Cheapest way to transfer money to Thailand
A little known cheap way to transfer money from your home country to Thailand is through paypal. Paypal can be setup in any country on earth pretty much and is by far the cheapest way to transfer money under $1000.
What you'll need to do is setup your bank account in your home country then open a paypal account from that country. Next you'll need to open a bank account in Thailand. Now open another paypal account linked to your bank account in Thailand.
Yes you do need two paypal accounts because with paypal you can't link a bank account that exists in two different countries, you can only link to the bank account of the country that your paypal is linked to.
Once you have both bank accounts draw money from your countries bank account you'll need to wait about 3 days for this to happen. Once the funds are in your countries paypal account transfer funds up to $1000 to your paypal account in Thailand, this process happens instantly. Now you'll have to withdraw money from your paypal account in Thailand to your Thai bank account. This process takes up to 7 days depending on the day you make the transfer, typically it gets in on a tuesday and thursday not sure why.
The only fees you'll pay is the transfer between accounts, make sure when you do the transfer you make it a personal transfer to limit the amount of fees. To send $1000 dollars will cost you about $4.78 and this amount never changes regardless of influxes in the exchange rate.
To take money out of your account using an ATM you'll be hit with charges from the Thai bank totally about 150 baht plus there is sometimes another 50 baht fee to use the ATM. Additionally your bank back in your own country will charge you fees as well making it more expensive.
If you are american then I suggest you open an account with ETrade. Etrade let you have an ATM card linked to your trading account. With this you can then take money out anywhere in the world and they will refund any costs charged to you for the privelegde. What an awesome system but again if your not american then this won't help you at all.
The latest improvements in technology have also impacted the money transfer industry which have started to provide more and more options for cheaper ways to send money abroad. Money transfer companies like TransferWise, Azimo or Currencies Direct (just to name a few) are helping millions of people to send money abroad for cheap, or even with zero fees. You can read here about the best remittances to Thailand providers.