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How To Transfer Money To Thailand - Every Option Available


How To Transfer Money To Thailand

Introduction

There are a number of options available when it comes to transferring money to Thailand.

Which one is best for you will depend on a number of factors, including how much capital you need to transfer, how quickly you need it to arrive, and whether you want to pay any fees.

Here is an overview of the different methods available for transferring money to Thailand, so that you can choose the option that best suits your needs.

Transferring Money To Thailand - international payments

Buying a Condo

Firstly non-residents need to ensure funds for the purchase of a Condominium are transferred from overseas; funds transferred also need to exceed purchase price of the property. The money needs to enter Thailand as foreign currency and the purpose of transfer should be provided in the bank remittance instructions.

Purpose of International Transfer, example format:

“Money Transfer for the Purchase of [Unit Number], on [Floor], in Condominium [Full Condo Name]”

Once the transfer has been received, the funds can be converted into Thai Baht by the local Bank. The purchaser can subsequently request a Foreign Exchange Transaction Form (FET) for amounts above US$ 50,000 or a Bank Certificate for amounts under US$ 50,000.

The FET and/or Bank Certificate are important documents required by the Government Land Office to approve and process the transfer of the condominium’s title deed into a foreign national’s name.

FET(s) and/or Bank Certificates issued by the local Thai bank needs to include the following details:

  • Transferred Amount in Foreign Currency
  • Transferred Amount in Baht (Including Currency Conversion Rate)
  • Name of Sender Account
  • Name of Beneficiary Account
  • Purpose of Transfer

It is important to note that:

  • Permanent Residents of Thailand are exempt from providing an FET/ Bank Certificate.
  • The Government Land Department can accept international transfers (FET/Bank Certificates) even if the Sender’s account name is not the same as the Beneficiary’s account name (Or in the case the condo is transferred into 2 individual buyer names).

However the purpose of transfer (On the remittance instructions), should clearly mention the buyer’s (Or multiple buyers) name.

Example:

“Money Transfer for the Purchase of Unit _______, on ________ Floor, in Condominium _______________ on behalf of ___________"

Tor Tor 3 - Send Money To Thailand

Transferring Money To Thailand – Tor Tor 3

When purchasing property in Thailand you will need proof from the bank that the funds were used for this purpose and you will need to get a Tor Tor 3 form or payment slip from the bank as supporting proof.

Tor Tor 3 (TT3) And Payment Slips Explained

A TT3 is now called a "Foreign Currency Transaction" form.

This form is only necessary if you transfer over USD $50,000 into Thailand in any foreign currency to buy a property in Thailand and at a later date you wish to sell the property and transfer the money back out of the country.

For any other payment method, you will need to obtain a payment slip to be used as documentation if you want to eventually transfer money back out of the country.

The following lists the scenarios for obtaining a TT3 form or payment slip:

  • If you transfer foreign currency greater than USD $50,000 to Thailand straight into the developer's account, then the developer can get the TT3 form from the bank for you.
  • If you transfer foreign currency less than USD $50,000 to Thailand straight into the developer's account then the developer can get a payment slip from the bank for you as support documentation (instead of TT3 form).
  • If you transfer foreign currency greater than USD $50,000 into a recipient's bank account you hold in Thailand and subsequently transfer that money to the developer's bank account, then you are responsible for getting the TT3 form from your financial institution.
  • For all other methods of payment, you will need to get a payment slip from the bank to use as support documentation (instead of a TT3 form).
Secure Online Money Transfers - Money Transfers To Thailand

Online Money Transfer

One of the most popular methods for transferring money to Thailand is through an online money transfer service. Many of them offer to cover to Thai baht at low cost and affordable exchange rates.

There are many different providers to choose from, each with their own strengths and weaknesses.

Most banks will allow you to make transfers to another Thailand fast, but there may be fees involved.

Some of the most popular services include TransferWise, XE Money Transfer, and OFX.

Each service has its own transfer fees and exchange rates, so it’s important to compare them before choosing one.

In general, online money transfer services are faster and more convenient than banks, but they may not be the cheapest option available for you to send money to Thailand.

Western Union - a trusted provider of transfer services

Western Union

Western Union is one of the more popular money transfer providers. The process is quick and easy, and you can send money to bank accounts around the world with a valid email address.

You'll need to create an account and provide some basic information about yourself.

Once your that is set up, you can add funds to it using a debit or credit card, bank transfer, or other methods. Once your account in funded, you can start the transfer to Thailand.

You'll need the recipient's name, email address, and country. You'll also need to choose a delivery method (eg. bank deposit, cash pickup) and specify an amount. Once you've entered all the required information, you can submit your transaction for approval.

Once your transaction is approved, you will get a 10-digit number which is the Money Transfer Control Number (MTCN). The recipient will receive an email notification with instructions on how to collect the money. They can then log in to Western Union and follow the instructions to collect the transfer.

MoneyGram - best deal for new customers

MoneyGram

MoneyGram is a global money transfer and payment services company headquartered in Dallas, Texas. It offers convenient and reliable money transfer services in more than 200 countries and territories around the world.

With MoneyGram, you can send money online, in person, or by phone to friends and family around the world. You can also receive money directly into your account or at a MoneyGram location.

To send money to Thailand with MoneyGram, you will need to create an account and then provide the recipient's information, including their name, address, and country. You will also need to select a delivery method (bank, cash pick-up, or home delivery) and choose how you will pay for the transfer.

Once you have all of the required information, you can enter it into the online form and submit your transaction. MoneyGram will then send you a confirmation email with all of the details of your transaction.

