Sending Money from Australia to Thailand: Banks vs Transfer Services

If you retire to Thailand you'll keep moving money from Australia, whether that's your pension, super or savings. The cost is made up of two parts: the transfer fee and the exchange-rate margin. The margin is often the bigger one. Australia's consumer regulators, ASIC's Moneysmart and the ACCC, give the same advice: compare the total amount that will arrive in baht, on the same day, across several providers.

This is general information, not financial advice. We have no affiliate links in this guide and don't recommend a particular provider.

How you're charged

The ACCC explains that international money transfer (IMT) providers make money in two ways:

1. Fees: a flat or percentage charge for sending. Your bank, an intermediary (correspondent) bank or the receiving bank may also take fees.
2. The exchange-rate margin: the difference between the mid-market rate (the rate you see in the news or in our rates panel) and the rate you're actually given.

Key ACCC points:

• "Fee free" doesn't mean cheapest. The cost may be hidden in the rate.
• The rates you're offered "may not be as good as the rates reported on the news".
• For larger transfers, the ACCC found the cost was nearly entirely the FX margin for most providers. Fees matter more on small transfers.
• Weekends can cost more, through an extra fee or a worse rate.
• Ask whether correspondent or recipient bank fees will be deducted.

Banks vs specialist transfer services

Your main choices:

Option	How it works	Things to check
Your Australian bank (international transfer, SWIFT)	Sent from your account, usually via the SWIFT network	Transfer fee, exchange-rate margin, correspondent fees, and whether the money arrives in baht or AUD
Specialist online services (e.g. Wise, OFX and others)	Usually convert at a quoted rate and pay into your Thai account locally	The quoted rate against mid-market, the fee, transfer limits, and the purpose code and paperwork your Thai bank needs
Sending AUD to a Thai account	The Thai bank converts it	The Thai bank's buying rate and fees. AUD can also be held in an FCD account
Cash withdrawals in Thailand	Australian card at a Thai ATM	The Thai ATM fee plus your bank's foreign transaction and ATM fees. Usually poor value for large sums

We haven't published typical fee or margin percentages. Providers change them often, and our policy is not to quote figures we can't verify from official sources.

How to compare: step by step

1. Check the mid-market rate with the RBA, the Bank of Thailand or our rates panel.
2. Get quotes for the same amount at the same time, from your bank and two or three transfer services. Moneysmart also points to SaverAsia, the government-funded comparison site for Asian destinations. Check that it covers Thailand.
3. Compare the baht amount that will arrive after all fees. This is what the ACCC recommends as the best measure of value.
4. Check delivery time and limits. Larger transfers may need extra identity checks.
5. Check the provider is registered. Moneysmart advises checking that remittance providers are registered with AUSTRAC.

The Thai side: paperwork that matters

Purpose of transfer and the FET form

Thai banks record why money comes into the country. This matters for two retirement reasons:

• Buying a condo. To register a condo in your own name, you must prove the money came from overseas in foreign currency. THAILAND.GO.TH notes the money "must be transferred from a foreign bank to a bank in Thailand", which will need receipts and bank certificates. Thai law practitioners say banks issue a Foreign Exchange Transaction (FET) form for inward transfers of US$50,000 or more (or equivalent), and a bank confirmation letter for smaller amounts. Send the money in your own name, stating condo purchase. See our condo ownership guide.
• Visa deposits. Immigration offices checking your 800,000 or 400,000 THB balance may look at where the money came from and when it arrived. Keep your Australian transfer receipts.

Foreign currency accounts

Bangkok Bank's FCD account for non-residents can hold AUD (and 13 other currencies) without converting. It needs a minimum opening deposit of US$1,000 equivalent, and a USD account is charged US$10 a month if the balance falls below a US$250 monthly average. FCD balances don't normally count towards baht visa thresholds. Confirm with your immigration office.

Tips for retirees

• Larger, less frequent transfers can cut fixed fees, but the margin still applies to every dollar.
• Watch the timing. Avoid converting at weekends if your provider charges more then, as the ACCC notes some do.
• Keep records. Statements and receipts help with visa applications, condo registration and Thai tax. Since 2024, foreign income remitted to Thailand can be taxable for Thai tax residents. See our Thai tax guide.
• Beware of scams. Don't transfer money for someone you've only met online, and verify bank details by phone before large payments.
• Pension payments: Services Australia can pay into an Australian account, and in some cases overseas. Check its current options.

Summary

• The exchange-rate margin is often the biggest cost. "Fee free" can still be expensive.
• Compare the baht you'll receive, from several providers, on the same day.
• Check the provider is registered with AUSTRAC.
• For condos, send money from overseas in your name, stating the purpose, and keep the FET or bank letter.

What we couldn't verify

• Fees and margins for specific banks and services: they change often, so we omitted them.
• The US$50,000 FET threshold comes from Thai law practitioners, not a Bank of Thailand page we checked.
• SaverAsia's coverage of Thailand: confirm on the site.
• Pension payments direct to Thai banks: check Services Australia's current overseas payment options.