How to transfer money from Singapore to Thailand
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Money moves between Singapore and Thailand daily as part of regional trade, supply chains, and business expansion.
Payments to manufacturers, distributors, contractors, and local teams are routine, but the way those funds travel across the border is rarely as straightforward as it seems.
Costs often go beyond the headline transfer fee. Exchange rate margins, intermediary bank charges, and processing structures can all affect the final amount received.
According to World Bank remittance pricing data, the average total cost of sending money from Singapore to Thailand was about 4.47% of the transfer value in the first quarter of 2025, including both fees and exchange rate margins.
Thai banking requirements and regulatory checks also influence how funds are received and how long settlement takes, shaping cash flow and supplier relationships over time.
This guide explains how to transfer money from Singapore to Thailand with clearer cost visibility, practical method comparisons, and a regulatory context for Singapore businesses.
Key takeaways:
- Hidden costs can significantly affect what your recipient receives: Exchange rate margins, intermediary bank charges, and conversion timing can push the real cost of sending money from Singapore to Thailand well beyond what businesses expect
- Your currency choice directly influences control and transparency: Sending SGD usually means the receiving bank handles the conversion at a rate you do not control. Sending THB lets you manage the conversion earlier, giving you clearer visibility over FX rates and total costs
- Thailand’s regulations require businesses to follow specific rules when funds arrive: Businesses must repatriate foreign currency within 360 days, follow FET form rules for large transfers, and meet documentation requirements
- Not all transfer methods offer the same speed or value: Traditional bank wires tend to cost more and take longer. Online platforms and multi-currency accounts often provide faster settlement, clearer pricing, and fewer unnecessary conversion steps
- A multi-currency platform can simplify the entire process: Opening a WorldFirst account gives businesses a practical way to transfer money from Singapore to Thailand with better FX control, fewer conversion steps, and clearer visibility across all international payments
Open a WorldFirst account to see how to transfer money from Singapore to Thailand with fewer hidden costs.
What Singapore businesses should know before sending money to Thailand?
Moving money from Singapore to Thailand involves more than completing a payment form. Businesses need to manage pricing, currency decisions, and local banking rules simultaneously. The steps taken before sending the funds often shape the outcome just as much as the transfer itself.
Three factors shape most Singapore-to-Thailand business payments:
- Currency selection – whether you send SGD or THB
- Cost structure – how fees and FX margins are applied
Receiving rules in Thailand – how funds are processed once they arrive
Why Singapore-to-Thailand payments work differently
Many Singapore businesses pay Thai suppliers and partners in Thai baht rather than Singapore dollars. Local invoicing practices, supplier expectations, and Thai banking norms drive that preference.
However, sending payments in THB introduces additional considerations.
Exchange rates, conversion timing, and intermediary banks can all affect the final amount received. When businesses address these details late in the process, they often discover that the cost and settlement time differ from what they initially expected.
Payment routes into Thailand often involve additional checks, especially for larger or recurring commercial transfers. Planning currency and payment method choices early helps businesses avoid delays and unexpected complications later on.
Common Singapore-to-Thailand business payment scenarios
Singapore companies typically transfer funds to Thailand for a few predominant reasons:
- Paying manufacturers and sourcing partners for goods
- Settling invoices from Thai service providers or contractors
- Funding Thai branches or regional offices
- Managing payroll for Thailand-based teams or freelancers
Each use case brings different priorities. Supplier payments often focus on reliability and predictable settlement times. Payroll requires consistency and cost control. Service invoices demand clarity on FX charges and documentation.
Across all scenarios, businesses need clarity on:
- When will the funds arrive?
- How much will providers deduct in fees or FX margin?
- Which party bears the conversion cost?
Currency choices and their impact on cost
Whether you send SGD or THB shapes how your payment is processed.
When you send SGD, the receiving bank usually converts the funds before the recipient can use them. That conversion may happen through an intermediary bank or the receiving bank in Thailand, often at a rate you do not control.
By sending THB, businesses control the conversion earlier and gain better visibility over both the exchange rate and overall transfer costs.
For smaller, lower-value transfers, some businesses also use the real-time PayNow–PromptPay linkage launched by the Monetary Authority of Singapore (MAS) and the Bank of Thailand. This system allows users in Singapore and Thailand to send up to SG$1,000 per day using just a mobile number.
While it offers speed and simplicity, it is designed mainly for retail-sized payments rather than larger commercial transfers.
