What is the cheapest and most reliable method of transferring money from an Australian Bank to the Bangkok Bank (in Thailand)?

Wise, formally TransferWise. Look up the website and there’s an app that can be used on the phone. Very easy to use.

Edited December 23, 20232 yr by novacova

24 minutes ago, ravip said:

What is the cheapest and most reliable method of transferring money from an Australian Bank to the Bangkok Bank (in Thailand)?

Are you asking for a regular/repeated transfer for cost of living?

What amount(s) approx.?

 

Edited December 23, 20232 yr by KhunBENQ

2 minutes ago, KhunBENQ said:

Are you asking for a regular/repeated transfer for cost of living?

What amount(s) approx.?

 

No, not for regular/repeated transfer.

Anything between AUD 1k to 5k or so.

Not big amounts.

2nd the wise.com suggestion.  Cheapest and VERY reliable.

13 hours ago, ravip said:

No, not for regular/repeated transfer.

Anything between AUD 1k to 5k or so.

Not big amounts.

Not big amounts, as stated, Wise.

As mentioned by others, I use Wise and have now for several years- in my case from my USA bank to Bangkok Bank. I make regular monthly transfers.  Wise does the conversion to baht, but at an exchange rate near that charged by Bangkok Bank if sent in US dollars. I have found Wise to be reliable with reasonable fees.

OFX.com  very good service and rates, and have Main Office in Sydney.

38 minutes ago, tandor said:

OFX.com  very good service and rates, and have Main Office in Sydney.

I have been using Ozforex for 13 years without any hassles. Book transfer on Monday evening available in BKK Bank on Wednesday. Best exchange rate of all similar enterprises 

Used Wise for many years without problems. Moved a large amount a week ago, it was in my Thai account within minutes.

I use send.com to send money every month.

Mobile or website app and you get the rate quoted with no fees taken out.

I've been using OZF for many years. Book transfet with them of a morning & $$$ in K-bank same arvo. Good exchange rates. Never a problem.

Swift from home bank to my Bkk Bank here,roughly 800bht per 1K aud,takes an hour usually, cant be stuffed with wise etc

Currency Fair. Quick, economical, reliable & contactable.

1 hour ago, poyai111 said:

I have been using Ozforex for 13 years without any hassles. Book transfer on Monday evening available in BKK Bank on Wednesday. Best exchange rate of all similar enterprises 

I agree, OFX is very reliable, very customer oriented, simple, easy to get started, fast and they have a standard fee, all transfers AUD15-. 

 

I've used OFX about 20 times in the last 5 years, always into K Bank (I'm guessing into other Thai banks would be the same speed), great service, highly recommended.

Edited December 26, 20232 yr by scorecard

Definitely Wise, great service and fast, but you may need to provide Aust phone number for OTP.

21 minutes ago, Olmate said:

Swift from home bank to my Bkk Bank here,roughly 800bht per 1K aud,takes an hour usually, cant be stuffed with wise etc

Compare the exchange rates!

I was using InstaRem for past 4 years, but they have become problematic. They 'require' all sorts of documents now, with slow and lacking support. I switched to Wise and found them to be the same cost without the hassles and good support.

24 minutes ago, 2baht said:

Compare the exchange rates!

Thanks yep I,m slack.. roughly $20 extra, thats ok

Bank to bank swift $18-20 is charged they try to say if you let them exchange it's cheaper, BS when you look at their rate, always send in AUD, to make sure it's not sent to a holding bank, as happened twice to me from ANZ and got a lower rate, message to bank "DO NOT EXCHANGE FUNDS"  reason "Subsistence'' 48hrs it arrived at BKB.

I have been using Citibank for the last 15 years. Gives a good exchange rate, transfer time usually three working days.

If I transfer $3,000, there is a fee of $20. It has now been bought out by NAB. 

I'm now using Wise for much more than before.

