: You can pay for the transfer using a credit card, debit card, or bank transfer.
Multiple delivery channels: the recipient can receive money through bank deposits, cash withdrawal or mobile money.
Larger transfers: If you need to make a large translation, it is better to look elsewhere, because WorldRemit has limitations on the amounts you can send. Also, because of their commission structure (see below), which tends to increase as the amount increases, if you plan on sending more than a few thousand dollars or pounds, there may be better options.
Trouble-free operation: WorldRemit is very easy to set up and use. You can easily register and make money transfers. They also have apps for iOS and Android platforms. This way, you can conveniently transfer funds on the go.
Cash withdrawal: Not many money transfer services offer cash withdrawals. The advantage of WorldRemit is that it provides cash collection in many countries and locations. In fact, when you choose the cash withdrawal option, you are prompted to choose a payout network. You can choose the one that has offices at the location of the recipient. Door-to-door cash delivery is also available in select countries – you will see all the options available when you select the country you are sending money to.
Azimo offers a digital alternative to traditional money transfer operators for sending money overseas. Animo’s website, its mobile applications for both Android and iOS, will allow you to send money from anywhere and anytime and at your convenience. You can pay for the transfer by making a local bank transfer using a debit or credit card, or by making an online money transfer via the SWIFT network.
What makes Azimo stand out is the number of countries you can ship to and the breadth of ways you can ship your money. With Azimo, you can send money to over 200 countries and territories around the world in over 80 different currencies.
Money can be received in a variety of ways, for example, the traditional way of receiving cash at more than 270,000 points or crediting to a bank account of more than 20,000 banks, sending to a mobile wallet or delivering cash to the recipient’s home.
This money transferring company is an ideal choice for expats sending money back to their home country. Azimo has been translated into 9 different languages, so there is a good chance you will be able to use them in your own language. Their fees and exchange rates in most cases make them significantly cheaper than banks or money transfer operators.
Azimo has a wide dispatch network. However, some routes are more congested than others. Frequently used routes for users of Azimo money transfer services are Nigeria, Poland, Philippines, Bangladesh and Thailand.
Shipments to these countries from the UK take 1 to 2 days if you pay by bank transfer. However, some routes may experience delays due to checks and other unforeseen events.
There is no minimum amount – with Azimo you can send even $ 1. There is no lower limit for the amount you can send.
High Coverage – Wide coverage of the shipping and distribution network serving over 200 countries and territories.
Low commissions and favorable rates – Fixed cost and variable price models are favored by senders of large and small amounts.
Simple and interactive platform – sending money shouldn’t take you hours if you have all the necessary information and funds to transfer.
Multilingual support. The website supports 8 languages: Russian, English, Polish, Italian, French, Romanian, Portuguese and Spanish. This allows it to be used by a wide range of clients.
So if you are an expat or a tourist in Thailand, consider the above mentioned money transferring companies, which as you can see can offer you more than you are expecting. Fast transfers, even cash transfers, low fees, with PayPal you can even send money to your family and friends with 0 fees.
Sending money became easier after these online transferring financial agencies, internet helped a lot to gain first of all more clients and of course make it easy for expats and tourists to send and receive money.