"Every year I watch Australians move to Thailand and casually send tens of thousands of dollars through their Commonwealth Bank account. The bank takes 3–4% in fees and a lousy exchange rate. On a A$50,000 transfer, that's A$1,500–2,000 gone. It takes 15 minutes to set up Wise. Do it."
Moving your money from Australia to Thailand or Vietnam is something you'll do repeatedly as an expat — whether it's the initial lump sum to set yourself up, monthly living expenses, or transferring pension or rental income. The difference between using your bank and using a specialist money transfer service is significant. This guide breaks down exactly what to use and when.
The Hidden Cost of Bank Transfers
Australian banks make the international transfer process look simple. But there are two costs most people don't notice until it's too late.
The SWIFT fee is visible: typically A$20–35 per transfer for sending money internationally. What most people miss is that your money often passes through correspondent banks en route to Thailand or Vietnam, and each one can deduct a small handling fee (typically US$10–25) before it arrives.
The exchange rate margin is the invisible one. Your bank uses a rate significantly worse than the mid-market rate (the real rate you see on Google). This margin is typically 2.5–3.5% on AUD/THB transfers. On a A$20,000 transfer, that's A$500–700 disappearing before the money even arrives.
Combined, sending A$50,000 through a Big Four bank to Thailand can cost you A$1,500–2,500 compared to using a specialist transfer service. For the same transfer through Wise or OFX, you're looking at A$100–300 total cost.
The Services Worth Using
Here's how the main providers compare for Australians sending money to Thailand or Vietnam:
| Service | Fee | Rate Margin | Speed | Best For |
|---|---|---|---|---|
| Wise | 0.4–0.7% | Mid-market | 1–2 days | Regular use, any amount |
| OFX | None | 0.5–1.5% margin | 1–3 days | Large or regular transfers |
| Revolut | Free (limits apply) | Mid-market (weekdays) | Instant–1 day | Day-to-day, smaller amounts |
| CurrencyFair | €3 flat | 0.3–0.45% | 1–3 days | Larger one-off transfers |
| XE Money Transfer | None | 1–2% margin | 1–3 days | Simple occasional transfers |
| Big Four Bank | A$20–35 | 2.5–3.5% | 2–5 days | Avoid for regular use |
Wise: The Default Choice for Most Expats
Wise (formerly TransferWise) is the default recommendation for most Australian expats for good reason. It's the most transparent service available — you see exactly what exchange rate you get (the mid-market rate), exactly what fee you pay (shown upfront before you confirm), and exactly what arrives in the destination account.
The Wise app is excellent. You can hold multiple currencies in a Wise account (AUD, THB, USD, EUR), which is useful if you're moving between countries or want to convert and hold funds when the rate is good. The Wise debit card lets you spend in local currency anywhere in the world at the mid-market rate, up to a free limit per month.
Wise is regulated by AUSTRAC in Australia. Customer funds are held separately from company funds. It's used by millions of expats worldwide and is one of the few fintech companies that has never had a major security incident involving customer funds.
Where Wise is less competitive: For very large transfers (A$100,000+), the percentage fee adds up. At 0.5% on A$100,000, that's A$500. OFX or a specialist FX broker can often negotiate a tighter rate spread that comes in cheaper at this scale.
OFX: Better for Large or Regular Transfers
OFX (formerly OzForex — it's an Australian company, founded in Sydney) is the choice for larger or regular transfers. They charge no transaction fee. Their revenue comes from a spread on the exchange rate, which for most transfers is 0.5–1% above mid-market.
Where OFX really earns its place is for expats receiving regular Australian income — pension payments, rental income from an investment property, super drawdowns. OFX offers:
- Rate alerts: get notified when AUD/THB hits your target rate
- Forward contracts: lock in today's rate for transfers up to 12 months away (great protection if you're worried about AUD weakening)
- Recurring transfers: set up automatic regular transfers once a month
- Dedicated dealers: for clients transferring A$5,000+ per month, you get a human account manager who can negotiate rates
The OFX app is functional but less polished than Wise. Account setup takes 1–2 days (it's a proper financial services business with identity verification requirements). Worth doing before you leave Australia.
Revolut: Good for Day-to-Day, Limits Apply
Revolut is a useful tool for expats but has some important limitations to understand. The free tier allows currency exchange at the mid-market rate up to A$1,500 per month. Above that limit, a 1% fair usage fee kicks in. The paid tiers (Premium at A$12.99/month, Metal at A$22.99/month) increase the free exchange limit significantly.
Where Revolut shines: fast transfers, great app, easy to top up with AUD from your Australian bank account, and the card works well for local spending anywhere. The virtual card feature is useful for online purchases.
Where it falls short: THB exchange on weekends has a 1% surcharge (Revolut uses interbank rates that close on weekends). Transfer limits can be lower than Wise or OFX. Customer support is chatbot-first and can be slow for complex issues.
The sensible setup for most expats: Use Wise for regular transfers from Australia. Keep a Revolut card for spending and ATM withdrawals when your Wise card isn't available. OFX for large one-off or regular transfers.
Setting Up Regular Transfers
If you're receiving regular income in Australia — rental income, pension, dividends, super drawdowns — you'll want a system rather than doing manual transfers each month.
OFX's recurring transfer feature is the cleanest option here. You set the transfer amount, the day of month, the destination account, and it runs automatically. You can set a minimum exchange rate (if AUD falls below a threshold, the transfer doesn't execute — protecting you from terrible rates).
Wise also supports recurring transfers, though without the rate floor feature. For amounts under A$5,000/month, Wise's transparency and ease of use may outweigh OFX's advanced features.
What You Need to Set Up an Account
All regulated money transfer services require identity verification before you can send money. This is required by AUSTRAC (Australia's financial intelligence agency) and mirrors what a bank would require. You'll need:
- Australian passport or driver's licence
- Proof of address (bank statement, utility bill — dated within 3 months)
- For larger transfer limits: source of funds documentation (bank statements, property sale contract, etc.)
Set up your Wise and OFX accounts while you are still in Australia. Verification is faster with an Australian address and Australian identity documents. Some services require a video selfie — easier with good lighting at home than from a cafe in Bangkok.
Thai Bank Account Requirements for Receiving Transfers
To receive AUD-to-THB transfers in Thailand, you need a Thai bank account in your name. The most popular banks for expats are Kasikorn Bank (KBank) and Bangkok Bank, both of which have English-language apps and accept international transfers easily.
You will need your Thai bank account's SWIFT code, account number, and branch address to set up transfers. KBank's SWIFT code is KASITHBK. Bangkok Bank is BKKBTHBK. When sending from Wise or OFX, enter these details carefully — the money will sit in limbo (or be returned with fees) if the details are wrong.
See our Expat Banking Guide for step-by-step instructions on opening a Thai bank account as an Australian.
Tax: What Counts as Income vs Capital Movement
A common question: does transferring money from Australia to Thailand count as income and affect my tax situation?
Transferring capital you already own — money sitting in your Australian savings account, proceeds from selling assets — is not income. Moving money between your own accounts in different countries is a capital movement, not a taxable event.
What matters is the nature of the money before it was transferred, not the act of transferring it. Rental income earned in Australia is Australian-sourced income, taxable in Australia, regardless of whether you leave it in your Australian account or transfer it to Thailand. The transfer itself is neutral.
The exception: if you have foreign exchange gains on currency conversion (you bought THB when AUD was strong, the AUD falls, and your THB position is now worth more in AUD terms), this is technically a CGT event. In practice, for personal use amounts, it rarely becomes material enough to warrant reporting. For large positions, get advice.