Moving Money in and out of Thailand.

When moving to Thailand, you’ll need to understand the country’s financial system. This is especially important if you plan to transfer money back to your home country. Thailand has strict rules on transfers leaving the country, so there are fewer international payment options.

International money transfers in Thailand options are limited to online international Thai money transfer services in Thailand including DeeMoney, Skrill, Western Union, PayPal, MoneyGram. Some of the banks have the capability to send international transfers from their telephone apps. Kasikorn Bank has perhaps the fastest and most reliable international transfer mobile app. 

For fast and safe international money transfers of small amounts at a fraction of your bank’s cost, from your home bank outside to Thailand choose Wise – a global leader in online transfers. Maximize your money’s impact, whether for personal or business needs. Wise is not an option for sending money from Thailand but is probably the best way to send international bank transfers (small amounts under a few thousand dollars) from outside Thailand to Thailand.

Specialist online money transfer services have become increasingly popular over the last decade, as they can offer quicker transfer speeds and (in some cases) cheaper fees than banks or wire transfer companies. The service most commonly used by expats in Thailand is DeeMoney in Bangkok. It allows users to send money to 55 countries around the world. Recently, however, it should be noted that DeeMoney have begun to return/refund unsent transfers as it appears there are banking restrictions limiting money leaving the country.

PayPal is a well-known provider of international money transfers and was the trailblazer of international bank transfers outside of the traditional banking model. Unfortunately, PAYPAL Thailand have restricted ownership of PAYPAL accounts to accounts held by locals and many expat PAYPAL accounts have been closed or limited.  Stricter rules introduced in Thailand in 2022 mean it’s no longer a viable option for expats who don’t have Thai citizenship, so other international transfer strategies have to be considered.

International money transfers in Thailand by traditional banks are perhaps the best bet for transferring larger amounts, If you have a Thai bank account, you can transfer money abroad. Payments are usually made using the SWIFT (Society for Worldwide Interbank Financial Telecommunication) system and is one of the safest international transfer options, as banks must adhere to strict regulations. You’ll pay a flat fee for sending the payment and that rate (despite the amount of the transfer) is always the same, but you will have a choice as to whether the fee is paid by the sender, the receiver, or split 50/50 between both parties. 

Mobile banking has become increasingly common in Thailand in recent years, with the biggest banks allowing customers to make international payments via their apps. However, restrictions apply to app-based payments. For example, SCB’s app only allows you to make payments to 12 countries in four different currencies, and results may vary – the SCB system uses a cyber currency system. At present, the Kasikorn app seems the best method to transfer funds out of the country.