Transferring money from Thailand to your home country is a pain point which every expat experiences on a regular basis. But we all have to do it, and the scale of outbound remittances from the Land of Smiles is huge. In 2016, Thailand sent over 4,000 million USD. A figure which has grown exponentially from the 59 million USD sent abroad just 30 years before in 1986.
If you’re looking to send large amounts of money or simply make regular payments for bills abroad, then turning to your bank makes the most sense—normally. Here though, wiring money via your bank involves a significant amount of anxiety and administrative bureaucracy for a foreigner living in Thailand. Not to mention a cap of 50,000THB and steep fees!
Step 1: Anxiety and Thai Banking Documentation Formalities
To send money abroad through your Thai bank, you typically need to fill out a form at least three days in advance of when you want to make the transfer. To link the recipient’s account details to your own. You also have to repeat this process for EVERY bank account you wish to make overseas transfers to in the future.
Furthermore, expats need to provide supporting documentation including multiple current forms of ID (work permit, passport, and visa) as well as paperwork which demonstrates the source of the funds. All this doesn’t even mean the bank will clear and approve the recipient account being linked for international transfers. They can, and will, say “No” at times.
Step 2: Pay High Fees and Exchange Rates
Each bank sets its own exchange rates and transfer fees. As the table below demonstrates for the top 5 Thai banks, these fees can range from 300 all the way up to 2400THB if you absorb the recipient’s fees. This adds up to a significant chunk of your salary once a month.
Or Transfer for Less with DeeMoney
The secret to saving significant amounts of money on exponential transfer fees can be found in DeeMoney. With four outlets across Thailand and a convenient smartphone app, DeeMoney allows you to send money overseas for a transparent fee of 150THB only. One flat rate fee only, every single time. This means there are no surprise additional fees or further deductions from the principal amount for either the sender or the receiver at any point. There are no hidden commission rates, no recipient charges to pay, and no fee fluctuations according to which country you’re sending money to abroad. In addition, DeeMoney prides itself on offering competitive market exchange rates.
You only pay 150THB, however much you send.
After a quick registration process, you can use the DeeMoney app to send money abroad on the same day. There is no waiting process involved. Simply come down to a nearby DeeMoney outlet with a single form of identification. You can visit any one of our four branches and bring either your work permit, passport, Thai ID card or valid driving license! There’s nothing else to it.
Once you’re signed up, you can download the app and start making transfers! Just enter your recipient’s details and credit your account in one of three ways. It’s that quick and that cost-effective.
Any chance you have a promotion or something that would coincide with this?
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This article is provided to you by DeeMoney. Thailand's money transfer solutions provider licensed by the Bank of Thailand. Interested in transferring money from Thailand to the world? Download the app from Google PlayStore or the Apple Appstore to get started.