Money transfer to Thailand: Common methods, processing time, and fees

Key takeaways

• Common payment routes include bank branches, online banking, and fintech platforms. Each option differs in speed, fees, and foreign exchange rates.

• You’ll need the recipient’s Thai bank account number, bank name, and SWIFT code to process the payment smoothly.

• Airwallex offers interbank exchange rates, with around 93% of payments arriving on the same day. There are no account setup fees or hidden charges.

Thailand stands out as a popular destination for Hong Kong travelers and ranks as the fourth largest trading partner among ASEAN countries, boasting strong economic and trade relations. With the increasing demand for financial transactions, finding an efficient way for a money transfer to Thailand has become crucial. 

Besides traditional bank wire transfers, more cost-effective alternatives have emerged, such as the global financial platform Airwallex. This article analyses three common methods to send money from Hong Kong to Thailand, comparing processing times, fees, and transfer limits to help you choose the approach that maximises profitability.

Why should you use Thai Baht for payments to suppliers in Thailand?

Beginning in early December 2023, Hong Kong residents can use the Faster Payment System (FPS) during their travels in Thailand. By simply scanning QR codes at over 8 million merchants, they can make payments and benefit from instant currency conversion. Nevertheless, Hong Kong businesses engaging with Thai suppliers or local companies will still need to rely on traditional bank wire transfers or remittance platforms to settle payments in Thai Baht.

Using Thai Baht (THB) to settle invoices directly allows you to send money from Hong Kong to Thailand without forcing suppliers to convert currencies themselves. This eliminates foreign exchange losses for your partners, helps you secure better pricing, and builds stronger, more sustainable commercial relationships.

Challenges of sending money to Thailand

Executing an international money transfer to Thailand often brings these simple challenges:

• High conversion costs: Traditional banks use retail exchange rates with high markups and extra telegraphic fees.

• Foreign exchange volatility: Sudden currency shifts make transaction costs unpredictable for large commercial orders.

• Slow processing speeds: Intermediary bank networks and compliance reviews mean transfers can take several business days.

• Cumbersome review procedures: Banks enforce strict risk controls and frequently request extensive supporting documentation.

Below are three common ways to make a money transfer to Thailand, with a comparison of their costs, processing times, and best use cases.

3 common methods to transfer to Thailand

1. Traditional bank international wire transfers

Visiting the bank in person for international remittance is a conventional approach. Remitters typically need to bring identification documents and specify the recipient's name, the name of the Thai bank, account number, and other relevant information. The Hong Kong bank will then process the request and transfer the funds to the Thai bank. It's worth noting that different banks might apply extra handling charges, and being mindful of the bank's remittance cut-off time is crucial. Traditional banks usually require 1 to 5 business days to successfully send money from Hong Kong to Thailand.

2. Online banking transfers

Online remittance is done through e-banking or mobile applications. To send a remittance, users simply need to follow the instructions and enter the recipient's Thai bank account number, bank name, and other required details. Online banking is convenient, but limits for unregistered overseas payees are often lower than branch limits. Some banks also require you to register an overseas payee before you can make a payment.

3. Transfer with Airwallex

Modern financial technology offers efficient alternatives to legacy systems. Financial platforms like Airwallex provide a streamlined way to send money from Hong Kong to Thailand. Eligible businesses can open an Airwallex Business Account online in minutes with zero setup fees or monthly account maintenance charges. This solution enables companies to convert and transfer funds into Thai Baht at interbank rates with a markup as low as 0.2%. Delivery speeds are also significantly faster, with 93% of Airwallex global transfers reaching their destination on the same day. If you pay multiple suppliers or contractors, you can also use batch payments to send funds to up to 1,000 recipients.

Comparing various approaches to sending money to Thailand 

As the table shows, the biggest cost difference often comes from exchange rates rather than fixed transaction fees. The gap between retail bank rates and interbank rates can add up across multiple payments. Choosing a payment provider with competitive FX rates can help your business reduce costs over time.

Details required for a money transfer to Thailand

Having accurate recipient details ready helps payments move through the system without unnecessary delays. Incomplete or incorrect information is one of the most common causes of delayed or returned payments.

Information to request from your payee

Before making a payment, confirm the following details with the recipient:

• Full name: This must match the name on their Thai bank account

• Bank name: For example, Bangkok Bank or Kasikornbank

• Account number: The recipient’s complete Thai bank account number

• SWIFT code: The bank identification code used for international wire transfers

• Branch name or code: Required by some financial institutions

Some Thai banks may also request additional information, such as the recipient’s Thai national identification number or the purpose of the payment, to meet local compliance requirements.

Check with the recipient’s bank before sending funds. If the account name on the payment instruction does not match the bank’s records, the receiving bank may hold or return the payment.

Transfer limits for Thai payments

Transfer limits vary depending on the payment method you use. Traditional banks may apply lower daily limits to unregistered payees, while registered payees may have higher limits. Contact your bank directly for details of its specific limit tiers. Airwallex Business Accounts do not impose maximum transfer caps for high-value payments.

Benefits of using Airwallex for a money transfer to Thailand

Beyond lowering transaction costs and accelerating delivery speeds, Airwallex provides a highly secure, institutional-grade environment for your cross-border capital. 

In Hong Kong, Airwallex is licensed and regulated by the Customs and Excise Department as a Money Service Operator (MSO License No. 16-09-01929). Internationally, the platform holds regulatory authorisations across multiple major jurisdictions; for instance, it is regulated by the Australian Securities and Investments Commission (ASIC) with an AFSL (License No. 487221), and Airwallex US, LLC holds money transmitter licenses across numerous US states.

Key benefits include:

• Competitive exchange rates: Convert currencies using interbank FX rates and reduce the cost of retail bank mark-ups

• Fast settlement times: Around 93% of payments arrive on the same day, helping you maintain reliable relationships with Thai suppliers

• Flexible FX forwards: Lock in exchange rates in advance to manage currency risk for large commercial orders

• Batch payments: Submit up to 1,000 global payments in a batch, saving time when paying multiple vendors

Ready to streamline your global payments? Open an Airwallex account today and make every money transfer to Thailand faster and more cost-effective.

FAQs

1. How do I transfer money from Hong Kong to Thailand?

You can remit funds from Hong Kong to Thailand through online banking wire transfers, international remittances through bank branches, money changers, or global financial and remittance platforms like Airwallex.

2. How long does it take to transfer money to Thailand? 

Funds typically arrive within 1 to 5 days through bank transfers, though instant transfer is possible based on the sender's chosen remittance method. In contrast, using an agile financial platform like Airwallex allows businesses to bypass old banking friction, enabling 93% of transfers to settle on the exact same day and significantly boosting capital efficiency.

3. What information is needed for a money transfer to Thailand?

You’ll need the recipient’s full legal name, matching their bank account, as well as their bank name, account number, and SWIFT code. Check whether the receiving bank also requires a branch code or the payment purpose.

4. Are transfers to Thailand subject to tax?

Hong Kong does not levy tax on outgoing international transfers. However, Thai tax rules may apply depending on the payment type and transfer volume. Consult a professional tax adviser or check the relevant local requirements with the recipient.