Hal65 Posted May 31, 2019 Share Posted May 31, 2019 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? Link to comment Share on other sites More sharing options...
Popular Post zhounan Posted May 31, 2019 Popular Post Share Posted May 31, 2019 TransferWise do not support thai baht for transfer out of Thailand 3 Link to comment Share on other sites More sharing options...
rhodie Posted May 31, 2019 Share Posted May 31, 2019 TW do not transfer out of Thailand. Try Dee Money? 2 Link to comment Share on other sites More sharing options...
Kwasaki Posted May 31, 2019 Share Posted May 31, 2019 (edited) 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 1 Link to comment Share on other sites More sharing options...
Hal65 Posted May 31, 2019 Author Share Posted May 31, 2019 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 Link to comment Share on other sites More sharing options...
Pib Posted May 31, 2019 Share Posted May 31, 2019 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 1 Link to comment Share on other sites More sharing options...
Hal65 Posted May 31, 2019 Author Share Posted May 31, 2019 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 Link to comment Share on other sites More sharing options...
Saltire Posted May 31, 2019 Share Posted May 31, 2019 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 Link to comment Share on other sites More sharing options...
Hal65 Posted May 31, 2019 Author Share Posted May 31, 2019 I don't believe so, I had to message them on Line to get it for the US 1 Link to comment Share on other sites More sharing options...
Pib Posted May 31, 2019 Share Posted May 31, 2019 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/ 1 Link to comment Share on other sites More sharing options...
Pib Posted May 31, 2019 Share Posted May 31, 2019 From DeeMoney website....their new website...been revamped....more, clearer info. For example regarding transfers to the UK and US. To UK To US 1 Link to comment Share on other sites More sharing options...
roger101 Posted June 3, 2019 Share Posted June 3, 2019 living in Pattaya how do I pay the money to Dee Money Link to comment Share on other sites More sharing options...
Hal65 Posted June 3, 2019 Author Share Posted June 3, 2019 (edited) 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 Link to comment Share on other sites More sharing options...
Hal65 Posted June 3, 2019 Author Share Posted June 3, 2019 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? Link to comment Share on other sites More sharing options...
ThaiBunny Posted June 3, 2019 Share Posted June 3, 2019 3 minutes ago, Hal65 said: What is the risk in using Deemoney? You're forgetting the PQ Link to comment Share on other sites More sharing options...
Hal65 Posted June 3, 2019 Author Share Posted June 3, 2019 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 Link to comment Share on other sites More sharing options...
sfokevin Posted June 3, 2019 Share Posted June 3, 2019 How easy is it to set up a Dee Money Account? Do you need to go in person to their office? Link to comment Share on other sites More sharing options...
Pib Posted June 3, 2019 Share Posted June 3, 2019 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. 1 Link to comment Share on other sites More sharing options...
Hal65 Posted June 3, 2019 Author Share Posted June 3, 2019 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? Link to comment Share on other sites More sharing options...
LivinLOS Posted June 3, 2019 Share Posted June 3, 2019 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. Link to comment Share on other sites More sharing options...
Pib Posted June 3, 2019 Share Posted June 3, 2019 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. 1 Link to comment Share on other sites More sharing options...
Genericnic Posted June 12, 2019 Share Posted June 12, 2019 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 Link to comment Share on other sites More sharing options...
Genericnic Posted June 12, 2019 Share Posted June 12, 2019 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 1 Link to comment Share on other sites More sharing options...
Pib Posted June 12, 2019 Share Posted June 12, 2019 (edited) 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 1 Link to comment Share on other sites More sharing options...
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