6 Ways Businesses can Remit Money Between Australia & Thailand

The world of global finance is changing rapidly. For global businesses, managing international payments is a time-consuming and sometimes excessive task. As the world becomes more digitised, more and more people or businesses need to send or receive money abroad. Efficient remittance of business funds between counties is a growing need.


What is Remittance?

Remittance refers to the transfer of money. It is particularly important in many developing nations, where international remittances make up a significant portion of the country’s GDP. Globally, remittances are in the order of USD 500 billion per annum.


Combined Australian inward and outward remittances have reached approximately AUD 9.5 billion per year, according to the World Bank as measured by transactions reported to AUSTRAC. Thailand Exports to Australia was US$9.8 Billion during 2020, according to the United Nations COMTRADE database on international trade while Australia Exports to Thailand was reported to have reached US$2.76 Billion during 2020.


Business relations between Thailand and Australia are important. Thailand is the second-largest economy in South East Asia and Australia’s 6th largest two-way trading partner. Following the thriving business relations between the two countries, we look at ways businesses can remit money between the two countries


International Wire Transfers

A wire transfer is an electronic payment service for transferring funds by wire, for example through SWIFT, the Federal Reserve Wire Network, or the Clearing House Interbank Payments System They include international money transfer operators such as MoneyGram or Western Union. Money transfers generally can cost up to 5% or more of the transfer amount, and again this varies depending on the amount you are looking to transfer. Some wire transfer services offer deals and calculators to show estimated costs, and they don’t necessarily use the mid-market exchange rate.


There are three main ways of paying for your transfer:

1. Credit card: This is the fastest way to transfer money, but with increased prices because of third party fees

2. Debit card: This is the best alternative to a credit card. It combines speed and low-cost transactions to effect seamless transactions.

3. Bank debit or transfer: This method is the cheapest way to remit money through wire transfers, but takes a long time to effect transactions.



Banks are by far the most expensive method to remit money, with fees averaging 10.8%. Money transfer operators charge an average fee of 6.2%, while post offices charge the least at 5.5%.


Almost every large Australian bank will allow you to send money to Thailand, generally for worse exchange rates than offered by an online money transfer specialist. You can do this at branches or online using specific online transfer services. Money Transfer Operations (MTO) to bank transfers can take up to two days, but when you transfer in Australian dollars (AUD), the recipient can get the money within 24 hours.


Digital Money Transfer Services

There are a lot of companies that specialise in foreign currency exchange and transfers, making them some of the most cost-effective transfers. Most offer transfers directly to the recipient’s bank account, often in as little as a day or two. Fees vary between providers. For example, a company can set a rate of 2.9% and $0.50 on domestic transfers; for international transfers, a cross-border fee that ranges from 0.4 to 2%, depending on the destination, applies.


Foreign Exchange Brokers

Dedicated foreign exchange (FX or forex) companies are increasingly offering an advanced range of transfer and exchange services. Some benefits offered by FX brokers include free online money transfers, 24-hour support, cheaper exchange rates amongst others. They also offer foreign exchange alerts and the ability to set your own desired exchange rate. Forex brokers are ideal for remitting large sums of money, which is a convenient option for businesses. Foreign exchange providers can typically provide better exchange rates and lower fees than banks because of the high volume of transactions they conduct.


Digital or Neobanks

Digital banks allow users to open a virtual local bank account and transfer funds themselves. It provides the ability for users to access financial data through desktop, mobile and ATM services.Not only do digital banks allow users to make account deposits and transfers, but they also provide them with the opportunity to apply for loans and access personalized money management services.



Cryptocurrency with its many uses can also be a means for businesses to remit money between countries. Businesses can buy BTC or USDT in their local currency, withdraw the cryptocurrency to an exchange in their desired region, exchange it back to the new local currency, and then withdraw to the desired bank account there.


What to Consider when Transferring or Sending Money Overseas

Moving funds across countries can be tricky because of the currency exchange risks, cost of transfers, and the length of time it takes to have your money delivered. The overall cost of the money transfer is something you will want to carefully consider as many of the costs can be hidden in the poor exchange rates. A quick comparison to the rate you’re being offered by your bank or transfer service will often find that the rates vary considerably. The rate discrepancy is the margin that the bank or money transfer service is making on the transfer.


A lot of things are meant to be considered when remitting money for your business but with the development of the finance sector with modern technology to connect countries and customer relations, businesses can now save time and conduct international transactions fluidly.


How Novatti can Help

Novatti works very closely with regulatory bodies to ensure all transfers are AML/CTF compliant and are processed smoothly.


Already working with major banks, remittance service providers and digital banks allow us to provide tailor-made solutions that meet everyone’s unique remittance requirements.


Get in touch with our experienced team to see which solution works best for your business needs.

Peter Agnew

Peter Agnew

Head of Cross Border Payments

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