Sending money out of Thailand with Wise

[Eibot]

We always say use Deemmoney to sent money ouf of Thailand and that it's not possible with Wise...

However, it does seem perfectly possible and quite easy with a Wise Borderless account..

 

- Click on Baht curreny (other currency work as well)

-> +ADD -> Select paying with (I did Euro, but I don't think it matters, and got the market rate for conversion)

-> fill in the card details of your Thai bank account

 

Money is now added as baht (or a different currency if you selected a different wallet), and you can sent it to anyone in the world...

 

[Moonlover]

Ok, if you think it will work, go ahead and try it and let us know how it went.

[Eibot]

1 minute ago, Moonlover said:

Ok, if you think it will work, go ahead and try it and let us know how it went.

Obviously I tried it before posting it. Lol

[scubascuba3]

Assuming it works there will be a 1-2% card charge depending on bank, probably cheaper to use Deemoney

[Eibot]

7 hours ago, scubascuba3 said:

Assuming it works there will be a 1-2% card charge depending on bank, probably cheaper to use Deemoney

That is true. 1% charge on my card. The thing with Deemoney these days is that you need a WP to make an account. This makes Deemoney not an option anymore for many Expats. Even with the card charge, the still use live FX, so it's still many miles better than traditional methods.

But yes, Deemoney will probaly be slighty cheaper if you manage to create an account. 

[dabhand]

1 minute ago, Eibot said:

That is true. 1% charge on my card. The thing with Deemoney these days is that you need a WP to make an account. This makes Deemoney not an option anymore for many Expats. Even with the card charge, the still use live FX, so it's still many miles better than traditional methods.

But yes, Deemoney will probaly be slighty cheaper if you manage to create an account. 

Is a WP a new requirement from Deemoney?

 

I set up an account with them maybe a couple of years back and only needed ID proof (passport) and, I believe, address proof (Thai driving licence). All done remote and with mobile OTP verification.

 

Have recently (last couple of months) been sending funds to my UK bank with no additional requirement for proof of visa / WP. 

[Eibot]

2 hours ago, dabhand said:

Is a WP a new requirement from Deemoney?

 

I set up an account with them maybe a couple of years back and only needed ID proof (passport) and, I believe, address proof (Thai driving licence). All done remote and with mobile OTP verification.

 

Have recently (last couple of months) been sending funds to my UK bank with no additional requirement for proof of visa / WP. 

Yep, I believe since July of this year ????

[scubascuba3]

15 minutes ago, Eibot said:

Yep, I believe since July of this year ????

although so far I've only seen you say a WP is required, often bank accounts officially need a work permit but many branches don't enforce it, maybe the same for Deemoney at a farang friendly branch

[Pib]

23 minutes ago, Eibot said:

Yep, I believe since July of this year ????

Deemoney website says no WP required.

 

https://www.deemoney.com/get-approved/

 

No bank account needed, No Work permit needed, Send money to 17 countries from your phone and never walk into another branch again!

[kokesaat]

Not dee money, but perhaps cheaper than anything else out there for moving money from Thailand to the US

 

[Eibot]

15 hours ago, Pib said:

Deemoney website says no WP required.

 

https://www.deemoney.com/get-approved/

 

No bank account needed, No Work permit needed, Send money to 17 countries from your phone and never walk into another branch again!

Try making an account without one, and get back to us ????

[Eibot]

15 hours ago, scubascuba3 said:

although so far I've only seen you say a WP is required, often bank accounts officially need a work permit but many branches don't enforce it, maybe the same for Deemoney at a farang friendly branch

I have never encountered a Deemoney branch. The application I have done was online. 

[Eibot]

15 hours ago, Pib said:

Deemoney website says no WP required.

 

https://www.deemoney.com/get-approved/

 

No bank account needed, No Work permit needed, Send money to 17 countries from your phone and never walk into another branch again!

FYI, the email I have received after my application;

Thank you for signing up with DeeMoney. Our Sales Associate will contact you within 2 working days to complete your registration process. If you require immediate service, please call 02 821 5555 OR visit the DeeMoney branch at Soi 8 Sukhumvit Road.

