Paying a Thai supplier from Malaysia comes down to three routes: a specialist provider, your bank via SWIFT, or the MYR–THB local currency framework. Which one fits depends on how often you pay, how fast the money needs to land and whether your supplier wants baht.
Malaysian businesses have several ways to pay Thailand, depending on the payment type, supplier requirements, and how the business manages international payments.
This guide covers how to transfer money to Thailand, including specialist money transfer providers, bank transfers and SWIFT, and the MYR–THB Local Currency Transaction Framework. It also explains the key factors to consider when choosing the right payment route.
Key Takeaways
- Businesses looking to transfer money to Thailand from Malaysia can use specialist money transfer providers, bank transfers and SWIFT, or the MYR–THB Local Currency Transaction Framework.
- Before making a transfer, businesses should check the recipient details, payment currency, FX rate, fees, timing and payment requirements.
- The total cost depends on more than the transfer fee, so compare the exchange rate, FX markup and applicable charges alongside the amount the recipient receives.
- For recurring or time-sensitive payments, choose a transfer route that suits the payment frequency, urgency and supplier requirements, and keep payment confirmations and invoices for reconciliation.
- WorldFirst can help businesses manage multiple currencies, FX, supplier payments and international payment records through its World Account.
What to Consider Before You Transfer Money to Thailand from Malaysia
- Recipient details: Confirm the supplier’s name, bank account details, bank name, and any required SWIFT or other payment information.
- Payment currency: Check whether the recipient expects THB, MYR, or another currency.
- Exchange rate: Review the MYR-to-THB exchange rate and how the provider applies its FX rate.
- Fees: Check transfer fees and any other charges that could affect the total cost of the payment.
- Transfer timing: Consider when the supplier needs to receive the funds and whether the payment method can meet that timeline.
- Payment frequency: For recurring supplier payments, consider whether the method works efficiently for regular transactions.
- Business requirements: Make sure the payment method supports your business needs, including payment records, reconciliation, and any requirements from the Thai recipient.
Methods for Transferring Money to Thailand from Malaysia
Malaysian businesses have several ways to send money to Thailand from Malaysia, depending on the payment type, the supplier’s requirements, and how the business manages international payments. The table below compares the three main routes before we look at each option in more detail.
| Payment route | Payment size | Frequency | Supplier wants THB | Bank requirement | Best for |
| Specialist Money Transfer Providers | Varies by provider and payment arrangement | One-off or recurring | Depends on provider | No LCTF appointment required | Recurring supplier payments across several currencies |
| Bank Transfers and SWIFT | Varies by bank and payment arrangement | One-off or recurring | Yes, where the recipient’s bank accepts THB | No LCTF appointment required | Occasional payments through an existing bank relationship |
| MYR–THB Local Currency Transaction Framework | Eligible cross-border economic activities | One-off or recurring | Yes, supports settlement in MYR and THB | Appointed bank required | Eligible trade settled directly in MYR and THB, without converting through a third currency |
Specialist Money Transfer Providers
Specialist money transfer providers give Malaysian businesses an online way to send money from Malaysia to Thailand for payments to suppliers and other business partners. Depending on the provider, businesses may also manage foreign currencies, convert funds, and use multi-currency accounts for international payments.
Providers such as WorldFirst, Airwallex, and similar international payment platforms offer different business payment features, including currency conversion and multi-currency functionality. These services can help businesses make recurring supplier payments or manage transactions across multiple markets. Available currencies, FX rates, fees, and transfer speeds vary by provider, so businesses should check the specific terms before choosing a service.
Bank Transfers and SWIFT
Malaysian businesses can use their bank to make cross-border payments to suppliers and other business partners in Thailand. For international payments, banks may use the SWIFT network to exchange payment instructions between financial institutions. SWIFT isn’t a separate way to pay. It’s the messaging network banks use to pass payment instructions to each other.
When using this route, businesses may need to provide the recipient’s bank details, including the SWIFT code, account information, and payment purpose. Overall cost and delivery time can depend on the banks involved, the payment currency, and the transfer route, so businesses should check the applicable requirements and charges with their bank before making the payment.
