Services for receiving money from abroad that foreigners should know about

Services for receiving money from abroad that foreigners should know about

     To receive money from abroad, whether Thais or foreigners, or even those who work abroad who want to transfer money back to Thailand to a Thai commercial bank account, the Bank of Thailand has specified the following steps:

1. When receiving money transferred from abroad

• Commercial banks will notify the customer of the money transferred;
• The customer informs the details of the received foreign money transfer, such as the source of the money and the sender's name;
• Customers can choose to sell foreign money transfers in baht or deposit foreign money transfers into a foreign currency deposit account opened in Thailand.

2. Commercial banks issue evidence supporting the transaction, such as the amount credited to the account (Credit Advice).

    However, money can be transferred without limitation; the details depend on the regulations of each commercial bank where the recipient has opened a bank account in Thailand. The sender must provide name - surname, identity verification documents that have not expired, supporting documents according to the purpose of receiving funds according to the BOT's criteria in case of receiving funds from abroad more than or equal to USD 50,000, etc.

     The necessary information that foreign banks must use to send money to a commercial bank account in Thailand is as follows:

     Account name and account number of the payee, and the SWIFT Code of each bank; for example, Siam Commercial Bank is SICOTHBK, and Bangkok Bank is BKKBTHBK.

     However, when receiving money transfers from abroad, commercial banks in Thailand will charge different fees; for example, Bangkok Bank charges a fee of 0.25% of the transfer value (minimum 200 baht, maximum not exceeding 500 baht). The funds may take 3-5 business days to be available. Transferring money to commercial banks in Thailand is considered a highly secure money transfer.