To ensure a fast onboarding, either have the following documents ready when our sales associate calls you or email them to [email protected]

For Foreigners:
1. Original passport - Photo or Scanned
2. Work permit (front and back)
3. Visa OR A Government-issued ID from your home country in English (front & back) OR Thai Driving license (front & back)
4. Selfie (without glasses & mask) - Make sure to look at the camera

For Thai Nationals:
1. Thai ID Card (front & back) - Photo or Scanned
2. Passport OR Driving license OR government-issued document (front & back)
3. House registration
4. Selfie (without glasses & mask) - Make sure to look at the camera

Please note, these documents are required for verification as per the AMLO and Bank of Thailand guidelines, effective September 26, 2021
----------------------------------------------
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[Eibot]

15 hours ago, kokesaat said:

Not dee money, but perhaps cheaper than anything else out there for moving money from Thailand to the US

 

Yeah I heard about them. I'm already set-up with Wise, so use them for smaller amounts. This will be interesting for larger amounts out of Thailand, however, they do seem to give a whole nother headache in terms of BoT regulating money. 

[Pib]

11 minutes ago, Eibot said:

Try making an account without one, and get back to us ????

Already have an acct...had it for years.

[Eibot]

1 minute ago, Pib said:

Already have an acct...had it for years.

I understand and than you're lucky. For people who didn't the new regulations apply when opening an account.

"Please note, these documents are required for verification as per the AMLO and Bank of Thailand guidelines, effective September 26, 2021"

Edited November 13, 2021 by Eibot
.

[Pib]

Just now, Eibot said:

I understand and than you're lucky. For people who didn't the new regulations apply when opening an account.

Got a reference....got a source....like a Deemoney ref/source?

[Eibot]

Just now, Pib said:

Got a reference....got a source....like a Deemoney ref/source?

Yes, look 3 comments above.

[Pib]

3 minutes ago, Eibot said:

Yes, look 3 comments above.

OK...I missed that.  I just sent Deemoney an email asking if they require a WP...see what they say...see if they say the same thing assuming they answer.  

[Eibot]

2 minutes ago, Pib said:

OK...I missed that.  I just sent Deemoney an email asking if they require a WP...see what they say...see if they say the same thing assuming they answer.  

Aswesome, let us know what they say. 

I don't think you in particular need a WP as you're a cosutmer already, however it seems that the new AMLO know your costumer rules, do require it for new sign ups. However, when set-up already, and a costumer, you're good to go. 

 

[Pravda]

Thanks. I'll take the 1% charge.

[Pib]

Below is Deemoney's Customer Support 13 Nov 2021 response to my question of "is a Work Permit "now" required to open an acct?"

 

As I read their response a WP is "not" required if you have a  visa that is a least 15 days long.  The key word is "or"...that is, you must have  WP "or" visa...no need for both. 

 

This makes sense...otherwise, any foreigner retired to Thailand and/or visiting for an extended period like on a 3 or 12 month visa/extension of stay would be unable to open an acct.

 

 

***Deemoney Customer Service Response***

Thank you for your email! First step, you have to register with DeeMoney branch at Soi 8 Sukhumvit Road(open daily, 10 am - 7 pm) along with the following documents, it takes around 30 mins to be registered.

*For Foreigners:
1. Original Passport(Original)
2. Work permit (front and back) or Visa (not less than 15 days)
3. A Government-issued ID from your home country (front and back), Employment Certificate or Certificate of Residence.

*** Please note, in addition to the above documents, please provide a Selfie for verification (a Selfie must be taken on the same date of submit documents) as per the Anti – Money Laundering Office and Bank of Thailand guideline
• The first document (ID card and passport) must be a photograph from the original document only and do not cross out on ID card and passport.
• Document 2 and 3 can be a copy of the document but must be signed to certify on copy.

 

*If you are inconvenient and really can not visit DeeMoney branches.
Please, follow this link https://www.deemoney.com/sign-up/ to do online application. Our sales team will reach you within 2 working days to verify and process it once you submit completely.
After they complete your registration process successfully and then you can use our DeeMoney app to do the transaction, the transfer amount will be deducted from your Thai bank account by using mobile banking to scan the QR code to process the payment or K Plus if your both registered mobile no. match.