Learn more: What Details Are Needed for a Bank Transfer in Malaysia?
MYR–THB Local Currency Transaction Framework
For eligible cross-border economic activities, Malaysian businesses can use the Local Currency Transaction Framework (LCTF) to settle transactions in local currencies such as Malaysian ringgit and Thai baht. The framework gives businesses greater flexibility to access and manage local currencies through appointed banks, also known as Appointed Cross-Currency Dealers (ACCDs).
For Malaysia–Thailand payments, the route may be relevant when a business wants to settle an eligible transaction directly in MYR and THB rather than relying on another currency. In February 2025, the LCTF was expanded to include portfolio investments, in addition to trade in goods and services and direct investments.
To use this route, Malaysian businesses need to work with an appointed bank participating in the MYR–THB LCTF. BNM’s list of Appointed Cross Currency Dealers currently names 14 Malaysian banks and 10 Thai banks for MYR–THB transactions, including Maybank, CIMB, Public Bank and Bangkok Bank.
How to Transfer Money from Malaysia to Thailand
Follow these steps to transfer money to Thailand from Malaysia while keeping the payment process organised.
Choose the Right Transfer Method
Choosing the right method to send money to Thailand from Malaysia depends on the nature of the payment, including the amount, frequency, urgency, and the recipient’s requirements.
- Regular supplier payments: A specialist payment provider or established bank arrangement may suit businesses making recurring payments.
- Urgent payments: Check the expected processing time before choosing a route, particularly when the supplier has a specific payment deadline.
- Payments in THB: If the supplier requires Thai baht, confirm that the chosen payment route supports THB.
- Eligible MYR–THB payments: Businesses making eligible transactions can check whether an appointed bank offers the Local Currency Transaction Framework.
Check the Exchange Rate and Fees
Before confirming the payment, review how your MYR will be converted into THB and the total cost of the transfer. The exchange rate and any applicable fees can affect how much the business pays and how much the recipient receives.
- Compare the exchange rate: Check the MYR-to-THB rate your bank or payment provider offers and whether it includes a markup.
- Check transfer fees: Review any upfront transfer charges and other applicable fees.
- Consider the total cost: Look at what your business will pay and what the supplier is expected to receive, rather than the transfer fee alone.
- Check for additional charges: For bank transfers, confirm whether intermediary or recipient-bank charges may apply.
Enter the Recipient’s Details
Once you have chosen the payment route and reviewed the costs, prepare the information required to transfer money from Malaysia to Thailand. The exact details may vary by bank or payment provider, but business payments generally require accurate recipient and bank information.
- Recipient’s name: Enter the supplier’s legal or registered business name as provided.
- Bank account details: Provide the recipient’s account number and bank name.
- SWIFT code: Include the recipient bank’s SWIFT code when required for the international payment.
- Payment reference: Add the invoice number or other reference requested by the supplier.
- Payment purpose: Provide the required transaction or payment purpose information if requested by the bank or provider.
Check all details against the supplier’s invoice before proceeding to the next step.
Review and Confirm the Payment
Before authorising the transfer, review the payment details carefully to make sure they match the supplier’s invoice and payment instructions. Check the payment amount, currency, recipient and bank details, exchange rate, applicable fees, payment reference and any information required by your bank or payment provider. Once everything is correct, authorise the payment and keep the confirmation for your business records.
Track the Transfer
After authorising the payment, keep the confirmation and transaction reference provided by your bank or payment provider. Use any available tracking information to monitor the payment until the funds reach the recipient. For business record-keeping, retain the payment confirmation, transaction reference, and related invoice so you can reconcile the payment with your accounts.
How Much Does It Cost to Transfer Money to Thailand?
The cost of a Malaysia-to-Thailand business transfer depends on more than the upfront transfer fee. The exchange rate, FX markup, provider or bank charges, and any additional fees can affect the total amount your business pays and the amount the supplier receives.
