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If you're planning to travel to Thailand from Australia, it's important to know how to exchange your money. The Australian dollar (AUD) can be exchanged for the Thai baht (THB) at varying rates, and there are a few things to consider when sending or exchanging money. Firstly, the exchange rate between the AUD and THB fluctuates daily, so staying updated is crucial. Secondly, the method of payment and receipt can impact the fees and charges, whether it's a direct bank transfer, cash payment, or use of a credit or debit card. Additionally, you can use your Australian bank card in Thai ATMs, but be mindful of international withdrawal fees and exchange rates. Exchanging money in Thailand often offers better rates, but it's wise to compare rates and fees before deciding. There are various options for exchanging currency, including banks, currency exchange booths, and ATMs, each with its pros and cons. Lastly, services like Western Union, Instarem, and Wise offer competitive exchange rates and reliable money transfer services to Thailand, allowing you to send money securely and quickly.
| Characteristics | Values |
|---|---|
| Exchange rate | 1 AUD = 21.2604 THB (90-day average) |
| Exchange rate provider | Wise |
| Maximum transfer amount | AUD 5,000 for an online transfer or AUD 50,000 to a bank account |
| Money transfer service | Western Union, Instarem, Remitly |
| Money transfer requirements | Over 18, receiver's full name and address, internet banking details, Australian bank-issued card, Australian driver's license or passport |
| Exchange locations | Banks, currency exchange booths, ATMs, hotels, airports |
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What You'll Learn
Exchange rates
When exchanging Australian dollars for Thai baht, it's important to understand the various factors that can impact the exchange rate. Exchange rates fluctuate daily and are influenced by market demand, economic conditions, and geopolitical events. Here are some key considerations to help you navigate exchange rates between the Australian dollar (AUD) and Thai baht (THB):
- Timing: Exchange rates can vary throughout the day. Monitoring these changes and choosing the right time to exchange can help you obtain a more favourable rate.
- Comparison: Utilise online tools, such as currency converter apps and websites, to compare exchange rates offered by different providers. This enables you to identify the most competitive rates available.
- Transparency: Be cautious about hidden fees and markups that may reduce the amount of money you receive. Look for providers that offer transparent fee structures and disclose all costs associated with the exchange.
- Service Providers: Different service providers, such as banks, currency exchange booths, and ATMs, offer varying exchange rates. Banks are generally secure and reliable but may provide lower exchange rates. Currency exchange booths, often found in tourist areas, offer competitive rates, but rates can vary significantly between booths. ATMs offer convenience, but they may have higher fees and less favourable exchange rates.
- Location: Hotels and airports typically offer less competitive exchange rates and higher fees. It is generally advisable to avoid exchanging large amounts of money at these locations.
- In-Person Exchange: Exchanging money in Thailand often provides better rates. However, it is essential to compare rates and fees offered by different money changers before deciding where to exchange your currency.
- Payment Methods: Consider the various payment methods available for sending money to Thailand. These can include direct bank transfers, online transfers using credit or debit cards, or cash pickup options like Western Union. Each method may have different associated fees and exchange rates.
- Transfer Limits: Be aware of any transfer limits imposed by your chosen service provider. The maximum amount you can send from Australia to Thailand may vary depending on the service you use and your transfer history.
- Identification: When sending money to Thailand or exchanging currency, you may be required to provide valid government-issued identification, such as a passport or driver's licence.
- Real-time Rates: Stay updated with real-time exchange rates to make informed decisions. Tools like Western Union's currency converter provide up-to-date Thai baht exchange rates, helping you plan your currency exchanges efficiently.
By considering these factors and staying informed about the dynamic nature of exchange rates, you can make more strategic decisions when exchanging Australian dollars for Thai baht.
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Transfer fees
The transfer fees for sending money from Australia to Thailand vary depending on the service used.
Banks
Banks typically charge higher fees for international money transfers. According to Monito, the average total cost of making an AUD-THB transfer with a bank is 8.9% of the transfer amount, including hidden exchange rate markups. This is significantly more expensive than using an online money transfer service. Airwallex, a company that provides international money transfer services, claims that their services can save customers up to $180,000 annually in hidden FX markups compared to traditional banking services.
Online Money Transfer Services
Online money transfer services, such as Xe, Western Union, and Remitly, offer lower fees and more competitive exchange rates than traditional banks. For example, Remitly charges an average cost of 0.1% of the amount sent for transfers to cash pick-up locations in Thailand, while Western Union is often the cheapest option for transfers to bank accounts in Thailand. Xe also offers competitive rates and transparency about any additional fees.
Comparison Services
Services like Monito allow users to compare the fees and exchange rates of different money transfer providers in real time. By choosing a transfer service through Monito, users can expect to pay around 0.59% in fees and exchange rates, compared to the 4.6% average of banks and traditional cash transfer services.
It is important to note that the fees and exchange rates offered by these services may vary, so it is recommended to compare the costs of different options before initiating a transfer. Additionally, the payment method chosen can also impact the speed of the transfer and whether extra fees apply.
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Payment methods
Thailand has a reputation for being a cash-based society, with cash being the primary payment method. However, the country is currently undergoing a digital payments transformation, led by the Thai government and the Bank of Thailand, which aims to reduce the use of cash and lower overall bank transfer fees.
