What will happen if you wire $1000 USD from San Francisco to a relative in Thailand? How much will you get charged?
- If you use Travelex, you will lose $123 due to massive hidden conversion rates, the biggest loss despite having 0 upfront charge.
- Using banks will generally cost around $25 to $40, with $10 to $20 hidden exchange rates, which is still not good.
- While TransferWise has an upfront cost, it doesn’t have a hidden conversion rate –which makes it the cheapest option!
These numbers speak for themselves. So take note, always check the hidden conversion rates and not the upfront fee. Some banks and online money transfer service entice people by offering zero service charge, yet they more than make up the cost by using ridiculous hidden exchange rates.
Below are tables that contain the most popular options for sending money to Thailand, their upfront rates and their hidden exchange rates. Also, this our 28th post on sending money to other countries. If you want to check out the rest of the post, here are the links: Philippines, Brazil, Australia, Kenya, Mexico, Macedonia, Poland, Egypt, Romania, Indonesia, India, Bangladesh, Ukraine, Bolivia, Serbia, Pakistan, Colombia, Morocco, Chile and Turkey.
- Minimum transfer of $500 for OFX (previously USForex).
- Minimum transfer of £500 for OFX.
- Worldremit can only send 995 CAD from Canada to Thailand.
- Minimum transfer of $500 for OFX.
Table 4: Sending €1000 from the Western Europe (Euro currency countries such as Germany, France, Italy) to the Thailand
|Transfer method||Fees to send $1000 CAD||Hidden conversion cost||Total fees||Time for the transfer to arrive|
|1st Contact Forex||€5||€19||€24||1-3 days|
|Western Union||€5||€30||€35||1-2 days|
|Xpress Money||€28||€25||€53||3-5 days|
|Wire transfer||€20-35||€20-40||€40-75||3-5 days|
- Minimum transfer of €500 for OFX.
- Minimum transfer of $500 for OFX (previously OzForex).