Advertorial Take Back Control of YOUR Money

[ASEAN NOW Sales]

Take Back Control of YOUR Money

 

 

Are you tired of being at the mercy of banks when you move money? You may live in Thailand, but no doubt you want to send funds for bills, expenses, and your family all over the world. So, why does it feel like your money is shackled to your Thai bank account? And why is the cost of releasing it so high?

 

In today's society where we can live and work practically anywhere, moving money should be frictionless. But so often it isn't.

 

High exchange rates, exorbitant bank/transaction fees, and hidden charges all work to cripple our hard-accumulated funds the minute we even consider sending money abroad. Sending money out of Thailand is both challenging and expensive—everyone’s least favorite combination of factors. Repeat an exchange transaction more than once, and you may as well gift wrap your money for the bank with a bow.

 

We know you’re not alone with these frustrations too. Members of expat forums for cities all over Thailand see the oft-repeated question time and again, “What’s the best way to send my money abroad?” Because to date, there hasn’t been a cost-effective, transparent solution available.

 

SWIFT transactions—which are anything but—are expensive, just like Western Union. Thai Bank transfers for foreigners involve tedious forms and multiple document verification followed by a three-day wait just to attach an international account to your personal one. That’s before you then suffer the high exchange rates and processing fees of up to, and beyond, 1300 THB. Attaching a business account—don’t bother trying.

 

Sure, it’s free to send money through PayPal, but your recipient loses out on a significant chunk at the other end thanks to the company’s high commission charges which take some finding on their website. Payoneer’s ‘Global Payment Service’ is yet to include THB. So first, you need to exchange your money before you can ACH it across to another country. And TransferWise doesn’t offer the capability to upload THB. (Yes, you can trade THB, but you can’t add it to your balance—even with the new borderless account.)

 

But what am I telling you this for? You know all this already and have chalked up the frustrations to “This Is Thailand.”

 

There is, however, a new solution. At the top of Soi 8 on Sukhumvit Road is the headquarters for DeeMoney. With just one form of ID, you can register to become a member in a matter of moments. DeeMoney is the ONLY non-bank in Thailand to hold the required special international money transfer and money exchange licenses, issued by the Bank of Thailand, for moving THB abroad. We cater to 5000+ customers already.

 

Launched in July 2018, DeeMoney is partnered with Moneygram for global distribution. We also leverage direct partnerships for countries outside of the Moneygram network to ensure customers can send money to 16 countries as swiftly and easily as possible. For these 16 countries, we charge a single FLAT fee of 150 baht for ALL transfer amounts. Which means you can send up to 800,000 THB and still only pay 150 THB for the opportunity.

 

Compare this with other companies and banks mentioned above which stagger rates the more you wish to send, and the savings become astronomical.

 

In addition to ease of registration, there’s also a DeeMoney app available on Android and from the App Store. The app works with KPlus linking quickly and easily to your Thai bank account or you have the option to pay for your transfer through a QR Code too. Now you can send money abroad anytime, anywhere all from your phone. There’s no need to log on to a laptop to make an international bank transfer—consider that a thing of the past.

 

The 150THB FLAT rate is for transfers to Australia, Bangladesh, Cambodia, India, Indonesia, Malaysia, Myanmar, Nepal, New Zealand, Pakistan, Philippines, Singapore, Sri Lanka, the UK, the US, and Vietnam.

 

No hidden charges. No high exchange rates. No additional transaction fees. Everything is as clear as Dee.

 

DeeMoney, what are you waiting for?

 

Ready to experience convenient and affordable money transfer? (Click here).

 

 

 

[orientalist]

Very welcome, if it cuts down the paperwork involved in exporting baht. 

[chicowoodduck]

I like my money to be the boss and in charge of me.....don't need any outside help....thank you very much....????

[Ulic]

Just curious as to what exchange rate is used.

[4MyEgo]

Best solution for me is to keep it back in my home country, then when I need some, use Transferwise which gives the best exchange rate IMO and the money is my Thai account the next day at the rate I was quoted.

 

Why would I want to keep money in a Thai bank account apart from general living expenses and when it's time to renew my extension ?

Edited October 1, 2018 by 4MyEgo

[Pib]

Interesting.  I looked at DeeMoney's website a couple of months ago when I first heard of them but at that time their website seemed too vague on details.  But looking at their website now they seem to have a lot more detailed.   The Bt150 sending fee is pretty cheap although it is only for certain countries right now....their fee can can go to Bt12,000 for some countries/amounts sent....but hopefully for key western countries like the US, UK, etc., hopefully it will stay around Bt150.....the basic sending fee at Thai banks is around Bt300-Bt350 excluding an optional fee of around another Bt800 to pickup an intermediary/correspondent bank fee.   See snapshot 1.

