Consider the Options You Have to Send Money to Thailand

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There are many instances in which you might need to send money to Thailand. Whether you need to help friends who are visiting the area, or family members who live there, you have a few options. The one you choose will likely depend on the speed, ease, and cost of getting the money to your recipients. Doing a little research before you send money to Thailand could save you a lot of time, trouble, and money. 

One of the first methods many people consider is the bank. You might look to your bank for options, or you could compare several banks to see which one is best for you. Be sure to consider the fees and the number of days it takes to send the money. Bank of America costs about $35 to send money, and the funds can be available anywhere from one to three days later. This price applies if you send money to Thailand in the country’s currency, which is Thai baht. If you want to send US dollars, it will cost $45. You can expect that it will cost $25 to $50 to send money from most other U.S. banks, such as Citibank, Chase, and HSBC. You just need to specify which Thai bank to transfer it to, whether it is Bangkok Bank, Krungthai Bank, Siam Commercial Bank, Bank of Ayudhya, or any other commercial banks in the area.

You can also send money to Thailand through an agent. In this case, you would select a company to work with, go to the nearest location, and give the officials there your recipient’s name. You could specify that your friend or family member pick up the money, or you could have it sent to their account. Depending on the company you choose, the cost will likely be about $15 to send $100 USD. Since the exchange rate with Thailand is that one dollar equals about 33.65 baht, your recipient would get 3365 baht for every $100 USD that you send. Be sure to subtract the fee from the amount you send first so that your friend or family member gets the right amount.

If you do not want to continually pay high fees to send money, you can take another route. You could instead send a prepaid debit card. Once you send the card to your recipients, they could then use it to purchase items at stores, or even withdraw cash in baht. It will cost you just $5 each time you send money, and it will cost them less than 33 baht each time they use it as a debit card at stores. If they want to withdraw cash from an ATM, it may cost about 100 baht, or about $3 USD. To ensure that they can use it often, make sure their city has plenty of ATMs and stores that accept cards. If they live in Bangkok, Chiang Mai, Thon Buri, Hat Yai, or other larger cities, they are sure to be able to find ATMs and retailers accepting debit cards.

Clearly you have plenty of options when it comes time to send money to Thailand. The best choice for you involves the least amount of money and time. You should also consider convenience for your recipients. For example, think about whether there are banks, agent locations, and ATMs near their home before you make a choice.

Source by Jason Karp

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