If you’re sending money to Thailand, High-street banks may offer you terrible exchange rates and high money transfer fees to transfer money to Thailand.
If you are looking for the best way to send money to Thailand, Specialist money transfer services online could help you get the best deals to transfer money to Thailand from the USA and UK.
The most obvious way to send money to Thailand is via your local bank, but this might not be the cheapest way to transfer money to Thailand from UK and USA.
While specialized online money transfer services such as Wise (ex TransferWise) can help you save on fees and get a more competitive exchange rate.
But there are a host of other factors to consider such as exchange rates, fees, security, and the convenience offered by different foreign exchange services. This guide will help you find the best and easiest way to send money to Thailand from the UK and USA.
What is the Cheapest Way to Send Money to Thailand from the UK and USA?
When you are sending money to Thailand from UK and USA, there are 2 main options:
- High Street Banks
- Money transfer services like Wise (ex TransferWise)
High street UK and US banks charge you high fixed fees on international money transfers. On top of that, the banks offer bad exchange by adding hidden markups on the actual exchange rate. This is the “hidden charges” that the banks doesn’t disclose to the customers.
With the high fees and poor exchange rates increases the overall all cost up to 10% of the total amount of money transfer to Thailand – which is NOT the cheapest way to send money to Thailand from UK and USA.
Here are the bank fees of top US and UK banks on international money transfers
| UK Bank | International transfer cost |
|---|---|
| Barclays | 4% – 10% (depending on the currency) |
| HSBC | 1.5% – 8% (depending on the currency) |
| Lloyds | 3.5% – 8% (depending on the currency) |
| US Banks | Fixed Fee |
|---|---|
| Citibank | $35 to $45 depending on the transfer method |
| Bank of America | $35 to US$40 |
| US Bank | $50 |
| Wells Fargo | $30 to $50 depending on the sending currency |
On the other hand, specialised online money transfer services are the best and the cheapest way to send money to Thailand from UK and USA.
These are dedicated international money transfer services that offer the better exchange rates than traditional high street banks and offer low money transfer fees.
| Online money providers | International transfer cost |
|---|---|
| Wise (ex TransferWise) | 0.2% – 1.3% |
| CurrencyFair | 0.5% – 1.8% |
| Remitly | 0.5% – 1.7% |
Some providers like Wise (ex TransferWise) offers the mid-market exchange rate (which is the best possible exchange rate) which is the cheapest way to send money to Thailand from UK and USA.
Read More: What is mid-market exchange rate?
Read more: Cheapest way to send money abroad from the UK
Best Way to Send Money to Thailand from the UK and USA
Wise (formerly TransferWise)
Wise (ex TransferWise) is low-cost and secure and allows you to choose the speed and payment options to transfer money to Thailand.
You can send money to Thailand via bank transfer and cards from the UK, and ACH transfer, cards, and wire transfers from the USA.
Wise is also regulated by the UK’s Financial Conduct Authority and FinCEN in the US.
Wise is one of the easiest way to send money to Thailand with simple and straightforward process – you can do it all online or by using a smartphone app, which has a user-friendly interface.
How do I get the best Thai Baht exchange rate when I send money to Thailand?
Exchange rates – the rate at which one currency is exchanged for another – are constantly fluctuating. The interbank or mid-market rate is the “real” exchange rate at which banks and big financial institutions trade currencies – it’s also the one you’ll see on Google.
But different foreign exchange companies set their own exchange rates – and these can vary quite a bit.
For example, When sending money to Thailand from the UK or the US via high street banks, the banks add “profit margins” in the “buy” and “sell” price of the currency, which increases the overall cost of the transfer.
Specialist money providers like Wise can transfer money to Thailand at the “actual” or mid-market rate.
When arranging a money transfer to Thailand from the US and UK, you will also need to factor in any fees or commissions. Some money transfer firms advertise no commission, but you’ll need to check the exchange rates they offer to be sure you’re getting the best deal possible.
The table below shows the impact that exchange rates and fees can have on the final cost of a money transfer.