 

I was also interested who you could send the money to...that is, could you send it to your bank account say in the U.S. or did you have to go to some partner of DeeMoney like Moneygram to pick-up the funds and possibly pay a pickup/receipt fee.  But at least for sending money to the US/UK you can send right to your bank account.  But I wonder if there still might be an intermediary/correspondent bank fee that DeeMoney may have to use to get the money into your foreign account....if so, that fee is probably going to be around Bt800.   See snapshot 2.

 

And the exchange rate used for "transfers" is competitive with Thai banks.  From looking at the DeeMoney and Bangkok Bank Selling (i.e., transfer out) Rates at this point in time on 1 Oct the Bangkok Bank rate is just a little better for US dollars.  Bangkok Bank is 32.38 and DeeMoney 32.49. A lower Selling Rate is better as that means you need to fork-out less baht to buy/transfer foreign currency.  And hopefully it would be easier to send via DeeMoney than going to a Thai bank where Thai bank can sometimes be somewhat of a pain in paperwork and justification.

 

Snapshot 1: From DeeMoney website....normal fee range....hopefully the Bt150 for common western countries will stay around Bt150 which is a promotional price right now.   I would guess since Thai banks have around a basic Bt300 sending/transfer fee that DeeMoney would stay below/at the Thai bank fee.

 

Snapshot 2....shows you can send right to your U.S. bank account....just provide the bank ABA/ACH routing number and account number.   I'm assuming the Bt150 fee is the sending fee and not another Bt150 fee.  

 

 

Snapshot 3.  DeeMoney Exchange Rate.  32.49 Transfer (Selling) rate

 

Snapshot 4:  Bangkok Bank Selling Rate is just a little better than DeeMoney...a lower rate is what you want for a "Selling Rate"....that is, you need to folk out less baht to buy foreign currency.  However, the Bangkok Bank basic Sending fee would be approx Bt300 and another optional approx Bt800 for them to pickup any intermediary/correspondent bank fees which would probably occur but probably not Bt800 worth....probably more around $20 which is around Bt650.   And I wonder if sending via DeeMoney would there still be an intermediary/correspondent bank fee sliced-off on the way to its final destination?

 

 

[natway09]

It is all about the exchange rate not so much the fees

[DeeMoney]

1 hour ago, Pib said:

Interesting.  I looked at DeeMoney's website a couple of months ago when I first heard of them but at that time their website seemed too vague on details.  But looking at their website now they seem to have a lot more detailed.   The Bt150 sending fee is pretty cheap although it is only for certain countries right now....their fee can can go to Bt12,000 for some countries/amounts sent....but hopefully for key western countries like the US, UK, etc., hopefully it will stay around Bt150.....the basic sending fee at Thai banks is around Bt300-Bt350 excluding an optional fee of around another Bt800 to pickup an intermediary/correspondent bank fee.   See snapshot 1.

 

I was also interested who you could send the money to...that is, could you send it to your bank account say in the U.S. or did you have to go to some partner of DeeMoney like Moneygram to pick-up the funds and possibly pay a pickup/receipt fee.  But at least for sending money to the US/UK you can send right to your bank account.  But I wonder if there still might be an intermediary/correspondent bank fee that DeeMoney may have to use to get the money into your foreign account....if so, that fee is probably going to be around Bt800.   See snapshot 2.

 

And the exchange rate used for "transfers" is competitive with Thai banks.  From looking at the DeeMoney and Bangkok Bank Selling (i.e., transfer out) Rates at this point in time on 1 Oct the Bangkok Bank rate is just a little better for US dollars.  Bangkok Bank is 32.38 and DeeMoney 32.49. A lower Selling Rate is better as that means you need to fork-out less baht to buy/transfer foreign currency.  And hopefully it would be easier to send via DeeMoney than going to a Thai bank where Thai bank can sometimes be somewhat of a pain in paperwork and justification.

 

Snapshot 1: From DeeMoney website....normal fee range....hopefully the Bt150 for common western countries will stay around Bt150 which is a promotional price right now.   I would guess since Thai banks have around a basic Bt300 sending/transfer fee that DeeMoney would stay below/at the Thai bank fee.

 

Snapshot 2....shows you can send right to your U.S. bank account....just provide the bank ABA/ACH routing number and account number.   I'm assuming the Bt150 fee is the sending fee and not another Bt150 fee.  

