AUD to THB: What you Need to Know

The need to transfer money to Thailand is a common requirement both for Thai expatriates, and for people with family or business interests in Thailand. Whether you make regular payments or need to complete a one time transfer, there are some things you need to know. What are the types of transfers? How do exchange rates work? Will there be fees? Are banks more expensive? These are just some of the questions we will answer in this article. If you plan on transferring money to Thailand, you should have a read.

Types of Transfers to Thailand: Which is Best for You?

When transferring AUD to THB, you have a variety of transfer options available. Each comes with advantages and disadvantages. However, certain methods will suit your transfer more than others. You need to consider how quickly the money needs to be received, the payment method and how the money will be received. Some of the main methods include:

Bank Transfers: Bank-to-bank transfers are the most common ways to send money. When people trust their banks, they are more likely to trust them for international transfers. However, these transfers generally come with very high fees. They even have unfavourable exchange rates quite often. So if you are hoping to get the most from your money, traditional banks are often not the best method. Banks also typically require the recipient to have a bank account in Thailand.

Remittance Companies: Many people use dedicated international money transfer services for their AUD to THB transfers. Many such companies offer fast transfers, usually at more competitive rates than banks. These services do, however, often come with hidden fees and less reliable customer service. This is why you should always do research before choosing a provider. Companies like e-Pocket, who offer excellent exchange rates, fast transfers and never hide fees always worth considering.

Mobile Transfers: Services like PayPal and mobile wallet services allow you to transfer money directly to the recipient’s mobile number. This is a quick and convenient option but comes with some limitations. You are more likely to pay high fees with these kinds of services, as well as high exchange rates.

Fees for AUD to THB transfers

You will need to arm yourself with lots of information before completing an AUD to THB transfer. Some things will be more relevant to your transaction than others, but here are some of the main ones:

Check the Rates: Before transferring money to Thailand, you might wish to find yourself the best exchange rate. Perhaps you have a preferred provider but feel you could get yourself a better deal. You can simply compare it to other companies. Even a slight difference in rates can impact how much your recipient will get in Thai baht.

Transfer Fees: These are the fees you pay for the service of transferring the funds. Transfer fees are often flat for bank transfers. They are a percentage of the transfer size with certain banks. Remittance companies generally charge a percentage of the transfer amount as well, but these fees are usually lower than big banks.

Hidden Fees: Often, services advertise a low flat fee on AUD to THB transfers but then apply a markup on the exchange rate, effectively increasing the overall cost. Make sure to check not just the upfront fee but also any additional costs built into the exchange rate.

Make Your Transfer Smooth

Transferring money to Thailand can be a straightforward process. You just need to know all the relevant information. You need to choose the right transfer method, a trustworthy company and understand exactly what you want from your transfer. To learn how to transfer money to Thailand, have a read of our Why People are Transferring Money to Thailand article.

If you’re making a transfer to Thailand, taking the time to understand these factors can save you money and headaches in the long run.