GBP to Thai Baht
| Amount | Fees (% of total amount) | Recipient Gets* | Transfer Time |
|---|---|---|---|
| 1000 USD | 6.38 GBP (6.38%) 🏆 | 40,439 THB | In seconds ⚡ |
| 2000 USD | 12 GBP (0.6%) 🏆 | 80,883 THB | In seconds ⚡ |
| 5000 USD | 29 GBP (0.84%) | 202,410 THB | 1 business day |
* 1 GBP = 40.7313 THB
| Amount | Fees (% of total amount) | Recipient Gets* | Transfer Time |
|---|---|---|---|
| 1000 USD | 9.36 GBP (0.93%) | 40,343 THB | In seconds ⚡ |
| 2000 USD | 18 GBP (0.9%) | 80,733 THB | In seconds ⚡ |
| 5000 USD | 43.93 GBP (0.72%) 🏆 | 201,877 THB | 1 business day |
* 1 GBP = 40.7313 THB
If you are sending 2000 USD or below, bank transfer is the fastest and the cheapest way to send money to Thailand from the UK
If you are sending 5000 USD or above, pick card transfer as the payment method to transfer money to Thailand from the UK. It takes the same amount of time, but it is much cheaper compared to the bank transfer.
USD to Thai Baht
When sending money to Thailand from the USA, Wise is one of the cheapest option to transfer USD to Thai baht.
Wise uses the mid-market exchange rate, which is the one available on Google, and charges a small upfront fee.
If you choose ACH transfer as the payment method, here are the Wise fees to send money to Thailand from USA
| Amount | Fees (% of total amount) | Recipient Gets* | Transfer Time |
|---|---|---|---|
| 1000 USD | 9.52 USD (0.95%) 🏆 | 33,360 THB | 1 business day |
| 2000 USD | 17.76 USD (0.88%) | 66,733 THB | 1 business day |
| 5000 USD | 42.49 USD (0.84%) | 166,969 THB | 1 business day |
* 1 USD = 33.66 THB
If you choose wire transfer as the payment method, here are the Wise fees to send money to Thailand from the USA. Wise charges a fixed fee of 3.2 USD + 0.8% of the transferred amount.
| Amount | Fees (% of total amount) | Recipient Gets* | Transfer Time |
|---|---|---|---|
| 1000 USD | 11.03 USD (1.1%) | 33,288 THB | 1 Hour ⚡ |
| 2000 USD | 17.29 USD (0.86%) 🏆 | 66,738 THB | 1 Hour ⚡ |
| 5000 USD | 36 USD (0.72) 🏆 | 167,086 THB | 1 business day |
* 1 USD = 33.66 THB
If you are sending 2000 USD or below, ACH transfer is the cheapest way to send money to Thailand from the US, but it’s a bit slower compared to the Wise transfer.
If you are sending 5000 USD or above, pick wire transfer as the payment method to transfer money to Thailand from the USA. It takes the same amount of time, but it is much cheaper compared to the ACH transfer.
How long will it take to send money to Thailand?
This will depend on the money transfer option you choose and the payment options.
Banks take up to 3 days on average to transfer money to Thailand from the US and UK (don’t forget the high fees and poor FX rates)
Cash transfer companies can offer very quick times, but also charge high fees and often don’t give the best exchange rates.
Make sure you shop around and find the quickest processing time for your specific transaction. Wise (ex TransferWise) will show you exactly how much your transfer will cost and how long it will take to arrive. Wise is also the fastest option to send money to Thailand.
For the amount below 2000 GBP/USD, Wise takes a few seconds to transfer money to Thailand from the UK and less than an hour to send money to Thailand from the US.
For the amount above 2000 GBP/USD Wise takes around 1 business day to transfer money to Thailand from the UK and the US
How to Send Money to Thailand
Step-by-step guide on how to make an international money transfer to Thailand via Online Banking
Sending money to Thailand is easy using online banking. The exact process varies depending on your bank but you’ll normally complete the following steps:
- Log on to online banking.
- Go to your account and the international payments option.
- Get a quote for how much your transfer to the UK will cost. Prices may vary depending on how quickly you want the money to arrive.
- Create a new payee/recipient – you’ll need to enter SWIFT/BIC number.
- Click to confirm the payment.
