Sending money from Australia

Use a specialist service such as Wise or OFX, not your bank. Sending A$10,000 to a Thai account through Wise cost about A$86 in October 2026, all shown up front. A bank’s exchange rate margin alone can take three times that.

This is for Australians moving money to Thailand or Vietnam: the lump sum to set up, monthly living money, and pension or rent from home. You’ll do it again and again, so the small percentages add up.

What a bank transfer really costs

There are two costs. The fee is the one you see. The big banks now waive it for most online transfers in a foreign currency (CommBank does through NetBank and its app) but still charge around A$30 in a branch or for an AUD-to-AUD transfer.

The exchange rate margin is the one you don’t see. Banks convert at a rate worse than the mid-market rate you see on Google, and that’s where they make their money. A 3 percent margin on A$10,000 is A$300. Correspondent banks along the way can also take US$10 to US$25 each on SWIFT transfers.

How the main services compare

Fees and margins change often. These were the published figures in October 2026.

The fair way to compare is the amount that lands in the Thai or Vietnamese account. Put the same figure into two or three services on the same day.

Wise

Wise shows the mid-market rate, the fee and the amount that will arrive before you confirm. It holds multiple currencies, so you can convert to baht or dong when the rate suits you and send later. In Australia it’s regulated by ASIC, holds a limited APRA licence for stored balances, and is registered with AUSTRAC.

The Wise card gives you A$400 of free ATM withdrawals a month, then charges 2.69 percent on the amount over that. The ATM’s own fee still applies.

Wise is less competitive for very large amounts. At around 0.9 percent, A$100,000 costs about A$900, so get an OFX or CurrencyFair quote for anything that size.

OFX

OFX is an Australian company, founded in Sydney as OzForex. It charges A$15 on transfers under A$10,000 and makes its money on the exchange rate, which it doesn’t publish as a fixed margin. Compare the amount received, not the fee.

It suits regular transfers of pension or rental income. You can set up recurring transfers, rate alerts, and forward contracts that lock in a rate for a future transfer. Opening an account takes a day or two of identity checks, so do it before you leave.

Revolut

Revolut became a fully licensed Australian bank in July 2026, so eligible deposits are now covered by the government guarantee up to A$250,000. The free Standard plan lets you exchange A$2,000 a month without exchange fees during market hours, and adds 1 percent on weekends (Friday evening to Sunday evening, Eastern time). Paid plans run up to Ultra at A$99.99 a month and raise the limits.

It’s good as a spending card and for smaller transfers. For large amounts, the weekday-only rate and the limits make Wise or OFX simpler.

Setting up regular transfers

If you’ll send the same amount each month, automate it. OFX lets you set a minimum rate so the transfer waits if the dollar drops below it. Wise supports scheduled transfers too.

What you need to open accounts

Every licensed service has to check your identity under Australian anti-money-laundering rules:

• Australian passport or driver’s licence
• Proof of address, usually a recent bank statement or bill
• For larger amounts, evidence of where the money came from, such as a property settlement statement

Do this while you still have an Australian address. Checks are quicker, and some services ask for a video selfie.

Limits, AUSTRAC and carrying cash

There’s no cap on how much you can send. Every international transfer through a bank or remittance service is reported to AUSTRAC whatever the size, which is automatic and routine. If you carry A$10,000 or more in cash or cash-like instruments (combined, in any currency) into or out of Australia, you must declare it.

Receiving money in Thailand or Vietnam

You’ll need a local account in your own name, which in both countries depends on your visa (see banking when you move to Asia). For a Thai transfer you’ll be asked for the account number, your name exactly as the bank has it, and the SWIFT code: KASITHBK for Kasikornbank, BKKBTHBK for Bangkok Bank.

Without a local account, which is common in Vietnam on an e-visa, hold the money in Wise or Revolut and take cash from ATMs as you need it.

Does the money get taxed when you send it?

Moving your own savings between countries isn’t income in Australia. What matters is where the money came from: Australian rent, dividends and interest are Australian-sourced income whether they stay here or go to Thailand.

Thailand looks at it differently. If you’re a Thai tax resident (180 days or more in a calendar year), foreign income earned from 2024 on and brought into Thailand can be taxed there. Savings from before 2024 are protected if you can show when they were earned. A proposed exemption for income brought in within a year still wasn’t law in September 2026.