In both cases, timing matters. Converting at unfavourable rates or relying on default bank FX settings can quietly increase the cost of routine payments. Over months of supplier settlements, those differences can become meaningful.
Regulatory and compliance requirements in Thailand for incoming funds
When your business funds reach Thailand, there are important local regulations to comply with. The Bank of Thailand (BoT) oversees foreign exchange controls to ensure stability and transparency in cross-border flows.
Here are the key compliance points to note for receiving business funds in Thailand:
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1. No cap on inflows, but repatriation rules apply
Thailand does not impose a strict limit on the amount of foreign currency a business can receive from overseas. Companies can accept incoming funds without an absolute ceiling.
However, the Thai exchange control law requires businesses to repatriate foreign currency within a set timeframe.
In practice, this means the funds must either:
- Be converted into Thai baht, or
- Be deposited into a local foreign currency account
At present, Thai businesses have up to 360 days to take this step. Companies cannot leave incoming USD, SGD, or EUR held offshore indefinitely. The money must enter Thailand’s banking system through one of the options above.
2. Foreign currency accounts (FCAs)
Thai companies can open foreign currency accounts with local banks to hold balances in USD, SGD, and other currencies. Businesses may deposit foreign-source funds into these accounts without restriction.
If the company has future foreign-currency obligations, such as overseas supplier payments or loan repayments, it can hold those funds in full until needed.
When no specific obligation exists, Thai residents face a USD 5 million cap on the total outstanding foreign-currency balance per entity. This limit does not apply to non-resident companies.
FCAs give businesses more control over FX timing. Instead of converting funds immediately on receipt, companies can:
- Hold foreign currency for future payments
- Convert at more favourable exchange rates
- Reduce reliance on default bank FX settings
Thai banks will convert incoming funds to baht by default unless the business specifies an FCA deposit. Businesses should always inform the bank of the purpose of the funds and consider opening an FCA if they plan to receive and hold foreign currency.
3. Foreign exchange transaction (FET) form
The Bank of Thailand requires an FET form for any single inbound transfer of USD 50,000 or more, or the equivalent in another currency.
The receiving bank prepares this form to record:
- Sender and recipient details
- Transfer amount and currency
- Payment purpose
The Thai beneficiary usually completes the form and provides supporting documents, such as invoices or contracts.
Singapore companies sending higher-value payments should expect the Thai recipient’s bank to request this information. Even for smaller transfers, Thai banks may require documentation under AML and KYC rules.
To avoid delays, businesses should:
- State the payment purpose clearly
- Ensure the recipient has supporting paperwork ready
- Use consistent invoice references
4. Taxes on incoming funds
Thailand does not apply special taxes to inbound business payments.
When a Thai company receives funds from overseas, it records the amount as normal business income. Standard corporate income tax or VAT rules apply, but Thailand does not charge an additional remittance tax simply because the funds come from abroad.
Thai businesses generally do not pay extra tax for receiving:
- Supplier payments
- Service fees
- Operational transfers
Certain transactions, such as royalties or service fees paid to foreign entities, may be subject to withholding tax. For capital injections or intercompany loans, companies should retain all legal documents to satisfy any regulatory or banking inquiries.
5. Bank reporting and internal limits
Thai banks may apply additional checks for large inflows beyond the FET form requirement.
Transfers in the hundreds of thousands of dollars can trigger:
- Compliance reviews
- Additional documentation requests
- Reporting to the Bank of Thailand
Recent regulatory changes have eased documentation requirements for outbound transfers under USD 200,000, reflecting a more flexible approach to routine transactions.
While no daily or monthly limit applies to inbound business transfers, huge payments benefit from advance coordination with the receiving bank to avoid processing delays.
Comparing transfer methods: banks, online platforms, and multi-currency accounts
Singapore businesses can choose from several ways to send money to Thailand, each with different implications for cost, speed, and control over exchange rates:
1. Traditional bank wire transfers (SWIFT)
Many Singapore businesses still use bank wire transfers to send money to Thailand through the SWIFT network. This method remains reliable, but it often involves higher costs and longer settlement times.
Banks typically charge an outgoing transfer fee of around SG$10 to SG$40 per transaction. They also apply an exchange rate markup, usually 1%–3%, which is built into the conversion rate rather than shown as a separate fee.
