Lexi Webster
If you're looking to send money from Australia to Bangkok, there are a few options available to you. The Bank of Thailand has strict regulations on currency outflow, so services like Wise and XE only work for transfers into Thailand. If you have a local Thai bank account, a direct bank transfer is a reliable and easy option, but you'll likely need to register for your bank's outward remittance service first. Alternatively, you can use a money transfer service such as Western Union, which allows you to send money from Australia to Thailand in person or online. Another option is DeeMoney, which offers flat fees and claims to have better exchange rates than banks, although this may not always be the case. When choosing a method, it's important to consider factors such as fees, exchange rates, transfer limits, and processing times.
| Characteristics | Values |
|---|---|
| Methods | Bank, specialist money transfer service, e-wallet, physical money remittance store |
| Providers | Western Union, XE, CurrencyFair, Wise, OFX, TorFX, Remitly, ANZ, Commonwealth Bank |
| Exchange Rates | Vary, but XE, CurrencyFair, and Wise offer lower markups than traditional banks |
| Transfer Fees | Vary, but XE has a low, flat fee per transfer |
| Transfer Times | Vary, but bank transfers can take 3-5 working days, while 50% of Wise transfers are instant and 90% arrive within 24 hours |
| Security | Bangkok Bank warns of criminals using impersonation, forgery, and email hacking to change recipient details |
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What You'll Learn
Using Western Union
Western Union allows you to send money from Australia to Bangkok, Thailand, in a variety of ways. You can transfer money online, via the Western Union app, or in person at one of the 3,500 agent locations across Australia.
Online/App
To send money online or via the app, you must first register for a free Western Union profile and verify your identity with a valid government-issued ID, such as an Australian driver's license or passport. Once registered, log in to your profile, select Thailand as the destination country, and enter the amount you wish to send. You will then need to choose a delivery option (bank account or cash pickup) and select your payment method (bank transfer, credit/debit card, or cash in-store).
Provide the recipient's details, including their full name and address as it appears on their ID, and their bank information if sending directly to their bank account. Review the transaction details before finalizing the transfer. You will receive a confirmation email with a unique tracking number (MTCN) that you can use to track your transfer online or via the app.
In-Person
To send money in person, locate your nearest Western Union agent using the website or app. Bring a valid government-issued ID and the recipient's details, including their full name and surname as it appears on their ID, Thailand as the destination country, and the amount you wish to send. You can choose for the recipient to pick up the cash at an agent location in Thailand or transfer it directly to their eligible bank account. Complete the transfer by paying in cash or with a debit/credit card.
Additional Information
Western Union offers fraud protection and encryption for secure transactions. Transfer fees and exchange rates may vary, so it is recommended to check the costs before initiating a transfer. International money transfers typically take between one and five business days.
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Direct bank transfer
If you are looking to transfer money from Australia to Bangkok via a direct bank transfer, there are a few options available to you.
Western Union
Western Union offers a direct bank transfer service from Australia to Thailand. You can transfer money online or in person at one of their 3,500+ agent locations across Australia. To transfer money in person, you will need to provide your full name and a valid government-issued ID, as well as the details of your receiver, including their full name, Thailand as the destination country, and the amount you wish to send. You can then choose to send the money directly to your recipient's bank account or for cash pickup at an agent location in Thailand.
Bangkok Bank
Bangkok Bank offers an international funds transfer service, allowing you to transfer money from Australia to Thailand. To do this, you will need the recipient's bank account details, including the SWIFT code (BKKBTHBK), and the purpose of the transfer. Bangkok Bank charges a fee of 0.25% of the total amount transferred (with a minimum fee of 200 baht and a maximum of 500 baht) per transaction.
It is important to note that the fees and charges for direct bank transfers may vary depending on the amount you wish to send and the service you use. Additionally, the exchange rate between the Australian dollar and Thai baht will also impact the cost of your transfer.
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Online money transfer services
Western Union
Western Union is a well-known money transfer service that offers international money transfers without the need for a bank account. It has a global reach, transferring money to over 200 countries and territories. Western Union Australia allows you to send money to Thailand online, and your recipient can pick up the cash at any Western Union agent location in Thailand. There are more than 5,100 agent locations to choose from. You can pay for your transfers using your bank account, credit or debit card, or with cash in-store. Western Union also offers a free cost estimate for your transfer without any obligation to proceed.
