Advertorial The Secret to International Transfer Fee Savings

[ASEAN NOW Sales]

The Secret to International Transfer Fee Savings

 

 

Transferring money from Thailand to your home country is a pain point which every expat experiences on a regular basis. But we all have to do it, and the scale of outbound remittances from the Land of Smiles is huge. In 2016, Thailand sent over 4,000 million USD. A figure which has grown exponentially from the 59 million USD sent abroad just 30 years before in 1986.

 

If you’re looking to send large amounts of money or simply make regular payments for bills abroad, then turning to your bank makes the most sense—normally. Here though, wiring money via your bank involves a significant amount of anxiety and administrative bureaucracy for a foreigner living in Thailand. Not to mention a cap of 50,000THB and steep fees!

 

Step 1: Anxiety and Thai Banking Documentation Formalities

 

To send money abroad through your Thai bank, you typically need to fill out a form at least three days in advance of when you want to make the transfer. To link the recipient’s account details to your own. You also have to repeat this process for EVERY bank account you wish to make overseas transfers to in the future.

 

Furthermore, expats need to provide supporting documentation including multiple current forms of ID (work permit, passport, and visa) as well as paperwork which demonstrates the source of the funds. All this doesn’t even mean the bank will clear and approve the recipient account being linked for international transfers. They can, and will, say “No” at times.

 

Step 2: Pay High Fees and Exchange Rates

 

Each bank sets its own exchange rates and transfer fees. As the table below demonstrates for the top 5 Thai banks, these fees can range from 300 all the way up to 2400THB if you absorb the recipient’s fees. This adds up to a significant chunk of your salary once a month.

 

 

Name	Bank 1	Bank 2	Bank 3	Bank 4	Bank 5	DeeMoney
Sender Transfer Fees Only THB	300	400	550	500	350	150 THB only—for 16 countries   90% Cheaper!
Pay Both Bank Fee and Recipient Bank Charges THB	1,050 - 2,400 depending on the country	1200 - 1600 depending on the country	Surcharges of up to 1200 are liable for overseas fees	Surcharges of up to 1200 are liable for overseas fees	Surcharges of up to 1550 are liable for overseas fees

 

 

Alternatively…

 

Take One Step to A Cheaper Transfer Fee with DeeMoney

 

The secret to saving significant amounts of money on exponential transfer fees can be found in DeeMoney. With four outlets across Thailand and a convenient smartphone app, DeeMoney allows you to send money overseas for a transparent fee of 150THB only. One flat rate fee only, every single time. This means there are no surprise additional fees or further deductions from the principal amount for either the sender or the receiver at any point. There are no hidden commission rates, no recipient charges to pay, and no fee fluctuations according to which country you’re sending money to abroad. In addition, DeeMoney prides itself on offering competitive market exchange rates.

 

You only pay 150THB, however much you send.

 

After a quick registration process, you can use the DeeMoney app to send money abroad on the same day. There is no waiting process involved. Simply come down to a nearby DeeMoney outlet with a single form of identification. You can visit any one of our four branches and bring either your work permit, passport, Thai ID card or valid driving license! There’s nothing else to it.

 

Once you’re signed up, you can download the app and start making transfers! Just enter your recipient’s details and credit your account in one of three ways. It’s that quick and that cost-effective. Share the secret with others today!

 

 

 

[how241]

Looks like a good way to transfer.

[alphason]

I looked at this before, I don't need now it but was just interested to see what they offered to transfer out as I use other online transfer services e.g. transferwise to transfer funds in. It looked to me like you need to go in person to a branch to do the registration, I tried the app and I didn't see any online registration. Is that right, anyone registered online?

[Pib]

This is basically a regurgitation of the 29 Sep advertisement/thread titled Take Back Control of Your Money....see below   A good amount of comments in the 29 Sep like yes you have to register at one of their offices, they may have "inbound" transfer service in the future, etc.  

 

 

[mfd101]

Looks interesting. Are they going to set up also for INWARDS international transfers (ie TO Thailand)?

 

In any case, as the modern world slowly impinges more and more on ALL areas of life in Thailand, slowly slowly reluctantly step by painful step the country moves forward. As a healthy 69-year-old I'm wondering how long I can hold on till death do us part ...

[Pib]

27 minutes ago, mfd101 said:

Looks interesting. Are they going to set up also for INWARDS international transfers (ie TO Thailand)?

 

In any case, as the modern world slowly impinges more and more on ALL areas of life in Thailand, slowly slowly reluctantly step by painful step the country moves forward. As a healthy 69-year-old I'm wondering how long I can hold on till death do us part ...

Look at the other thread where they answered that question already.  

 

Their answer was and to quote: "We will certainly be launching our inbound service - other countries to Thailand - very soon!"  End quote.

 

Have to wait and see what "very soon" means...what countries you'll be able to transfer "from"....and of course the process and pricing.  But whether they indeed offer inbound service in the future, their current outbound service definitely sounds easier and cheaper than Thai banks.   

[Ulic]

What exchange rate is used?

[Pib]

18 minutes ago, Ulic said:

What exchange rate is used?

That question also answered in the 29 Sep thread above.

[thailen]

Which company or agency's exchange rate do they use?

[Pib]

3 minutes ago, thailen said:

Which company or agency's exchange rate do they use?

