Advertorial Take the Anxiety Out of Money Transfers for International Students

[ASEAN NOW Sales]

Take the Anxiety Out of Money Transfers for International Students

 

 

Waving goodbye to your children as they set off into the world is always an emotional moment. But watching them board a plane to study abroad can add a whole new level of anxiety and concern to this milestone.

 

Every year between 400 to 500 thousand students travel overseas to complete their higher education where they are expected to pay tuition and living expenses. Some countries allow students to support themselves with part-time work but just as many expect the focus of students’ time to be entirely on their studies. It’s exciting to see young adults fulfilling their dreams, but predicaments can happen, and international students can often find themselves in urgent need of emergency funds. What is a parent to do?

 

Gifting a Stateside student with a bit of extra spending money around their birthday or wiring emergency funds to your son or daughter shouldn’t cost the earth in transfer fees and high exchange rates. This guide reveals how you can send money to support your children overseas on the cheap. Whether it's a one-off transfer or if you need to set up a regular payment, you'll save some serious cash if you use DeeMoney.

 

Don’t be bewitched by online platforms which advertise “fee-free rates”—often the exchange rate is adapted to make up for any loss. With a multitude of exchange rates and fees out there, it can be challenging to identify the best platform to send a cost-effective transfer from. The two significant expenses on a wire transfer are the transfer fee and the exchange rate.

 

• The transfer fee is typically the obvious charge which can often be levied on BOTH the sender and the recipient. SWIFT transfers and many other platforms also impose various hidden surcharges to disguise the real cost of the transaction too.
• Many wire transfer companies claim to be “commission-free” but then dampen the exchange rate, so you don’t get value for your money. It's also often challenging to get hold of the exact rates to compare them against others, as some platforms don't reveal their daily charges

 

The most important question, therefore, is how much currency will my intended recipient receive? If you are not careful, then using an uncompetitive provider can seriously dilute the amount that your son or daughter receives once it has been through the currency conversion. On top of that, they may have to pay to receive the funds—which could add further stress if the money is for an emergency.

 

At DeeMoney, we believe in complete transparency. We aim to ensure all our transfer exchange rates are lower than Thai local banks for outbound global remittances and all transactions are charged at a flat rate of 150THB. The same low-cost transfer fee is applicable to all international remittance between 1,000 and 800,000 THB with instant cash out and bank credit options for the recipient. Plus, all our transfer exchange rates are updated on our website and app daily.

 

You can download the DeeMoney mobile application (via the iTunes App or Google Play Store) and send money to your jetsetting offspring from your phone anywhere, anytime. Other than the one-time registration process (with just one form of valid identification), you don’t have to fill out additional paperwork for every international account you want to transfer to. A situation very different from attempting to set up international remittance transactions from a Thai local bank—as anyone who has tried the heavily bureaucratic process knows.

 

Once the app is downloaded, login to your new DeeMoney account through the QR code on the back of your membership card or with your registered phone number. As soon as you enter the verification code and set up your pin number you’re ready to set up your first transaction. The real-time exchange calculator within the DeeMoney app shows exactly how much the recipient party will receive in the chosen currency.

 

Now, simply follow this 5-step checklist to make your first digital transfer with the DeeMoney app:

1. Enter the recipient’s bank details (ensure these are correct at this step)
2. Choose the transfer amount you wish to send overseas
3. Select the ‘Reason for Remittance’ and ‘Source of Fund’ (add in any promo code here if you have one)
4. Tap ‘Payment Options’, followed by ‘Your Bank Account’
5. Type in the ‘Verification Code’ you receive and press submit!

 

Once your transfer is successful, your money will be automatically deposited into your recipient’s bank account within 1-2 working days (though times may vary depending on the receiving country). If you wish to pay another way.

