Peyton & Charmed Student Accommodation services are frequently asked how to transfer money internationally from Thai Baht to Great British Pounds, along with which is the best service provider for a safe, quick and insured money transfer. It is important for Thai international students to find a reliable system that works best for them and their banks. With most students studying at UK Universities without a parent or guardian in the same country, knowing the best way to send money safely and quickly is a major question Peyton & Charmed want to answer.
First of all check with your bank to see if they offer wire transfers (most do). This is often the simplest way to send funds because you already work with your bank and have an account there. Start by contacting your bank to learn the process as you usually have to activate overseas transfers (most accounts aren’t automatically set up for it). Once you’re set-up, your bank can transfer funds to the designated person overseas.
Rates: The rates vary by bank and depend on if you’re transferring funds to a branch of the same bank or a different bank.
Processing time: Most banks take 2 - 3 business days to process wire transfers.
Most services will take a transaction fee and conversion rates vary from day to day on each website, however Peyton & Charmed have found that these are the top 5 reliable International Money transfer services.
- Moneygram - https://www.moneygram.com/
Moneygram has more than 300,000 locations in over 200 countries, making it easy to send money internationally. They don’t have the lowest rates, but they offer speedy transfers in most cases, which is nice if you’re in a hurry.
You are limited to $10,000 transfers at a time as well as monthly, which can be difficult if you need to send higher amounts abroad.
- Paypal - https://www.paypal.com/
Paypal is the fastest way to send money internationally and digitally. You send money from your PayPal account to your recipient’s PayPal account. The entire process takes place digitally. You link your bank account to send the funds via PayPal, and the recipient transfers the funds from PayPal to his/her bank account digitally.
Rates: PayPal charges a small percentage of the transaction (up to 2%) to send funds to friends or family abroad.
Processing time: If you send money to an existing PayPal account from a checking account, the transfer happens instantly. It may take a few days for the recipient’s bank to transfer the funds to their bank though.
- Western Union - https://www.westernunion.com/
Western has been one of the longest serving international transfer ways to send money overseas, transferring funds between almost 200 countries. Western Union has physical branches around the world if you prefer to transfer funds in person rather than online, although they offer that option too.
- World Remit - https://www.worldremit.com/
World Remit is an online money transfer service that transfers funds in 56 countries. You can transfer funds to the recipient’s bank account, local pick-up, or even via mobile wallet, which a majority of WorldRemit transfers use.
WorldRemit is headquartered in the UK and has mostly positive reviews. They take security seriously and work hard to make transfers happen quickly.
Fees: WorldRemit charges a transfer fee, plus they mark up the exchange rates, making a profit there too, but because they are online, they have lower rates than other services.
Processing time: Most transactions complete in a matter of a few days, especially bank transfers.
- Wise - https://wise.com/
Wise is one of the cheapest ways to send money internationally. Wise believes in fair fees and doesn’t charge markups. You’ll pay the same exchange rate you’d pay without a service.
Of course, like any company, they need to make money, but the Transferwise fees are among the lowest in the industry. If you use a bank account, the fees are the lowest - usually 1% of the amount transferred by you may also use a debit or credit card payment.
Rates: Exchange rates found on www.XE.com
Processing time: Most transfers happen fast (instantly with debit or credit cards) or up to 3 business days for bank transfers.
For any international student studying in UK Universities looking for help with money transfer services, please feel free to contact Peyton & Charmed Student Accommodation services; because we believe in care and trust.
