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International Money transfer services empower you to receive needed funds and support family and friends no matter the distance.
Other reasons you may need to move money into Thailand include:
But there are so many choices nowadays. So, which are available in Koh Phangan, and what's the difference between them all?
There are three ways to move money - online e-wallet systems, wire transfers, and bank transfers - with various companies serving each method.
It’s easy to link your bank account(s) to an e-wallet account using the given systems “Add An Account” features. Once established, you can collect money online, transfer funds between accounts via the e-wallet, and transfer money into the e-wallet using a credit/debit card or bank transfer.
Wise is perhaps the most popular online money transfer service because it lets you send money to Thailand at the real exchange rate, with no hidden fees or charges only 1% to 1.5% of the amount to transfer into a Thai bank account, which is substantially cheaper than a bank transfer.
Plus you can hold money in multiple currencies for free - and it uses the real exchange rate when you go to convert.
Registration is fast and easy. Sign up online or in the Wise app with an email address, or a Facebook, Google, or Apple account, then link your bank account to your new profile so people can transfer money directly to your bank account.
Here’s how to receive money:
Send money online in 2 easy steps:
PayPal charges a 3-8% fee, the amount depending on how much you receive into your account. Withdrawals to a Thai bank account are free for amounts greater than 5000 THB.
You can receive funds or load your account for free and only pay a small fee of 25 THB to transfer the money to your Thai bank account (on transfers of 999.99 Euros or less - their transaction limit).
Wire transfer services are extremely quick, handling transfers in minutes. These services are a good option if you need to receive money from abroad but don't have a Thai bank account. However, their fees can be steep - as much as 20% sometimes on small amounts.
To send or receive money with Western Union (WU), you must be 18 years old or older with a valid, government-issued ID. Sometimes, a secondary ID (for example, a residence status document or country of birth info) is also required.
The information you will need to present about yourself and your receiver depends on which send or receive method you choose. If you have a WU profile, most of the required information will already be stored there. If you do not, have the following information handy when you visit a WU location or send money online.
The methods and the information they require include:
To send money to a Money Gram location abroad via a local Money Gram outlet, bring the following things to your nearest agent:
To send money to a bank account via a local Money Gram outlet, bring the following things to your nearest agent:
If sending money to a mobile wallet:
To receive money in person at a Money Gram location in Thailand you will need:
If the money was sent o your bank account you don't need to do anything because the money will be directly deposited into your bank account.
There are two Money Gram locations on Koh Phangan:
Address: 97/1 Moo.6, Tambon Ko Pha-ngan, Amphoe Ko Pha-ngan, Surat Thani, 84000
Phone: 077 375 483
Address: 97/1 Moo.6, Tambon Ban Tai, Amphoe Ko Pha-ngan, Surat Thani, 84000
Phone: 077 375 538
Transferring money from a foreign bank account to a Thai one is the best answer only if you need bank records of your transfers (like for buying a property which calls for a TT3) or if you need to transfer large amounts of money, exceeding that which Wire transfers or e-wallet systems allow. Fee's and exchange rates vary from bank to bank.
There are three methods: wire transfer, cheque, or bank draft (cashier's cheque).
You will need the receiving bank's SWIFT number to prepare a wire transfer through your foreign bank to a Thai bank account. The transaction can be done in person or online. You can find any Thai bank SWIFT number here.
Such transfers are only more cost-effective than an ATM withdrawal if the amounts are greater than 130,000THB because both the sending and receiving banks take fees. The fees total can end up being between 1800-2400 THB, regardless of the transfer amount.
SWIFT transfers can take up to five business days to process.
Not all banks accept foreign cheques or bank drafts (cashier's cheques), so you have to check with your Thai bank if they will take the cheque. These options take days to weeks, respectively, to process and can accrue charges up to 2,000 THB.