DeeMoney query

[Brunolem]

From what I understand, DeeMoney is like Transferwise, but in reverse. 

 

Transferwise to bring money in Thailand, and DeeMoney to get it out. 

 

Which makes me wonder why Transferwise provides only a one way service??? 

 

Having said that, I would like to learn a bit more about DeeMoney, from those who have already used it:

 

1. Do you need to open a permanent account with DeeMoney, or can you use it once, when necessary? 

 

2. Can you transfer money from your Thai bank account to DeeMoney, using the ibanking app (for example if you are abroad)? 

 

3. Is there a limit to the amount you can transfer in one time, and if yes, a limit to the number of transfers you can do within a given period? 

 

4. Are the commissions and exchange rates similar to those of Transferwise? 

 

Your input is very much appreciated... 

[Pib]

6 hours ago, Brunolem said:

From what I understand, DeeMoney is like Transferwise, but in reverse. 

 

Transferwise to bring money in Thailand, and DeeMoney to get it out. 

 

Which makes me wonder why Transferwise provides only a one way service??? 

 

Having said that, I would like to learn a bit more about DeeMoney, from those who have already used it:

 

1. Do you need to open a permanent account with DeeMoney, or can you use it once, when necessary? 

 

2. Can you transfer money from your Thai bank account to DeeMoney, using the ibanking app (for example if you are abroad)? 

 

3. Is there a limit to the amount you can transfer in one time, and if yes, a limit to the number of transfers you can do within a given period? 

 

4. Are the commissions and exchange rates similar to those of Transferwise? 

 

Your input is very much appreciated... 

1.  You do need to register with DeeMoney to get an online acct....but I expect you could walk into one of their very limited number of branches and do transfers when needed without registering for an acct.

 

2.   Yes..you would typically use the QR/bard card scanning function with your bank mbanking app to fund the transfer online.  You will need to check your Thai bank mbanking app for limits as your Thai bank sets limits on transfers.....varies among banks.

 

3.   See their webpage....go to their webpage (deemony.com), select "Send To" for the country you want to send to, and then a chart will appear showing you the info.  On that page you will also see list of financial instructions DeeMoney can send to in that country. 

 

4.   Fees are less complicated than Transferwise's (not that Transferwise fees are complicated)....there is just one DeeMoney fee of Bt250 (plus 7% VAT) sending fee.  DeeMoney will use their Send To exchange rate which is very close to the rate Thai bank use (Thai banks call their sending rate TT Selling Rate).

[DrDave]

On 10/24/2020 at 1:31 AM, Brunolem said:

From what I understand, DeeMoney is like Transferwise, but in reverse. 

 

Transferwise to bring money in Thailand, and DeeMoney to get it out. 

 

Which makes me wonder why Transferwise provides only a one way service??? 

 

<snip>

 

Transferwise is not licensed by the BoT to enable sending money out of Thailand, whereas DeeMoney is, thus the one-way only service in Thailand.

 

I've been using Transferwise monthly since the beginning of the year with positive experiences each time. I don't understand, however, how their business model works in countries such as Thailand that don't allow Transferwise to transfer money out. Their web page describes their model as simply matching up requests for inbound transfers with requests for outbound transfers. That's a highly simplified explanation, but how can that work if outbound transfers are not permitted?

 

 

[UncleMhee]

29 minutes ago, DrDave said:

how can that work if outbound transfers are not permitted?

Big business.....

[Pib]

2 hours ago, DrDave said:

 

Transferwise is not licensed by the BoT to enable sending money out of Thailand, whereas DeeMoney is, thus the one-way only service in Thailand.

 

I've been using Transferwise monthly since the beginning of the year with positive experiences each time. I don't understand, however, how their business model works in countries such as Thailand that don't allow Transferwise to transfer money out. Their web page describes their model as simply matching up requests for inbound transfers with requests for outbound transfers. That's a highly simplified explanation, but how can that work if outbound transfers are not permitted?

 

Transferwise explanation of they use a peer-to-peer process should not be thought of as finding "individuals" who want to swap currencies.   

 

What Transferwise really does in enter into contracts with banks and other big financials entities in countries AND/OR Transferwise opens bank accounts they fill with certain currencies such as baht to accomplished the final leg of a transfer.  Like Transferwise's arrangement with it's three partner banks in Thailand....Bangkok Bank, K-Bank, and TMB. 

 

And all of this currency exchange/transfers requires licenses issued by govt authorities such as the Bank of Thailand....and many times these licenses only allow currency flow in one direction--usually inbound in those countries such as Thailand that tightly control the outflow of their country's currency.   

[DrDave]

@Pib Thank you for the excellent explanation! 

That also provides a clue as to why transfers sometimes take 8 hours or more, and sometimes take minutes or seconds when initiating at the same time and day of the week. The transfer I did yesterday from the US to my K-Bank account literally took only 5 seconds.