 

To pay for your transfer you have three options:

1. Credit your transaction through your bank’s ATM (for Bangkok Bank, Kasikorn, and Siam Commercial Bank).
2. Select KPlus as your chosen top-up method and finalize the payment in the KBank mobile app on your phone.
3. Create a QR Code within the DeeMoney app, then open it up in your local m-banking app to upload the funds.
4. For more on the comprehensive range of choices you have for making transfers, check out the videos on our ‘How-To’ page.

 

Call us or sign up for pre-approval and our sales representative will make an appointment to take you through the simple registration process and activate your account. Or pop into your local branch to complete the process in person to get started and take the anxiety out of money transfers for international students.

 

[Puchaiyank]

Has anyone experience with DeeMoney?  Are the legit?

[Pib]

Legit...have a Bank of Thailand money transfer license....I've used them twice to send money to my US bank....easy...fast...cheap.

[rexall]

Anyone else?  Aside from risking my money which of course is the main concern, I would have to go to Bangers to open an account which is an expense and a pain in the butt I can do without.

Tks, lah!

[Puchaiyank]

3 minutes ago, rexall said:

Anyone else?  Aside from risking my money which of course is the main concern, I would have to go to Bangers to open an account which is an expense and a pain in the butt I can do without.

Tks, lah!

I believe they will send you an application via email if you contact them directly... 

[Pib]

13 minutes ago, rexall said:

Anyone else?  Aside from risking my money which of course is the main concern, I would have to go to Bangers to open an account which is an expense and a pain in the butt I can do without.

Tks, lah!

No need to leave the comfort of the keyboard.

https://www.dee.money/get-approved/

[rexall]

Oh, for Pete sake!  They sent me an application but it was my understanding that still have to pressent my sorry butt  in person to finalize the process.  I guess we will call them tomorrow.

 

Has anyone actually opened an account online with them?

Anyone unhappy with the service?

 

Tks, lah!

[Pib]

Have you talked to them on the phone yet...email them yet?.  What others have been asked to do is complete the form, attached a copy of ID, email/fax it to them, then they mail you your enrollment card.

[rexall]

Yeah, yeah, yeah.  We have spoken to them on the phone, but no one told me what you just explained.  They gave two messages: 
 

(1) You have to appear in person

(2) I'll send you an application.

 

You said "What others have been asked to do . . ."   Are these first-hand reports form others ?

 

Tks

 

[Pib]

Yes...other first hand reports of people signing up via long distance...just search the other DeeMoney threads over the last six months.

[Sydebolle]

400'000 - 500'000 students study overseas? 

[edwardflory]

I have posted this several times. IF you have a THAI bank account and a AMERICAN Bank account the easiest way for me to transfer money is..

Go INSIDE the THAI bank where you have your THAI bank account, go to a teller, give them your FOREIGN DEBIT or CREDIT card with instructions to deposit directly into YOUR BANK ACCOUNT.

 

I use XE Currency converter as my exchange cost guidline

 

I have found this is the easiest way and most economical way for ME. Yesterday, for example, I went to MY bank and transfered 21000 THB ( to buy a new TV ) to my "households expense" account from my American bank.

XE QUOTE for 21000THB $668.43USD

MY COST for 21000THB transfered and deposited $670.45USD.  This includes all bank fees and exchange charges. ( done in under 5 minutes ) $2.02USD TOTAL charges   I have never had total charges exceed $5.00USD.

Went outside, withdrew 17,500THB at the ATM, now I am watching my new TV ( using as a Android box monitor ) as I write.

 

DO A TEST TRANSFER of 20,000THB to compare YOUR charges. OTHER countries give it a shot.

[rexall]

Tks. This is very useful in itself.   However, tread is about money going in the other direction, from Thai to US.

[Cabradelmar]

I suggest Transferwise. Great service and rates.

[Pib]

8 hours ago, Cabradelmar said:

I suggest Transferwise. Great service and rates.

Transferwise can't be used to transfer "out" of Thailand; only transfer in.