Wise
Wise, formerly known as TransferWise, is another popular online money transfer service. To use Wise to send money to Thailand, you and your recipient must have a bank account and provide photo identification. Wise is known for its fast processing times and low rates. The fees and rates may vary depending on the country you are sending money from, so it is essential to check the rates for transfers from Australia specifically.
Bangkok Bank
Bangkok Bank offers international funds transfer services, allowing you to send money from Thailand to other countries. Bangkok Bank has branches nationwide and provides convenient service channels for transferring funds overseas. They offer competitive exchange rates and charge a fee for their services. The fee amount may depend on the amount transferred and the beneficiary bank. Bangkok Bank also provides mobile banking services, making it easy to transfer funds using the recipient's mobile phone number.
Ria Money Transfer
Ria Money Transfer is another online money transfer service that allows you to send money quickly and securely to over 190 countries, including Thailand. They offer a range of payment options and provide fraud awareness resources to ensure the security of your transfers.
Other Options
In addition to these popular services, there are other online money transfer providers that you can compare to find the most economical option. For example, MoneyGram, XE, and DeeMoney are also mentioned as options for sending money out of Thailand. To get an unbiased comparison of transfer services, you can use a tool like Monito, which allows you to compare popular money transfer services in real time.
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Cryptocurrency
Speed: Cryptocurrency services generally operate 24/7, and transactions often occur instantly, in contrast to banks, which typically have longer processing times.
Freedom: Cryptocurrencies are not tied to any central authority, such as banks or governments, giving users more control and flexibility in sending money internationally.
Low Fees: Cryptocurrencies like Bitcoin are borderless and cheap, eliminating the need for middlemen and their associated fees. Services like cryptobaht.io, which supports Bitcoin transfers, advertise lower fees and instant money transfers to Thailand.
Transparency: Blockchain technology enables users to trace and record transactions, providing transparency and security. You can see exactly where your funds are at all times, which is not possible with cash.
However, there are a few considerations to keep in mind when using cryptocurrency for international money transfers. First, the highly volatile nature of cryptocurrency markets means that the value of your assets can fluctuate significantly during the conversion process, which can take anywhere from a few minutes to days. Second, while cryptocurrencies can offer lower fees than traditional banks, dealing with cryptocurrency exchanges may result in higher fees, sometimes up to 15%. Finally, it's important to remember that selling crypto creates a taxable event, and you will need to pay capital gains taxes.
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Using Wise
Wise is a money transfer service that allows you to send money to Thailand from Australia. The recipient does not need to have a Wise account to receive money. However, if they do, you can simply look them up on the Wise network and send them money in seconds.
To send money from Australia to Bangkok using Wise, you will need to first open a Wise account. This is free and should only take a few minutes. Once you have a Wise account, you can set up your transfer in three easy steps.
First, enter the amount you want to send. You can pay in Australian dollars by bank transfer, card, PayID, or using money already in your Wise account. You will then be able to see the fees and the exact amount that will be received.
Wise will then convert your money to Thai baht and send it to your recipient. This usually takes just a few seconds, depending on how you pay. You can also lock in an exchange rate for up to 48 hours.
It is important to note that Wise is not authorised by the Bank of Thailand to issue a Confirmation Letter of International Fund Transfer. This is because Wise uses Thai banking partners to send money locally, so it does not register as a foreign transaction. Therefore, the recipient will need to contact the beneficiary bank to request this confirmation letter.
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Frequently asked questions
There are several ways to send money from Australia to Bangkok. You can use a bank transfer, a money transfer service such as Western Union or Wise, or, if you understand cryptocurrencies, you can convert your money into a stable coin and sell that amount to a trader in your desired currency.
Bank transfers are reliable, easy, and usually secure. They are also usually the cheapest option when it comes to funding your international money transfer.
Money transfer services are often faster than bank transfers. For example, Wise claims to be able to transfer money in seconds. They also tend to have low rates.
There is no paperwork involved in using cryptocurrencies, and the entire process can be done online.