 

 

Snapshot 3.  DeeMoney Exchange Rate.  32.49 Transfer (Selling) rate

 

Snapshot 4:  Bangkok Bank Selling Rate is just a little better than DeeMoney...a lower rate is what you want for a "Selling Rate"....that is, you need to folk out less baht to buy foreign currency.  However, the Bangkok Bank basic Sending fee would be approx Bt300 and another optional approx Bt800 for them to pickup any intermediary/correspondent bank fees which would probably occur but probably not Bt800 worth....probably more around $20 which is around Bt650.   And I wonder if sending via DeeMoney would there still be an intermediary/correspondent bank fee sliced-off on the way to its final destination?

 

 

Hi there Pib,

 

Thank you for your feedback! 

 

1.      Transfer Fees of 150 baht for 17 Countries

DeeMoney’s transfer fees for 17 countries (as listed above), including UK and US, is an all-inclusive flat fee of 150baht.  This means there are no surprise additional fees or further deductions of the principal amount for either the sender or the receiver at any point. 

 

2.      Sending to A Bank Account

Unlike SWIFT and bank transfers, all funds you send from DeeMoney go directly into the bank account specified by you.  There are no intermediary/correspondent banks, and hence no extra fees. 

 

So essentially, to send money internationally to the 17 countries highlighted above, customers can choose between DeeMoney’s 150 baht transfer fee or a bank’s 1,100 – 1,300 baht transfer fee.

 

3.      Exchange Rates

DeeMoney strives to offer better transfer fees and exchange rates as compared to what banks charge.  Our exchange rates are updated throughout the day in order to remain as competitive as possible.  You can check our website - www.dee.money or call 02-821-5555 for the latest exchange rates. 

 

As of 1pm on Oct 1^st 2018, our exchange rate is now:  32.37THB to 1.00USD

 

4.      PaperWork Requirement – DeeMoney makes it easy

DeeMoney has taken the pain of paperwork out of the money transfer equation.  All that is required to become a member is a valid passport and a ONE-TIME registration.  No long list of paperwork required.  When visiting any our branches, simply present your member card prior to transacting and you’re set to transfer. 

 

For added convenience, we highly recommend you download the app once you are a registered member.  From there on, you can transfer money anytime, anywhere.

 

If you have any more questions, please call us at 02-821-5555 or drop us at email at [email protected]

 

 

[Pib]

3 minutes ago, DeeMoney said:

2.      Sending to A Bank Account

 

Unlike SWIFT and bank transfers, all funds you send from DeeMoney go directly into the bank account specified by you.  There are no intermediary/correspondent banks, and hence no extra fees. 

 

So essentially, to send money internationally to the 17 countries highlighted above, customers can choose between DeeMoney’s 150 baht transfer fee or a bank’s 1,100 – 1,300 baht transfer fee.

 

4.      PaperWork Requirement – DeeMoney makes it easy

 

DeeMoney has taken the pain of paperwork out of the money transfer equation.  All that is required to become a member is a valid passport and a ONE-TIME registration.  No long list of paperwork required.  When visiting any our branches, simply present your member card prior to transacting and you’re set to transfer. 

 

For added convenience, we highly recommend you download the app once you are a registered member.  From there on, you can transfer money anytime, anywhere.

 

If you have any more questions, please call us at 02-821-5555 or drop us at email at [email protected]

 

 

Thanks for the feedback.  No intermediary/correspondent bank fee is important...is an important savings in the transfer .as it can typically be around Bt800 on top of the basic sending fee.

 

One question: does a person "have to physically come to one of your branches to register" or can it also be done by mail, fax, email, etc., to provide the necessary sign-up docs?   I'm going to guess it can only be done by physically visiting one of your branches in the Bangkok metro area.    

 

 

[DeeMoney]

5 hours ago, orientalist said:

Very welcome, if it cuts down the paperwork involved in exporting baht. 

 

Hi there!

 

DeeMoney surely cuts down the paperwork involved!  To become a registered user, all that is required is your passport and a one time registration.  Once a member, you can jump straight to getting your transfers done every subsequent time thereafter! 

 

If you have any more questions, feel free to contact us at 02-821-5555 or drop us an email at [email protected]!

 

[DeeMoney]

52 minutes ago, Pib said:

 

Thanks for the feedback.  No intermediary/correspondent bank fee is important...is an important savings in the transfer .as it can typically be around Bt800 on top of the basic sending fee.

 

One question: does a person "have to physically come to one of your branches to register" or can it also be done by mail, fax, email, etc., to provide the necessary sign-up docs?   I'm going to guess it can only be done by physically visiting one of your branches in the Bangkok metro area.    

