Wednesday, April 8, 2020

Thai Baht Money Transfers Can Be Cheaper

Must read

Struggling Forex Broker Bought Flats With Company Funds

A forex broker whose company was approaching financial meltdown switched £1.05 million from a business account to buy two apartments in Dubai in a...

Stock Markets Slump To Worst Quarter In 37 Years

Stock markets slumped to record losses in the first three mnths of the year due to fears over how coronavirus impacts the world economy...

Operation Airlift Underway For Brits Stranded Abroad

The British government is working with partner airlines to bring thousands of stranded travellers back to the UK. Foreign Secretary Dominic Raab has set aside...

Expat Landlords Get Buy To Let Mortgage Aid

The financial pain of coronavirus uncertainty for buy to let landlords has been eased by the housing minister. Secretary for Housing Robert Jenrick is extending...

Transferring money from Britain to Thailand often leaves a sour taste because most people think the bank or exchange bureau has conned them.

The companies are in foreign exchange quite literally for the money.

They know that anyone who wants to send money between countries and currencies has to use a transfer service.

On the other hand, the customer knows that the best Thai baht exchange rate is the mid-market rate posted online on web sites like Google and XE.com

The mid-market rate is the exchange rate for any currency that lies between the buy and sell rates set on the money markets.

Fair exchange rates

For many, this is the fairest Thai baht exchange rate, but for some reason, achieving the mid-market rate seems impossible for the majority of customers.

That’s because the banks and foreign exchange bureaux mark up the rate to give them a profit margin.

On top of that, they generally charge a fee as well.

Although the international money transfer service makes moving money available at similar rates and costs to all banks and exchange bureaux, the difference between one transfer and another can be huge.

Then a disruptive technology entered the arena – TransferWise.

TransferWise has clashed with rivals and the Advertising Standards Authority about listing comparative charges online, but seems to offer a cheaper, more transparent service.

Banks accused of profiteering

Moving up to £400 in Thai baht costs £2 and amounts over that are charged at 0.5% of the transferred cash.

The firm also promises to mark the switch at the Thai baht mid-market rate.

“The banks hide their real rates while we try to make the cost of moving money clear,” said a TransferWise spokesman. “Many banks and brokers apply a margin to the mid-market rate but we do not.

“Our service should be around 5% cheaper than any rival service.”

Since coming to market, TransferWise has shifted about £500 million a month for businesses, tourists and expats.

“Our service is quick, easy to understand and our web site is simple to navigate for customers,” said the spokesman.

“We regularly transfer money to and from Thailand for expats and have a five-star reputation for security and reliability.”

Get the best rates

Go ahead and check out the service for transfering your money into Thai Baht here

- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest article

Struggling Forex Broker Bought Flats With Company Funds

A forex broker whose company was approaching financial meltdown switched £1.05 million from a business account to buy two apartments in Dubai in a...

Stock Markets Slump To Worst Quarter In 37 Years

Stock markets slumped to record losses in the first three mnths of the year due to fears over how coronavirus impacts the world economy...

Operation Airlift Underway For Brits Stranded Abroad

The British government is working with partner airlines to bring thousands of stranded travellers back to the UK. Foreign Secretary Dominic Raab has set aside...

Expat Landlords Get Buy To Let Mortgage Aid

The financial pain of coronavirus uncertainty for buy to let landlords has been eased by the housing minister. Secretary for Housing Robert Jenrick is extending...

Financial Package On The Way For Self-Employed

Financial support is coming for freelance and self-employed expats who pay their taxes in the UK, Prime Minister Boris Johnson has promised. In his last...