Transferwise for transfers out of Thailand?

[Hal65]

Anyone use TW for outbound Thank bank to home country bank transfers back to your home country? How has it fared?

 

Is transferwise finicky on matching account names or are they pretty easy to get transfers across with?

[zhounan]

TransferWise do not support thai baht for transfer out of Thailand

[rhodie]

TW do not transfer out of Thailand. Try Dee Money?

[Kwasaki]

As said Deemoney cheapest, you can also use a Thai high Street bank or usually the more expensive Western Union.

Edited May 31, 2019 by Kwasaki

[Hal65]

Deemoney can only transfer to about 70 banks in the US though. And none of the online banks which is my preference. 

 

What about the TW borderless account? I think you can transfer money from a Thai bank into the borderless account, and then transfer the funds to a US bank account? It would be 2 transactions which is okay with me

[Pib]

8 minutes ago, Hal65 said:

Deemoney can only transfer to about 70 banks in the US though. And none of the online banks which is my preference. 

 

What about the TW borderless account? I think you can transfer money from a Thai bank into the borderless account, and then transfer the funds to a US bank account? It would be 2 transactions which is okay with me

Well, you can "hold" THB in a borderless account but that does not mean you can "send" THB to a borderless account.  You can hold THB in a borderless account by converting from some other currency into THB. 

 

https://transferwise.com/help/17/borderless-account/2897238/which-currencies-does-my-borderless-account-work-with

[Hal65]

Good thing I asked about this then, I was completely depending on Transferwise for my plan.

 

Does anyone know a deemoney compatible US bank that will open an account over the phone, fax or online? I am pasting the US banks they work with below, as given to me by their customer service:

 

Ally Financial
American Express Company
Associated Banc Corp
Bancwest Corp
Bank Of America
Bank Of New York Mellon
Bank United
Barclays Delaware Holdings
BB T Corporation
BBVA Compass Bancshares
BMO Financial Corp
BMO Harris Bank
BOKFinancial Corp
Capital One
CFE Federal Credit Union
Charles Schwab Corp
Chase Bank
CIT Group Inc
Citigroup
Citizens Financial Group
City National Corp
Comerica Inc
Commerce Bancshares
CSE Federal Credit Union
Cullen Frost Bankers
Delta Community Credit Union Bank
Deutsche Bank Trust Corp
Discover Financial Services
East West Bancorp
E Trade Financial Corp
Everbank Financial Corp
Fifth Third Bancorp
First Citizens Bancshares
First Horizon National Corp
Firstmerit Corporation
First Niagara Financial Group
First Republic Bank
First United Services Credit Union
Goldman Sachs Group
Hills Bank And Trust Company
HSBC North America Holdings
Hudson City Bancorp
Huntington Bancshares
J P Morgan Chase Co
Key Bank
Ledyard National Bank
Morgan Stanley
M T Bank Corporation
MUFG Americas Holdings
New York Community Bancorp
Northern Trust Corporation
People S United Financial
PNC Financial Services
Popular Inc
Proponent Federal Credit Union
Raymond James Financial
Regions Financial Corporation
San Mateo Credit Union
Santander Holdings USA
Scottrade Financial Services
Signature Bank
State Street Corporation
Suntrust Banks
SVB Financial Group
Synovus Financial Corp
TCF National Bank
Td Bank Us Holding
Umpqua Holdings Corp
Union National Bank
United Services Automobile Assoc
U S Bancorp
US Bank
Utrecht America Holdings
Webster Financial Corp
Wells Fargo Company
Zions Bancorporation

[Saltire]

2 minutes ago, Hal65 said:

Good thing I asked about this then, I was completely depending on Transferwise for my plan.

 

Does anyone know a deemoney compatible US bank that will open an account over the phone, fax or online? I am pasting the US banks they work with below, as given to me by their customer service:

 

Ally Financial
American Express Company
Associated Banc Corp
Bancwest Corp
Bank Of America
Bank Of New York Mellon
Bank United
Barclays Delaware Holdings
BB T Corporation
BBVA Compass Bancshares
BMO Financial Corp
BMO Harris Bank
BOKFinancial Corp
Capital One
CFE Federal Credit Union
Charles Schwab Corp
Chase Bank
CIT Group Inc
Citigroup
Citizens Financial Group
City National Corp
Comerica Inc
Commerce Bancshares
CSE Federal Credit Union
Cullen Frost Bankers
Delta Community Credit Union Bank
Deutsche Bank Trust Corp
Discover Financial Services
East West Bancorp
E Trade Financial Corp
Everbank Financial Corp
Fifth Third Bancorp
First Citizens Bancshares
First Horizon National Corp
Firstmerit Corporation
First Niagara Financial Group
First Republic Bank
First United Services Credit Union
Goldman Sachs Group
Hills Bank And Trust Company
HSBC North America Holdings
Hudson City Bancorp
Huntington Bancshares
J P Morgan Chase Co
Key Bank
Ledyard National Bank
Morgan Stanley
M T Bank Corporation
MUFG Americas Holdings
New York Community Bancorp
Northern Trust Corporation
People S United Financial
PNC Financial Services
Popular Inc
Proponent Federal Credit Union
Raymond James Financial
Regions Financial Corporation
San Mateo Credit Union
Santander Holdings USA
Scottrade Financial Services
Signature Bank
State Street Corporation
Suntrust Banks
SVB Financial Group
Synovus Financial Corp
TCF National Bank
Td Bank Us Holding
Umpqua Holdings Corp
Union National Bank
United Services Automobile Assoc
U S Bancorp
US Bank
Utrecht America Holdings
Webster Financial Corp
Wells Fargo Company
Zions Bancorporation

Is there a link for this list but for UK banks? Thanks

 

[Hal65]

I don't believe so, I had to message them on Line to get it for the US

[Pib]

35 minutes ago, Saltire said:

Is there a link for this list but for UK banks? Thanks

 

Yes...just go to the the DeeMoney webpage and look under Send To, pick the country, and then Participating Banks.   They have recently revamped their public webpage....better than before.

