Thanks to the Thailand-Australia Free Trade Agreement (TAFTA), the two countries already enjoy favourable economic ties with each other. Sending remittances between the two nations should be no exception. Discover the cheapest way to send money to Thailand from Australia and what you should know before you do.
Sending remittances from Australia to Thailand
Nearly a third of Australia’s population was born outside of the country. Due to greater economic opportunities, Australia attracts migrants from places such as Greece, Italy and China. It’s also home to many hard-working Thai expats who send essential remittances to loved ones back in Thailand.
Pay the lowest fees when transferring money from Australia to Thailand
When you send money to Thailand, look for a provider that offers a single, transparent and honest transfer fee. That way, your loved ones will likely get more Thai Baht (THB) when you transfer Australian dollars ($, A$ or AUD) to Thailand.
Many money transfer outlets and agents love to advertise great rates while failing to mention their hidden fees. If an exchange rate seems too good to be true, that’s because it usually is.
Azimo charges one transparent fee on transfers from Australia to Thailand that’s usually the lowest on the market.
Get the best exchange rates when sending money from Australia to Thailand
They say a rotten apple can spoil a whole barrel. The same is true with exchange rates. An unfavourable exchange rate can turn even “zero-fee” transfers into a financial loss for you and your loved ones.
Make sure you’re being offered a fair exchange rate by checking the mid-market exchange rates between currencies. A good exchange rate will match or be as close to the mid-market rate as possible. Knowing the exchange rate will also help you estimate how much your recipient should expect to receive at the other end.
Even in stable economies, exchange rates go up and down on an hourly basis. The difference might appear small at first, but it soon adds up when you’re sending hundreds or thousands of Australian dollars to Thailand.
Sign up for rate alerts
If you’re planning to send AUD to Thailand, get ahead of the game by setting up a rate alert. By signing up to services like Monito, you’ll receive notifications when there’s a great exchange rate between AUD and THB.
Rate alerts are especially helpful when you’re looking to send large sums and can afford to wait a little longer for a better exchange rate.
Steer clear of your bank when sending money from Australia to Thailand
There are a lot of reputable banking institutions in Australia, such as the National Australia Bank (NAB) and Westpac. While sending money with your bank might seem like a good idea, you should think again if you want to avoid costly transfers.
Banks are well-versed in hiding charges and fees for sending money abroad. In fact, we’ve written a complete guide on why you should avoid using a bank to send money overseas.
Use a dedicated money transfer provider
There’s a lot of choice in Australia when it comes to transferring money to Thailand. In addition to money transfer outlets, parallel market operators and banks, there are now several fintech companies like Nium (formerly InstaRem) and Remitly.
Thanks to innovative technology, these providers usually offer a faster, cheaper and safer way to send money to places like Thailand, Cambodia, Malaysia and beyond.
You can save a lot of money on your money transfers by using digital remittance services like CurrencyFair and TransferWise. Companies like these can offer competitive prices as they have no transaction or receiving fees and reasonable exchange rates.
Send money to Thailand from Australia with Azimo
Along with just one fair and transparent fee, Azimo often has the best exchange rates on the market. And with our instant delivery times to many locations, it’s no wonder why we’ve received more than 40,000 five-star reviews on Trustpilot.
Azimo only works with the most trusted banks in Thailand which means you can have peace of mind that your transfer is secure every step of the way.
Finally, enjoy multiple delivery options when you send money from Australia to Thailand with Azimo. As well as transferring money to bank accounts, you can also top-up a loved ones mobile phone in Thailand with a selection of amounts.
Discover a faster, cheaper way to send money from Australia to family in Thailand. Download the app on iOS or Android and start transferring funds. Register today and get your first two transfers fee-free and at exceptional exchange rates.