Deemoney Alternatives?

[mike111]

I was hoping to use Deemoney but they dropped the option of adding a bank account on their website & they now require using their app to get a QR code and to scan it with the bank's app, which is too cumbersome and insecure.

 

Any alternatives? AFAIK Transferwise isn't an option either.

 

Thanks

 

[rodknock]

transfer wise

[mike111]

As I've mentioned TW isn't applicable for transferring from Thailand overseas.

 

[dabhand]

I have used Deemoney a number of times to transfer funds to UK. Despite being far from the most tech savvy, I have no problems navigating their app / thai bank app to process the transfer within minutes for next working day credit. 

 

Other options appear limited to using main banks with their high charges and, from a number of forum comments, a need to supply paperwork to justify the transfer.

[mike111]

The issue is not the difficulty of navigating an app but the inherent security-risks in mobile banking. And the way their app now operates it's required to use their app + the bank's app so a double dipping of worries.

[userabcd]

Banks, moneygram, western union.

 

Do not recommend but there is bitcoin?

[mike111]

8 hours ago, userabcd said:

Banks, moneygram, western union.

 

Do not recommend but there is bitcoin?

Banks require a work permit to transfer funds overseas. I'm looking for a service which can be online so Western isn't an option either.

 

 

[dabhand]

18 hours ago, mike111 said:

Banks require a work permit to transfer funds overseas. I'm looking for a service which can be online so Western isn't an option either.

 

 

Western Union seem to have an online option for sending money from Thailand. Never used them for transfers from Thailand and am aware of their history of usury exchange rates, but might be worth a look if all else fails.

 

https://www.westernunion.com/th/en/send-money.html

[Thomas J]

You can transfer at your bank.  I have Bangkok bank and wire transferred back to the USA.  However be aware they will convert your baht to USD and you will only receive the buy rate which will be a noticeable reduction.  I don't know if you routinely transfer but some banks including Bangkok bank offer dual currency accounts.  You can have your home country's currency and a second in baht.  If you want to transfer to baht, you exchange when the rate is good and place in the baht portion of the account.  If you have money in the account in your home countries currency and want to transfer it back, you pay only the wire transfer fee since the currency is not being exchanged.  I have not used Dee Money but I do have an account in case I ever needed it. 

[Chivas]

Under normal circumstances (which we all hope will return later this year)  I'd literally "walk" the money out of the country keeping hold of relevant documentation in case of a tug at customs

Plenty of places you change your Baht back into your base currency with little spread

[topt]

23 hours ago, mike111 said:

Banks require a work permit to transfer funds overseas.

Some posters have reported they are able to do this without a work permit.

If you have the relevant paperwork (either showing brought in or tax paid on it) then you should be able to set this up - just need to find willing bank staff which I know isn't always easy......

[mike111]

1 hour ago, topt said:

Some posters have reported they are able to do this without a work permit.

If you have the relevant paperwork (either showing brought in or tax paid on it) then you should be able to set this up - just need to find willing bank staff which I know isn't always easy......

I've already spoken with my bank  & they require a work permit. Doesn't seem like like they're willing to flex an inch.

[mike111]

5 hours ago, Thomas J said:

You can transfer at your bank.  I have Bangkok bank and wire transferred back to the USA.  However be aware they will convert your baht to USD and you will only receive the buy rate which will be a noticeable reduction.  I don't know if you routinely transfer but some banks including Bangkok bank offer dual currency accounts.  You can have your home country's currency and a second in baht.  If you want to transfer to baht, you exchange when the rate is good and place in the baht portion of the account.  If you have money in the account in your home countries currency and want to transfer it back, you pay only the wire transfer fee since the currency is not being exchanged.  I have not used Dee Money but I do have an account in case I ever needed it. 

Did your branch require a work permit to enable international transfers?.

[topt]

1 hour ago, mike111 said:

I've already spoken with my bank  & they require a work permit. Doesn't seem like like they're willing to flex an inch.

Does it mention this online at all and have you tried to contact the FX team at their head office? Which bank is it?

