Why no Transferwise in Thailand?

[EricTh]

Transferwise is almost in every major country in the world.

 

Why doesn't Thailand have the service of sending money out in addition to sending money into Thailand?

 

Why must they force us to use Deemoney?

Edited February 17, 2021 by EricTh

[mike787]

Use Fidelity - it's free to send.  Or Remitly, western union, etc.

[TC17]

Transference works fine and it is cheaper than Western Union 

[DrDave]

Transferwise is not licensed by the BoT for sending money out of the country.

[donnacha]

2 hours ago, EricTh said:

Why no Transferwise in Thailand?

[KhaoYai]

43 minutes ago, DrDave said:

Transferwise is not licensed by the BoT for sending money out of the country.

Which leads us to:

9 minutes ago, donnacha said:

 

[Autonuaq]

works fine with me, even have bankaccount numbers with them with different currency accounts , mostly is instantly as in a few seconds from my account abroad to Thailand or the other way around.

 

pay in the fly and the fee is very low. mostly transfer from abroad to Thai account is most of the time just seconds, some times longer, they nofity you how long it takes to transfer to other bankaccount. all including the currency conversion in to thai bath

 

was invited to use probably is that the difference so I share my link to help people out :  transferwise.com.

 

*Link edited out*

Edited February 18, 2021 by Scott
Commercial link removed

[Autonuaq]

4 hours ago, DrDave said:

Transferwise is not licensed by the BoT for sending money out of the country.

use tranferwise for a long time and never had problems to send money to or from my accounts abroad or other accounts. you can do it legally and comply to the rules and regulations the using the BoT too as far I a can see

 

have a look to see it for yourself

 

Edited February 18, 2021 by Scott
Commercial link removed

[DrDave]

7 hours ago, Autonuaq said:

use tranferwise for a long time and never had problems to send money to or from my accounts abroad or other accounts. you can do it legally and comply to the rules and regulations the using the BoT too as far I a can see

 

 

 

Are you saying that you've used Transferwise to send money from an ordinary Thai bank account to a bank outside of Thailand?   Transferwise specifically does not allow transfers from a Thai bank to a non-Thai bank. Thai baht is not even an option for source currency when setting up a transfer.  That's what the OP was asking about. Deemoney however, supports transfers out of Thailand, as they ARE licensed by the BoT for outbound transfers.

 

 

[asiaexpat]

5 hours ago, Autonuaq said:

use tranferwise for a long time and never had problems to send money to or from my accounts abroad or other accounts. you can do it legally and comply to the rules and regulations the using the BoT too as far I a can see

 

have a look to see it for yourself

 

Please tell more, since Transferwise does not have the facility to send money from a Thai account to a foreign account. 

[sanmyintmaung]

9 hours ago, EricTh said:

Transferwise is almost in every major country in the world.

 

Why doesn't Thailand have the service of sending money out in addition to sending money into Thailand?

 

Why must they force us to use Deemoney?

Western Union and Moneygram can also send money out of Thailand to any western countries. I think Transferwise need to apply for a license for outbound transfer like other players. 

[EricTh]

17 minutes ago, sanmyintmaung said:

Western Union and Moneygram can also send money out of Thailand to any western countries. I think Transferwise need to apply for a license for outbound transfer like other players. 

Western Union and Moneygram etc give very poor exchange rate where they earn quite a lot of money from your transfer.

 

Transferwise has one of the best exchange rate that is closest to real market rate.

[sanmyintmaung]

4 minutes ago, EricTh said:

Western Union and Moneygram etc give very poor exchange rate where they earn quite a lot of money from your transfer.

 

Transferwise has one of the best exchange rate that is closest to real market rate.

Agree that Transferwise has best exchange rate. The point is if other players in the industry can get the license for outbound transfer, Transferwise should at least attempt to get the same license. 

[phetphet]

Thailand seems to want to make it as difficult as possible to take money OUT of the country. Transferwise is  the opposite of that. I don't think  they will be licensed to do that any time soon.

[dabhand]

3 hours ago, phetphet said:

Thailand seems to want to make it as difficult as possible to take money OUT of the country. Transferwise is  the opposite of that. I don't think  they will be licensed to do that any time soon.

 

I have used DeeMoney to send transfers out of Thailand. Not difficult at all to set up or action.

 

Yes, more competition would be welcome in reducing charges and providing a more competitive exchange rate, although DM charges/rate appear reasonable to me. But, as far as the ability to take money out of Thailand, had no issues.