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Triumph Over Bank Fees


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Triumph Over Bank Fees

 

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Shakespeare no doubt didn’t realize just how accurate his words would ring this far in the future. But thanks to ever-evolving technology, truly “the world is [your] oyster.” Or whatever other bivalve mollusc takes your fancy. With far-flung global destinations now much more affordable and accessible, it’s only appropriate that currency exchange and international money transfer processes keep up too.

 

Accessing and using money overseas needs to be much more cost effective than paying huge charges to receive international money transfers or withdraw cash from your home account via local ATMs. Keeping your costs down can be a major priority when traveling, which is why you shouldn’t be paying over the odds on unnecessary fees to exchange or receive money and use your card abroad.  

 

On the bright side, there are now a number of digital money exchange and international transfer services that offer affordable currency conversion and wire transfers that beat local bank fees hands down.

 

Like leading Thailand-based company DeeMoney, TransferWise is also bent on disrupting the way its loyal users can wire money from country to country. The two companies operate slightly differently but actually complement each other very well—as this writer can personally attest to!

 

Not only do both companies have online platforms that make international money transfers a breeze from your phone wherever you are, but both also support inexpensive currency exchanges within the transactions too. DeeMoney and TransferWise are also alike in that they believe in complete transparency about their fees by offering their users the lowest possible rates. As TransferWise promises, We’re on a mission to make TransferWise as cheap as possible, never overcharging or undercharging anyone. So when our costs go down, your fees go down too.”

 

One of the fundamental differences between the two digital platforms is that DeeMoney is unique in its exclusive Bank of Thailand licenses which means it’s the ONLY Thai non-bank entity to send and exchange Thai Baht to recipients overseas. With four branches in Thailand and an Apple and Android compatible smartphone app, DeeMoney provides money transfers to seventeen countries for a fee of 150 THB only. One flat fee, every single time, for any amount up to 800,000 THB.

 

There are a few other differences that distinguish DeeMoney and TransferWise—which is why the two work well together in tandem. Let’s check out a comparison of the two money exchange and international transfer companies directly.

 


 

TransferWise

 

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DeeMoney

 

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Mobile application

✅

✅

Speed

1-2 days

1-2 days

Credit account methods

  • Bank transfer

  • Debit or credit card

  • SWIFT transfer

  • Links all Thai banks through SCB, BBL or KBank transfer

  • KPlus app

  • QR code payment

Regular payments

✅

✅

Transfer type

Online only

Online and in-branch

Supports THB conversion

No

✅

Recipient transfer charges

No

No

Fees

Currency dependent but on average between 0.3 and 0.6%

You only pay 150THB, however much you send

Bank rate comparison

Up to 8 X cheaper than global banks

Up to 90% cheaper than Thai local banks

Cash in and cash out   capabilities

No

Available in branch

 

When it comes to currency exchange, whenever you send money using TransferWise, the transaction is made using the real, mid-market exchange rate. DeeMoney also offers competitive exchange and transfer rates which are updated on their website, Facebook page, and phone application daily.

 

When it comes to choosing between DeeMoney or Transferwise, it’s important to determine which will suit your needs better. For remitting your Thai Baht salary abroad cost-effectively than DeeMoney is your number one option. Nip into your nearest DeeMoney branch today to complete the simple registration process with just one valid form of ID and you can start saving money straight away as soon as you become a DeeMoney member.

 

If you’re operating in multiple currencies though then it’s possible to use the two platforms in synergy to convert Thai Baht into one of your TransferWise Borderless account currencies and use it as USD, JPY, or whatever you need. You can also take advantage of TransferWise’s Borderless Accounts feature. Where you can hold money in over 40 currencies and receive payments in GBP, EUR, and AUD, etc.

 

As you can see, both companies can meet a different set of requirements in a complementary fashion—the bonus is that each will help you triumph over bank fees!

 

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