Cheapest Way To Transfer Money From Overseas

[Delray Tweed]

What is the cheapest way to send money? This is for business I need to fund a partner in Thailand bi-weekly.

I'm considering opening a second bank account and sending the ATM card in the mail, and pin by internet.

[GuestHouse]

It depends on how much you are sending over. I uses SWIFT transfers they give the highest exchange rate in Thailand and from here in Italy cost E12 per transaction (Against over twice that from the UK banks).

[Mahout Angrit]

I'm considering opening a second bank account and sending the ATM card in the mail, and pin by internet.

Yes this works but you have to trust your partner in Thailand. They can draw the entire balance and then when the bank adds the charges the account goes overdrawn and they hit you with O/D fee (£28 in UK) even though the bank put you overdrawn. Of course you can leave a float in the account but will it be drawn out as your partner will know from the receipt that the money is there?

They can also use the card to purchase goods if they felt inclined.

Edited December 2, 2006 by Mahout Angrit