The World Bank estimates that traditional international transfers cost about 6.5% of the total amount sent. For a Singapore business, this can mean paying a cable fee plus an unfavourable FX rate, reducing the value that reaches the Thai recipient.
On the receiving side, Thai banks may deduct additional charges, often between ฿200 and ฿2,400 for larger transfers, unless the sender chooses to cover all fees.
SWIFT transfers usually take 2–5 business days to complete. Payments pass through multiple correspondent banks and clearing systems, which can introduce delays. For time-sensitive business payments, this processing time can be a limitation.
2. Online international payment platforms
Fintech and specialist remittance providers offer an alternative to traditional bank wires.
These platforms connect directly to local banking networks in Singapore and Thailand, reducing the number of intermediaries involved in each transfer.
This structure often results in:
- Lower overall costs
- Clearer pricing
- Faster settlement times
Some Singapore banks charge a small percentage-based fee on the transfer amount for telegraphic transfers, along with minimum and maximum charges and cable fees. In contrast, specialist platforms often offer flat fees or lower overall costs, depending on the route and transfer size.
Transfers through these platforms often arrive on the same day. Because the funds move through domestic payment rails in both countries, the process resembles a local transfer rather than a multi-stage international one.
3. Multi-currency accounts and local payment networks
Multi-currency accounts provide another structured way for Singapore businesses to manage payments to Thailand.
With this setup, a business can hold balances in both SGD and THB. The company converts currency in advance and then pays Thai recipients from a THB balance using Thailand’s local banking network.
This approach helps businesses:
- Avoid repeated FX conversions
- Reduce reliance on SWIFT transfers
- Maintain more precise control over exchange rates
For example, a Singapore exporter can convert SGD to THB when rates are favourable, then transfer THB to a Thai supplier through local payment rails. The payment clears faster and usually costs less than a SWIFT wire.
Many multi-currency accounts offer transparent FX pricing and quicker settlement. In practice, the transfer becomes a domestic Thai payment from a local partner bank to the beneficiary, often clearing within hours.
For higher-value business payments, multi-currency business accounts and payment platforms remain the more practical option.
How these methods compare:
| Method | Typical fees | FX control | Payment speed | Best for |
| Bank transfer | High | Low | Slow | Occasional large payments |
| Online transfer | Mid | Medium | Medium | Regular cross-border payments |
| Multi-currency account | Low | High | Fast | Ongoing supplier or partner payments |
How WorldFirst supports Singapore–Thailand payments
Recent developments in the payments space show how fintech innovators are reshaping cross-border payments between Singapore and markets such as Thailand.
WorldFirst, a global multi-currency payment provider, has officially expanded its services into Thailand to support small and medium-sized enterprises (SMEs) with digital cross-border payments and treasury tools. The launch in Bangkok reflects demand from Thai businesses for more efficient ways to pay overseas suppliers, receive funds in multiple currencies, and participate in global marketplaces.
WorldFirst’s offering in Thailand is delivered through a partnership with regional payment provider 2C2P, giving local companies access to a unified global account service that simplifies international transactions and fuels growth.
WorldFirst is not a bank. It operates as a payments and financial services provider, offering a platform that combines multi-currency management, international payment capabilities, and digital tools to help businesses reduce unnecessary conversion steps and manage cross-border funds more effectively.
Here are some core capabilities of a World Account from WorldFirst that help businesses manage cross-border payments more effectively:
- Receive in 20+ currencies with local bank details: WorldFirst supports local receiving accounts in 20+ currencies with zero receiving fees, helping you collect funds directly from overseas clients or marketplaces
- Fast international payments in 100+ currencies: Send international payments to more than 210 countries and territories, typically arriving in hours rather than days
- Competitive FX and treasury tools: Live FX rates, with optional tools such as forward contracts and firm orders, give you more control over when and how you convert currency
- Integrated multi-currency dashboard: One central platform manages currency holding, conversion, and cross-border payments with clear visibility on balances and movement
- Local marketplace collections: Collect payments from 130+ global marketplaces directly into your World Account in multiple currencies
Are you still relying on traditional bank wires for regular cross-border payments?
Open a WorldFirst account and learn how to transfer money from Singapore to Thailand with more precise FX control, fewer conversion steps, and better visibility over your international payments.
Shawn Shen is the Country Manager for Singapore and the Philippines, with over 15 years of experience in commercial leadership across payments, SaaS and fintech.
Shawn Shen
Author
Country Manager, Singapore & Philippines WorldFirst Singapore
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