PayPal - longstanding service provider

PayPal

Among the most popular ways to transfer money to Thailand online is through the payment service PayPal.

You can send funds to anyone with a Thai bank account and the recipient can withdraw the money from any ATM in Thailand.

There is a small fee for this service, but it is generally much cheaper than using a traditional transfer.

NOTE: In 2022, introduced new rules where users need to provide their Thai identity card number. Please check the official website for more information.

Wise - great exchange rates

Wise

Wise (formerly Transfer Wise) is a money transfer service that allows you to send funds to over 50 countries worldwide. With Wise, you can send cash for free if you use a bank account or debit card. You can also choose a credit card for a fee of 3%. There is no fee to receive money.

Wise is available in many countries around the world.

Click here for the full list of all available countries.

Xoom by PayPal - send money to thailand

Xoom

Xoom is a digital money transfer provider that offers a fast, easy and secure way to send money to Thailand from the United States.

With Xoom is 24/7, and the recipient can receive the transfer in minutes.

Here’s how it works:

  • Visit xoom.com or open the Xoom app.
  • Enter how much you want to send and select Thailand as the destination country.
  • Choose how you want your recipient to receive the money – deposit, cash pickup, or home delivery.
  • Enter your recipient’s information and continue to checkout.

You’ll be asked to enter your payment information next. After review, hit send now and we'll take care of the rest!

Send Money Internationally

Send Money By International Bank Transfer

The most common way to send money to Thailand is by bank transfer. This is usually the cheapest and most convenient option, as long as you have a accounts in both countries.

The process is simple and usually takes a few days.

Banks typically will have fees upfront for the service, and the amount of the fee will depend on individual financial institutions (such as Bangkok Bank, Government Savings Bank and others).

Some banks may also require you to open an account with them in order to use their deposits.

Transferring money from your own bank in your home country to a Thai bank account is usually done through what's called a SWIFT transfer.

This is an international system that banks use to send and receive information about financial transactions.

Bank of America

Bank of America

Users of Bank Of America can make transfers to almost anywhere in the world. The process is similar to making an online purchase — you’ll need to provide the recipient’s name, account number and routing number, as well as the amount you wish to send.

Fees vary depending on the country you’re sending money to, but they typically fall in the $5-30 range. You can also elect to send money by phone for an additional $5 fee.

Chase

Chase

Chase offers bank transfers to both domestic and international accounts. You can make transfers via their mobile app. Fees depend on the type of account you have with Chase, but they are generally around $5 for domestic transfers and $40 for international transfers.

Citibank

Citibank

Assuming you have a Citibank account, you can send money to Thailand through a wire transfer. Wire transfers are a type of bank transfer where the sender instructs their bank to make a transfer to the recipient.

Citibank offers two types of wire transfers: international and domestic. For an international wire transfer, you’ll need the following information:

  • The name and address of the bank
  • The recipient’s account number at the bank
  • The SWIFT code for the bank (this is an international code that identifies banks)

For a domestic wire transfer, you’ll need the following information:

  • The name and address of the bank you’re sending the money to
  • The routing number for the bank (this is a unique code that identifies banks in the United States)
  • The recipient’s bank information
Wells Fargo

Wells Fargo

Wells Fargo is one of the largest banks in the United States and offers a variety of ways to send money to Thailand.

You can send money online, by phone, or in person at a branch location.

When sending money online, you will need to have the recipient information including the name of the bank, routing number, and account number. If you are sending money by phone, you will also need this information.

When sending money in person, you can bring cash or a check made out to the recipient.

Sending Money by Mail

Sending Money by Mail

Sending money by mail is one of the oldest and most reliable methods of sending funds. It is also one of the most popular methods of sending money to Thailand. This is because it is a safe and secure method that can be used by anyone.

US Postal Service

US Postal Service

Sending money by mail is a service offered by the US Postal Service. You can transfer funds by mail by using a money order or a cashier's check. Money orders are available for purchase at post office locations, and you can pay for them with cash, a debit or a credit card. Cashier's checks can be purchased from your bank or financial institution.

FedEx - alternative way of sending money to Thailand

FedEx

For many people, FedEx is the first choice when it comes to sending money by mail. It’s one of the most reliable and trusted companies in the business, and it offers a few different options.

One option is to use FedEx MoneyPak. This service allows you to load cash onto a prepaid debit card that can be used to send online or in person. The process is simple and convenient, and you can send up to $500 per day.

Another option is to use FedEx International Money Transfer. This service allows you to transfer your capital directly to a recipient’s mobile phone or their bank. You can send up to $5,000 per day with this service, and the capital will typically arrive within 1-2 business days.

Both of these services come with a fee, so be sure to compare the costs before choosing which one is right for you.

UPS

UPS

UPS delivers millions of packages to destinations around the world every day. And while most of those packages contain items that people have purchased, there are also a significant number of packages that contain money.

For individuals who need to transfer funds by mail, UPS offers a variety of options. The most popular option is to use a UPS Money Transfer service. With this service, you can send up to $5,000 for a fee of just $5.

Another option is to use a UPS Express envelope. This option allows you to send up to $10,000 for a fee of $20.

If you need to send more than $10,000, you can do so by using a UPS International Money Transfer service. With this service, you can send up to $50,000 for a fee of $50.

To learn more about sending money by mail with UPS, visit the UPS website or contact a UPS customer service representative.

Conclusion - Send Money To Thailand

Conclusion

In conclusion, there are many ways to send money to Thailand, and the best option for you will depend on your specific needs and preferences.

If you need to send money quickly and easily, a service like TransferWise is a great option.

For large transfers, you might want to consider using a bank transfer.