Step-by-step guide to how to transfer money to Thailand with Wise (ex TransferWise)
- Create a free Wise account.
- Enter how much you want to send in pounds or how much you want the recipient to receive in Thai Baht.
- See both the exchange rate and the fee.
- Enter the recipient’s Thai bank details.
- Confirm the transfer.
- Select your preferred payment method.
- Once Wise gets your payment, it will send the Thai baht to your recipient.
Summary
There are several ways to transfer money to Thailand. Using your bank might be convenient, but banks tend to have high fees and are unlikely to offer the best exchange rates. If your money transfer is time-sensitive, you may need to consider alternative delivery methods. Wise is one such option and it offers great customer service.
FAQs when sending money to Thailand from UK and USA
❓ How to send transfer money to Thailand
Sending money to Thailand is easy using online banking. The exact process varies depending on your bank but you’ll normally complete the following steps:
- Log on to online banking.
- Go to your account and the international payments option.
- Get a quote for how much your transfer to the UK will cost. Prices may vary depending on how quickly you want the money to arrive.
- Create a new payee/recipient – you’ll need to enter an IBAN (International Bank Account Number) or SWIFT/BIC number.
- Click to confirm the payment.
🇬🇧 What’s the cheapest way to send money from UK to Thailand?
Wise (formerly TransferWise) is one of the cheapest ways to send money to Thailand from the UK. Money transfer via Wise is as low as 0.6% of the total transfer amount. Whereas, if you want to transfer money to Thailand via a local UK bank, you may end up paying 6% – 10% of the total transfer amount in fees.
🇺🇸 What’s the cheapest way to send money to Thailand from the USA?
Using a money transfer provider – like Wise (ex TransferWise) is the cheapest way to send money to Thailand from the USA because you pay a very low transparent fee at the actual exchange rate. The total cost to transfer money to Thailand from the US can be as low as 0.7% of the total transfer amount via Wise money transfer.
Whereas, If you are transferring money to Thailand via a local US bank, you may have to pay a high fixed fee along with a poor USD to THB exchange rate – which can be as high as 5% to 10% of the total transfer amount.
💸 What are the best providers to send money to Thailand from the UK and USA?
Wise (TransferWise) is the best money transfer provider to send money to Thailand (both from the UK and the USA). Wise offers international money transfers at the mid-market exchange rate (the real exchange rate that you see on Google) and charges very low and transparent money transfer fees.
Sending money from the UK to Thailand can be as low as 0.6% of the total transfer amount with Wise. Whereas, from the US, the money transfer fees can be as low as 0.8% of the total transfer amount.
💰 How much does it cost to send money from the USA to Thailand?
If you are sending money to Thailand via your local bank, the overall cost of the transfer can be as high as 6% to 10% of the total transfer amount because banks charge a high fixed fee on international transfers. And on top of that, offer poor an exchange rate by adding hidden markups (profit margins) on exchange rates.
Whereas specialist money transfer providers like Wise (TransferWise) charge as low as 0.6% of the total transfer amount (from the UK). If you are sending money from the USA to Thailand, Wise charge as low as 0.7% of the total transfer amount.
⚡ What is the fastest option to transfer money to Thailand
Wise (ex TransferWise) is the fastest way to transfer money to Thailand from the UK). Wise only takes a few seconds to deliver your money to the recipient’s local Thai account (for amount below £2000). For the amount above £2000, Wise takes 1 business day to send money from the UK to Thailand.
Whereas, traditional UK and US Banks usually takes 3 to 4 days to deliver your money to the recipient’s account in Thailand.
⌛ How long will it take to send money to Thailand from the US
Specialist Money transfer providers delivers your money faster than the traditional US banks (and at a much cheaper cost). For example, Wise (ex TransferWise) takes around 1 business day to send money to Thailand from the USA (of any amount).
⌛ How long will it take to send money to Thailand from the UK
Specialist Money transfer providers delivers your money faster than the traditional UK banks (and at a much cheaper cost)
Wise (ex TransferWise) takes only a few seconds to transfer money from the UK (For the amount below 2000 GBP). For transfers above 2000 GBP, Wise takes around 1 business day to send money from the UK.
