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 Wise (formerly TransferWise) has an upfront cost, it has transparent fees and doesn’t have a hidden conversion rate –which makes it the cheapest option! Also, Wise, formerly TransferWise is up to 8x cheaper than banks.
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.
Note:
- Minimum transfer of $500 for OFX (previously USForex).
- New CurrencyFair customers get 10 free transfers.
| Transfer method | Fees to send £1000 GBP | Hidden conversion cost | Total fees | Time for the transfer to arrive |
|---|---|---|---|---|
| CurrencyFair* | £4 | £3 | £7 | 1-2 days |
| OFX* | £0 | £7.5 | £7.5 | 1-2 days |
| Wise, formerly TransferWise (recommended partner) | £15 | £0 | £15 | 1-2 days |
| Azimo | £1 | £20 | £21 | 1-3 days |
| WorldRemit | £4 | £23 | £27 | 1-3 days |
| Western Union | £15 | £16 | £31 | Minutes |
| 1st Contact Forex | £15 | £17 | £32 | 1-3 days |
| Exchange4free | £0 | £37 | £37 | 3-5 days |
| Skrill | £8 | £40 | £48 | 3-5 days |
| Xpress Money | £30 | £23 | £53 | 3-5 days |
| Wire transfer | £15-25 | £10-30 | £25-55 | 3-5 days |
| Travelex | £0 | £61 | £61 | 3-5 days |
| MoneyGram | £27 | £43 | £70 | Minutes |
Note:
- Minimum transfer of £500 for OFX.
- New CurrencyFair customers get 10 free transfers.
Note:
- Worldremit can only send 995 CAD from Canada to Thailand.
- Minimum transfer of $500 for OFX.
- New CurrencyFair customers get 10 free transfers.
| Transfer method | Fees to send $1000 CAD | Hidden conversion cost | Total fees | Time for the transfer to arrive |
|---|---|---|---|---|
| OFX* | €0 | €7.5 | €7.5 | 1-2 days |
| CurrencyFair* | €4 | €4 | €8 | 1-2 days |
| Wise, formerly TransferWise (recommended partner) | €15 | €0 | €15 | 1-2 days |
| 1st Contact Forex | €5 | €19 | €24 | 1-3 days |
| WorldRemit | €5 | €24 | €29 | 1-3 days |
| Azimo | €3 | €31 | €34 | 1-3 days |
| Western Union | €5 | €30 | €35 | 1-2 days |
| Exchange4free | €0 | €40 | €40 | 3-5 days |
| MoneyGram | €10 | €39 | €49 | Minutes |
| Skrill | €10 | €40 | €50 | 3-5 days |
| Xpress Money | €28 | €25 | €53 | 3-5 days |
| Wire transfer | €20-35 | €20-40 | €40-75 | 3-5 days |
| Travelex | €0 | €101 | €101 | 3-5 days |
Note:
- Minimum transfer of €500 for OFX.
- New CurrencyFair customers get 10 free transfers.
Note:
- Minimum transfer of $500 for OFX (previously OzForex).
- New CurrencyFair customers get 10 free transfers.
Rob Rawson is a co-founder of Time Doctor which is software to improve work productivity and help keep track of what your team is working on, even when working remotely.