*Note: Though you register at DeeMoney branch or online, you still have to provide above-mentioned documents.

 

For more information please contact our call center at 02-821-5555 (9 am-8 pm) or leave your mobile number. Add our official LINE ID (@deemoney) or visit our website: https://www.deemoney.com/ for information on rates and others.

[Eibot]

17 minutes ago, Pib said:

Below is Deemoney's Customer Support 13 Nov 2021 response to my question of "is a Work Permit "now" required to open an acct?"

 

As I read their response a WP is "not" required if you have a  visa that is a least 15 days long.  The key word is "or"...that is, you must have  WP "or" visa...no need for both. 

 

This makes sense...otherwise, any foreigner retired to Thailand and/or visiting for an extended period like on a 3 or 12 month visa/extension of stay would be unable to open an acct.

 

 

***Deemoney Customer Service Response***

Thank you for your email! First step, you have to register with DeeMoney branch at Soi 8 Sukhumvit Road(open daily, 10 am - 7 pm) along with the following documents, it takes around 30 mins to be registered.

*For Foreigners:
1. Original Passport(Original)
2. Work permit (front and back) or Visa (not less than 15 days)
3. A Government-issued ID from your home country (front and back), Employment Certificate or Certificate of Residence.

*** Please note, in addition to the above documents, please provide a Selfie for verification (a Selfie must be taken on the same date of submit documents) as per the Anti – Money Laundering Office and Bank of Thailand guideline
• The first document (ID card and passport) must be a photograph from the original document only and do not cross out on ID card and passport.
• Document 2 and 3 can be a copy of the document but must be signed to certify on copy.

 

*If you are inconvenient and really can not visit DeeMoney branches.
Please, follow this link https://www.deemoney.com/sign-up/ to do online application. Our sales team will reach you within 2 working days to verify and process it once you submit completely.
After they complete your registration process successfully and then you can use our DeeMoney app to do the transaction, the transfer amount will be deducted from your Thai bank account by using mobile banking to scan the QR code to process the payment or K Plus if your both registered mobile no. match.

*Note: Though you register at DeeMoney branch or online, you still have to provide above-mentioned documents.

 

For more information please contact our call center at 02-821-5555 (9 am-8 pm) or leave your mobile number. Add our official LINE ID (@deemoney) or visit our website: https://www.deemoney.com/ for information on rates and others.

Interesting,  it's a different response than the one I reived above. Thank you. I'll contact them to see if I can open one. I don't have a WP but on a one year marriage extension.  Will let you know

[Pib]

6 minutes ago, Eibot said:

Interesting,  it's a different response than the one I reived above. Thank you. I'll contact them to see if I can open one. I don't have a WP but on a one year marriage extension.  Will let you know

I had a feeling the response you got was missing an "or" regarding required docs.  It's kinda like how some banks want/desire a WP to open an acct but it's not required if you can provide certain other docs. 

 

Basically it appears Deemoney's acct opening requirements "documentation-wise" are easy enough for anyone legally in Thailand

[Eibot]

4 hours ago, Pib said:

I had a feeling the response you got was missing an "or" regarding required docs.  It's kinda like how some banks want/desire a WP to open an acct but it's not required if you can provide certain other docs. 

 

Basically it appears Deemoney's acct opening requirements "documentation-wise" are easy enough for anyone legally in Thailand

It sure does make a whole lot more sense. I have submitted my documents but heard nothing yet, will let you know ????

[TimBKK]

7 hours ago, Eibot said:

I understand and than you're lucky. For people who didn't the new regulations apply when opening an account.

"Please note, these documents are required for verification as per the AMLO and Bank of Thailand guidelines, effective September 26, 2021"

TrueMoney said the same, WP required, but were perfectly happy to accept a retirement visa only as (obviously) there is no WP.  DeeMoney will be the same.

[Moonlover]

On 11/11/2021 at 9:59 PM, Eibot said:

On 11/11/2021 at 9:57 PM, Moonlover said:

Ok, if you think it will work, go ahead and try it and let us know how it went.

 

On 11/11/2021 at 9:59 PM, Eibot said:

Obviously I tried it before posting it. Lol

From what I read, you haven't tried it. You said, I quote: 'I did Euro, but I don't think it matters'.

