Money Transfer To India
Whether you’re staying in Thailand long-term or planning to work here periodically, it’s certain that you’re going to collect cash in some manner. The next inevitability for all expats then lies in figuring out how to send money to and from the country.
Here’s a walk-through of the top platforms for making global transfers and a look at which ones actually let you send THB currency out.
By Western Union
As per many users review WU does not support transfer above 70,000 THB. Transfer above 70,000 THB is being rejected by WU.
| Western Union | |
|---|---|
| Fee | 100 THB |
| Mode | Online and Offline |
| Remittance Time | Same day or upto 3 days |
| Signup Process | Easy process. Just need passport and fill a basic form. |
By Indian Overseas Bank
IOB is highly recommended for remitting big amount. It is widely used and trusted among Indian expat community in Thailand.
| Indian Overseas Bank | |
|---|---|
| Fee |
For Remittance upto Thb 50,000/- For account holders 150/- thb For Non account Holders 200/- Thb For Remittances above Thb 50,000/- For account Holders 300/- Thb For Non account Holders 350/- Thb |
| Mode | Online/Offline |
| Remittance Time | 1-3 days |
| Signup Process | Check all FAQ regarding IOB below. |
IOB have only one branch in Bangkok. It is located at Rajawongse Road.
There used to be another branch in Sukhumvit. Effective from 1-JUN-2019 Sukhumvit branch is permanently closed.
Address and contact number is given below.
Indian Overseas Bank Bangkok
221 Rajawongse Road,
Samphanthawong,
Bangkok 10100
Tel: (+66) 02-224-5411-4
Fax: (+66) 02-224-5405 /
Swift: BHOBTHBK
Lets go through FAQ's regarding money transfer to India.
Q. Do one need to have bank account in IOB Bangkok or IOB India?
No. It's not mandatory to have bank account in Bangkok or India. But good to have, as they have special rates for transfer between IOB to IOB.Q. What's the transfer rate?
Rate changes everyday based on currency market. IOB publish rate on their website daily. Check IOB Transfer rate on their website.Q. How to convert rate into INR?
So if you go to IOB website rate is shown as decimal i.e 0.4580. To convert rate into INR just divide this rate by 1. So rate will be 1/0.4580 = 2.183406 INR. If you are transferring 50,000 THB. you will get 50,000 * 2.183406 = 109,170.30 INR (approx) on that particular day.Q. How much time does it takes money to get credited in Indian bank?
For IOB to IOB transfer money is credited instantly. While for non IOB transfer it gets credited within same day. In general it should not take more then 2 days. If your money haven't credited within two days please contact bank.Q. Do one need to have NRE/NRO bank account in India to get money?
No. You don't need to have NRE/NRO account. You can transfer to your regular saving account of any bank in India.Q. Can I do online transfer with IOB?
With IOB one can not transfer money from here to India online. But you can transfer money from local Thai bank to IOB Bangkok account.Q. What are the documents required to transfer money without opening bank account?
Note: If you don't wanna open a bank account here. Below documents you have to carry every time in original to transfer money.Q. How to open bank account with IOB Thailand?
Just go to branch with listed documents. Please carry all original. Account will be opened instantly once you fill up a form with required documents.Q. How to open bank account with IOB India from here?
Opening Indian NRE/NRO account from here will take some time. In general it takes around 2-3 weeks. Note: NRI's prefer to open NRE account in India as it have tax benefits.Q. Do I have to go myself everytime to transfer money?
Short answer YES. One have to go himself in order to transfer money.If you have account with IOB Thailand. You can fill all required forms and send along with another person. Don't forget to signature the forms.
Q. Does IOB Thailand have online banking?
As of 2022. There is IOB Thailand application available. With this application, you can tranfer money online.By Dee Money
Recently many users complaining about DeeMoney that transfer time is taking longer then two weeks.
You can sign up for DeeMoney here. Once you’re signed up as a DeeMoney member, you can use DeeMoney’s mobile phone app (available on Android as well as iOS) to make transfers directly from your Thai Bank account, without any need to visit any physical branch. You can find more details about DeeMoney by visiting their website (www.deemoney.com)
Official Website: www.deemoney.com
| Dee Money | |
|---|---|
| Fee | 150 THB |
| Mode | Online and Offline |
| Remittance Time | 3-7 days (Many users complaining funds taking longer then 14 days) |
| Signup Process | Easy process. Just need passport and fill a basic form. |
| Maximum Transaction Limits / Day | 800,000 THB |
I hope this article answers most of the question and helps you. More question? Feel free to comment.
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