Advertorial DeeMoney 101: How Does It Work and Is It Secure?

[ASEAN NOW Sales]

DeeMoney 101: How Does It Work and Is It Secure?

 

 

DeeMoney is a digital money transfer service provider disrupting international wire transactions for its rapidly expanding audience. Designed with customer needs in mind, DeeMoney is speeding up and smoothing out traditional processes which are expensive and impractical for most. It’s also unparalleled as the ONLY money platform authorized to wire and exchange Thai Baht online or in cash.

 

Based in Bangkok, the FinTech company was the first local non-bank international remittance platform to gain special licenses from the Bank of Thailand in 2017. Two years later the company’s services—in global wire transfers and money exchanges in 34 currencies—are thriving. At the core of DeeMoney’s evolution is its innovative mobile platform which makes global e-payments super simple. Users can send money to countries all over the world in just a few taps from anywhere and at any time.

 

To achieve all this and more, DeeMoney leverages several unique global partnerships with existing financial service providers across the world to make international remittance swift and cheap. This singular network comprises US-based money transfer company MoneyGram; Merchantrade, a Malaysian licensed money transfer and exchange network; worldwide money transfer company Xpress Money; and Wing Money, a Cambodian specialized licensed entity.  

 

Why Use DeeMoney?

• The game-changing Authorized Money Transfer Agent License, E-Payment Service License Type C (3) and Authorized Money Changer License means that DeeMoney is fully empowered to operate its own money transfer, currency exchange, and e-payment services.
• To shake up the international remittance market, DeeMoney provides multiple international transfer options:
  • You can send cash from DeeMoney outlets to partnered branches worldwide
  • OR arrange a convenient transfer online via the DeeMoney app  
• The DeeMoney mobile app is available on Android and iOS, making it easy to send money to your international recipients whenever it suits you.
• For the one-time registration, just submit your contact details through the form on the website and DeeMoney will get in touch with you to finalize the process:
• You only need one form of valid identification to get started; a passport, Thai driving license orThai ID.
  • Unlike Thai local banks, DeeMoney has no work permit or visa restrictions on membership. Anyone can sign up with just one ID document.
  • Your recipient pays no fees to collect the cash out option from partner money shops, or funds can be deposited directly in their chosen bank account. The transaction isn’t affected by any surprise or hidden charges, so they also receive the full transfer amount sent.
• DeeMoney international payments are completed in 1-2 business days depending on the recipient country.
• The company is regulated by the Bank of Thailand and is trusted by thousands of DeeMoney members—with more new members registering daily.

 

DeeMoney Fees: How Much Will It Cost?

Rather than being subject to outmoded money-transfer tiered fees that inflate with payment amounts; registered DeeMoney members can take advantage of the platform’s industry-first flat-fee. Which means that you can make worldwide money transfers to and from countries all over the world for just 150 THB. In addition, DeeMoney international transfers are up to 90% cheaper than Thai local banks—and that’s for all transfer transactions up to a whopping 800,000 THB.

 

DeeMoney Exchange Rates

DeeMoney transfer and currency exchanges are fully transparent (the rates are updated on the app, website, and the company’s Facebook page daily) and as close to the real mid-market exchange rate as possible. So you can avoid expensive banking fees, AND you won’t lose money on unfair exchange rates—unlike some other platforms which add a markup to the real exchange rate on top of their fees.

 

Is DeeMoney Safe?

DeeMoney is fully regulated by the Bank of Thailand, and just like all money entities, banks, and financial institutions, the platform verifies its members to protect against fraud and money laundering.

 

How to Use DeeMoney

As well as nipping into a DeeMoney branch to send international transfers through cash, members can download and use the mobile app any time, anywhere. Once downloaded, crediting money transfer transactions is just as easy. DeeMoney has set up a commercial partnership with banks through API access which allows members to link their bank accounts (for local banks in Thailand) to the app to credit the transfers in seconds.

 

You can also choose to fund international transfers on the app through your Mbanking app via QR code payments. Begin setting up the wire transfer to your chosen recipient then select the QR code option to credit the transaction. Save the QR code to your mobile, then open your default banking app to scan and complete the payment directly from your bank account. It’s safe, fast, and simple.

 

Visit the DeeMoney Support page too for detailed descriptions and videos to demonstrate each payment option in full here. Start the DeeMoney approval process online here today.

[Puchaiyank]

Show me deemoney!

[KhunBENQ]

Still no Euro transfer. Mai dee.

[scubascuba3]

Advertising op?

[KhunBENQ]

1 minute ago, scubascuba3 said:

Advertising op?

?

Yes, as clearly marked (Advertorial).

[scubascuba3]

?

Yes, as clearly marked (Advertorial).

