Ash The Great | Oct 31, 2017 | 0
Cheapest Ways to Send Money From the US to Thailand
It is not as easy as any may think to send money from the US to Thailand, which may be because Thailand is still considered a developing country. Thailand is classified as a developing country because the majority of Thai people work in the agricultural sector. Plus, many citizens hesitate to use the new technology, and technology is an indicator of a country’s wealth and of its people’s wealth. Nevertheless, there are plenty of companies that offer cheap ways to send money from the US to Thailand.
Cheapest Ways To Send Money From The Us To Thailand With PaisaPay
PaisaPay is what people use in Thailand when they sell things on eBay. It is very similar to PayPal. If you already have Thai Baht, then add it to your PaisaPay account, and transfer it to your recipient’s PaisaPay account and the cost will be minimal. You can do a similar thing with PayPal if your recipient has a PayPal account. You could always convert your US dollars into Thai Baht using these online services, but the rates are not ideal.
If you are paid in Thai Baht, or you already have Thai Baht in your account, then you will not need to use an exchange system, which means you may send money very cheaply with PaisaPay. In addition, you could find out if your recipient minds receiving your currency. For example, a lot of people pay people in US dollars when they are paying people in other countries. It is fairly easy to exchange US dollars in most countries, and the same is true for people in Thailand.
Consider having people pay you in Thai Baht rather than your own currency. For example, if you usually charge $100 in US dollars per job, then ask your payer to pay you in Thai Baht. The great thing is that you can have your payer suck up the exchange rate and conversion fees. Tell your payer that you are using the conversion rate on Google, and use Google to tell you how much $100 USD is worth in Thai Baht. Make it clear before you make any deal that you want paying $100 USD worth of Thai Baht (as shown by the conversion Google gives you), because your payer may not be too thrilled about having you to pay for conversions and such.
Cheapest Ways To Send Money From The Us To Thailand With Currencyfair
If you do a fast currency exchange with CurrencyFair, then they will give you an exchange rate that is close to the mid-market rate. If you want to make a saving, then you may put your transfer onto their peer-to-peer marketplace.
You place your currency order on the peer-to-peer marketplace, and if another person wants to swap currencies at the rate you are offering, then the trade takes place and you get the rate you asked for. If we assume the rate you ask for is better than the rate CurrencyFair are offering, then you are going to make a saving.
CurrencyFair is not as good as it was because they have now started buying currency within their own marketplace. The downside of this is that you can only make around a 5% saving. Plus, since CurrencyFair offers a good rate for fast currency exchanges, you are going to have a hard time getting a brilliant price for your currency. After all, if you put your $100 dollars on the market and you want 3400 THB, then why would somebody come to you if CurrencyFair only asks 3319 for $100?
As a transfer and exchange company on its own, you can make a saving when you send money from the US to Thailand, but you cannot make as much of a saving as you used to. However, if you are lucky, you may be able to put your money onto their peer-to-peer market and then get lucky when the price of USD or THB fluctuates a little. That way, you can wait for somebody to take you up on your offer, or you can wait until prices move a little. If you are not in a rush for your Thailand Baht, then this method may work well for you.
Cheapest Ways To Send Money From The US To Thailand With Bitcoin
Bitcoin is the cryptocurrency that China is trying to close down because too many of its citizens are sinking their money into it, and most of that money goes to people in the US, which is not the direction the Chinese government wants the money to flow.
One method that has worked very well in the past is to buy bitcoin, and then wait for the price to rise before sending it off to people in Thailand. Obviously, you are going to have to find somebody in Thailand who is willing to wait for his or her money and who is willing to accept bitcoin, but more and more people are willing to accept bitcoin because it is the cryptocurrency that is just not going away. Bitcoin is big in the US, it has a growing following in the UK, it is considered a legitimate (government recognized) currency in Japan, and it is finally allowing people in Africa to build wealth without having it stolen from them by their bank or government.
It may be worth looking into a cryptocurrency called OmiseGO. It is a Ethereum token that was created in Thailand, it is soon to be a very big thing in the East. The company is talking about created an OmiseGO debit card and having it recognized as a legitimate form of payment for anything from utility bills to grocery shopping.
Unlike bitcoin, which seems to be growing and growing in price, OmiseGO is up and down just like the dollar and the Euro. You can catch it when it is selling cheap, and you can send it when the price rises. Don’t buy whenever you need to send money, buy whenever the price drops and save the currency until you need to send funds to Thailand. In addition, you could buy it, save it, and wait for it to grow in popularity and price so that you may make massive savings on your transfer.
Cheapest Ways To Send Money From The Us To Thailand With Transferwise
We have touted the benefits of Transferwise quite a few times in our articles because it is one of a very small minority of transfer and exchange companies that we trust. It is a common exchange-company practice to offer exchanges with a less-than-perfect exchange rate.
Plenty of exchange companies claim they do not charge exchange fees, but what they do not say is that they charge other fees, such as uploading or withdrawing fees, or that they skim a little from your exchange rate.
Many exchange companies do not give you the exchange rate that is considered the mid-market rate. For example, if you wish to change your $200 for Euros, then you may go to Google and Google says you should receive 170 Euros. However, when you use exchange companies, they only give you 165 Euros and they keep 5 Euros for themselves.
Transferwise doesn’t do this. They give you the mid-market rate, which is the same rate you see on Bing, Google and on XE.com. Transferwise charges an exchange fee instead of skimming from your rate, and they show you all their fees up front. You may visit their website and use their quotation tool without having to sign up, and their tool shows you (in real time) how much you will get for your money with any fees added in already.
Send Money From The US To Thailand With A Personal Peer-to-Peer Currency Swap
Post advertisements that you wish to conduct a currency exchange and conduct the exchanges with online wallets. Online wallets such as PayPal allow you to hold numerous different currencies in your account. Find somebody who wants to do a swap and use the current market rate. You avoid having to use currency exchange companies with their rate skimming and fees. If you have a hard time trusting the person you are doing the swap with, then do your exchange bit by bit rather than you sending all your money and waiting for the other person to send your Thai Baht back.
If you are sending your Thai money to somebody who lives in Thailand, then why not ask your recipient if he or she may find somebody who is looking for US dollars? You may send over US dollars and have the recipient find somebody who wishes to do a currency swap. It may be easier for your recipient to swap with a friend in Thailand than it is for you to find somebody in the US.
Try buying goods in the USA that are easy to sell on eBay in Thailand. The great thing is that you do not have to make a profit when you sell to people in Thailand on eBay. All you have to do is break even and your US dollars are now Thai Baht. In addition, you may be able to sell more cheaply than your Thai competition because you are only looking to break even where they are looking to make a profit.
Conclusion – A Few Closing Statements
Stay away from transfer-company and exchange-company comparison websites because comparison websites are too easy to fool in this case. Transfer and exchange companies have found plenty of ways to make their rates and prices seem lower than they actually are.
Beware of review websites that compare transfer and exchange companies. The transfer and exchange industry is very competitive, which is why their adverts follow you around for weeks after you have clicked on their websites. Transfer and exchange companies offer very good affiliate programs, so websites will rank different companies and put the ones with the best affiliate payments at the top. Review websites have even been known to fake a bunch of positive reviews in hopes of taking advantage of the bandwagon effect.
Finally, in almost every case, it is the currency exchange that costs the most and not the transfer itself. You don’t have to be an exchange rate expert to get a good price if you reduce each transaction to its simplest form: If I put in X amount, will I get X amount back. For example, with company A, I put in $200, take off fees, and I am left with 3100 THB. With company B, I put in $200, take off fees, and I am left with 3120 THB.