According to the data from the United Nations, the United States of America is one of the leading countries that many Thais travel to. As a result of this, lots of Thai nationals living in the USA, as well as people of other nationalities, may want to transfer money from the USA to Thailand. So, what are cheaper ways for transferring money from America to this Southeast Asian country?
Foremost, it is worthwhile to know that there are numerous ways to transfer money from the USA to Thailand. However, the 5 cheaper transfer methods include Wise, WorldRemit, Remitly, Xoom, and OFX. Each of these methods offers a plethora of benefits that will be explained later in this article.
You should realize that you can transfer money from the USA to Thailand directly via banks. Unfortunately, in most cases, this method is slow and costly. Therefore, you should rather consider the following 5 ways if you want to send money from the US to Thailand at cheaper rates.
1. Wise
Wise is previously known as TransferWise. Despite the name change, the company has continued to provide top-of-the-range financial services to clients. With Wise, you can transfer money to Thailand from the US and other countries online without any hassle. You can create an account on transfer easily and quickly. To transfer, you can utilize a bank transfer, credit card, debit card, or SWIFT.
Although you can transfer money via Wise’s website, you can also use its mobile app. In addition, the exchange rate of the platform is great as it is the same as Google exchange rates. It should be noted that Wise is safe; hence, you don’t need to be afraid when using the platform to transfer money to Thailand.
Transfer charges: 2.24 USD and 0.66% of the amount you want to transfer. You may need to pay additional fees depending on the method you want to use for sending the money.
2. WorldRemit
WorldRemit is another tested and trusted way to send money from the US to Thailand. This company focuses on smaller transfers and remittances; hence, you can count on it to transfer money to your friends, family, business partners, etc. in Thailand. If you intend to send 10,000 USD or less to anyone in Thailand, WorldRemit is one of your best options.
When it comes to the exchange rates, WorldRemit is better than local banks in the Land of Smiles. However, this platform adds a small margin to the official rate. Also, this method provides varying delivery options. So, if you are ready to send money to Thailand from the USA today, go and create a WorldRemit account. This platform also operates a mobile app that you can use to send money any time you want.
Transfer charges: 3.99 USD for every transfer.
3. Remitly
Founded by Matt Oppenheimer with contributions from Josh Hug and Shivaas Gulati, Remitly is one of the biggest remittance platforms in the world. When compared to Western Union, PayPal, and other options, this method is cheaper and quicker. The platform is safe and flexible.
Generally, Remitly allows users to transfer money via credit and debit cards. Within a few hours, the money transferred from the US will be delivered to your beneficiary in Thailand. But if you want your transfer to be done within a few minutes, you can use the Express transfer option of Remitly. The recipient can claim the money via cash pick up, home delivery, bank deposit, or mobile money.
When sending money from the US, the exchange rate is always high. However, this is not the case for some countries. Also, the specific amount you want to transfer may affect the exchange rates that Remitly will apply.
Transfer charges: $3.99 if you are using the Express option.
4. Xoom
Xoom is powered by PayPal, which is one of the biggest online financial technology companies in the world. Founded about 20 years ago, Xoom handles all sorts of remittance and electronic money transfers from one person to another. So, if you are looking for ways to send money from the US to someone in Thailand, you should not hesitate to use Xoom.
Without a doubt, Xoom is safe, has a good exchange rate, and doesn’t charge an exorbitant fee to transfer money. However, it is one of the slowest options on this list. Typically, money transfers from the US to Thailand will take about 1 to 2 business days. Therefore, you cannot rely on this method if you need a same-day money transfer.
Xoom’s account is easy to create and verify. You can load money into the account via card or bank transfer. When receiving money via Xoom, you can pick up cash at one of the agent locations near you or get the money in your bank account.
Transfer charges: No specific transfer fee as it depends on the amount you want to transfer and how you want to pay Xoom. If you are paying via card, you will be charged a card fee. But you don’t need to pay anything when using a bank transfer.
5. OFX
The last cheaper way to transfer money from the US to Thailand is OFX. Since it began operations in 1998, OFX is one of the oldest and most reliable ways to transfer money from one country to another. With OFX, you can transfer money to someone in Thailand from the comfort of your room.
OFX used to charge a flat transfer fee for a money transfer but stopped doing so for customers in the USA. Money transfer from the US to Thailand can be done with wire or bank transfer. Although the transfer is online, you can contact the customer care team of OFX via phone if you have any issues.
Transfer charges: If you are in the US, you don’t need to pay a flat transfer fee.
All these 5 cheaper ways to transfer money from the US to Thailand are safe. Therefore, without any fear, you can send money to anyone in Thailand.
