The simplest way to transfer money to Thailand may not actually be the cheapest so it makes sense to research your options and work out your priorities before you take action.
If you need to transfer your pension or send money to Thailand to cover payments on a property then chances are you are looking to move money to a bank account in Thailand.
In this case, using a local bank in your country of residence may be one of the simplest ways to transfer Thai baht to an account with the Bangkok Bank or the Thai Credit Retail Bank, for example.
Indeed, staff at your local bank should be able to set up a transfer with just one phone call or visit.
Unfortunately, this could also be one of the most expensive methods of transferring money.
Consumer banks don't tend to offer very competitive currency exchange rates and you will also need to factor in the per-transfer fees imposed on each transaction.
Alternatively, you can use a Money Sending Bureau to transfer baht to Thailand.
These small establishments are found on high streets of major towns around the world and will allow you to transfer money to Thailand even if your recipient does not have access to a bank account.
But they are often poorly regulated and the per-transfer fees with these companies can be as much as ten or even 15 per cent of your transaction value!
If you want to avoid these high fees then it could be worth considering using a foreign exchange broker to transfer money to Thailand.
RationalFX can offer you a very competitive currency exchange rate on the baht and our service is based on low fees.
Why not open an online account for free today to check out the currency exchange rates that we have on offer?