Online money transfer service WorldRemit has added Baht, the local currency of Thailand, to the currencies it offers for remittances.
The addition of Baht means that Thai nationals working abroad can send money home without needing to pay an additional forex charge
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"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."
International remittances are of growing importance in Thailand, with an estimated $5.5bn or 1.42% of the country’s GDP being received in international transfers during 2013, according to figures from the World Bank.
The amount of money received through remittances has risen sharply in the past five years, increasing on average by 25% per year in contrast to the 5% average annual increases experienced between 2004 and 2008.
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By GlobalDataAccording to the money transfer service’s website, WorldRemit currently charges £3.99 ($6.73) to transfer up to £8,000 between the UK and Thailand.
The sender pays the £3.99 charge at their end on top of the money they want to send, meaning the recipient should receive the full amount.
WorldRemit’s move comes at an important time, as remittances are currently more important than ever to Thailand’s economic outlook.
Political instability has brought about a weakening in manufacturing, meaning Thailand’s economy will grow by just 1.5% during 2014, according to the country’s central bank.
Moody’s Analytics painted an even bleaker picture, warning that the economy would contract by 0.4% over the year.
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