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Sending money from Australia to Thailand doesn’t have to cost a fortune. This guide covers the cheapest and fastest transfer options for expats, from specialist online services to traditional banks, so you can keep more of your money.
If you are living in or planning to move to Thailand, learning how to transfer money from Australia safely, securely, and with minimal cost is high on many expats’ agendas. According to CEO Robbie Sampson of Orbit Remit, “Last year Aussies spent in excess of US$5.8 million in unnecessary fees that they may have avoided by finding a more suitable transfer service.”
The good news? There are alternatives to using traditional bank transfers, which often have high fees and take a healthy cut of the exchange rate. Online money transfer companies provide fast service, low transfer fees, and more attractive exchange rates.
This article will help you understand your money transfer options. It is based on our research and experience with transferring money from Australia to Thailand. While this article focuses on transferring from Australia to Thailand, the information may benefit you if you live in other locations too.
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Contents
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Key Takeaways
- Specialist online transfer services such as Wise, OFX, WorldFirst, and TorFX consistently beat Australian bank exchange rates by 3–9%.
- Australian banks typically charge up to US$32 per transfer plus a 3–5% exchange rate margin — significant on large transfers.
- Wise uses the mid-market exchange rate with a transparent fee around US$9 per US$1,000 sent; 74% of transfers arrive in under 20 seconds.
- OFX has no transfer fee and a US$250 minimum, making it suitable for smaller regular transfers as well as large ones.
- WorldFirst and TorFX both have a US$2,000 minimum transfer and suit larger, less frequent transfers where exchange rate margin matters most.
- Set up accounts with two or three services before leaving Australia — identity verification is easier while you still have an Australian address.
- Wise is now regulated by the Bank of Thailand, adding PromptPay support and the ability to send Thai baht overseas directly from a Thai bank account.
- For large transfers, watch the currency market and consider locking in a forward rate when the AUD/THB rate is favorable.
Our Background
Having moved and retired in Thailand, we knew we would need to transfer money from our Australian bank account to a Thai bank account for purchasing property and a car, living expenses, visa requirements, and so forth.
Unfortunately, we learned how to transfer money from Australia to Thailand the costly way first. We purchased property and transferred US$16,000 for our house deposit using a bank transfer. The amount we received was about US$800 less than our calculations using the mid-market rate, a 5% difference!
We understood there was a US$25 transfer fee and the bank would exchange our money at a lower rate than the mid-market rate, but we were shocked at the 5% loss. We quickly set about finding other money transfer alternatives to avoid another loss when we had to transfer the balance of our house payment.
Transfer Fees of Traditional Methods
Generally speaking, there are two ways money transfer companies profit when you exchange currency.
- Transfer Fees: Transfer fees range from free all the way up to US$32 when sending money to Thailand.
- Commission: Commission (or spread on the exchange rate) is the difference between the Reserve Bank of Australia’s headline rate and the rate the money transfer company applies to your transfer.
This margin or percentage varies considerably between banks and money transfer companies. The currency required and transfer amount also influence the margin. On a recent calculation based on a US$20,000 exchange for Thai baht, for example, the OFX margin was 1.17% and the ANZ bank margin was 9.22%.
Debit Cards
People sometimes pay for things in Thailand using their debit card, which attracts an overseas transaction fee of about US$5.00. Either way, you will likely lose around 3.5% on the exchange rate.
Exchange Kiosks
Money can be changed at currency exchange booths in Thailand’s airports. It is worth shopping around outside the airports too. SuperRich often offers the best exchange rates and may be quite close to market rates. The downside is that carrying a lot of cash may be unsafe.
Banks
Many people make an international money transfer directly from their Australian bank into their Thai bank account. Banks often charge a transfer fee — in some cases up to US$32. Our bank manager advised us that they also take around 3% to 5% commission. There goes any interest on savings you may have earned.
Credit Cards
Although you can’t transfer money into Thailand using your credit card, you can use it to make purchases, and you’ll pay an exchange fee as if you were transferring money into Thailand.
There is an average fee of 2.80% when using an Australian credit card in Thailand. Several companies offer zero exchange fees.
Other factors to consider include joining fees or annual fees, minimum usage requirements, cash advance fees, and travel insurance benefits. Bear in mind how often you will use a credit card in a predominantly cash society.
Researching Companies
Canstar
Canstar is Australia’s largest financial comparison site. You can get good insights on several money transfer companies here. Note that Citi’s Australian consumer banking business was acquired by NAB in 2022, so any older Canstar reports listing Citi as a top provider are now outdated. Current top-rated providers include OFX and WorldFirst.
