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Status of Thais Abroad and Money Transfer Options

April 18, 2012 | Comments: 0 | Views: 104

Thailand is one of the component countries of Southeast Asia. It boasts of having a diverse religious and cultural heritage along with great tourist attractions like the Mekong River and its Buddhist temples. These attractions and other historical sites contribute to the boost of its tourism industry - a factor that makes the country one of the fastest growing economies.

Another reason behind the growing economy of Thailand is the dollar remittance by its oversea-working population. According to the Thailand Migration Report of 2011, deployment of Thais to other countries for work opportunities has experienced fluctuations for the past years. This means that there are significant increases and decreases in the number of Thais who work abroad due to improved job opportunities in their country. However, intercultural marriage or the marriage of Thais to other nationalities has also influenced the Thai migration statistics. As such, the amount of dollar remittances still continues to contribute to the improved financial status of the country.

A stronger economy of Thailand is anchored on the rising value of the Thai Baht. At present, current exchange rate of US dollar to Thai baht is pegged at 1 USD to 31 THB. According to Thailand's internal reports, the country has been deploying around 150000 workers abroad. This figure has seen rise in the past few years due to the improved competency of Thais in the global job market. There were also estimates that in the beginning of 2010 more than 1 million Thais are living abroad either for work, education, or resident purposes. This is also one of the main reasons behind the rising percentage of who send money to Thailand.

Several options exist to make the needed money transfer to Thailand. One of these options is through the use of banks. However, this option is suited for those who maintain their own bank accounts. The sent money is directly debited from the sender's bank account.

Another option to transfer money to Thailand is through wire transfer. There are many companies that offer this type of service. The sender can also opt to send money online just by going directly to the websites of these international wire transfer companies and follow the directions reflected in their pages. Then the sender is all geared to wire money to Thailand.

Despite these options, the process to send money to Thailand is escalated to greater heights with the introduction of reloadable debit cards. This has been one of the easiest and safest ways for a Thais living or working abroad to send financial support to family, friends, or relatives residing in Thailand. It also gives the sender the lowest transfer rates amounting to $5 when they send money online. This is possible because reloadable debit cards can be funded through the internet or through the phone. To top it all, the funds can be directed to the recipient in Thailand when the sender links the card to a checking account, credit card, or debit card.

Both senders and receivers don't have to be afraid if the reloadable debit card is lost or stolen. Even if the sender has already sent money, the fund is still secured as long as the PIN is not divulged to anyone. What needs to be done is just to report that the card has been lost or stolen and a replacement card will be issued.

At present, there are multiple options to send money to Thailand. It lies within the hands of the sender to choose which method is most convenient for him. But when it comes to convenient sending of money, the use of reloadable debit cards is a tough contender.

To learn more about prepaid debit cards, or how to send money to Thailand check out ATMCash.

Ernesto enjoys traveling, trying new foods, and is an expert in international money transfer.

Source: EzineArticles
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