How to Transfer Money from UK to Thailand
UK to Thailand Guide
Summary
With its warm climate and low cost of living, Thailand has become a popular destination for expats from all over the world, with the number of foreigners in the country estimated to be anywhere between 500,000 and 1m. The reasons to send money to Thailand are many, but beyond trade, private flows from the UK are dominated by property purchases, pensions, and medical tourism. A 2010 study by a UK think tank, the Institute of Public Policy Research, put the number of UK passport holders residing in Thailand at nearly 46,500, of whom some 2,200 were pensioners who will be sending money to Thailand from the UK to fund their retirement.
Buying property in Thailand
In general, non-Thai businesses and citizens are not permitted to own land in Thailand unless the land is on government-approved industrial estates. The 1999 amendment to the Land Code Act permits foreigners investing a minimum of THB40m (around US$1.2m) to buy up to 1,600 sq metres of land for residential use with the permission of the Ministry of Interior. The ministry has the authority to sell the land if it is not used as a residence within two years of the date of acquisition and registration.
Rather than purchasing, many foreign businesses instead sign long-term leases, and then construct buildings on the leased land. Previously, non-Thais were allowed to own up to 100% of a condominium building if the unit was purchased between April 1999 and April 2004, but since 2007, total foreign ownership in a condominium building has been limited to 49% of the total space of all units in the building, except for those purchased between 1999 and 2004. Financing this purchase is not necessarily easy, as many Thai banks will not lend to foreigners. We recommend taking specialist advice if you are looking to purchase any property and before you transfer money to Thailand to pay for the purchase.
Foreigners holding non-immigrant visas who have lived in Thailand for at least three consecutive years may apply for permanent residence in Thailand if they meet strict criteria regarding investment or professional skills.
Medical tourism in Thailand
Thailand in recent years has become one of the top international destinations for overseas medical tourism by revenue and by numbers, particularly for elective procedures, given the country's very developed healthcare system and low costs relative to private care in the US and Europe. Thailands Ministry of Health put the number of medical tourist visits (not the number of unique patients) in 2012 at 2.53m, up from 1.98m in 2010. Of the visits in 2012, 26.6% were medical tourists, 41.4% resident expats, and the rest travellers who did not come specifically for medical procedures. The UK was the third largest single source of patients, after Japan and the US. The Tourism Authority of Thailand puts the number of health and wellness (including spas) tourism trips to Thailand between April 2012 and March 2013 at 858,340, generating earnings of some THB31.12bn (US$997m).
There are nearly 40 institutions in Thailand accredited by Joint Commission International, a US-based body that is the world leader in healthcare accreditation. Bangkoks JCI-accredited Bumrungrad International Hospital, for example, is one of the largest and most respected hospitals in Asia. Savings can be up to around 85% for some procedures.
Investing in Thailand
Non-resident investors are not permitted to hold more than a 25% stake in domestic financial institutions, and no more than a 49% stake in other domestic companies. However, the Bank of Thailand may give permission, in some cases, for greater foreign ownership and the Ministry of Finance can authorise up to100% foreign ownership of some domestic companies. Residents in Thailand are permitted to invest or lend up to US$50m a year to non-affiliated companies. There are no limits on resident lending to affiliated companies.
The Board of Investment (BOI) is Thailand's central investment promotion authority, offering investment incentives uniformly to both qualified domestic and foreign investors. Majority or total foreign ownership is permitted for BOI-approved investment projects in the manufacturing sector; but in agriculture, animal husbandry, fishery, mineral exploration and mining, and service businesses, Thai nationals must hold at least 51% of a companys registered equity
Frequently Asked Questions
Are the money transfer companies shown above safe to use?
Yes, all the companies are safe and fully-regulated money transfer services.
Each are authorised and regulated by the relevant authority such as the Financial
Conduct Authority(FCA) in the UK, FinCEN in the US, FinTRAC in Canada or ASIC in Australia.
How long does an international money transfer take?
The speed of delivery will depend on where the money is being from and to and how
you are sending and receiving the money. Transfers sent using bank to bank transfers
can depend take anywhere from minutes to days and you should check the time estimates
from the relevant provider. Debit and credit card payments sometimes allow for faster
transfers for smaller amounts.
How do I use FXcompared?
First review the comparison results (such as for a table above) for a given amount
of money sending from UK to Thailand. Then select a provider based on
factors such as price, speed, their rating and click the green button to be taken to
their website. From there, you can register and sign up for an account. Once you have
done that and the provider has verified your identity to ensure the money can be send
safely, you will be ready to transfer money.
What payments methods can I use to send money overseas?
The results shown above are typically for bank to bank transfers. It is possible
via some providers to pay in your funds for the transfer via cash, debit or credit
cards as well but this is usually reserved for smaller amounts. Some providers also
give you different options for how the money will be received - to a bank account
(most common), to a debit card, to cash or to a digital or mobile wallet.
What if the price shown above isn’t exactly what I am offered when I try to transfer money?
There can be a number of reasons why the final price you are offered may be different
to that shown in the table above. Exchange rates between two currencies change all
the time and is the most common reason. Additionally, some providers offer different
pricing depending what method you are using to send funds or how the funds will be
received. Others may offer you a premium service for faster payments. In some cases
FXcompared has a special rate with a provider and this is reserved for first time
customers who sign up to the provider starting from FXcompared’s website.
As prices do change often, be sure to confirm the total cost with the provider
before transferring money.
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