For example, if a Malaysian business needs to pay a Thai supplier RM50,000, the total cost depends on the MYR-to-THB exchange rate and the charges applied to that payment. Comparing the total amount paid in MYR with the THB amount received can give a clearer picture of the actual cost than looking at the transfer fee alone.
How Long Does It Take to Transfer Money to Thailand?
The time it takes to send money to Thailand from Malaysia can vary depending on the payment method, the banks or providers involved, the payment currency, and whether additional checks are required.
Specialist payment providers may offer different delivery times depending on the service and transaction details, while bank transfers and SWIFT payments can take longer when multiple financial institutions are involved. For payments under the MYR–THB Local Currency Transaction Framework, timing can also depend on the participating banks and the transaction.
For business payments, check the expected processing time before confirming the transfer, especially when the payment must reach a supplier by a specific deadline.
Learn more: How long do international payments take from Malaysia?
How WorldFirst Can Help Malaysian Businesses Pay Suppliers in Thailand
For Malaysian businesses that regularly send money from Malaysia to Thailand, managing FX, multiple currencies, supplier payments, and payment records can quickly become difficult across different platforms. With WorldFirst, businesses can manage international payments, currencies, and supplier transactions through the World Account from one platform. Key features include:
- Manage multiple currencies: Access 20+ currency accounts through one World Account, making it easier to manage funds across different markets.
- Manage FX around your payment needs: Use live rates for immediate conversions, spot contracts for payments with little notice, or firm orders to set a target rate and have the trade execute automatically when it’s reached.
- Pay business partners: Send payments to suppliers and other business partners in 100+ currencies across 210+ countries and territories.
- Faster payment delivery: Same-day or next-day payments are available for major currencies, subject to the applicable conditions.
- Manage invoices and batch payments: Schedule invoice payments for future dates and make batch payments of up to 200 invoices at once.
- Get paid by marketplaces: Receive payouts from 100+ marketplaces and 30+ payment gateways through a multi-currency account, helping businesses manage international sales.
- Track payments centrally: Supplier notifications and real-time tracking provide visibility over payment progress, while the World Account lets businesses manage currency balances from one platform.
- Use World Card for business spending: World Card supports spending in 150+ currencies across 210+ countries and territories, with up to 1% cashback on eligible business expenses, subject to the applicable terms.
Open a World Account to manage your international business payments and pay suppliers in Thailand from one platform.
FAQs
1. Can I transfer money from Thailand to Malaysia?
Yes, you can transfer money from Thailand to Malaysia, although available payment methods, requirements, fees, and payment duration may differ based on the banks or providers handling each transfer. Businesses should check the applicable requirements before making a cross-border payment.
2. How can I transfer money from Malaysia to Thailand?
Malaysian businesses can choose a specialist money transfer provider or make an international bank transfer, which may use the SWIFT network. For eligible transactions, businesses can also use the MYR–THB Local Currency Transaction Framework through an appointed bank.
3. Can Malaysian businesses pay Thai suppliers in Thai baht?
Yes. Depending on the payment route and recipient’s requirements, businesses can make payments in THB. Eligible transactions may also be settled in MYR and THB through the Malaysia–Thailand Local Currency Transaction Framework using an appointed bank.
4. What is a good way for businesses to manage international supplier payments?
Businesses can use an international payment platform to manage currencies, FX, and supplier payments in one place. WorldFirst, for example, offers multi-currency accounts, currency conversion, payment tracking, and batch payments to help manage regular international supplier payments.
Sources:
- https://www.bnm.gov.my/fep/flexibilities/lctf
- https://www.bnm.gov.my/-/lctf-bnmbibot-pr
- https://www.bnm.gov.my/-/fep/res-rule6
- https://www.bnm.gov.my/documents/20124/60360/List+of+Appointed+Cross+Currency+Dealers+%28%E2%80%9CACCDs%E2%80%9D%29.pdf
- https://www.worldfirst.com/my/product/collect/add-funds/
- https://www.worldfirst.com/my/pricing/