[adam1948]

20 hours ago, edwardflory said:

I have posted this several times. IF you have a THAI bank account and a AMERICAN Bank account the easiest way for me to transfer money is..

Go INSIDE the THAI bank where you have your THAI bank account, go to a teller, give them your FOREIGN DEBIT or CREDIT card with instructions to deposit directly into YOUR BANK ACCOUNT.

 

I use XE Currency converter as my exchange cost guidline

 

I have found this is the easiest way and most economical way for ME. Yesterday, for example, I went to MY bank and transfered 21000 THB ( to buy a new TV ) to my "households expense" account from my American bank.

XE QUOTE for 21000THB $668.43USD

MY COST for 21000THB transfered and deposited $670.45USD.  This includes all bank fees and exchange charges. ( done in under 5 minutes ) $2.02USD TOTAL charges   I have never had total charges exceed $5.00USD.

Went outside, withdrew 17,500THB at the ATM, now I am watching my new TV ( using as a Android box monitor ) as I write.

 

DO A TEST TRANSFER of 20,000THB to compare YOUR charges. OTHER countries give it a shot. 

Hi edwardflory

 

I apologize for being a total idiot bonehead but I got very excited when I read your post (1st time I've seen it) ... I think you may have solved a big problem for me ... I have some questions

           1) What Thai bank do you use?

           2) How do you get your bank to use

               XE currency?

           3) Any other details I / we need

               to know to set this up exactly

               as you have?

Thank You, Thank You, Thank You

adam1948

Edited March 1, 2019 by adam1948
spacing and format

[Pib]

adam1948,

   The bank did not use the XE.com currency exchange rate (i.e, mid market rate)....he was just using XE for some reason in doing his comparison.   When you use your Visa/Mastercard/AmEx/etc., card for a counter withdrawal (a.k.a., cash advance although it not really a cash advance when using a debit card), the card network exchange rate is used (unless the Thai bank you are dealing with will only do a counter withdrawal using the DCC rate).   Use a Visa card and the Visa exchange rate is used....use a Mastercard and the Mastercard exchange rate is used....etc.

 

    Keep in mind if  your home country card-issuing bank applies a foreign transaction fee (1 to 3% is typical), then the effective exchange rate you get is lower.  If you card-issuing bank say charges a 3% foreign transaction fee then the exchange rate will be lowered by 3% "OR" a separate 3% fee effectively lowers it. 

 

   And regarding "credit" cards, it very typical that card-issuing bank charge a 3% cash advance fee and interest begins to accrue immediately....and that cash advance fee would be in addition to any foreign transaction fee our card-issuing bank might charge.

 

   Also keep in mind you need to know what the per day/transaction limit set by your "card-issuing" bank.  Say you card-issuing bank has  per day/transaction limit of say 1000 USD equivalent but you ask for more than that in baht at the Thai bank the transaction will reject because you asked for more than allowed.

 

    The Thai bank may charge a counter fee in the Bt200 ballpark...it varies among banks,...some are free....some have a small charge.  I've done counter withdrawals for years with my no foreign transaction fee and no cash advance US debit and credit cards at Bangkok Bank and Krungsri Bank branches here in Bangkok.

 

[rexall]

On 2/28/2019 at 11:03 AM, Pib said:

Yes...other first hand reports of people signing up via long distance...just search the other DeeMoney threads over the last six months.

Thanks Pib.  The confusion seems to be that the main call center told us (an apparently is telling others) you need to apply in person at Bangkok. However, other staff are providing an online option. I just emailed them my application, so we will see what we will see. I am a little concerned that the application and fields for work permits, but nothing for "retired."  As I am on a retirement extension, I hope that does not turn out to be a problem.

[rexall]

On 3/1/2019 at 11:38 AM, adam1948 said:

Hi edwardflory

 

I apologize for being a total idiot bonehead but I got very excited when I read your post (1st time I've seen it) ... I think you may have solved a big problem for me ... I have some questions

           1) What Thai bank do you use?

