SnakeDoctor

Anyone got a source on that Tonga note?

Conflicts with what my travel agent says and what I can scour the web for.

Have written to the local consulate with no reply.

Nuddy; Be fair and discuss the topic not the poster?

I'll repeat. I am not a competitor, was just a potential customer who Googled and found this thread, equating criticism with being underhanded is somewhat disturbing. What other competitors are there so I can go try them?

Disclaimer I have no interest/s in Baht Smart. I am a user of Baht Smart. I'll be approaching Dwight to invest in his company. What are you Snake Doctor, oh yes ...I know you must be a competitor who cannot compete on even ground.

I am not a competitor, was just a potential customer who Googled and found this thread, equating criticism with being underhanded is somewhat disturbing. What other competitors are there so I can go try them?

I send a fair bit of cash each month[now via CBA], so do my Sydney based Thai friends who asked me about this service.

XWING pty ltd got done by govco here so the old faithful is gone and we need alternatives, sending by bank suits me fine but my Thai friends are scared of banks so they use CT transfer currently, the rate is really bad though, not for me.

The problem is if the rate changes down, bahtsmart transfer less than quoted, if the rate goes up, you get the quoted amount and bahtsmart pockets the extra cash.

That IS questionable and isn't mentioned in the terms and conditions, it misleads you.

Financial Ombudsman Service (FOS) - 1300 780 808
FOS handles complaints about banking, credit, loans and debt collection, life insurance, superannuation, financial planning, insurance broking, stockbroking, investments, managed funds, timeshares, general insurance, finance and mortgage broking. They cover complaints where the value of the claim is $500,000 or less.

I know for a fact that FOS will give these guys a hiding if they receive these complaints.

Thanks for the warnings about BahtSmart and their elective exchange rate, seems to be working out for them though as a lot of former Xwing PTY LTD Sydney people are using their service, well the ones that can't count or need to send small money at least.

For mine as long as i'm sending more than $1200 AUD the fees to transfer ($22 AUD from CBA and 250baht from KTB) are taken care of due to the FAR better exchange rate from the bank involved.

Dear Snakedoctor, Pls do not presume to know the business that flows through our platform,

First, I have presumed exactly nothing. I appreciate the reply but I think you would be better served by starting posts without resorting to logical fallacies[strawman] in this instance. You appear defensive.

Secondly, how exactly does one see into the future to know exactly what rate you will apply? You said yourself that daily drop can and will impact the amount in baht received, what if your exchange rates don't follow the market for whatever reason, is there any guarantees here if the market recovers but your rates do not? What about the valid complaints of the users above where the market has recovered but this hasn't been reflected in your transfer.

Finally I've given a dollar figure example based on my circumstances and my observations (from last week), I would (and have) encourage any potential users to do their own calculations for their own circumstances rather than rely on what I see as potentially misleading statements which wouldn't pass by a large banks legal team.

I look forward to reading about your new product, if it doesn't have a locked in exchange rate at time of initiation then unfortunately I won't be able to use it though.

Yeah +1 Nuddy, definitely need to send AUD overseas for it to be converted at the destination, that's a given in just about all TT transfers from Australia imo

Depends on the spread between bahtsmart and KTB (or whoever) TT Buy rate as you say for the payout figure.

The other benefit is TIME, normally just a few hours to transfer from my Commbank account to my KTB account, great stuff really.

Thanks for the warnings about BahtSmart and their elective exchange rate, seems to be working out for them though as a lot of former Xwing PTY LTD Sydney people are using their service, well the ones that can't count or need to send small money at least.

For mine as long as i'm sending more than $1200 AUD the fees to transfer ($22 AUD from CBA and 250baht from KTB) are taken care of due to the FAR better exchange rate from the bank involved.