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

[Cheops]

On 9/5/2019 at 5:03 PM, billp said:

could someone please explain how it works with cardless ATM withdrawal?

I assume they use a similar method as in my Kasikorn banking app. You just choose withdraw by ATM in the app and after selecting the amount, the app will generate a QR or barcode, which the ATM can scan. After you let the ATM scan that QR code, the ATM spits out your money.

 

OT: I'm also interested in this Everex app, but as another poster stated there will be several fees if you want to use crypto to do this (unless you already have the crypto in the Everex app). If you fund the wallet with Paypal the fee is 5%????? They call that less fees? I think it might be more cheaper just to use a regular ATM withdrawal. Can someone show ALL possible fees involved from an Euro account until the ATM withdrawal in Thai baht using this wallet? What are these SEPA fees? How much are they?

[Percy Penguin]

On 9/14/2019 at 2:25 PM, Cheops said:

I'm also interested in this Everex app, but as another poster stated there will be several fees if you want to use crypto to do this (unless you already have the crypto in the Everex app). If you fund the wallet with Paypal the fee is 5%????? They call that less fees? I think it might be more cheaper just to use a regular ATM withdrawal. Can someone show ALL possible fees involved from an Euro account until the ATM withdrawal in Thai baht using this wallet? What are these SEPA fees? How much are they?

I have the same question. I can't see this info on the website so it looks like the only way to find out is to give it a try...

[Alexila]

3 hours ago, Percy Penguin said:

I have the same question. I can't see this info on the website so it looks like the only way to find out is to give it a try...

As you can assume, this 5% is Paypal fee, not ours. If you transfer a few hundreds, this 5% is irrelevant. For everything else is free SEPA for EU and ACH for the US. 

Edited September 16, 2019 by Alexila

[Cheops]

1 hour ago, Alexila said:

As you can assume, this 5% is Paypal fee, not ours. If you transfer a few hundreds, this 5% is irrelevant. For everything else is free SEPA for EU and ACH for the US. 

Thanks. So if I use SEPA from my Dutch euro account and use the cardless atm withdrawal method there are NO other costs? 

Which exchange rate will be used? Can you provide a link with real time exchange rates? (or at least same day exchange rates).

[Sangsomm]

On 9/16/2019 at 4:54 PM, Cheops said:

Thanks. So if I use SEPA from my Dutch euro account and use the cardless atm withdrawal method there are NO other costs? 

Which exchange rate will be used? Can you provide a link with real time exchange rates? (or at least same day exchange rates).

Cardless ATM withdrawal is available for Thailand only. The amount shown in the withdrawal screen is the final receipt amount. No other costs. Exchange rate is displayed in balance page.

[Percy Penguin]

Looks to me as though you don't find out how much you are going to end up with until it's too late to change your mind. You also have to decide which crypto currency you are going to use. If you go for the Everex token the transaction costs seem to be less, but it's very volatile (chart at https://www.worldcoinindex.com/coin/everex). It can easily shift by more than the ATM fee in the time it takes to transfer the EUR, do the two conversions and withdraw the THB. Of course it might shift in your favour and you might come out ahead, but it's a gamble. If it stayed flat, it looks to me as though there'd be a small saving over most but not all cards. The other tokens are set up to stay close to USD so are pretty stable, but then the transaction costs are higher - I think about 3% overall if you are paying in EUR. A fee-free Mastercard is going to be less than that unless the max withdrawal is really low, say EUR 300. For me there'd have to be a significant saving to justify the extra hassle and the fact that you're going through a channel that's not nearly as tightly regulated as an ordinary CC. I'll keep an eye on it but I don't think the benefit is there at the moment.

[zhounan]

For direct transfer I prefer Transferwise. Everex is useful with cryptos.

[Simon85]

I have just created an account+eWallet with Everex and will see tomorrow how it works (waiting for approval). In the meantime is there anybody else that wants to share their thoughts about it? What about the German IBAN in order to transfer EUR with SEPA? I am coming back to Thailand in November and willing to use this method first since I have to apply again for a Thai bank account and it might take few days before I sort it out. Thanks! ????

[bttao]

isn't it the Bangkok branch in NY the cheapest to funnel  / transfer usd from the US?

