Sending money to Thailand doesn’t have to drain your wallet. With hidden fees and poor exchange rates, traditional banks and wire services can cost significantly more than modern alternatives. This guide reveals the cheapest ways to transfer funds to Thailand while maximizing your baht, whether you’re supporting family, paying for services, or managing business expenses.
## Why Traditional Money Transfers to Thailand Are Expensive
Traditional methods like bank transfers and wire services often add multiple layers of costs:
– **High transfer fees**: Banks charge $30-$50 per international transfer
– **Poor exchange rates**: Hidden markups of 3-7% above mid-market rates
– **Third-party fees**: Correspondent banks deduct additional charges
– **Slow processing**: 3-5 business days for delivery
## 5 Cheapest Ways to Send Money to Thailand
Based on fees, exchange rates, and speed, these methods consistently offer the best value:
1. **Digital Money Transfer Apps (e.g., Wise, Revolut)**
– **Fees**: 0.5%-1% of transfer amount
– **Exchange Rate**: Real mid-market rate with $10,000
– Use banks with THB corridors like Citibank
## How to Minimize Costs: 4 Pro Tips
Follow these strategies to save more:
– **Compare real costs**: Use tools like Monito or MoneySmart to see total fees + exchange rates
– **Time your transfer**: Exchange rates fluctuate – track THB via XE.com
– **Bundle transfers**: Send larger amounts less frequently to reduce per-transfer fees
– **Avoid USD-THB double conversion**: If sending from non-USD currency, convert directly to THB
## Step-by-Step: Sending Money Cheaply to Thailand
Follow this process for maximum savings:
1. Calculate your transfer amount in THB
2. Compare providers using a fee calculator
3. Create an account with your chosen service
4. Initiate transfer online/mobile app
5. Pay via bank transfer (cheaper than card payments)
6. Track delivery via SMS/email notifications
## FAQ: Sending Money to Thailand
### What’s the absolute cheapest method for small transfers?
Digital apps like Wise typically offer the lowest fees for transfers under $1,000, with total costs averaging 0.7% compared to banks’ 5-8%.
### Are there hidden fees when sending to Thai banks?
Yes. Some Thai banks charge 200-500 THB ($5-$15) incoming fees. Always ask your recipient to confirm their bank’s policy. Use services that disclose ALL fees upfront.
### How can I get the best exchange rate to Thai Baht?
Transfer on weekdays during Asian trading hours (9 AM – 4 PM Bangkok time) when liquidity is highest. Avoid weekends and holidays when margins widen.
### Is cash pickup cheaper than bank deposit?
Usually not. Services like Western Union charge 4-8% for cash pickups. Bank deposits are typically 50-70% cheaper due to lower processing costs.
### Can I send money for free to Thailand?
Possible via:
– First-time user promotions (e.g., Remitly’s $0 fee offer)
– Referral programs
– Crypto transfers between owned wallets
But always verify exchange rates – ‘free’ transfers often have poor rates.
## Final Recommendation
For most users, Wise (formerly TransferWise) provides the optimal balance of low fees (from 0.5%), real mid-market rates, and instant delivery to Thai bank accounts. Test multiple services with small amounts before large transfers. By avoiding traditional banks and using tech-driven providers, you can save up to 8% per transaction – turning 10,000 THB into 10,800 THB for your recipient.
