Posted on May - 14 - 2010
Best Choices to Send Money to Thailand
There are many occasions in which you would wish to send money to Thailand. Whether you wish to assist friends who are visiting the region, or family members who reside there, you have a plethora of choices. The one you select will probably depend on the speed, ease, and price of getting the money to your recipients. Doing a little research before you send money to Thailand might save you quite a bit of time, difficulty, and money.
One of the first routes some people go to is the bank. You might look to your financial institution for choices, or you could compare myriad banks to see which one is beneficial for you. Be sure to compare the rates and the amount of days it takes to send the funds. Bank of America costs approximately $35 to send currency, and the currency can be accessible anywhere from one to three days afterward. This price applies if you transfer funds to Thailand in the country’s legal tender, which is Thai baht. If you desire to transfer US currency., it will cost $45. You can anticipate that it will cost $25 to $50 to send cash from most other American banks, such as Citibank, Chase, and HSBC. You simply need to state which Thai bank to transfer it to, whether it is Bangkok Bank, Krungthai Bank, Siam Commercial Bank, Bank of Ayudhya, or any other commercial financial institutions in the area.
You can also send money to Thailand via an agent. In this case, you would choose a business to work with, go to the nearest location, and tell the employees there your relative’s name. You may specify that your recipient or relative pick up the cash, or you can have it transferred to their account. Depending on the business you select, the cost will possibly be about $15 to transfer $100 USD. Since the exchange rate with Thailand is that a single dollar equals approximately 33.65 baht, your friend would get 3365 baht for every $100 USD that you send. Be sure to subtract the cost from the amount you send first so that your friend or family member gets the correct amount.
If you do not desire to frequently pay high fees to send money, you can take another pathway. You could as an alternative mail a prepaid debit card. Once you mail the card to your relatives, they could then use it to get products at stores, or even take out cash in baht. It will cost you only $5 each time you transfer cash, and it will cost them less than 33 baht each time they utilize it as a debit card at shops. If they desire to remove funds from an ATM, it might cost around 100 baht, or appromixately $3 USD. To ensure that they can use it a lot, make sure their city has plenty of ATMs and retailersthat accept cards. If they live in Bangkok, Chiang Mai, Thon Buri, Hat Yai, or other major cities, they will be sure to find ATMs and storesaccepting debit cards.
Undoubtedly you have plenty of options when it comes time to send money to Thailand. The best method for you involves the least amount of money and time. You should also consider conveniencefor your relatives. For example, think about whether there are banks, agent locations, and ATMs close to their home before you make a choice.
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