Send money to Thailand
With more than 70,000 Thailand-born residents in Australia, it’s no surprise that many Australians are looking to send money there.
Reasons for making a money transfer to Thailand include:
- supporting elderly parents or grandparents
- sending money as a gift to friends or relatives
- purchasing goods and services for your business
- paying wages to staff in Thailand.
Whatever your purpose for sending funds to Thailand, make sure you shop around to find a decent exchange rate so you receive plenty of Thai Baht (THB) for your Australian dollars.
Keep in mind, this guide is about transferring money to Thailand and not for those wishing to travel there. If you’re planning a holiday to Thailand for personal or business reasons, head to the Mozo travel money section.
Ways to send money to Thailand from Australia
There are several options when it comes to making an international money transfer (IMT) to Thailand. You can send money via a bank, with a foreign exchange specialist or you can make a standard wire transfer.
Transferring money to Thailand via your Australian bank account can be a fast and convenient method for transferring funds, especially if you like the idea of using a provider you’re already familiar with.
- If you need to send money in a hurry your bank can be a good option
- Familiar names that you already trust and use.
- The bank’s exchange rate is often a lot more expensive than a foreign exchange provider
- There’s no shortage of fees, banks charge a high conversion fees as well as a sending and receiving fee
Foreign exchange specialist:
Foreign exchange specialists or IMT providers are pretty good at getting you competitive rates when it comes to exchanging currencies around the globe. Companies like SendFX, TorFX and OFX or the winners of the Mozo Expert Choice Awards all tend to offer better rates than your average bank.
- Usually the cheapest option for making an international money transfer
- They offer the best value for money, with attractive exchange rates
- Fees are a lot more modest compared to the banks
- Some providers have a minimum and maximum transfer limit which may not work in your favour
- No physical branches available
What to look for in an IMT provider
If you’re sending money to Thailand for personal or business purposes, be sure to consider the following 5 main features when shopping around for a provider.
- Transfer limits: Some providers have a minimum and maximum amount you can send. You might have to look around to find one that allows you to transfer the amount you wish to send.
- Exchange rates: The higher the exchange rate the more Thai Baht you’ll receive for your Aussie dollar. Don’t go with the first exchange rate you come across, take the time to calculate how much you’ll get from the different rates being offered by several providers. A few cents difference in the exchange rate could save you lots.
- Transfer turnaround: This refers to the time it takes for your money to be processed, to the moment it hits the recipient’s bank account.
- Fees: There are several fees associated with transferring money to Thailand but if you do your research a few foreign exchange specialists waive these charges if you meet a certain criteria. Fees to be wary of include: a transfer fee, a sending and receiving fee, a cancellation fee and an amending fee.
- Transfer methods: Sending money to Thailand really couldn’t be easier, you can make the transfer online, by phone, in a branch and some providers even have an app you can use.
How to transfer money to Thailand
Transferring funds to Thailand is a fairly easy and hassle free process that can be done from the comfort of your own home. Regardless of which foreign exchange specialist you use, the method is pretty much the same.
- Full name and address of the recipient’s bank
- Recipient's name, address and account name
- Account number or International Bank Account Number (IBAN)
- SWIFT/BIC code of your personal account you're transferring funds from
- Amount you would like to send.
IMT terminology FAQs
What is a spot deal?
This refers to an arrangement where you lock in the current exchange rate immediately with a legal binding of converting one currency for the other within 24 hours of booking the deal.
What is a limit order?
A limit order lets you set the exchange rate that you would like your money transfer to happen in. The provider will lock in the deal for you when the rate hits your goal.
What is SWIFT or BIC code?
The Society for Worldwide Interbank Financial Telecommunications (SWIFT) or a Bank Identifier Code (BIC) is an 8 or 11 digit code that identifies banks around the world. This code is used to transfer money between banks via international wire transfers.
Ready to weigh up your exchange rate options for transfers from Aussie dollars to Thai Baht? Get started with the IMT specialist offers below, or head over to our international money transfers hub for even more deals.
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