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.