Undoubtedly, you may need to transfer money out of Thailand for a wide range of reasons. It could be because you want to gift a friend or family member, want to purchase an item, need to pay for education, and lots more. Regardless of your reason for wanting to transfer money out of Thailand, there are a few ways you can explore to accomplish your goal.
Basically, there are three major ways you utilize to transfer money out of Thailand. These ways are direct bank transfer, Western Union, and DeeMoney. Each of these methods has its benefits and drawbacks that must be known before using it.
Due to the differences in these methods, some may be more suitable for you than others. In this article, we will take a closer look at each method to help you to make a decision.
1. Direct Money Transfer
Direct money transfer involves the use of a Thai bank account to send money directly to a foreign account. It should be noted that only people with a Thai bank account can use this method. So, to explore this method, consider opening a bank account with Bangkok Bank, Krungthai Bank, Krungsri Bank, Siam Commercial Bank, or Kasikombank. It will take about 2 to 5 working days before the transfer will be processed for the recipient to get the money.
- Transfer limit
There is no specific limit for the amount you can transfer out of Thailand through a Thai bank. However, the Bank of Thailand is responsible for determining how much you can transfer each time. Generally, your transfer limit will be based on the purpose of the transfer and the fund sources. Notably, the bank will require you to submit certain supporting documents such as invoices and college letters for tuition fees.
- Transfer fees
The transfer fees depend on the particular bank you are using as well as the country you are transferring money to. For instance, you will be charged 1,150 Baht for each transfer by Bangkok Bank. However, other bands may have lower or higher charges.
- Required details
To use direct money transfer, you need to submit some details. The details may include the name, address and the number of the recipient, the name and address of the recipient bank, currency and amount to be transferred, and the reason for the transfer. You may also need to submit the SWIFT code of the recipient bank as well as the International Bank Account Number (IBAN). Different banks may also require more details before approving the transfer.
2. Western Union
Western Union is another tested and trusted option for anyone that wants to transfer money from Thailand to other countries around the world. It is a reliable service that ensures instant transfer of money without any issue. Western Union also has an app and website that you can use for transferring money.
Western Union has also collaborated with the Bangkok Bank. Hence, you can use the bank’s app to transfer money out of Thailand.
- Transfer limit
If you want to send use Western Union to transfer money out of Thailand, you have a transfer limit of 250,000 Thai baht for each transaction.
- Transfer fees
Apart from its instant transfer, another advantage of Western Union over direct bank transfer is the affordable transfer fee. For instance, you are required to only pay around 400 baht when transferring about 2,500 baht to other countries. For a larger sum of around 40,000 baht, the transfer fee could be about 850 baht. No matter how you consider it, Western Union’s transfer fees are better than direct bank transfer fees.
- The difference in the exchange rate
Despite the various good things about Western Union, you should realize that its exchange rate is usually different from the official rate. In most cases, the exchange rate of Western Union is usually about 0.50 baht lower than the official exchange rate. Besides, the currency it will be converted to can also affect the exchange rate.
3. DeeMoney
The third service you can use to send money out of Thailand is DeeMoney. This remittance service is well known in Thailand. You are charged a flat rate for transferring money with this service. To use DeeMoney, you can download its app and create an account to perform the transaction. Otherwise, visit one of the branches of Bangkok to use DeeMoney services.
Normally, it will take 3 to 5 days before the money will be remitted to the recipient. However, you can pay extra 250 baht for a Next Day service. It should be noted that DeeMoney only sends money to around 40 countries. This is a major drawback as numerous countries cannot enjoy this service.
- Transfer limit
DeeMoney has a daily transaction limit of 800,000. For most individuals, this limit is good enough. However, if you need to transact more than this amount in a single day, DeeMoney may not be suitable for you.
- Transfer fee
Regardless of the amount you want to transfer out of Thailand, DeeMoney will only charge you between 150 and 300 baht. However, the country you are sending money to may make a slight difference in the transfer fee.
- The difference in the exchange rate
Like Western Union, DeeMoney also doesn’t use the official exchange rate of Baht. To be precise, DeeMoney’s exchange rate is lower than the official exchange rate. If you are only sending a small amount of money, this cannot make much difference. However, for those transferring lots of money, the difference can be significant.
Apart from the three methods above, a few other remittance services are operating in Thailand. However, most of these services have notable drawbacks. For instance, Transferwise doesn’t allow people to send money from Thailand to other countries. In addition, you can transfer money out of Thailand through cryptocurrency.
Conclusion
Overall, transferring money out of Thailand is quite straightforward. You can use direct money transfer, Western Union, and DeeMoney to send money to other countries around the world from Thailand. Each method has its pros and cons. So, learn about them before trying to use any of these methods.