There is a secure online service (similar to PayPal) that saved me about $450 USD per year on Thai ATM fees and other currency exchange fees. You can transfer and exchange your money using this service with any major currencies like USD, Euro, British Pounds, Australian, Canadian Dollars, Thai Baht and more.
First, let us take a quick look at some of the benefits of this service.
10 Benefits Summary
- No 200 Baht ATM fee in Thailand. BTW, you can use it in other countries too.
- No fee from your bank at home. (ZERO bank charges).
- Get the real exchange rate from what you see on Google, Yahoo!, XE.com and not the exchange rate that the banks decide to give you.
- Exchange money straight into your Thai bank account in Thailand.
- Can be done within 3-5 business days.
- Tightest security, it is regulated by different government bodies and financial institutes all over the world. All transactions are protected by industry standard https encryption.
- Get low fees, as low as 1%.
- Send or exchange large amounts of money to Thailand. The ATM in Thailand will have a maximum withdraw allowance of 15,000 to 30,000 Baht per withdrawal. If you want to withdraw more money, you will have to withdraw again and pay the 200-Baht ATM fee and other bank fees.
- Lastly, it is expensive to send, transfer or exchange money in Thailand or aboard. Western Union is also expensive, PayPal charges up to 3.5% on a transfer and charges up to 3%-4% currency conversion fees.
- It feels great not to be overcharged by banks.
Still listening? Great, but there are some requirements and this is not for everyone.
Who is this for?
First, let’s talk about who this is for and not for.
This is for someone that’s living in Thailand or abroad for an extended period, for many months or years, or is a regular visitor, or you’re sending money over to friends or family. If you are just coming to Thailand for a holiday for a few days or few weeks, this might not be the solution for you because it takes a bit of time to set up a bank account in Thailand and you will not get the money exchanged instantly. However, once you have everything setup, you have a Thai bank account or you are just sending money to someone you know that already has a Thai bank account, then you’re good to go.
Second, is this better than Charles Schwab?
If you are an American you probably know about Charles Schwab. However, can anyone that uses Charles Schwab confirm if you are getting the real exchange rate when you withdraw your money from a Thai ATM?
I know Charles Schwab returns the ATM fee in Thailand, but I don’t know if you are getting the real exchange rate and I would not be surprised if you are not getting the real exchange. But, can someone that uses Charles Schwab confirm this? Please leave a comment below.
How do you do this?
There are two steps.
Click on the link above and sign up. If you use this link, you’ll get your first £500 Pounds or Dollar / Euro / Rupee / Baht equivalent, transfer for FREE.
After you have signed up, click on this link to watch a short video tutorial on how to use it.