[Sangsomm]

On 9/25/2019 at 12:38 AM, Percy Penguin said:

The other tokens are set up to stay close to USD so are pretty stable, but then the transaction costs are higher - I think about 3% overall if you are paying in EUR.

Everex doesn't have 3% fee, or even 1% fee. It's 0% fee. There is an exchange rate, which is still much better than any bank.
To understand exchange rates - check any Thai Bank and try to buy 1000 Roubles with Thai baht and then sell it back.. see how much you will have left.

[Cheops]

10 hours ago, Sangsomm said:

Everex doesn't have 3% fee, or even 1% fee. It's 0% fee. There is an exchange rate, which is still much better than any bank.
To understand exchange rates - check any Thai Bank and try to buy 1000 Roubles with Thai baht and then sell it back.. see how much you will have left.

Before I will try it out I still would like to see which exchange rates will be charged. NOT during the ATM withdrawal!!! Since then I already needed to do a sepa transfer.

 

Why are the people who seem to work for this business so vague about the exchange rate? 

 

Again:

Which exchange rate will be used? Can you provide a link with real time exchange rates? (or at least same day exchange rates).

 

Without knowing this upfront, I will never use this.

[Alexila]

On 10/3/2019 at 9:57 PM, Cheops said:

Before I will try it out I still would like to see which exchange rates will be charged. NOT during the ATM withdrawal!!! Since then I already needed to do a sepa transfer.

 

Why are the people who seem to work for this business so vague about the exchange rate? 

 

Again:

Which exchange rate will be used? Can you provide a link with real time exchange rates? (or at least same day exchange rates).

 

Without knowing this upfront, I will never use this.

Exchange rate depends on what token and what fiat currency deposit method you plan to use. In general we only take from 1 to 2% spread over inter banking rate with no extra charges. Usually transactions are settled the same day if we receive SEPA transfer from the user. You can see the final withdrawal amount you will receive on the last page of the wallet, before clicking "Withdraw". you can back out in case you don't like it. No exchange services show "rates", they only show their prices and you are welcome to compare it with XE or other public info. 
Cardless ATM is useful for travelers without Thai bank account. Transferwise is good for expats who need to have "international" transfer stamp shown in their bank statements to extent their visas and who can wait for a few days. We aim to serve audience who need money faster, don't have local bank accounts, and open for blockchain payments and other services, like  access to cryptocurrency exchanges; or earning and borrowing from lending pools. 

We plan to launch EUR pegged token, which will eliminate the need to buy USDC to covert between EUR and THB. Direct EUR-THB rate will be offered. Thank you. 

[felipeiro]

Currently I pay 1.7% exchange fee + 220 THB every time that I withdraw money.

I want to know what you think: Is it worth the hassle?

[sangtip2]

I'll  be interested when they start sending money out of Thailand as easily as sending it in to Thailand . 

[Alexila]

On 11/5/2019 at 1:22 PM, sangtip2 said:

I'll  be interested when they start sending money out of Thailand as easily as sending it in to Thailand . 

Where do you need the money sent? We launch EUR and GBP this month. USD will be limited to New Jersey state only. 

[Caldera]

2 hours ago, Alexila said:

Where do you need the money sent? We launch EUR and GBP this month. USD will be limited to New Jersey state only. 

So with EUR, I assume it can be sent anywhere within SEPA? If that's the case, it would be great news.

[johnnynmonic]

On 8/27/2019 at 4:00 PM, Gumballl said:

...

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

Rates were competitive.  I have only used from cypto to THB, so can't speak to the bank transfer aspect of it.

[RoyLee]

So how, exactly, does one get the cash into their hot little hands from a thai bank without incurring any fees by them??

[NoshowJones]

On 8/27/2019 at 3:54 PM, JPhillips said:

Appreciate the info and looks promising.

What about GBP?

[SiSePuede419]

"The Singapore-based Everex, whose digital cash transfer platform Cryptocash uses blockchain technology to facilitate a public credit system"

 

Blockchain? Cryptocash? OMG.

 

Bwahahahahahaha.  Right.

 

EXPLAIN BLOCKCHAIN IN 20 WORDS OR LESS

 

 

Edited November 26, 2019 by SiSePuede419