Clearly marked? not on Tapatalk

 

[KhunBENQ]

2 hours ago, scubascuba3 said:

Clearly marked? not on Tapatalk

Ok. No idea.

That's how it looks on the web.

 

[scubascuba3]

Ok. No idea.
That's how it looks on the web.
 

Yep nowhere to be seen on Tapatalk, people on these forums always assume posters see threads the same

[gamini]

I have been using Dee money a lot recently. It's extremely easy to use. You don't need credit card accounts. It simply deducts the money from my Thai bank account and send the money in whatever currency I like. I am told I can send up to £15,000 to anyone in the UK, no questions asked. 

But although their fees are very small. They make their money on the exchange rate. It's very good for making small payments because banks usually charge a fixed fee for payments of any size. I think here It's about 1500, so if you want to send a large amount doing it through a bank would probably be cheaper. Because the exchange rate that Dee money is not very favourable. In order to send money to the UK you would have to pay them about 44 bt per GBP , whereas banks and credit cards charge, probably about 42-43. And at the moment. The GP pound is selling at about 40BT.

[charliebadenhop]

Good to know that their rates tend to not be as good as banks!

 

Thanks

[UKJASE]

1 hour ago, gamini said:

I have been using Dee money a lot recently. It's extremely easy to use. You don't need credit card accounts. It simply deducts the money from my Thai bank account and send the money in whatever currency I like. I am told I can send up to £15,000 to anyone in the UK, no questions asked. 

But although their fees are very small. They make their money on the exchange rate. It's very good for making small payments because banks usually charge a fixed fee for payments of any size. I think here It's about 1500, so if you want to send a large amount doing it through a bank would probably be cheaper. Because the exchange rate that Dee money is not very favourable. In order to send money to the UK you would have to pay them about 44 bt per GBP , whereas banks and credit cards charge, probably about 42-43. And at the moment. The GP pound is selling at about 40BT.

in the advert it says it gives you the interbank exchange rate.... as found on xe.com etc

 

so is that infact not true you say?

[Jaybott]

Is Dee Money only for transferring out of Thailand? Can you transfer money from a USA bank into a Thai bank?

[charliebadenhop]

I read this-

 

DeeMoney transfer and currency exchanges are fully transparent (the rates are updated on the app, website, and the company’s Facebook page daily) and as close to the real mid-market exchange rate as possible.

 

Please show me where it says "interbank exchange rate".

[Pib]

3 minutes ago, Jaybott said:

Is Dee Money only for transferring out of Thailand? Can you transfer money from a USA bank into a Thai bank?

For transferring out only.

[Pib]

 

1 hour ago, gamini said:

Because the exchange rate that Dee money is not very favourable. In order to send money to the UK you would have to pay them about 44 bt per GBP , whereas banks and credit cards charge, probably about 42-43. And at the moment. The GP pound is selling at about 40BT.

When you transfer money out of Thailand the Thai bank will use their "TT Selling Rate"....that is, if you want to send out 1000 GBP they will "sell" them to you to send out for your Thai baht.  Now in  such a case the "lower" the TT Selling Rate the better as you have to forkout less THB to buy the GBP.  

 

For transferring funds, DeeMoney calls their rate the "Money Transfer Rate."   

 

So, lets compares Thai bank TT Selling Rates and the DeeMoney Money Transfer Rate for GBP today....at this millisecond in time.  As you see below DeeMoney's rate is plus or minus a hair of Thai banks.  And their direct sending fee of only Bt150 with no intermediary bank fees is definitely a lot cheaper than the Thai bank direct sending fee ranging from about Bt350 to Bt1500 depending on if you want the bank to cover any intermediary bank fees alone the way.  And when it comes to less hassles in sending the funds, well, there is no hassle with DeeMoney like you can easily experience with Thai banks.

 

DeeMoney Transfer Exchange Rate

 

Thai banks TT Selling Rate

 

[ricklev]

I sent you a simple question through your website https://www.dee.money/contact-us/ on Sunday.  No response.  Doesn't inspire confidence in your service!

[tpkhk]

On 4/2/2019 at 5:44 PM, Jaybott said:

Is Dee Money only for transferring out of Thailand? Can you transfer money from a USA bank into a Thai bank?

I was at Dee Money and someone was waiting for an inbound transfer (cash at the counter, sent from overseas) .... so it is possible.  I didnt follow through on the process, but I'd imagine it involves a domestic bank transfer in the source country, and picking up cash here..... (or domestic bank transfer).

[wreckingcountry]

Bad rates! Just the same as PayPal


Sent from my iPhone using Thaivisa Connect

[Pib]

I was at Dee Money and someone was waiting for an inbound transfer (cash at the counter, sent from overseas) .... so it is possible.  I didnt follow through on the process, but I'd imagine it involves a domestic bank transfer in the source country, and picking up cash here..... (or domestic bank transfer).