 

 

Yes, you would have to physically have to come to any of our branches to register - just the first time though.  Do you live in Bangkok? 

 

Feel free to contact us at 02-821-5555 or drop us an email at [email protected] if you require further information.

 

[Jingthing]

How do you get money from Thai bank accounts into Dee Money to be later sent out of Thailand?

[DeeMoney]

4 minutes ago, Jingthing said:

How do you get money from Thai bank accounts into Dee Money to be later sent out of Thailand?

Hi there!

 

Great question!

 

If you're coming into any of our four branches, you can bring cash in.

 

If you're using the DeeMoney App, all payments happen in real-time.  You have 3 options for sending money through DeeMoney from your Thai bank account:

 

1.  Link the DeeMoney app with your SCB, BBL or KBank accounts for a direct debit (link via ATM).

2.  Generate a QR Code from the DeeMoney app and use your m-banking app to make the QR payment.

3.  Use KPlus (KBank's mobile banking service) to make the payment. 

 

I hope this makes sense!  For more information, please call 02-821-5555 or email [email protected]

[Jingthing]

Quote

1.  Link the DeeMoney app with your SCB, BBL or KBank accounts for a direct debit (link via ATM).

Can this link be established from the DeeMoney app or does it need to be established only from the banking online apps? 

 

Also, can we expect branches in other Thai cities, specifically Pattaya? 

 

Also, Thai banks often restrict foreigners from sending out baht unless they have a work permit or can prove the funds were imported from abroad first. They usually cite official Thai government regulations.

 

Are you saying DeeMoney has no such restrictions for foreigners without work permits as far as sending baht out?

 

Is there an upper limit on what can be sent out on one transfer?'

Edited October 1, 2018 by Jingthing

[DeeMoney]

6 minutes ago, Jingthing said:

Can this link be established from the DeeMoney app or does it need to be established only from the banking online apps? 

 

Also, can we expect branches in other Thai cities, specifically Pattaya? 

 

Also, Thai banks often restrict foreigners from sending out baht unless they have a work permit or can prove the funds were imported from abroad first. They usually cite official Thai government regulations.

 

Are you saying DeeMoney has no such restrictions for foreigners without work permits as far as sending baht out?

 

Is there an upper limit on what can be sent out on one transfer?'

To learn more about how to link the DeeMoney app with your bank accounts, please check out this link and find explainer videos: https://www.dee.money/en/how-to/

 

As you can see, linking your bank account to the app requires some manual work at an ATM.  Using the QR Code payment channel is simpler and works with all mobile banking apps, or if you are a KBank customer - KBank is very easy as well! 

 

Yes we plan to open DeeMoney nationwide including Pattaya in early 2019.  However, if you do come to Bangkok before then, we invite you to come in to any of our 4 branches and register.  Once you are a registered member, you can use the DeeMoney app anytime, anywhere!

 

We do not require work permits for you to send funds overseas using DeeMoney.  DeeMoney is a licensed NON-BANK money transfer and exchange under the Bank of Thailand regulations. You are allowed to transfer a maximum of 800,000 baht per day using our services. All you need is a valid passport to register.

 

 

 

 

 

 

[Jingthing]

Sounds very interesting. Best of luck on what sounds like a very useful service.

Sent from my Lenovo A7020a48 using Thailand Forum - Thaivisa mobile app

[DeeMoney]

2 hours ago, Jingthing said:

Sounds very interesting. Best of luck on what sounds like a very useful service.

Sent from my Lenovo A7020a48 using Thailand Forum - Thaivisa mobile app
 

Thank you! Truly appreciate it!

[Naamblar2014]

Bit confused,  you say a transfer is possible direct to an account but on your web it says

The receiver can receive the funds immediately or within 2 working days, depending on the end destination. All they have to do is simply present the CASH OUT CODE along with their ID card to our international partners and pick up the funds!

Do you mean that cash out code and ID applies only to specific countries?

[DeeMoney]

4 hours ago, Naamblar2014 said:

Bit confused,  you say a transfer is possible direct to an account but on your web it says

The receiver can receive the funds immediately or within 2 working days, depending on the end destination. All they have to do is simply present the CASH OUT CODE along with their ID card to our international partners and pick up the funds!

Do you mean that cash out code and ID applies only to specific countries?

Hi there,

 

Thank you for pointing that out to us - we will surely correct that on the web! 