 

For the UK

https://www.deemoney.com/send-money-from-thailand-to-united-kingdom/

 

 

For the US

https://www.deemoney.com/send-money-from-thailand-to-united-states/

 

 

[Pib]

From DeeMoney website....their new website...been revamped....more, clearer info.  For example regarding transfers to the UK and US.

 

To UK

 

To US

[roger101]

^{living in Pattaya how do I pay the money to Dee Money}

[Hal65]

17 minutes ago, roger101 said:

^{living in Pattaya how do I pay the money to Dee Money}

Setup a transfer on dee.money. Your Thai banking app will have a "QR pay" option. You snap a picture of the QR code on dee.money using your phone, and it "pays" for the transfer

Edited June 3, 2019 by Hal65

[Hal65]

33 minutes ago, Matzzon said:

Just another disaster wainting to happen. Use normal bank transfers instead and take the cost attached to them. Much safer and no hick-ups.

What is the risk in using Deemoney?

[ThaiBunny]

3 minutes ago, Hal65 said:

What is the risk in using Deemoney?

You're forgetting the PQ

[Hal65]

 

 

2 minutes ago, Matzzon said:

Same as TW in the long run. Just stated it is better and safer with bank transfers, which you not possibly can deny.

I've never heard of Deemoney having some hidden risk so yes I do deny that until someone points to what the risk of Deemoney actually is

[sfokevin]

How easy is it to set up a Dee Money Account?

Do you need to go in person to their office?

[Pib]

2 hours ago, Hal65 said:

What is the risk in using Deemoney?

No risker than any other money transfer service.  None of them "guarantee" the safety of your funds. 

 

Now they will all reference govt regulations they comply with....govt licenses to transfer money....etc..but that does not mean the govt is going to step in a reimburse you if your money goes MIA...you send to the wrong account....etc.  

 

[Hal65]

7 minutes ago, Pib said:

No risker than any other money transfer service.  None of them "guarantee" the safety of your funds. 

 

Now they will all reference govt regulations they comply with....govt licenses to transfer money....etc..but that does not mean the govt is going to step in a reimburse you if your money goes MIA...you send to the wrong account....etc.  

 

I am not worried about sending to the wrong account but if the money just POOF disappears during transfer that is more of an issue. Have you ever heard of that happening with them?

[LivinLOS]

2 hours ago, Matzzon said:

Just another disaster wainting to happen. Use normal bank transfers instead and take the cost attached to them. Much safer and no hick-ups.

I actually find modern fintechs far more reliable, fast, and superior at communicating than old format international banks let alone Thai ones. 

[Pib]

2 minutes ago, Hal65 said:

I am not worried about sending to the wrong account but if the money just POOF disappears during transfer that is more of an issue. Have you ever heard of that happening with them?

Nope.

[Genericnic]

On 6/3/2019 at 2:37 PM, sfokevin said:

How easy is it to set up a Dee Money Account?

Do you need to go in person to their office?

As of last week, you do have to go in to the office and it appears that all of the offices are in the Bangkok area. They are listed on the website. Nothing here in Chiang Mai. I will say that their office staff is very friendly and helpful.

 

David

 

[Genericnic]

On 6/3/2019 at 2:21 PM, Hal65 said:

 

 

I've never heard of Deemoney having some hidden risk so yes I do deny that until someone points to what the risk of Deemoney actually is

The only "hidden risk" if you can call it that is that they give you a relatively bad exchange rate when compared to the mid-market rate that you see on XE.com and that you get with Transferwise when transferring funds into Thailand. While DeeMoney's 150 baht flat rate fee is nice, the bad exchange rate gives them a nice profit. Last week I sent 80,000 baht to my US bank. The rate for my transfer was 3.1665 baht/dollar. The amount received was US$2,533.25. The XE.com mid-market rate showed as 31.341 baht/dollar or US$2552.57. So their low exchange rate added about US$20.00 to the cost of the transfer. In effect, it the same scheme you see when you do money exchange on the street at places that boast "no fee, no commission." I only plan on doing one transfer our every 3 to 4 months so the loss on the exchange rate is ok. Doing it monthly would add up quickly.

 

David

 

[Pib]

It not really a hidden risk....it just an indirect fee....a fee they charge to make a profit. 

 

The DeeMoney money transfer rate is plus or minus a little of the Thai bank TT Selling Rate which is used for outgoing transfers.  For outgoing transfers the "lower" Selling rate is the best because you need to fork-out less baht to buy the currency you are sending out...the currency being sold to you by the money sender.

 

As an example at this moment in time on 12 Jun the DeeMoney money transfer rate for THB-USD it 31.3799 compared to Bangkok Bank's 31.39.   That makes the DeeMoney rate a hair better since we are dealing with the "Selling" Rate....how much they sell dollars for when you are using baht to buy the dollars to send out.

 

Edited June 12, 2019 by Pib