 

So, I ask once again, have you done this with THB? From what I read, you can only transfer 10 currencies into a multi currency account (that's the new name) and THB isn't one of them.

[Pib]

You can not add THB directly to a Wise multicurrency acct....but sure you can add/accumulate it in the acct thru buying THB with another currency but you can not transfer THB directly into the acct like doing a THB SWIFT/wire transfer  or bank debit from a Thai  bank acct as THB is not one of the 10 currencies that can be paid directly into a multicurrency acct...nor would a Thai bank send out THB as they must convert to another currency like USD, GBP, etc., to SWIFT out.....nor would a Thai bank honor a "pull" of funds for such a purpose.   

 

Now using a Thai debit card to fund the adding of THB to your multicurrency acct may work but you still end up paying in another currency along with the associated conversion fees by Wise and any foreign currency transaction fees associated with your Thai debit card--and Thai debit cards typically charge a 2.5% foreign currency conversion fee.   

 

Sure, a person can "add" a THB balance to their multicurrency acct but you pay for that with "another" currency and there is an associated conversion fee.  See snapshot at bottom and it wording when a person starts the process to add a THB balance to their multicurrency acct. 

 

Also, a person can use this Wise weblink to see what currencies can be Added, Received, etc., to a Multicurrency acct and any associated fees....selected the Multicurrency Acct tab and then play around see how and which currencies can be used in a multicurrency acct along with any associated fees.

 

 

Snapshot from Wise when starting the process to add a THB balance to a multicurrency acct.

[Eibot]

20 hours ago, Moonlover said:

 

From what I read, you haven't tried it. You said, I quote: 'I did Euro, but I don't think it matters'.

 

So, I ask once again, have you done this with THB? From what I read, you can only transfer 10 currencies into a multi currency account (that's the new name) and THB isn't one of them.

Go read my post again. Yes you can only upload those currencies. The trick is that you can upload x amount of euro's with your Thai bank card. Wise will automatically convert the baht from you bank, into euros at their FX rate. It doesn't have to be Euros (as I only tried euros at time of my initial post). It can be other currency aswell as I have found out.

[Eibot]

19 hours ago, Pib said:

You can not add THB directly to a Wise multicurrency acct....but sure you can add/accumulate it in the acct thru buying THB with another currency but you can not transfer THB directly into the acct like doing a THB SWIFT/wire transfer  or bank debit from a Thai  bank acct as THB is not one of the 10 currencies that can be paid directly into a multicurrency acct...nor would a Thai bank send out THB as they must convert to another currency like USD, GBP, etc., to SWIFT out.....nor would a Thai bank honor a "pull" of funds for such a purpose.   

 

Now using a Thai debit card to fund the adding of THB to your multicurrency acct may work but you still end up paying in another currency along with the associated conversion fees by Wise and any foreign currency transaction fees associated with your Thai debit card--and Thai debit cards typically charge a 2.5% foreign currency conversion fee.   

 

Sure, a person can "add" a THB balance to their multicurrency acct but you pay for that with "another" currency and there is an associated conversion fee.  See snapshot at bottom and it wording when a person starts the process to add a THB balance to their multicurrency acct. 

 

Also, a person can use this Wise weblink to see what currencies can be Added, Received, etc., to a Multicurrency acct and any associated fees....selected the Multicurrency Acct tab and then play around see how and which currencies can be used in a multicurrency acct along with any associated fees.

 

 

Snapshot from Wise when starting the process to add a THB balance to a multicurrency acct.

Correct,  thanks for explaining.  I have done 6 transfers this week with my Thai debit card, and works like a charm. It instantly hits my account in the UK. 

Also, it doesn't have to be your Thai currency account. Let's say I want to send money to mu Euro account. I'll just add money to my EURO currency wallet with my Thai Debit card. Wise automatically converses the THB to EURO when addiding it using live FX (it does charge for debit cost, and your Thai card might charge for foreign transaction - 1% in my case) and it will add euro's straight away. Then you just sent your euro's to any recipients that use EUro's. This way you only have to converse your money once. Just like you do when sending money to Thailand. 

Edited November 14, 2021 by Eibot
.