Transferring money internationally can be a real hassle, especially for expats in Thailand. Between high fees, long transfer times, and complicated procedures, it’s easy to get frustrated. But don’t worry, I’ve got some great tips to help you transfer money with the least amount of hassle and cost.

One of the biggest challenges expats face when transferring money is high fees. Banks often charge exorbitant fees for international transfers, which can eat into your hard-earned cash. For example, if you’re sending money from the US to Thailand, you might be charged a fee of $45 USD by your bank. Ouch!

But there are some great alternatives to traditional banking that can save you money. One of the best options is to use a specialized online money transfer service. These services are designed specifically for international transfers and often offer much lower fees than traditional banks.

One of the most popular online money transfer services is Wise (formerly known as TransferWise). Wise is a UK-based company that offers fast, cheap, and secure international transfers. With Wise, you can transfer money to over 80 countries, including Thailand. And the best part? Fees are much lower than traditional banks. For example, if you’re sending $1,000 USD from the US to Thailand, Wise would charge you just $5 USD in fees.

Another great option is Remitly. Remitly is a US-based company that offers fast and affordable international transfers. With Remitly, you can transfer money to over 140 countries, including Thailand. And the best part? Fees are very competitive, especially for larger transfers.

Here’s a step-by-step guide to using Wise or Remitly:

Using Wise:

1. Go to the Wise website and sign up for an account.
2. Verify your account by providing identification and proof of address.
3. Add the recipient’s details, including their name, bank account number, and routing number.
4. Choose the amount you want to transfer and select the currency.
5. Review the transfer details and fees.
6. Confirm the transfer and send the money.

Using Remitly:

1. Go to the Remitly website and sign up for an account.
2. Verify your account by providing identification and proof of address.
3. Add the recipient’s details, including their name, bank account number, and routing number.
4. Choose the amount you want to transfer and select the currency.
5. Review the transfer details and fees.
6. Confirm the transfer and send the money.

If you have an account at Kasikorn Bank (K-Bank) in Thailand, you can also use their online transfer service. This is a great option if you’re already banking with K-Bank, as fees are relatively low.

Overall, transferring money internationally doesn’t have to be a hassle. By using online money transfer services like Wise or Remitly, you can save money and time. And with these step-by-step guides, you can get started right away.