Advertorial Pay 0 (zero) when sending USD or EUR to Thailand. Avoid 200 THB international ATM withdrawal

[ASEAN NOW Sales]

Pay 0 (zero) when sending USD or EUR to Thailand. Avoid 200 THB international ATM withdrawal

 

Targeting financial services to expat, digital nomad and cryptocurrency communities, the fintech challenger Everex.io came with a new and interesting service of using blockchain for instant cross-border transfer and domestic money exchange. Serving currency corridors between USD, EUR, crypto and THB, Everex offers huge savings on currency exchange, transfers, and most importantly, free cardless ATM withdrawals.

 

When you run out of cash and it’s time to get a new stash, that’s when most of us get caught with 200-220 THB ATM international withdrawal fees that are charged by banks on the top of the currency exchange rate, which may reach additional 4-5%. Everex found a way to deliver THB only for around 1% over interbank currency conversion rates. There are no additional fees or commission, whether you do transfer to Thai bank account or request cardless ATM withdrawal. And what’s cool is а real same day delivery and no withdrawal fees. Bank account or card is not required to use this service.

 

 

 

How it Works

 

1. Sign up and verify your identity. After verification, add THB to your wallet by depositing the quoted amount in EUR or USD. If you are a crypto friendly person, you can use DAI (USD) or EVX token to send to your wallet address.
2. Once Everex team receives your funds, THB will appear in your Everex wallet within minutes. If you transfer EVX or DAI it will appear on your Everex balance automatically.
3. To receive cash in THB, locate Withdrawal function in the wallet and specify how you want to receive it: via ATM or Thai bank account. If you select Cardless ATM, note that there is 20,000 THB limit per transaction. For bank account withdrawal the limit is 30,000 THB. No bank account or card is required for ATM withdrawals. Nor you will pay any withdrawal fees.
4. This service is available in any major city in Thailand, including Bangkok, Pattaya, Phuket, Chiang Mai and other popular destinations.

Do you first transfer with Everex Wallet. For more details visit Everex site. 

 

 

Get the app

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[JPhillips]

Appreciate the info and looks promising.

[Gumballl]

Quote

How it Works

...

5. We offer a very poor exchange rate (that is how we make up for the fees that would otherwise be charged).

[Alexila]

44 minutes ago, Gumballl said:

...

5. We offer a very poor exchange rate (that is how we make up for the fees that would otherwise be charged).

Have you tried the service before bashing it? Maybe you should

[The Maven]

Took about 12 hours from my euro deposit to ATM withdrawal (in Bangkok). Tried to calculate the total cost and netted about 1% all around. Not bad and no ATM fees is really neat. Best part - I don’t have to worry about my card begin chewed by greedy ATM lol

[Sangsomm]

Signed up and uploaded passport plus selfie photo using online wallet 2 hours ago. How long does verification take? Would appreciate support from pips who have tried it. Looks like it is fairly new to the market.

[KhunBENQ]

I signed up yesterday and after uploading the photos the confirmation was quite quick.

Within an hour or so.

Now waiting for assets (EVX) to be credited.

The only option I could use was a SEPA transfer from German bank yesterday (minimum required amount) to their UK account. Probably the slow channel and spoiling the "quick transfer".

Wait and see...

 

[Everex]

1 hour ago, Sangsomm said:

Signed up and uploaded passport plus selfie photo using online wallet 2 hours ago. How long does verification take? Would appreciate support from pips who have tried it. Looks like it is fairly new to the market.

The verification process usually takes a few hours. If you an American expat in Thailand on long term visa, we suggest putting your local address and phone number, instead of home country details. You can contact us directly on Telegram Chanel @EVXDirect or join our Facebook Group https://www.facebook.com/groups/everexone for wallet related questions.

[timendres]

20 hours ago, The Maven said:

Took about 12 hours from my euro deposit to ATM withdrawal (in Bangkok). Tried to calculate the total cost and netted about 1% all around. Not bad and no ATM fees is really neat. Best part - I don’t have to worry about my card begin chewed by greedy ATM lol

A 1% hit is quite excellent. On 30,000 THB (or roughly $1,000 USD), that is 300 THB. I can think of no better deal getting USD into THB. Regarding them making their profits on the exchange rate - guess what? So does the bank, Western Union, Paypal, etc. In fact, many of them will hit you with worse than 1%, on top of their fees!

Edited August 28, 2019 by timendres

[KhunBENQ]

29 minutes ago, Everex said:

we suggest putting your local address and phone number, instead of home country details

What I did.

I also got a phone-call with Thai female voice.

Just said I don't understand and bye bye.

Guess it has to do with the verification?

