The Best Way to Safely Transfer Money to Thailand:
1. Compare your local banks and money transfer services
2. Set-up an account with the bank or service you’ve chosen. Most of the time it can be done online but you will need to have some I.D. available
3. Transfer the money by confirming the exchange rate and fees. You’ll need the bank details of the person you want to pay in Thailand. You also may need to pay for the transfer before the money is sent abroad
How to Find the Cheapest Way to Transfer Money to Thailand
Compare The Total Cost
The total cost of the transfer comes down to 2 things:
1. Transfer Fees
Every Australian bank and money transfer company will charge you a different fee to send money overseas. Usually it’s between $10 and $32.
2. Exchange Rate Margin
There is no “standard” exchange rate. Each bank will offer you a different exchange rate based on the currency you want to send overseas and the amount you need to send.
Money Transfer Comparison Tool
Thailand Money Transfer Guide
Transfering a Large Amount of THB
If you are sending more that $10,000 between Australia and Thailand, you should examine
1. Banks and money transfer companies that are regulated with a strong history of international payments
2. The exchange rate being offered
3. Any extra fees they charge
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Moving from Thailand to Australia
With all Australian banks accepting transfers to and from Thailand, this a quicker option that allows you to transfer your funds. Unfortunately, not all banks will accept Thai Baht (THB). And you’d most likely be disappointed if you’re expecting to receive the best possible exchange rate on offer. On top of that, banks impose a high international money transfer fee.
An online money transfer service is the best option if you want to avoid these high fees when using a bank. This is helpful especially if you prefer having the freedom to select a transfer provider most suited to your needs.
Winner: Thai banks
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Friends and Family
Spending extended periods of time away from home can be a struggle at times. This is especially true when you are missing out on important events with your friends and family. If you are looking to send a small amount of money home, Western Union is a great choice. With a larger amount on hand, you should reach out to other providers that can offer you a fee waiver for your transfer
This is the main reason why it is of the upmost importance for you to search out providers that suits your needs, and discuss your options with a currency exchange and money transfer specialist.
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Buying or Selling Property
Whether you are purchasing your first home or buying a property for investment purposes, it is vital to engage a provider that can give you the flexibility and support throughout the process. A provider with a strong presence in Australia and Thailand will make life easier.
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Business Currency Transfers
Transferring money for your business? Find the best option with these 2 key points:
1. The exchange rate margin – this is the difference between the wholesale exchange rate you can see on xe.com and the rate you get
2. The business products they offer like forward exchange contracts, foreign currency accounts and limit orders
Our Verdict: HIFX. Why? Their exchange rates and $0 fee structure will allow you to maximise your overseas receipts or payments. They also offer Foreign Currency Accounts which allow you to keep the funds in foreign currency and convert them when you feel the time is right.
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Let’s face it. Tuition is increasing and many international students are faced with a massive amount of fees that can range from $15 000 to $50 000 annually, depending on the course. Then add living expenses, accommodation and bills to the equation and you’re looking at an amount that’s almost too rude to agree with.
For large full time tuition payments, make sure you take note of the best exchange rate.
Taking a part time course? With smaller payments, observe the transfer fee that is being charged.
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How much will it cost to transfer money to or from Thailand?
Calculating the cost of your transfer can be tricky. Depending on how you send the money, the fees, charges and margins aren’t always obvious. Here are the most common charges to transfer money from one bank account to another
1. Standard Fees
These are the most common fee types.
Also known as a TT, Telegraphic Transfer, Wire or Remittance fee. This is the fee that banks and providers charge to transfer your money across to another country.
Exchange Rate Margin
This is the difference between the wholesale exchange rate you can see on xe.com and the rate you receive.
2. Bank Surcharges
These are fees that your bank may or may not charge you for.
Corrospondent Bank Fees
This is a bank charge for transferring money to an international account. The fee is deducted from the amount that you transfer to your receipient. Note: This fee is not always charged by your bank.
Recieving Bank Fee
If you are paying foreign currency into an account, the receiving bank will charge you for it. For instance, if you send Chinese Yuan to your Australian bank account, your Australian bank will charge you to convert it.
Fee Free Offer
OFX is a trusted partner of The Currency Shop. OFX customers using this link through The Currency Shop will not incur a transfer fee for their international money transfers, regardless of the size of the transaction.
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Minimum transfer $250. Please note that the receiving bank or intermediary bank may charge fees on transactions.
How To Transfer Money Online
Frequently Asked Questions
Paypal and Western Union (cash pick-up) are the fastest options. The transfer can be done in minutes.
If you are sending the money to a bank account, it will take 1-2 days if you are using a bank.
Or 2-3 days if you are using a money transfer company.
Sending money using a money transfer company is similar to using a bank but there are some important differences. Here are the main steps to do it online:
Setting things up (only has to be done once)
- Log on to their website and register your details. You’ll need to have some I.D handy
- Once your account has been approved, you’ll get a login and password
- Enter the banking details of where you are sending the money. They are usually called the “Beneficiary” or “Recipient”
- Get a quote for the amount you want to send
- Confirm the details including the rate and how much it is in Australian dollars
- You’ll get a deal confirmation. Finally you’ll need to pay them the Australian dollars before the money is sent.
1. A Bank
Banks in Australia have higher fees and uncompetitve exchange rates compared to Thai Banks. But this doesn’t mean you should never use an Australian Bank. They are still the quickest way to transfer between bank accounts.
This is a great option for anyone sending smaller amounts under $1000. The exchange rate you’ll get are comparable to a bank but the fees are significantly lower. It is particularly handy when the person you are paying has a Paypal account.
3. A Money Transfer Company
Money Transfer Companies like OFX and HiFX are often the cheapest option when you are sending between $1000 and $1,000,000 at a time. This is because they offer better exchange rates and lower (and sometimes no) fees. The downside to using a transfer company outside of a bank is that you’ll have to set up an account with them first. This can take between 10 minutes and 2 days depending on how much information they need from you. Also, the transfer itself will usually take 1 day longer than using a bank.
The banks and Paypal don’t have a minimum transfer amount but most money transfer companies do. If you are sending less than $500 to Thailand and intend to use a money transfer company, make sure you check their minimum transfer amount.
To send money overeas, you’ll need the following information of the bank account you are sending the money to:
Beneficiary or Recipient Details
- The Account Name of your Recipient (person/business you are paying)
- Their address
- The SWIFT Code of their bank
A note about sending money to Thailand:
It is particularly important to make sure ALL the bank details you use are correct. Banks are picky and will reject a payment even if a single digit is wrong or a single letter is out of place.
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