Discover ways to boost the value of your money transfer to Thailand by finding the best business currency exchange service.
Sending money abroad to Thailand doesn’t have to be expensive if you discover the right provider. Choosing a cost-effective international money transfer service is worth it if you’re a calculating business driven by numbers. After all, sending money to Thailand only makes sense if you can make your Canadian dollars stretch as far as they can go when paying your Thai suppliers.
If you’re planning a big-ticket transfer or have a line-up of smaller transfers to initiate in the future, you can save more with a dedicated currency specialist vs. the banks.
Ways to transfer money to Thailand
Before we consider various ways to transfer money internationally, let’s consider why any business would want to move money to Thailand. Canada’s imports from Thailand averaged several billion dollars in the past year. Thailand is a lucrative source of machinery, electronic equipment, vehicles, foods, plastics, and everything in between.
Hence, Canadian businesses with investments in Thailand need an optimal way to send money across Thailand’s borders. There are three main options:
Sending via a bank. A bank provides a safe way to move your money internationally. That said, the most significant disadvantage of using banks is the leisurely turnaround time (4-6 days), inferior exchange rates, and additional charges.
Sending via a money transfer firm. Money transfer firms are a step up the ladder from banks because you get to send money quickly. Still, they often charge higher fees, and you have little protection from wildly fluctuating rates.
Sending via a specialist money transfer service. A specialist transfer service like MTFX is the best option that offers a highly secure online platform, fast turnaround times (1-2 days), and cheaper exchange rates (3-5% lower).
If you’re looking for the cheapest, safest, and fastest way to send money internationally, your best bet is with a specialist money transfer service.
How much does it cost to transfer money internationally?
he cost of sending money to Thailand is influenced by two main factors – transaction fees and exchange rates. While transaction fees tend to remain fixed, exchange rates can see-saw, so there’s no one-time answer to how much it costs to send money internationally per dollar.
The excellent news is you can still control costs by choosing a provider with favorable exchange rates.
The USD is frequently used in Thailand, but the Thai Bhat is increasingly becoming a viable option. Whether you’re interested in the USD/CAD or THB/CAD, a superior exchange rate can save you thousands of dollars if you regularly send large sums of money (as businesses often do).
As already determined, you can access the best deals through a specialist money transfer service that offers 3-5% lower exchange rates and more affordable fees compared to banks. For example, with MTFX, it’s possible to save $900-$1500 when sending 30,000 USD to Thailand.
How much time does it take to transfer money internationally?
It takes 24-48 hours via MTFX. Punctuality in business is crucial as it helps you establish a good reputation and professional image that builds trust with your overseas suppliers. With MTFX’s fast services, your suppliers get their money within an acceptable timeframe.
Is it safe to transfer money abroad?
The MTFX secure online platform is entirely safe and accessible 24/7 from any remote location. It enables you to send payments whenever you need to, so your money arrives on time every time.
What do I need to send money?
To ensure your payment is reflected in the correct bank account, you need the following details when transferring money to Thailand:
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Who can use the MTFX payment service?
Individuals and businesses who need to send money in foreign currency internationally can use MTFX’s services. The beneficiary of the transfer must have a bank account for the funds to be paid into.
Personal clients usually use our services to transfer money between their own accounts in two different countries.
Business clients usually use our services to transfer funds to suppliers, fund international operations, or repatriate overseas earnings.
Why should I use MTFX and not my own bank?
MTFX offers currency exchange rates that are 2-5% better than those offered by the banks. Personal clients usually save hundreds of dollars per transfer and for larger transfers, the savings can run into the thousands.
We also offer excellent customer service, dedicated currency specialists, and a 24/7 online platform with best-in-class technology that allows you to complete transfers from any device virtually anywhere in the world.
Business customers save with better currency exchange rates and proven solutions geared towards managing and mitigating foreign exchange risk. Our solutions include forward contracts, market orders, rate alert services, and much more - all backed by great technology and great people.
How do customers send funds to MTFX?
Funds can be transferred via wire transfer, Electronic Funds Transfer (EFT), or ACH payment services. MTFX maintains bank accounts in all major currencies with highly-rated banks. Our banking infrastructure ensures that you can transfer funds to us quickly and securely.
How long does it take MTFX to transfer funds?
Our global network of banking partners allows us to get funds to virtually anywhere in the world quickly and efficiently. Most wire transfers from MTFX will be received by your beneficiary within 24-48 hours. MTFX also offers same-day transfers that are almost instantaneous, as well as low-cost in-country payment services for your less urgent transfers. For further information please speak to one of our currency specialists.
Please read the following update before logging in to your MTFX online account
We have updated our online dealing system to provide you with better functionality, more unique tools and an overall enhanced client experience. MTFX Online 2.0 is now available for your dealing needs. You can begin using our enhanced online portal today.
Please note that the traditional portal will be available for use until MAY 30th 2021 at which point it will be decommissioned.