TrustPilot
TrustPilot ranks providers according to customer feedback. OFX and Wise consistently appear among the top-rated money transfer services on TrustPilot.
Additionally, there are several websites that compare actual rates offered by companies. Some offer discounts or special deals if you sign up through them.
Currency Shop
Currency Shop shows the amount you will receive, calculates the cost, and conveniently shows the difference you would have paid using other sources.
For example, a transfer of US$20,000 to Thai baht indicated WorldFirst to have the best rate. It also indicated the Commonwealth Bank would have cost US$1,097 more than WorldFirst.
Finder
Finder also indicates rates and provides helpful information including minimum transfers, transfer times, and so forth. It also has attractive offers for first-time users who sign up through their site.
Setting Up an Account
While all the methods mentioned above are viable for obtaining cash or paying for goods and services, there are limitations or costs that push people toward better options.
Let’s take a look at the general process.
Setting up an account online is usually free and comes with no obligation. You then “set up a deal” online. Some companies have phone or person-to-person support for larger transfers.
The next step is to transfer money from your bank account to the transfer company using one of their listed methods, such as BPAY or Electronic Fund Transfer.
The money transfer company then converts your money into your selected currency — in this case Thai baht — and transfers it to your Thai bank account.
Your Thai bank may charge a fee too. Ideally, allow for the whole process to take about five days: one to two days to move the money from your account to the money transfer company, and then another one to three days to move the money into your Thai bank account. Services like Wise can be significantly faster, with most transfers arriving within 24 hours.
If you are relocating to Thailand full-time or even part-time, it’s better to set up accounts with money transfer companies in Australia before you leave.
You need to provide identity documents as well as proof of residential address. Ideally, select two or three companies so you can shop around and obtain the best deal when you’re ready to transfer.
When transferring large amounts, plan well in advance and watch the currency market. You may even look at historical rates to help you time the best rate.
Contacting your transfer provider may help you lock in a rate, or perhaps obtain an even better exchange rate.
Online Money Transfer Companies
During my research, it became clear that there was not one clear “winner” for online money transfers. Different websites showed conflicting information about the companies. I recommend reviewing company websites before making your decision.
If you want to transfer US$10,000 or more, the following three companies appear to be the strongest options. For smaller or more frequent transfers, also consider Wise, which has no minimum transfer amount and uses the mid-market exchange rate.
WorldFirst
WorldFirst has been in the market since 2004 and has offices in seven countries including Australia. They are regulated by the Australian Securities and Investments Commission (ASIC) and have received numerous awards for customer focus and financial services.
Pros
- Competitive exchange rates
- No transfer fee
- Option to lock in fixed exchange rates
Cons
- US$2,000 minimum transfer
- Slower transfer speeds than some competitors
OFX
OFX has been operating since 1998. With over US$100 billion in transfers since inception, they enjoy a strong reputation in the market and have received numerous awards. They are regulated by ASIC and their parent company is listed on the Australian Securities Exchange.
Pros
- US$250 minimum transfer
- Quick transfer speed
- Financial education resources
Cons
- Exchange rate margin is higher than the mid-market rate
TorFX
TorFX is also regulated by ASIC. The parent company of TorFX has been awarded the International Money Transfer Provider of the Year at the Moneyfacts Consumer Awards multiple times.
With offices in five countries, including Australia, they hold the highest credit rating with Dun & Bradstreet.
Pros
- Easy signup
- No transfer fees
- 2-day transfers
- Dedicated support for transfers over US$50,000
Cons
- US$2,000 minimum transfer
- Exchange rate margin is higher than the mid-market rate
Comparing Transfer Times, Fees, and Rates
Let’s look at a sample transfer of US$10,000 using the three online money transfer companies above. The table below covers the most important aspects: transfer time, transfer fees, and exchange rates. Note that exchange rates fluctuate daily; these figures are illustrative. Always get a live quote before transferring. For a real-time comparison, use Currency Shop or Finder.
| Company | Time (days) | Transfer Fees | Exchange Rate | Amount Received |
|---|---|---|---|---|
| WorldFirst | 3 | – | 23.97 THB per AUD | THB239,700 |
| OFX | 2 | – | 23.56 THB per AUD | THB235,569 |
| TorFX | 3 | – | 23.24 THB per AUD | THB232,373 |
The difference between WorldFirst and TorFX on this transaction was THB7,327, or just over US$300. As of 2026, Wise has also become a strong contender for large transfers: fully licensed by the Bank of Thailand, it now supports PromptPay, allowing you to send directly to any Thai mobile number or citizen ID — a feature none of the three providers above currently offer.
Shopping around pays. Use a comparison tool to get live quotes from multiple providers before every transfer, especially for amounts over US$5,000.
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