I really meant transfer directly into your Thai bank acct...like transfer from your US, UK bank account to your Thai bank account like you can do with Transferwise, SWIFT, etc.

 

And yes you can use some other money transfer services which DeeMoney interfaces with to send money to DeeMoney for pickup at one of their branches.

 

[Henryford]

On 4/2/2019 at 4:44 PM, charliebadenhop said:

Good to know that their rates tend to not be as good as banks!

 

Thanks 

Not much use if the banks won't let you transfer money out of Thailand.

[Orton Rd]

Why would a Thai bank not let you transfer money out?

[Pib]

30 minutes ago, Henryford said:

Not much use if the banks won't let you transfer money out of Thailand.

Your bank is not involved in the actual transfer out of funds "other than you do a "domestic" transfer from your Thai bank acct to your DeeMoney account to fund your transfer."   Then DeeMoney transfers out the money you provided to fund the transfer.  As you know, there is no problem in during a domestic transfer from your Thai bank account.  You can funds your DeeMoney transfers in various ways...info on their website...personally I use their QR payment method using my Thai bank mobile app which transfers the money to fund my transfer instantly.....or you can setup a Direct Debit from your Thai bank account...or you can....  Info on their website.

[Pib]

12 hours ago, wreckingcountry said:

Bad rates! Just the same as PayPal

How did you come to that calculation?  A few details please.

[Pib]

Me thinks some people should spend some time reviewing the DeeMoney website.  They just may find out it's an easy and cheap way to transfer funds out of Thailand to your home country "if your home country currency and/or bank" is supported as DeeMoney don't support all currencies nor send to all countries/banks.  

 

All of my primary US banks were on their list.  My two transfers to my US bank posted to my account 2.25 and 2.75 days later for a 2.5 days average.  Total transfer fee each time...Bt150 (plus 7% VAT)....DeeMoney Money Transfer exchange rate plus or minus a hair of Thai bank TT Selling Rates which is the rate Thai banks use when you go to them to transfer out money....but you also pay a much higher sending fee if the Thai bank allows you to transfer the funds.  As we've all seen in many ThaiVisa posts over the years usually Thai banks will require proof of funds source, must meet one of their allowed transfer-out reasons which are more restricted for farangs than for Thais, etc. 

 

My experience with DeeMoney has been good....your results may vary.  Their website/app is easy to use.  People should closely review their website without the preset opinion of this can't be true, it can't be this easy, it can't be this cheap, etc., because it sure ain't that way with Thai banks.

 

 

Edited April 4, 2019 by Pib

[scotsman]

When I go to there website to apply for membership the drop down menu for country of transfer has not got Thailand or the UK so how can you apply online for this service? 

regards 

Scotsman 

[Pib]

28 minutes ago, scotsman said:

When I go to there website to apply for membership the drop down menu for country of transfer has not got Thailand or the UK so how can you apply online for this service? 

regards 

Scotsman 

Sounds like you want to send GBP to the UK.  Looks like that pull down menu left off the UK....probably a mistake.  That online form is just to get the process going....get them to contact you...get the ball rolling.  Recommend you submit the form....select any country...maybe choose the US instead...and then once they contact you you can get the clarification on if they still send to the UK.  Yea, I expect it an oversight on that form that the UK has been left out.  

[scotsman]

I just got a e-mail telling me to pick any country so its worked.

regards 

Scotsman 

[wpcoe]

On 4/4/2019 at 9:58 AM, Pib said:

All of my primary US banks were on their list. 

Where did you see a list of US banks?  I thought they could send to any bank on the ACH system, but not sure why I thought that.  I poked around the DeeMoney web site and can't find a list of US banks.

[Pib]

41 minutes ago, wpcoe said:

Where did you see a list of US banks?  I thought they could send to any bank on the ACH system, but not sure why I thought that.  I poked around the DeeMoney web site and can't find a list of US banks.

You use to be able to see the financial institutions they could send to by going to below DeeMoney webpage and then clicking on bank branch will would then list the folks they can send to...but now you just get a broken link which clicking on bank branch.

https://www.dee.money/transfer-fees/#usa

 

So until they possibly fix that you can only see the list from within your account when setting up a recipient to send to.   But at below post is a list as of Jan 19.

 

  

 

 

Edited April 28, 2019 by Pib

[wpcoe]

Thanks. I went to the process to set up a recipient & unsurprisingly my credit union was not listed but surprisingly Fidelity (my broker) wasn't listed either. Several other brokerages were listed. So I can't use DeeMoney. [emoji20]

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