Online money transfer service WorldRemit is introducing the ability to send money to Thailand in Baht, the local currency.
The upgrade to WorldRemit’s Thai service enables workers living overseas to send money back home without the need for an additional foreign exchange transaction at the receiving bank.
“WorldRemit is known for its low fees, but our customers also value our price transparency – knowing up-front exactly how much money they are sending and what it will cost. Our new Baht service gives Thai customers the confidence that whatever they choose to send, that is what will be received,” said Ismail Ahmed, Founder and CEO of WorldRemit.
“Using the Baht instead of US dollars mean that recipients will know exactly how much money they are going to get and don’t have to worry about charges or unknown exchange rates being levied by their bank when the transfer arrives,” said Mr Ahmed.
WorldRemit allows people around the world to send money to accounts at all major banks in Thailand, from their computer, smartphone or tablet.
International remittances are an important contributor to the economy of Thailand, with an estimated US $5.5 billion being received in 2013, according to the World Bank.
The amount of money received from overseas by people in Thailand has risen sharply in the past five years, with an average increase of 25% per year, compared to an annual increase of just 5% between 2004 and 2008.