 

 

[Pib]

Can anyone expand on the how to fund your account/transfer with Everex, especially if you need to get the money from a US bank?

 

In the US you basically have two ways to do a funds transfer: ACH or Wire.   ACH is free/low cost at the bank but the funds need to be sent to another US bank acct which I expect Everex "may" have, but before the funds can be sent normally trial deposits need to be sent for verification purposes.   Does Everex have ACH Pull/Withdrawal capability where they can withdraw the funds vs a person needing to do an ACH Push to Everex.   

 

And using a Wire is just expensive....typically a US domestic wire will cost around $20 and an international wire (SWIFT) $30 or more.  

 

Anyone who can expand on the details of funding the Everex acct using a US bank acct is appreciated. Couldn't find any "real detail" on the Everex website in how to get the money to them.

 

[Pib]

21 hours ago, timendres said:

A 1% hit is quite excellent. On 30,000 THB (or roughly $1,000 USD), that is 300 THB. I can think of no better deal getting USD into THB. Regarding them making their profits on the exchange rate - guess what? So does the bank, Western Union, Paypal, etc. In fact, many of them will hit you with worse than 1%, on top of their fees!

You can use Transferwise to transfer USD to THB with just an approx 1% hit.    Example: $2000 would incur  a 0.965% fee.....$1000 a 1.077% fee....$5000 a 0.898% fee. 

[Pib]

22 hours ago, KhunBENQ said:

The only option I could use was a SEPA transfer from German bank yesterday (minimum required amount) to their UK account. Probably the slow channel and spoiling the "quick transfer".

Wait and see...

Yea....in cyptocurrency type transfers they like to talk the quick transfer from one wallet to another but always seem to not mention the part about the time to push/pull fiat currency to your cypto wallet so you can then do the transfer and maybe costs associated with the fiat currency transfer into the wallet.

 

I'm interested in this Everex thingie, but their website is really lacking on "details/fees/exchange rate/etc."  Need to wait for someone to provide a real world detailed example for a transfer to include getting the money from their bank into the Everex wallet.

[jumbo]

compared to transferwise direct transfer to my thai bank account Everest is more expensive, marginal however .5%

[Los Luver]

I wonder if one gets Euros/$ in Thailand or Baht.

In case, let's say I use the Thai bank account to receive the money in Baht, then my bank will use their own exchange rate....and that's bad rate for me.....Anyone?

Just to clarify: when I use my home's atm card, I getbetter rate than exchanging my cash in any bank in LoS

[Alexila]

1 hour ago, Pib said:

Can anyone expand on the how to fund your account/transfer with Everex, especially if you need to get the money from a US bank?

 

In the US you basically have two ways to do a funds transfer: ACH or Wire.   ACH is free/low cost at the bank but the funds need to be sent to another US bank acct which I expect Everex "may" have, but before the funds can be sent normally trial deposits need to be sent for verification purposes.   Does Everex have ACH Pull/Withdrawal capability where they can withdraw the funds vs a person needing to do an ACH Push to Everex.   

 

And using a Wire is just expensive....typically a US domestic wire will cost around $20 and an international wire (SWIFT) $30 or more.  

 

Anyone who can expand on the details of funding the Everex acct using a US bank acct is appreciated. Couldn't find any "real detail" on the Everex website in how to get the money to them.

 

The Deposit process in the Wallet is quite self-explanatory. 
You Click on "Deposit" button first, select what you want to "buy" (e.g. THBEX), then Select the Country from where you will initiate the payment (US), and then you are prompted to the detailed invoice page with Bank of America account details. At this time we don't have Pull capability. You can do a regular ACH transfer. 

[KhunBENQ]

1 hour ago, Pib said:

Yea....in cyptocurrency type transfers they like to talk the quick transfer from one wallet to another but always seem to not mention the part about the time to push/pull fiat currency to your cypto wallet so you can then do the transfer and maybe costs associated with the fiat currency transfer into the wallet.

And in my attempt a complete failure.

I had read the instruction for SEPA transfer and copy/pasted (!) the IBAN to my bank internet form.

Just checked account: transferred back, IBAN erroneous(!).

Maybe the spaces in the IBAN...

So no loss but also no transfer (was smallest amount anyway, ~51 Euro).

 

This was pasted from their website and came back:

BANK CLEAR JUNCTION LTD
GB72 CLJU 0099 7129 9000 41

 

Looks like they have to do some homework.

 

Edited August 29, 2019 by KhunBENQ

[JPhillips]

1 hour ago, Pib said:

Anyone who can expand on the details of funding the Everex acct using a US bank acct is appreciated. Couldn't find any "real detail" on the Everex website in how to get the money to them.

