Advertorial As digital financial services grow, DeeMoney leads the way

[ASEAN NOW Sales]

As digital financial services grow, DeeMoney leads the way

 

 

Digital transactions in Thailand are rising significantly, data from the Bank of Thailand shows. Mobile and internet payments were up 83 percent in 2018 from 2016, while fund transfers through traditional channels - branches and ATMs - sank.

 

People are increasingly using their smart phones and tablets not only for payments, but for money transfers anywhere in the world. This growing “cashless society” is expected to continue in Thailand, as digital technologies and infrastructure evolve and more consumers make the switch for ease and convenience.

 

DeeMoney is at the forefront of this evolution in Thailand.

 

DeeMoney is an international money transfer service, operated by Thai-based international telecom provider SawasdeeShop. DeeMoney last year became the first non-bank provider in Thailand awarded special licences by the Bank of Thailand for cross-border money transfer, exchange and e-payment services. That means customers can make unlimited and instant transfers worldwide without restrictions traditionally imposed by banks, such as high fees and large amounts of documentation, bank account requirements and red tape.

 

DeeMoney charges a flat fee of 150 baht per transaction and requires only one form of valid ID for registration. Money can be sent to 180 countries including the Unites States, Australia, China, India and ASEAN countries such as Cambodia, Vietnam, Myanmar and the Philippines. By collaborating with international partners, it has a strong and reliable distribution network globally, with more than 220,000 service points.

 

It also has four branches in Bangkok, offering transfer and 34 currency exchange services. But along with its shopfronts, it is firmly focused on digital innovation. Customers can transfer money and make payments from Thailand via the DeeMoney app available on Android and iOS.

 

“We are in the middle of a financial technology revolution, a move towards a more cashless society,” said Aswin Phlaphongphanich, Chief Executive Officer of SawasdeeShop.  

 

“Customers in Thailand increasingly want smart, convenient and reliable digital financial services. Not only Thai citizens, but the many international workers and their families living in Bangkok, who want to send money home quickly and easily.  

 

“We have been developing several innovative technologies and services that allow them to do this, like the DeeMoney app.”

 

Such efficient services are critical in a country like Thailand, the second-largest economy in Southeast Asia, with its thriving businesses and industries, and global workforce.

 

“We are meeting evolving customer needs in Thailand in an increasingly digital world,” Mr Phlaphongphanich said.

 

 

[gamini]

It is very good for sending small amounts. It only charges BT 150 for the money transfer as opposed to BT 1500 for a bank. On the other hand,  its exchange rates in their favour are not very competitive. For large amounts a bank transfer would be cheaper. To make it clearer, you have to send the money in the currency of the country that you send it to, you have to buy the currency from them, which is a higher rate than from the bank. But it's a very efficient, easy way and you can do everything on your mobile phone. 

[lahgon29]

1 hour ago, gamini said:

It is very good for sending small amounts. It only charges BT 150 for the money transfer as opposed to BT 1500 for a bank. On the other hand,  its exchange rates in their favour are not very competitive. For large amounts a bank transfer would be cheaper. To make it clearer, you have to send the money in the currency of the country that you send it to, you have to buy the currency from them, which is a higher rate than from the bank. But it's a very efficient, easy way and you can do everything on your mobile phone. 

For a transfer with the best rate available, cross bank rate, and similar set up, try Transferwise. Many people I know here use it and haven't heard an unhappy review yet. 

[Puccini]

1 hour ago, lahgon29 said:

For a transfer with the best rate available, cross bank rate, and similar set up, try Transferwise. Many people I know here use it and haven't heard an unhappy review yet. 

Are you sure you can use TransferWise to send money out of Thailand?

[suzannegoh]

Are you sure you can use TransferWise to send money out of Thailand?

No, you cannot.

[Pib]

5 hours ago, gamini said:

It is very good for sending small amounts. It only charges BT 150 for the money transfer as opposed to BT 1500 for a bank. On the other hand,  its exchange rates in their favour are not very competitive. For large amounts a bank transfer would be cheaper. To make it clearer, you have to send the money in the currency of the country that you send it to, you have to buy the currency from them, which is a higher rate than from the bank. But it's a very efficient, easy way and you can do everything on your mobile phone. 

 

Don't know how you can say the DeeMoney money transfer rates are not very competitive.  Below are the DeeMoney & Thai bank money transfer rates for USD as of 11 Apr 19 (just for example).  As you will see their rates are plus or minus a hair of the Thai bank rates....and their sending fee is definitely a lot less...and the hassle of sending is a ton less. 

 

DeeMoney Money Transfer Exchange Rate 11 Apr 19

 

Thai banks Money Transfer Rate (i.e., TT Selling Rate) 11 Apr 1

[Pib]

4 hours ago, lahgon29 said:

For a transfer with the best rate available, cross bank rate, and similar set up, try Transferwise. Many people I know here use it and haven't heard an unhappy review yet. 

No can use Transferwise to send money out of Thailand; only into Thailand.

[Sheryl]

On 4/11/2019 at 4:31 PM, lahgon29 said:

For a transfer with the best rate available, cross bank rate, and similar set up, try Transferwise. Many people I know here use it and haven't heard an unhappy review yet. 

 

You cannot transfer money OUT of Thailand with Transferwise, only INTO Thailand. Dee Money does the opposite.

 

And plenty of unfavorable reviews of TW for that online - including mine. Seem mostly to involve TW US.

[Sheryl]

On 4/11/2019 at 8:43 PM, Pib said:

 

Don't know how you can say the DeeMoney money transfer rates are not very competitive.  Below are the DeeMoney & Thai bank money transfer rates for USD as of 11 Apr 19 (just for example).  As you will see their rates are plus or minus a hair of the Thai bank rates....and their sending fee is definitely a lot less...and the hassle of sending is a ton less. 

 

DeeMoney Money Transfer Exchange Rate 11 Apr 19

 

Thai banks Money Transfer Rate (i.e., TT Selling Rate) 11 Apr 1

 

I also have always found their rates to be good and essentially same as a banks. that is for sending in USD. Can't say re other currencies.

[Kwasaki]

Just when I thought I had Deemoney figured out they have send me a card on the leaflet they say

Bank Account Credit ... To Send Money... Present your Deemoney Card. ??

 

[transam]

9 minutes ago, Kwasaki said:

Just when I thought I had Deemoney figured out they have send me a card on the leaflet they say

Bank Account Credit ... To Send Money... Present your Deemoney Card. ??

 

And "Gimmie five"...????