How to convert AUD to overseas currency

[bear]

Feb 15, 2024 23:34:31 GMT 7 charliepotatoes said:

Feb 15, 2024 17:50:26 GMT 7 Banjo said:

A friend and former member and I had a discussion today on the advantages of a local bank account vs a money transfer, we worked out the using RIA, which he swears is the best, to transfer my pension up to Thailand every month would, surprisingly, only mean a saving of 500B/$20 a month.

1. so it's slightly cheaper to transfer than just have it go directly into a local bank? 20 bucks isn't going to make or break you, but it adds up I suppose. That's 240 bucks a year

2. Do you pay a percentage to send to your Thai bank?

1. Perhaps. If costs to transfer/exchange money is anyone's major concern, perhaps living overseas isn't for them.

You'll lose more than that from entry fees to national parks and attractions, given the surcharges levied on foreigners, particularly in Thailand. E.g. $ 2 for a national; $ 8 - 12 for a foreigner.

2. Perhaps; it depends on their policies and how you've set it up. Wise does have free options if your currency is on the free list and you want to wade through the set up, and putting money into and sending out of a PayPal account to your overseas bank could be a free option as well.

International transfers from Oz banks to foreign banks are usually astronomical, through having several transit points with each one taking their cut. Been there, done that years ago.

Comparison to nomadic 's rate:-  From RBA last Tues:- Bht 47,497.07 $2060.60 = 23.0501 - AUD 
                                                                                                 Bht 46,325.00 $2000.00 = 23.1625 - AUD So slightly better using a service, which may have simply come down to timing, given continual currency fluctuations. Beers are on you mate!! 🤣

Cheers 🐻

[genx]

Feb 16, 2024 8:22:35 GMT 7 bear said:

If costs to transfer/exchange money is anyone's major concern, perhaps living overseas isn't for them.

My costs for payments and ATM withdrawals have been 100% frictionless for the last 5 years. From what I can see, Wise charges around 1% - 1.5% of total to exchange currencies. I don't know if there are additional fees to put into a foreign bank account.

It all adds up, and this cost is one that can be systemically eliminated (albeit not in Thailand at the moment - I had no issues in Thailand until last year when ING cancelled their foreign ATM rebate).