 

The help is not supposed to be on the website. There is a support tab in the wallet which has a link to Helpdesk.

[Pib]

The help is not supposed to be on the website. There is a support tab in the wallet which has a link to Helpdesk.

So that means you must register/open an acct before getting any significant help, questions answered, etc?

[Pib]

The Deposit process in the Wallet is quite self-explanatory. 
You Click on "Deposit" button first, select what you want to "buy" (e.g. THBEX), then Select the Country from where you will initiate the payment (US), and then you are prompted to the detailed invoice page with Bank of America account details. At this time we don't have Pull capability. You can do a regular ACH transfer. 

Sounds like domestic wire transfer is required which usually costs around $20 at most US banks.

[wgdanson]

There are a couple of Newbies on here to help you!

[Pib]

Sounds like domestic wire transfer is required which usually costs around $20 at most US banks.

Wouldn't be able to do an ACH transfer/push without being able to validate the acct with trial deposits.

[jackdd]

More details on how it's possible to get funds to you would indeed be nice.

Also good to know would be which banks you use, so it's possible to check if there might be any banks between you and my bank who might take any fees.

[KhunBENQ]

Find the bug?

 

 

IBAN erroneous!

Edited August 29, 2019 by KhunBENQ

[alexnsk]

1 hour ago, Pib said:

1 hour ago, JPhillips said:

The help is not supposed to be on the website. There is a support tab in the wallet which has a link to Helpdesk.

So that means you must register/open an acct before getting any significant help, questions answered, etc?

No, it's a public link: help.everex.io

[Alexila]

7 hours ago, Pib said:

7 hours ago, Alexila said:

The Deposit process in the Wallet is quite self-explanatory. 
You Click on "Deposit" button first, select what you want to "buy" (e.g. THBEX), then Select the Country from where you will initiate the payment (US), and then you are prompted to the detailed invoice page with Bank of America account details. At this time we don't have Pull capability. You can do a regular ACH transfer. 

Sounds like domestic wire transfer is required which usually costs around $20 at most US banks.

Wire is not recommended. ACH will do just fine. 

[Alexila]

7 hours ago, jackdd said:

More details on how it's possible to get funds to you would indeed be nice.

Also good to know would be which banks you use, so it's possible to check if there might be any banks between you and my bank who might take any fees.

Each user case is different. Everex operates with 3 fiat currencies and 3 cryptocurrencies. Without knowing specifics it's hard to advice. Signing up in the wallet takes one click with Facebook account, or a few clicks via email or SMS. 
In general it works similar to Transferwise, only in Thailand the service is available to users without bank account via cardless ATM withdrawal. And usually within 1 day. 

[jackdd]

30 minutes ago, Alexila said:

Each user case is different. Everex operates with 3 fiat currencies and 3 cryptocurrencies. Without knowing specifics it's hard to advice. Signing up in the wallet takes one click with Facebook account, or a few clicks via email or SMS. 
In general it works similar to Transferwise, only in Thailand the service is available to users without bank account via cardless ATM withdrawal. And usually within 1 day. 

I wasn't asking for advice, i was just interested in what the options are on your side.

Even after i made an account i can only see some details, to see all details i would have to verify my account.

But from what i can see:

Currently you offer to receive Euro payments by SEPA transfer, and you offer to receive USD through an ACH transfer.

You don't accept SWIFT payments, is this correct?

Edited August 29, 2019 by jackdd

[Alexila]

12 hours ago, jackdd said:

I wasn't asking for advice, i was just interested in what the options are on your side.

Even after i made an account i can only see some details, to see all details i would have to verify my account.

But from what i can see:

Currently you offer to receive Euro payments by SEPA transfer, and you offer to receive USD through an ACH transfer.

You don't accept SWIFT payments, is this correct?

For Euro user adds money (buys THB, USD (DAI), or EVX) with SEPA to our IBAN in Germany and for US can use ACH to our Bank Of America account. 
All bank details are in the wallet.  
Once we receive EUR or USD, which takes about 1 day for ACH and few hours for SEPA, your wallet is credited with whatever currency you requested. Then you can send it forward to another user or request free withdrawal in THB to your bank account or via cardless ATM at no charge. Withdrawals usually take a few hours locally. All transactions are recorded on blockchain and transparent (obviously without any private data).

Edited August 30, 2019 by Alexila

[Alexila]

19 hours ago, jackdd said:

More details on how it's possible to get funds to you would indeed be nice.

Also good to know would be which banks you use, so it's possible to check if there might be any banks between you and my bank who might take any fees.

We only use local bank transfers so users can cash in or withdraw faster. There is no "banks in between" because we use blockchain tech for all transactions. This helps to achieve instant settlements between wallets.