Due to the new tax laws in Thailand, rather than moving larger amounts over to my Thai bank account, I'm keeping a balance in Wise like a bank account with a digital card, then paying my monthly bills and dues direct to family members from 'overseas'.

Also using my overseas credit card more for shopping and petrol.

Edited December 26, 20232 yr by Andyfez

6 Best Money Transfer Services for December 2023 | Finder

I have ANZ in OZ and KBank in Thailand. I opened a Wise account 5 years ago, it is based in Oz and so transfer from ANZ to it has no fee. 

The wise fee on larger amounts is much higher than ANZ but the exchange rate is a lot better. On a $10k transfer they are $200+ cheaper. Had no problems at all. 

I use XE money transfer. First times it was free. Not sure it was some kind of promotion. Now i pay about 50bht/transfer.

 

First times it took days before the money came to Thailand. Last times me used it is transfered in less then 1h.

9 hours ago, malt25 said:

I've been using OZF for many years. Book transfet with them of a morning & $$$ in K-bank same arvo. Good exchange rates. Never a problem.

Update. Booked transfer this morning, 8:15 Thai time. Into K-bank 14:20 this arvo.

****************************************************************************"

From their web site.

"Global Support

We are now open 24/7 and you have access to live exchange rates at anytime. Call our support on  1300 300 424

Or send us an email  

Not in Australia? Call our international numbers"

Edited December 26, 20232 yr by Rimmer
email address removed

18 hours ago, 2baht said:

Definitely Wise, great service and fast, but you may need to provide Aust phone number for OTP.

OTP??

I've been using Wise for years from Oz to my BBL account here.

I DON'T  have an Oz phone number.

 

Yes, had to verify ID, then nominate your Oz bank account and any overseas bank accounts (or clients/customers ) to which you wish to transfer.

 

Transfer money from your Oz bank# to your newly established WISE account (which has an Oz BSB and Account number).

They notify you in minutes by email/App of your deposit being received and ask where  you would like to send it.

 

Usually arrives.in be BB.bank account in under 10 seconds.

 

Bi "cooking a transfer" and getting your funds 2 or 3 days later.

 

Wise's exchange rate is normally exactly or very close to the XE site at the point of transfer.

 

Compared to taking it out of a local ATM I'm up hundreds of dollars saved.

 

# Someone has mentioned previously that you don't have to do this Oz bank transfer to Wise but can do it directly from your bank.

I've not done this and like the.quickly notified "money trail".which results from all concerned....including my.thai bank which send instant SMS of the deposit.made by Wise in Thai baht.

 

PS.....NO OTP received by me from Wise or any bank conceded in this process. I use Westpac, maybe other banks differ.

3 minutes ago, orchidfan said:

OTP??

I've been using Wise for years from Oz to my BBL account here.

I DON'T  have an Oz phone number.

Wise uses OTP for quite some time already, and now recently it asks me to open the app and confirm it's me.

 

Not a problem as it only adds to the security, which we should applaud instead of criticize.

7 minutes ago, BenStark said:

Wise uses OTP for quite some time already, and now recently it asks me to open the app and confirm it's me.

 

Not a problem as it only adds to the security, which we should applaud instead of criticize.

Really ?? The transfers I did a fortnight ago and all the previous transfers every 2 weeks this year did not involve an OTP .

I'm doing.f one tomorrow evening so will report back.

 

I have no objection to the OTP security measure (use it all thr time buying air tickets etc using my BBL Debit card......but they come to my registered Thai mobile number here.

 

How.many expats here have ,or need, a functioning Australian mobile phone number ?

X-WING in lower Pitt St, Sydney.

They're (run by Thai's) in Thai-town a few doors up the road from the Thai Pub (the Chamberlain).

Their exchange rate is usually around 0.4 baht less than Vasu

(you check with the Vasu website prior to give you an idea).

If you give X-WING the $$$ in the morning, it will be in the recipient's bank account late afternoon. (Thai time). You can transfer up to $9K.

A much more inexpensive way of transferring money compared with the banks (urghh!) and Forex!