           2) How do you get your bank to use

               XE currency?

           3) Any other details I / we need

               to know to set this up exactly

               as you have?

Thank You, Thank You, Thank You

adam1948

Thanks adam, edward and Pib!  Anyone happen to know if the cash advance using a foreign debit/credit card gets posted on your statement as a "foreign transaction" as it would with TransferWise or a wire transfer?  Tks, lah!

[Pib]

9 minutes ago, rexall said:

Thanks adam, edward and Pib!  Anyone happen to know if the cash advance using a foreign debit/credit card gets posted on your statement as a "foreign transaction" as it would with TransferWise or a wire transfer?  Tks, lah!

It gets posted as just any old deposit at the counter.

 

 When you go into a branch to do a counter withdrawal and also tell them you also want to deposit it to your account, it's really "two" transactions they do....it like a combo thing.  1st transaction is processing the counter withdrawal/cash advance...they put the money in a temporary holding account for a few minutes until the can start the separate deposit transaction.  Then they move onto the second transaction where they move/deposit the money to your account...they prepared a deposit receipt for you to sign....then they move the money they put temporarily into their holding account into your account....update you passbook...you get a SMS the money has deposited to your acct, etc....you be done.

 

Summary: no, a counter withdrawal/cash advance does not get coded as a foreign transfer/deposit.  

[rexall]

Rats!  Tks for the quick reply.  

[Pib]

24 minutes ago, rexall said:

Thanks Pib.  The confusion seems to be that the main call center told us (an apparently is telling others) you need to apply in person at Bangkok. However, other staff are providing an online option. I just emailed them my application, so we will see what we will see. I am a little concerned that the application and fields for work permits, but nothing for "retired."  As I am on a retirement extension, I hope that does not turn out to be a problem.

 

 

And the only part of the registration form you need to complete is the Sender portion and sign it plus ID attached.  You don't need to complete those parts regarding "Receiver(s)" as the Receiver part is just for those folks which might want to have DeeMoney preload some banks they need to transfer to.  Keep in mind that probably 95% of DeeMoney's money transfer business comes from immigrant labor from Myanmar, Laos, and Cambodia who are sending salary/payments back to their families in those countries who will visit a DeeMoney office with cash in hand to transfer funds versus using a computer or smartphone to fund the transfer from a Thai bank account.   You don't need a work permit.  I did my signup at one of their offices and I think I just checked the resident block, only have a retirement extension of stay, then let them copy my passport main page and Pink ID card. 

 

Shortly after registering I did two transfers to my US bank....funds took 2.5 days to post to my US bank account....but it takes DeeMoney's online system/app another day or so for the status to change from "In Progress" (or something like that) to "Completed"....I expect it takes a day or so for the completed status to flow back and update their system.  Or said another way, you should see the funds post to your account before you get that confirmation on the DeeMoney system.

 

Yeap, your results may vary, but me like DeeMoney.

 

[NCC1701A]

so to transfer FROM USA to Thailand you give your USA bank account details within the app?

 

or somehow transfer to dee money from your bank?

 

what is the monthly limit?

[Pib]

59 minutes ago, NCC1701A said:

so to transfer FROM USA to Thailand you give your USA bank account details within the app?

 

or somehow transfer to dee money from your bank?

 

what is the monthly limit?

DeeMoney is for transfering fund "out of Thailand"; you can not use it to transfer funds to Thailand.

 

If using DeeMoney to transfer funds out, their website covers the various ways to fund a transfer....basically a Direct Debit from your Thai bank account or using QR payment. I always use QR payment because it so easy and I don't like giving Direct Debit authorization to any company (Thai or US).

 

You can transfer up to $15K USD per day/transaction (not to imply your Thai bank will allow you to transfer that much to DeeMoney to fund the transfer....that varies from individual to individual, bank to bank as to how much you can transfer to a 3d party/pay a bill/etc.

