Wise
Wise, formerly known as TransferWise, is a UK-based company founded in 2011 with the aim of making international money transfers simple and fair. The company’s platform addresses common issues like hidden fees and poor exchange rates by using real mid-market exchange rates with no markups.
This approach ensures users get great value. Wise has become a trusted option for individuals and businesses thanks to its transparent pricing, user-friendly platform, and fast transfer times.
Key Information About Wise
- Transfer Fees: Start from 0.33% (varies depending on currency)
- Transaction Limit: Up to THB 2 million per transaction. The minimum amount is THB 1.
- Speed: 1-2 working days for transactions without conversion. Otherwise, up to 4 working days.
- Payment Methods: Bank transfers, Debit cards, Credit cards, SWIFT transfers, and Wise account balance.
- Options for Collecting Money: Bank deposit only.
- Customer Support: Phone, Email, and Personalised support (for Wise customers only). However, working hours are not specified.
Wise’s Pros
- Transparent pricing and no hidden fees.
- Uses mid-market exchange rates.
- Fast and reliable transfers.
Wise’s Cons
- Limited to bank account deposits
Who Is Wise Best For?
Wise is perfect for individuals and businesses looking for a cost-effective and reliable way to send money internationally.
Remitly
Remitly, established in 2011 in Seattle, has become a leading name in remittance services tailored for those who need flexibility in how money is sent and received. It offers two main transfer options: Express, for near-instant transfers, and Economy, which takes a little longer but comes with lower fees.
Whether you’re sending money to a bank account or opting for cash pickup, Remitly makes the process straightforward. A promotional zero transfer fee for first-time users adds to its appeal, especially for those new to international money transfers.
Key Information About Remitly
- Transfer Fees: Fees vary based on receiving countries, options to send and receive money and transfer amount
- Transaction Limit: Up to GBP 25,000 per transaction.
- Speed: Express transfers are completed in minutes; Economy transfers take 3-5 business days.
- Payment Methods: Bank transfers, Apple Pay, Google Pay, Debit cards, Credit cards, and Prepaid cards.
- Options for Collecting Money: Cash pickup, Debit card deposit, and Bank deposit.
- Customer Support: Chat support is available 24/7 and in 18 languages; Phone support is available 24/7 in English, Spanish, and French
Remitly’s Pros
- Flexible transfer options (Express and Economy).
- Cash pickup is available at many locations.
- Attractive exchange rates for new users with promotional offers.
Remitly’s Cons
- Limited to personal transfers
- Higher fees for Express transfers.
Who Is Remitly Best For?
Remitly is best for users needing speed or flexibility, such as those requiring cash pickup options or urgent transfers.
XE Money Transfer
XE Money Transfer is part of Euronet Worldwide and has been a leading name in currency exchange and money transfers since 1993. The platform caters to both individuals and businesses, offering services in over 60 currencies.
The platform is easy to use, whether you’re transferring funds online or via the XE mobile app. XE’s balance of simplicity, speed, and cost-effectiveness makes it a strong contender for regular money transfers.
Key Information About XE Money Transfer
- Transfer Fees: Vary depending on several factors, such as the payment method, transfer amount, and the speed of the transfer.
- Transaction Limit: Up to GBP 350,000 per transaction.
- Speed: Up to 3 business days, depending on your payment methods.
- Payment Methods: Bank transfer, Debit cards, and Credit cards.
- Options for Collecting Money: Bank deposit only.
- Customer Support: Live chat (available in over 100 languages), Phone calls for personal accounts, business accounts and enterprise solutions.
XE Money Transfer’s Pros
- Competitive exchange rates.
- Easy-to-use platform.
XE Money Transfer’s Cons
- Limited to bank-to-bank transfers.
Who Is XE Money Transfer Best For?
XE is best for those looking for affordable transfers directly to bank accounts.
Western Union
Western Union is a global financial services company with a history spanning over 170 years. Based in the United States, it has one of the largest networks of agent locations worldwide, making it a household name in money transfers.
With the ability to send funds both online and in person, Western Union provides flexibility for both the sender and recipient. However, the service’s fees and exchange rates can vary depending on the transfer method and speed, so it’s important to compare costs before committing.
Key Information About Western Union
- Transfer Fees: Moderate; depends on method and transfer speed.
- Transaction Limit:
- Speed: Up to one business day
- Payment Methods: Pay via bank account, credit card, or in cash at agent locations.
- Options for Collecting Money: Bank deposit and cash pickup are available.
- Customer Support: 24/7 phone support in English; specific hours for Polish and Chinese support.
Western Union’s Pros
- Extensive global network with many cash pickup locations.
- Offers instant transfer options for urgent needs.
- Multiple payment and collection methods, including cash and bank transfers.
Western Union’s Cons
- Higher fees for faster transfers.
- Exchange rate markups can increase costs.
Who Is Western Union Best For?
Western Union is ideal for people who need a fast transfer or a cash pickup option, especially in areas with limited banking facilities.
Revolut
Revolut is a UK-based digital bank that has gained popularity for its fast, low-cost international transfers. Designed for modern users, Revolut provides a seamless way to send money globally through its app.
The platform supports multiple currencies, and users can take advantage of its fee-free transfer limits for smaller amounts. However, it’s important to note that exceeding the monthly free transfer cap can lead to additional fees.
Key Information About Revolut
- Transfer Fees: Depending on the amount of transfer and conversion fee (Personal accounts), and GBP 5 after exceeding the free monthly allowance (Business accounts)
- Transaction Limit: No transaction limit
- Speed: Within a day.
- Payment Methods: Bank transfer, Cards, Apple Pay, Google Pay,
- Options for Collecting Money: Bank deposits, Card deposits, and Revolut accounts
Revolut’s Pros
- Competitive exchange rates for international transactions.
- User-friendly app with multi-currency support and virtual cards.
Revolut’s Cons
- Limited collection options (no cash pickups).
Who Is Revolut Best For?
Revolut is perfect for tech-savvy individuals who want a fast and low-cost way to send money abroad.
Tips for Choosing a Money Transfer Provider
Focus on these tips when choosing the best provider for sending money to Thailand.
- Check the Total Cost: Don’t just focus on the transfer fee—also compare exchange rates, as these can significantly affect the final amount your recipient receives. Use online comparison tools to quickly identify the best overall deal.
- Match the Speed to Your Needs: If you’re in a hurry, opt for services offering same-day or instant transfers, even if they cost slightly more. For non-urgent transfers, a slower, more cost-effective option might be better.
- Choose the Right Delivery Option: Think about what’s easiest for your recipient. For example, bank deposits are great for convenience, but cash pickups may be necessary in areas with limited banking access.
- Prioritise Security: Only use well-known providers with strong security measures and clear regulatory oversight to protect your funds and personal data.
Conclusion
When choosing a provider to send money to Thailand, think about what matters most to you. Do you want quick delivery, low fees, or flexible payment options? By understanding your needs and comparing providers, you can find the best option for your transfer.
