Here's a rundown of seven of the most common fees banks charge—and tips to avoid them.
- Account maintenance and minimum balance. Many banks charge fees for maintaining checking or savings accounts.
- ATM.
- Overdraft.
- Insufficient funds.
- Excess transactions.
- Wire transfer.
- Account closing.
PayPal Thailand has been operational for many years now. However, Thai people still prefer to pay in cash, either by cash on delivery (COD) or local money transfer. Nevertheless, PayPal is worth using and it isn't impossible for it to take over just as it did in most Western countries.
Thai Baht is the only legal currency in Thailand, and it's not usually possible to spend other currencies. A tourist site that accepts payments in U.S. dollars, for example, will likely have extremely poor exchange rates and you'll end up paying much more that you would have if purchased with THB.
Will you need cash or credit card in Thailand? You need both. For markets, street stalls, tuk tuks and songtaews, you will certainly need cash. For convenience stores, shopping malls , hotels, larger restaurants and more, you can use your credit card.
Send money to Thailand
- Sign in to your Western Union online account - you can register for one here if you haven't already.
- Select Thailand as your destination.
- Enter the amount of money you want to send to Thailand.
- Input your debit or credit card details to pay for your money transfer.
Major credit cards are accepted across Thailand in most major hotels and large restaurants. Smaller businesses will expect to be paid in cash, as will taxi drivers. Do not expect to look after all your spending with a credit card. Cheaper and budget accommodation will mostly work on a cash only basis.
The best ways to send money internationally
- Your bank. Most U.S. banks offer money wire services, but they tend to be more expensive than digital services focused solely on money transfers.
- Western Union. Western Union may be one of the oldest ways outside of a bank to quickly send money to someone, but they've kept up with the times.
- PayPal.
- TransferWise.
- OFX.
The Thai baht is available in a variety of different banknotes — 20, 50, 100, 500 and 1000. Their colours are green, blue, red, purple and brown, respectively, and they are solely printed on special paper made from cotton fibre, not plastic.
How to send money to Thailand in 3 easy steps
- Start your transfer. Pay in GBP with your debit card or credit card, or send the money from your online banking.
- Get the best rate out there. TransferWise always gives you the real and fair mid-market exchange rate.
- Money is locally delivered.
But if you need to make transfers from Thailand, WorldRemit won't be of much use to you because transfers are currently limited to fifty-two countries and Thailand is not one of them–for now. If you're sending or receiving in Australia, Singapore, the UK, or the US, WorldRemit works just fine.
International Money Transfer from Thailand | Western Union.
Contact any Bangkok Bank branch and fill in the 'Domestic Funds Transfers' form, specifying your name, ID card number, amount to transfer, address, phone number and the recipient's name. The teller will provide you with an 11-digit reference number.
Foreign banks (North American)
- Bank of America Merrill Lynch.
- Citibank Thailand.
- JP Morgan Chase.
- Scotiabank (Bank of Nova Scotia) - through subsidiary Thanachart Bank.
TransferWise can only deliver THB to bank accounts based in Thailand. We send THB out via domestic transfers within Thailand. Currently TransferWise can't send money from Thailand.
How it works is simple. You go into the location, write down the name and location of the person you want to send money to and choose how much you want to send. Western Union will then assess a fee. They can then take the number and their identification card to a separate Western Union location.
Yes, it is. TransferWise is 100% safe as it is licensed and regulated by international authorities. And it is also way cheaper than those typical high-street banks, and most importantly, it is rewarding for your receivers because only TransferWise now offers a fair and real-time currency exchange rate.
Like Western Union, delivery speed with MoneyGram too varies by transfer option, with cash transfers in person or by phone delivered in minutes (again with higher costs). MoneyGram's cheaper options take two to four business days for receipt. There's no question that these services are similar.
Online options to send money to Thailand:
| From your debit or credit card4 to their bank account. | No more than $10 fee1 |
|---|
| From your debit or credit card4 to a Western Union agent location. | Our fastest service from $51 |
| From your bank account** to their bank account. | Our fastest service pay no more than $7 fee* |
Out of these, the three best banks for foreigners to use, in my opinion are Bangkok Bank, SCB, and Kasikorn Bank.
- Bangkok Bank. Bangkok Bank has two areas where it appeals to certain groups of foreigners in Thailand:
- Siam Commercial Bank.
- Kasikorn Bank.
Many domestic wire transfers can be completed within 24 hours (especially if transfers occur between accounts at the same financial institution). But international wire transfers may take longer. If you're sending money to another country, it may take as many as five days for the recipient to receive their funds.
An International Money Transfer is an electronic transfer of funds in a specific currency and amount, to a friend, relative, or company overseas. The person or company you are paying is known as a beneficiary. The bank the funds are being sent to is known as the beneficiary bank.
Opening a bank account in Thailand as a foreigner is not so difficult to do, but your experience will depend on which bank you choose, and sometimes even which branch. They may require you to have a non-immigrant visa and a Thai work permit before you can open an account.
TransferWise
Best for: Cheap costs, great web experience. Coverage from the U.S.: Over 70 countries. Cost: One of the cheapest. TransferWise offers some of the best exchange rates you can find, and upfront fees tend to be lowest if you use a bank account, typically less than 1% of the transfer amount.To have the most success opening a Thai bank account bring the following to a major branch of your chosen bank: Passport. Work Permit (may not be needed for Bangkok Bank) or Certificate Of Residency. Apartment or Condo rental agreement, Yellow house book, or other proof of address.
Sending money internationally with Interac e-Transfer involves you initiating a payment via your online banking, which is then sent to your recipient for collection in cash at a Western Union location near to them. It's worth noting that international bank transfers are often processed using the SWIFT network.