 

To clarify - some countries support only bank account transfers (such as UK, US, Singapore etc), while some other countries support only cash out payments, and some countries do both :).  Bank account credits can take up to 2 days, depending on the end destination, whereas cash pick ups are instant.  You can learn more about this here:  https://www.dee.money/transfer-fees/

 

You are correct - cash out codes with ID card only applies to the countries that support cash pick-ups.  For bank account transfers, the amounts are credited to the receiving bank account as is standard practice. 

 

[MyFriend You]

On 10/1/2018 at 3:43 AM, Ulic said:

Just curious as to what exchange rate is used.

It appears this D Money is associated with Super Rich - I  have found Super Rich has the best rates, especially if you are changing large amounts, my only concern is "Security"  It sounds too good to be true, so I'll pass Thank You very much.

[DeeMoney]

On 10/1/2018 at 4:38 PM, Jingthing said:

Can this link be established from the DeeMoney app or does it need to be established only from the banking online apps? 

 

Also, can we expect branches in other Thai cities, specifically Pattaya? 

 

Also, Thai banks often restrict foreigners from sending out baht unless they have a work permit or can prove the funds were imported from abroad first. They usually cite official Thai government regulations.

 

Are you saying DeeMoney has no such restrictions for foreigners without work permits as far as sending baht out?

 

Is there an upper limit on what can be sent out on one transfer?'

 

12 hours ago, TunnelRat69 said:

It appears this D Money is associated with Super Rich - I  have found Super Rich has the best rates, especially if you are changing large amounts, my only concern is "Security"  It sounds too good to be true, so I'll pass Thank You very much.

Hi there!

 

It surely feels good to have our service described as "too good to be true." (I'm hoping that's what you were referring to ???? ).

 

DeeMoney is licensed by the Bank of Thailand and we work closely with them to meet all regulatory requirements.  If there's anything we can do to allay your security concerns, we are happy to help!

 

Have a nice day!  

[MyFriend You]

10 hours ago, DeeMoney said:

 

Hi there!

 

It surely feels good to have our service described as "too good to be true." (I'm hoping that's what you were referring to ???? ).

 

DeeMoney is licensed by the Bank of Thailand and we work closely with them to meet all regulatory requirements.  If there's anything we can do to allay your security concerns, we are happy to help!

 

Have a nice day!  

I'll come visit your office and talk about it, I have been transferring money directly into my bank account for twenty years, gonna be hard to convince me there's a better way.  But I am game for everything, most times the eternal optimist, and others a dreadful pessimist this ma be one of those times - we shall see says the blind man   

 

[DeeMoney]

14 hours ago, TunnelRat69 said:

I'll come visit your office and talk about it, I have been transferring money directly into my bank account for twenty years, gonna be hard to convince me there's a better way.  But I am game for everything, most times the eternal optimist, and others a dreadful pessimist this ma be one of those times - we shall see says the blind man   

 

Glad to hear this!  We would be happy to have you visit our flagship branch in Sukhumvit Soi 8 anytime!  We are open everyday of the week, 8am to 11pm. 

[Captor]

How about sending money from other counties to Thailand? That would be more interesting.

 

BR

Captor

[DeeMoney]

11 hours ago, Captor said:

How about sending money from other counties to Thailand? That would be more interesting.

 

BR

Captor

Hi there!

 

We will certainly be launching our inbound service - other countries to Thailand - very soon!

[Pib]

1 hour ago, DeeMoney said:

Hi there!

 

We will certainly be launching our inbound service - other countries to Thailand - very soon!

Well, that will truly be welcomed.  Hopefully inbound from the "U.S.A." will be one of the countries.

[Captor]

2 hours ago, DeeMoney said:

Hi there!

 

We will certainly be launching our inbound service - other countries to Thailand - very soon!

Sweden is a small country but I hope it will be possible from and to Sweden as well for the same costs that you are talking about in previous posts?

[wcoast]

Why isn't Canada on the list?

Sent from my abacus using Tapatalk

[DeeMoney]

11 hours ago, wcoast said:

Why isn't Canada on the list?

Sent from my abacus using Tapatalk
 

Hi there! DeeMoney is working to expand our direct global partnerships and Canada is one of the countries we are working on.  Alternatively, DeeMoney is in partnership with MoneyGram, which is available at all our branches, and through their network we can definitely support you in sending money to Canada. 

 

Have a good day!

[DeeMoney]

On 10/10/2018 at 2:42 PM, Captor said:

Sweden is a small country but I hope it will be possible from and to Sweden as well for the same costs that you are talking about in previous posts?

We hope so too!  We are currently working on expanding out network in Europe so will hopefully have exciting news for 2019!