How to Send Money to Thailand from Canada?
Discover ways to boost the value of your money transfer to Thailand by finding the best business currency exchange service.
Sending money abroad to Thailand doesn’t have to be expensive if you discover the right provider. Choosing a cost-effective international money transfer service is worth it if you’re a calculating business driven by numbers. After all, sending money to Thailand only makes sense if you can make your Canadian dollars stretch as far as they can go when paying your Thai suppliers.
If you’re planning a big-ticket transfer or have a line-up of smaller transfers to initiate in the future, you can save more with a dedicated currency specialist vs. the banks.
Best Way to Send Money to Thailand
Before we consider various ways to send funds to Thailand, let’s consider why any business would want to move money to Thailand. Canada’s imports from Thailand averaged several billion dollars in the past year. Thailand is a lucrative source of machinery, electronic equipment, vehicles, foods, plastics, and everything in between.
Hence, Canadian businesses with investments in Thailand need an optimal way to transfer money across Thailand’s borders. There are three main options:
- Sending via a bank. A bank provides a safe way to transfer money to Thailand. That said, the most significant disadvantage of using banks is the leisurely turnaround time (4-6 days), inferior exchange rates, and additional charges.
- Sending via a money transfer firm. Money transfer firms are a step up the ladder from banks because you get to send money quickly. Still, they often charge higher fees, and you have little protection from wildly fluctuating rates.
- Sending via a specialist money transfer service. A specialist transfer service like MTFX is the best option that offers a highly secure online platform, fast turnaround times (1-2 days), and cheaper exchange rates (3-5% lower).
If you’re looking for the fastest, safest, and cheapest way to send money to Thailand, your best bet is with a specialist money transfer service.
How Much Does it Cost to Transfer Money Internationally?
The cost of sending money to Thailand is influenced by two main factors – transaction fees and exchange rates. While transaction fees tend to remain fixed, exchange rates can see-saw, so there’s no one-time answer to how much it costs to send money internationally per dollar.
The excellent news is you can still control costs by choosing a provider with favourable exchange rates which can help you send money to Thailand cheaply.
The USD is frequently used in Thailand, but the Thai Bhat is increasingly becoming a viable option. Whether you’re interested in the USD/CAD or THB/CAD, a superior exchange rate can save you thousands of dollars if you regularly send large sums of money (as businesses often do).
As already determined, you can access the best deals through a specialist money transfer service that offers 3-5% lower exchange rates and more affordable fees compared to banks. For example, with MTFX, it’s possible to save $900-$1500 when sending 30,000 USD to Thailand.
What Bank Details are Needed to Transfer Money to Thailand?
When you transfer money to a Thailand bank account, it's important to include the following details to ensure your payment is deposited into the correct account:
- Beneficiary name, address, and account number
- Bank name, address, and Swift code
- Reason for transfer
Send Money to your Thai Business Partners Today
Simplify international money transfers to bank accounts in Thailand when you register an MTFX business account today. You can benefit from:
- Better Value
- Free expert guidance throughout
- Fast turnaround times
- Convenient automation technologies
- Industry-leading currency exchange tools
- And more
Frequently Asked Questions - How to Send Money to Thailand
How much time does it take to transfer funds to Thailand?
It takes 24-48 hours via MTFX. Punctuality in business is crucial as it helps you establish a good reputation and professional image that builds trust with your overseas suppliers. With MTFX’s fast services, your suppliers get their money within an acceptable timeframe.
Is it safe to transfer money abroad?
The MTFX secure online platform is entirely safe and accessible 24/7 from any remote location. It enables you to send payments whenever you need to, so your money arrives on time every time.
How to transfer money online to Thailand?
To send money online to Thailand with MTFX, follow these simple steps:
- First, create an account with MTFX.
- Once you've created your account, select the transfer amount, choose the fund currency, and enter the recipient's information.
- Your funds will be delivered within 1-2 business days, and you can track the transfer status in real time through updates in your account.
With MTFX, easily send money to Thailand from the comfort of your own home.
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