 

[rexall]

Pib.  Above and beyond the call of duty for all this helpful information. Thanks!

 

Can I bug you for one more?  How do you do QR payment. I have just been on the Kasikorn website which explains how to set it up. But then how do you do a payment to DeeMoney?  

[Sheryl]

On 2/28/2019 at 10:35 AM, rexall said:

Oh, for Pete sake!  They sent me an application but it was my understanding that still have to pressent my sorry butt  in person to finalize the process.  I guess we will call them tomorrow.

 

Has anyone actually opened an account online with them?

Anyone unhappy with the service?

 

Tks, lah!

Yes, I opened an account with them entirely online.

 

Perfectly happy with their service, I have not a single complaint. It works well, efficiently, and their customer service via Line App is excellent (they prefer to do customer service that way, if you call or email they may ask you to use Line. But they respond  fast once you do.)

[Pib]

21 minutes ago, rexall said:

Pib.  Above and beyond the call of duty for all this helpful information. Thanks!

 

Can I bug you for one more?  How do you do QR payment. I have just been on the Kasikorn website which explains how to set it up. But then how do you do a payment to DeeMoney?  

See the payment methods descriptions at this DeeMoney webpage: https://www.dee.money/support/

 

That webpage will show you below video.    But basically you will need to use your Thai bank "mbanking app" to do a QR payment.  You just use your Thai bank's mbanking app to scan/pay the QR code that DeeMoney will present when you do a transfer. 

 

Heck, I pay "all" my reoccurring bills like electric, internet, mobile, etc., type bills via bar/QR code payment.  Like when my monthly electric bill arrives, I open up my Bangkok Bank mbanking app, select Pay Bill/Top Up, select Scan to Pay, the app scans the bar/QR code and then presents you with a screen to pay the bill assuming the billing company uses Bangkok Bank as a payment source...click once or twice and you are done.  Bar/QR code payment is so easy....much easier and faster than using ibanking.

 

Edit: and you don't need to totally use the DeeMoney phone app to process each transfer.  What I do is use the DeeMoney computer browser webpage to initiate a transfer (like using the bigger screen of my laptop versus a little smartphone)....the final step of the transfer is funding the transfer....I choose QR payment....a QR code then appears on my computer's screen...I then use my phone mbanking app to scan and pay.   Or you can do it all on your smartphone if desired....you just need to take a screenshot of the QR code....then open your mbanking app...and then "scan from file/photo" the QR code your took a screenshot of.  It's really easy once you do it one time.

 

 

Edited March 3, 2019 by Pib

[Pib]

Be sure to review DeeMoney FAQs also....a lot of most frequently asked questions are answered there....like where their browser logo webpage is located.  I don't know why they don't make the browser logon page more prominent on their website.

 

https://www.dee.money/faq/

[Kwasaki]

On 3/3/2019 at 8:31 PM, Pib said:

Be sure to review DeeMoney FAQs also....a lot of most frequently asked questions are answered there....like where their browser logo webpage is located. 

I'm starting to read up now and get signed up I will need to send Baht to my UK bank.

I wish I could do all on my computer, I am hopeless with mobile, I guess my vivo android phone will be OK for using the QR if there's no other way.

[Kwasaki]

On 3/16/2019 at 11:44 AM, Kwasaki said:

On 3/3/2019 at 8:31 PM, Pib said:

Be sure to review DeeMoney FAQs also....a lot of most frequently asked questions are answered there....like where their browser logo webpage is located. 

I'm starting to read up now and get signed up I will need to send Baht to my UK bank.

I wish I could do all on my computer, I am hopeless with mobile, I guess my vivo android phone will be OK for using the QR if there's no other way.

I guess another waste of time asking here, I thought I made it clear I want Thai baht transfer to the UK and DeeMoney can't do that.

Does anyone know how to get Thai baht converted and sent to UK please.