They use their own exchange rate....just look at their "Selling Rate" on their web page.  The Selling Rate is what is used when you are using baht to buy another currency such as GBP, USD, EUR, etc., to transfer to another country.   

 

The Buying Rate is used when they are buying your foreign currency and give you baht in exchange.

[timendres]

The 150 baht promotion expires Aug 31, 2018. Where's the time machine when you need it?

[timendres]

5 hours ago, Ulic said:

What exchange rate is used?

The website, as of this moment, quotes 32.27 / 32.52 THB on the USD.

 

I was very dubious at first, but that exchange is a very tight (25 bps) spread, and with the spot quoted as 32.45, a very good exchange indeed. Most of the outfits that offer low fees slaughter you on the exchange, but these guys appear to be offering a very good deal all around. I may need to give them a go.

[chicowoodduck]

Never a pain point for me....just load the suit case up and Bob is your Uncle.....????

[KittenKong]

18 hours ago, ThaivisaSales said:

Transferring money from Thailand to your home country is a pain point which every expat experiences on a regular basis.

I dont. Never done it. Never needed to.

 

18 hours ago, ThaivisaSales said:

But we all have to do it,

I dont.

[Wullie Mercer]

Is there a branch in Pattaya Area? has anyone got their branch/outlets locations?

[Pib]

3 hours ago, Wullie Mercer said:

Is there a branch in Pattaya Area? has anyone got their branch/outlets locations?

No branch in Pattaya yet but one is supposedly being planned....also answered in the 29 Sep thread given above.  Current branches listed on the DeeMoney website.....all current branches are only in the Bangkok Metro area. 

[DeeMoney]

19 hours ago, alphason said:

I looked at this before, I don't need now it but was just interested to see what they offered to transfer out as I use other online transfer services e.g. transferwise to transfer funds in. It looked to me like you need to go in person to a branch to do the registration, I tried the app and I didn't see any online registration. Is that right, anyone registered online?

Hi there!

 

Due to regulatory mandates, DeeMoney is not yet offering online registration and do require all customers to come in for face-to-face registration.  We apologize for that inconvenience - but promise to make it a pleasant experience that will not take up much time!  Once you're registered, you have the convenience of using the DeeMoney app anywhere, anytime!

 

Have a great day!

[DeeMoney]

17 hours ago, Pib said:

They use their own exchange rate....just look at their "Selling Rate" on their web page.  The Selling Rate is what is used when you are using baht to buy another currency such as GBP, USD, EUR, etc., to transfer to another country.   

 

The Buying Rate is used when they are buying your foreign currency and give you baht in exchange.

K. Pib, thank you so much for your helpful responses!

 

If we may just add to this thread a little:

 

DeeMoney offers both Money Transfer and Money Exchange services.

 

For Money Transfer, we manage our own exchange rates - which are published every morning on our website.  Our rates are the lower than all banks - we make sure of that!  You can follow our facebook account @deemoneyTH to get access to the daily rates. 

 

For Money Exchange, we are partnered with SuperRich so are definitely able to give the best rates for all money exchange transactions.  Likewise, you can follow our Facebook account @deemoneyTH to get see the most updated rates. 

 

Have a great day!

 

 

[Pib]

Took a look your DeeMoney's money transfer rate and a couple of Thai banks money transfer rate (a.k.a., selling rate) "at this moment in time."  Remember, a lower rate is better for a "selling/money transfer" rate as you have to fork out less baht to buy the foreign currency being sent.   As shown below DeeMoney did indeed have a slightly lower rate than the two Thai bank compared with.  And we already know DeeMoney's sending fee is much less than Thai banks.

           

                    Money Transfer/Selling Rates

           DeeMoney   Bangkok Bank    Kaiskorn Bank

USD       32.70         32.75                32.75 

GBP       43.06         43.165              43.1075  

AUD       23.53         23.5475            23.67

EUR       Note          37.86               37.81175

 

Note: DeeMoney did not have a "money transfer" exchange rate listed for Euros. Maybe DeeMoney can't do Euro money transfers?  But they did have a Euro "money exchange" rate like exchanging Euros to Baht at  their counter.  

https://www.dee.money/en/money-transfer-rate/

https://www.bangkokbank.com/en/Personal/Other-Services/View-Rates/Foreign-Exchange-Rates

https://kasikornbank.com/en/rate/Pages/Foreign-Exchange.aspx

 

[alphason]

On ‎10‎/‎18‎/‎2018 at 10:44 AM, DeeMoney said:

Hi there!

 

Due to regulatory mandates, DeeMoney is not yet offering online registration and do require all customers to come in for face-to-face registration.  We apologize for that inconvenience - but promise to make it a pleasant experience that will not take up much time!  Once you're registered, you have the convenience of using the DeeMoney app anywhere, anytime!

 

Have a great day!

On your website it says you have a partnership with Superrich, can't you extend this partnership to allow them to be agents to register customers. I wouldn't travel to Bangkok but would register in the local Phuket Superrich if available.

[DeeMoney]

On 11/3/2018 at 11:20 AM, alphason said:

On your website it says you have a partnership with Superrich, can't you extend this partnership to allow them to be agents to register customers. I wouldn't travel to Bangkok but would register in the local Phuket Superrich if available.

Hi there!  We will be appointing agents country-wide by next year, 2019, with 500 locations planned.  DeeMoney will be coming to Phuket very soon!