Home World & People Sending Money To Thailand

Sending Money To Thailand

Expats dread changing their money between currencies because they always suspect they could find a better deal.

That’s one of the problems of sending money to a popular expat haunt like Thailand.

So many banks, money transfer companies and bureaux de change are competing to change your pounds into baht that finding the best foreign exchange rate is almost impossible.

TransferWise tries to be refreshingly different from the rest by giving examples of what other providers charge to compare against their rates.

The company explains that expats should suspect something is up as soon as they see the words ‘no fees’ or ‘zero commission’.

Watch out for FX gains

Everyone knows there are no free lunches, so these firms must be taking a cut somewhere along the line or they could not pay their bills and make a profit.

That’s a simple fact of business life – no money in equals no cash flow and no profits.

“Awareness of what the advertising is telling you is the key to unlocking the real cost of sending money around the world,” said a TransferWise spokesman.

A phrase to look for in the small print is ‘FX gains apply’ or something similar.

“That means instead of charging customers a fee or commission, the money transfer agent is setting an exchange rate that gives them a profit on every transaction,” said the spokesman. “You may not be paying a fee or commission, but you are paying to send your money to Thailand.”

A fairer way to convert cash

So how does TransferWise charge customers?

The company bases currency exchange on the mid-market rate, which is the sweet spot between the currency buy and sell rates used as a benchmark by financial institutions.

That allows the customer to benefit from the best available exchange rate.

Then a fee is applied depending on the currency. These fees vary between currencies and are published on the TransferWise web site.

Working out how much baht you get for your pound is then easy – some simple arithmetic with the mid-market rate and add the fee and that’s it.

Transferring the money to Thailand is also straightforward.

Just send the money from your sterling account to your Thai bank account and the money should arrive between one and four banking days, depending on the currency and where you are.

“Security checks we have to make because government regulators set the rules slow the process down a bit, but as much as we would like to, there’s nothing we can do about them,” said the spokesman.

Get a quote and send money now to Thailand by clicking here

Hasan Rezazadeh
Hasan Rezazadeh
Rezazadeh born on 1990 in Tehran. He graduated from the state university of Amir Kabir. He used to study criminology in university and has helped several courts and lawyers. He has also worked for local start ups and his previous articles were published in national publications. Currently he works as a lawyer assistant and Rezazadeh contributes to Pars Herald. City: Tehran Phone Number: +989107193380 Email: Hasan {at} ParsHerald.com Name in Persian: حسن رضازاده

Stay Connected

1,502FansLike
505FollowersFollow

Must Read

Huachuma – A Guide to the Plant Medicine San Pedro

Huachuma also known traditionally as The San Pedro Cactus, can be found throughout the Andes Mountains as they stretch across the South American countries...

Huachuma – A Guide to the Plant Medicine San Pedro

Huachuma also known traditionally as The San Pedro Cactus, can be found throughout the Andes Mountains as they stretch across the South American countries...

How Safe Is A Visit To The Caribbean?

Expats, tourists and business people visiting the Caribbean may well worry about their safety after a seemingly endless series of warnings and alerts over...

Periodic Table Is Elementary For Scientists

Scientists are in their element as they celebrate the 150thanniversary of the periodic table. The table has tortured physics and chemistry students trying to learn...

Related News

Your guide to TransferWise currency exchange

TransferWise is a foreign currency exchange service that makes life a little easier for expats. Changing money between currencies is always a hassle and most...

Wim Hof Method Thailand

Wim Hof will be hosting an event in Thailand on the tropical island of Ko Phangan from 27th of November 2019 to 3rd of December...

Pay £18k And Queue If You Want To Climb Everest

If you want to climb Mount Everest, then join the queue - literally according to mountaineer Chris Bonington who has scaled the peak four...

New Bank Notes Aim To Beat Counterfeiters

New 100 and 200 euro bank notes are on the way for May 2019 in a bid to foil counterfeiters printing bogus cash. Money laundering...

Soccer Boys Cave Rescue Could Get Them Out For World Cup Final

The trapped Thai boys’ soccer team may be able to walk out of their underground cave nightmare in time for the World Cup Final...

LEAVE A REPLY

Please enter your comment!
Please enter your name here