[mike111]

Bangkok.

 

Spoke with the Bangkok call centre + branch. Both said a WP is required and that an in-person visit to branch is required.

 

[Thomas J]

3 hours ago, mike111 said:

Did your branch require a work permit to enable international transfers?.

No, I have a retirement visa.  They asked for my passport but that was it. 

[EricTh]

Yeah, it really sucks that we only have Deemoney to transfer money out of Thailand.

 

Didn't BOT loosen up the rules to transfer money out recently due to the strong baht?

 

It would be better if we can BOT allow Transferwise to transfer out as well which gives better exchange rate than Deemoney, Western Union and banks.

 

Western Union and banks are both earning big bucks at our expense.

Edited January 16, 2021 by EricTh

[mike111]

TW doesn't operate in Thailand, possibly due to overly strict financial regulations.

[fdsa]

What about "stablecoin" cryptocurrencies? If sending USDT you will lose 3-5% on fees.

[mike111]

5 hours ago, fdsa said:

What about "stablecoin" cryptocurrencies? If sending USDT you will lose 3-5% on fees.

CC are too risky with huge fluctuations and lots of security issues (sites being broken into & coins stolen).

The commissions you've mentioned are also steep, though Western Union probably isn't too far behind on fees.

 

[mike111]

20 hours ago, Thomas J said:

No, I have a retirement visa.  They asked for my passport but that was it. 

They probably consider a retirement visa equivalent to a WP.

 

[topt]

1 hour ago, mike111 said:

They probably consider a retirement visa equivalent to a WP.

 

Unfortunately on Bangkok Bank's website look like they are insisting on a WP to enable outbound Int transfers which they say only for "Salary Repatriation" for i-banking - https://www.bangkokbank.com/en/Personal/Digital-Banking/Bualuang-iBanking/IFT

Quote

If you are a foreigner, you will need to complete your online registration by submitting a copy of your work permit, or employee card, or certificate of income issued by an employer within three bank working days of making your application. You can provide the documents by fax number 66 (0) 2553 5443 or scan the documents and email [email protected]
 

However they don't specifically mention that requirement if you go into a branch with this form -

https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/-/media/14ceddb33b39412d9035104e0b449ef7.ashx

 

Although on another page they say -

Quote

If you are foreigner, you will need to bring a document declaring the source of your income (e.g. certification of salary) to complete your overseas funds transfer.

Personally if SWIFT via the bank is the best option I would ring their HO/customer service and see if they allow it (as they did for an earlier poster) and if so get them to push the branch to do it - otherwise if feasible try some other big branches...... PITA I know.

[Susco]

You can transfer money overseas if you have proof that you brought the money into the country officially.

 

Otherwise you will need a work permit, or invoices from an overseas company, that you are importing something.

 

Using a bank cost loads of money. I sent ~9 million Baht back to Europe with Kasikorn about 14 months ago, and the fee was approximate 50K Baht. Edit to correct. The money I sent back were Euro sitting in a foreign currency account, and it first has to be changed to Thai Baht, for which they charge 0.5% on the total amount.

 

If the money is in Thai Baht already the fee will be less. I have to look up how much it was.

 

I read a thread here early last year about someone who had used Super rich to send a large amount to the UK.

Edited January 17, 2021 by Susco

[fdsa]

7 hours ago, mike111 said:

CC are too risky with huge fluctuations and lots of security issues (sites being broken into & coins stolen).

The commissions you've mentioned are also steep, though Western Union probably isn't too far behind on fees.

 

USDT is a token with a fixed rate = 1 USD, so fluctuations do not matter here. What does matter is ETH exchange rate which you must use to pay the network fee, and with the current exchange rate it is about 10 USD.

The 3-5% i mentioned is an exchange rate for USD cash to USDT token, if you are lucky you might find 0% rate or even plus if someone wishes to get cash for their USDT tokens.

To avoid the security issues you mentioned just do not use random websites but store coins on your computer or hardware wallet.

Edited January 17, 2021 by fdsa