Cash
Thai Baht is the national currency of Thailand and is the only currency generally accepted throughout the country. It is recommended that you carry some cash with you, as cards are not accepted everywhere, particularly in smaller towns and businesses.
Cards
Cards are the second most popular payment method in Thailand, with 25% of purchases being paid for by card. Credit card penetration is still very low at around 8%, but the use of debit cards is increasing. Cards are likely to be accepted in large businesses, hotels, and restaurants.
Digital Payments
Thailand has a mobile-first, social media-savvy population, with online shopping growing 30% year-on-year since 2018. Thai QR payment services are becoming increasingly popular, although they are currently only available to tourists from certain Asian countries.
Bank Transfers
Bank transfers in Thailand are predominantly made using PromptPay, a national money transfer and e-payment system launched in 2017. To use PromptPay for interbank transfers, users only need their national ID card number and/or mobile phone number.
Money Transfer Services
If you want to send money to Thailand from Australia, you can use a money transfer service such as Western Union. You can pay for your transfers online through your bank account, with your credit or debit card, or with cash in-store. You will need to provide your receiver's full name and address, as well as your own valid government-issued ID.
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Transfer limits
When it comes to transferring money from Australia to Thailand, there are a few things to keep in mind regarding transfer limits. Firstly, the transfer method you choose will impact the limits and associated fees. Using a service like Western Union, you can send up to $5,000 AUD for an online transfer or $50,000 AUD to a Thai bank account. However, Western Union may not be the best option for large transfers as it tends to be more expensive with higher fees and less favourable exchange rates.
Another option is to use a service like MoneyGram, which offers similar functionality to Western Union but with better exchange rates and lower fees. The sending limit for MoneyGram transfers to Thailand depends on the country of transfer origin, and there is a limit of 250,000 THB for online transfers.
If you're looking to transfer a large sum of money, you might consider using a specialised money transfer service like OFX, which does not enforce limits on the amount you transfer online. OFX is regulated by over 50 global regulators and has advanced transaction monitoring in place to ensure the security of your funds.
It's worth noting that Thailand does not typically limit bank-to-bank transfers, but limits usually apply to cross-border cash currency transfers, with a limit of ฿50,000 THB ($1,600 USD). Additionally, Thailand has strict regulations on currency outflow, so transferring money out of Thailand may be more challenging.
Lastly, be mindful of tax implications when transferring large sums. Thailand's laws regarding money transfers changed in 2016 for anti-money laundering reasons, and both gift and income taxes may apply. Thai law requires senders to specify the purpose of transfers above a certain amount, and these transfers must be independently approved by the Bank of Thailand.
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Best places to exchange money
When it comes to exchanging Australian Dollars (AUD) for Thai Baht (THB), there are several options available to you.
ATMs
One option is to use your Australian bank card at Thai ATMs. While this is a convenient option, be aware of international withdrawal fees and exchange rates. It is recommended that you carry enough cash for immediate expenses, but use ATMs for additional funds to avoid carrying large amounts of cash. When using an ATM, it is advisable to decline the conversion rate offered by the ATM and let your bank automatically give you the best rate possible.
Money Exchange Kiosks
Money exchange kiosks outside of the airport and some banks in Thailand will often get you the best currency exchange rates. SuperRich is a well-known and popular low-cost local money exchange office, offering some of the best rates.
Western Union
Western Union provides competitive exchange rates and reliable services, helping to ensure you get a good deal when sending money to Thailand. You can send money online through your bank account, with your credit or debit card, or with cash in-store. Your receiver can then pick up the cash at a Western Union agent location in Thailand.
Banks
Exchanging money at banks in Thailand can get you good rates. However, it is recommended that you compare rates and fees before deciding, as banks often advertise free or low-cost transfers but add hidden markups to the exchange rate.
Hotels and Airports
While convenient, hotels and airports often offer the least favourable exchange rates and higher fees. It is generally better to avoid exchanging large amounts of money at these places.
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Frequently asked questions
You can send money from Australia to Thailand through Western Union, Instarem, or Remitly. You will need to provide your full name and valid government-issued ID, and the details of your receiver, including their full name and address.
The exchange rate between AUD and THB varies daily. Over the last 30 days, the exchange rate saw a high of 21.5081 and a low of 21.0285, with an average of 21.2886.
Yes, you can use your Australian bank card in Thai ATMs. However, be aware of international withdrawal fees and exchange rates.
Exchanging money in Thailand often offers better rates. It is advisable to compare rates and fees before deciding. Banks can be secure and reliable, but they may offer lower exchange rates and operate during specific hours. Currency exchange booths, found in tourist areas, offer competitive rates, but it is essential to compare rates as they can vary significantly. ATMs can be convenient, but fees and exchange rates can vary, so check with your home bank about fees for international withdrawals.
Exchange rates fluctuate throughout the day, so monitoring these changes and choosing the right time can help you get a better rate. Use apps and websites to compare exchange rates offered by different providers. Avoid hidden fees that can reduce the amount of money you receive and look for providers that offer transparent fee structures. Hotels and airports often offer the least favourable exchange rates and higher fees, so it is generally better to avoid exchanging large amounts of money at these places.
