Is Deemoney nowadays reliable and fast to transfer large amounts overseas ?

[Barry864]

Hi to all,

I need to make a transfer of about 500,000 THB from my THB  BKK Bank account to a UK GBP account.

Is it cheaper to do it through deemoney rather than my bank's SWIFT transfer ?

Is Deemoney reliable ?

How fast is it nowadays ? I have seen posts from earlier this month citing long delays. Any problems still with that recent IT outage ?

TIA for your replies

[Olmate]

Get a Dee quote, then go Swift! 

[Barry864]

11 minutes ago, Olmate said:

Get a Dee quote, then go Swift! 

it seems that for that amount by chosing Deemoney you saving like 30 pounds which is not that much. 

[Olmate]

14 hours ago, Barry864 said:

it seems that for that amount by chosing Deemoney you saving like 30 pounds which is not that much. 

Exactly so why even dither, try getting a non Swifttransfer stuff up fixed, expensive nitemare!! 

[ELLHNAS]

Dont use DeeMoney. My transfer of July 10 still not through and I see a river of negative reviews in Trust Pilot and google map about this joke of a company.

[bradiston]

22 hours ago, Barry864 said:

Hi to all,

I need to make a transfer of about 500,000 THB from my THB  BKK Bank account to a UK GBP account.

Is it cheaper to do it through deemoney rather than my bank's SWIFT transfer ?

Is Deemoney reliable ?

How fast is it nowadays ? I have seen posts from earlier this month citing long delays. Any problems still with that recent IT outage ?

TIA for your replies

I think if you have a Wise sterling account, which will have a UK sort code and account number, you can withdraw the THB using Dee into that account at Wise's rates, then shift the £ into your UK bank.

[Scouse123]

Dee money was very slow.

 

I don't use them anymore

[Barry864]

DETAILED UPDATE FOR THE BENEFIT OF OTHER MEMBERS:

I am in the UK now and I finally managed to send the money this morning through my bank's app as there are recent reports of great delays with Deemoney and the difference in fees would be less than 30 GBP.

Last month I went to my branch and asked how to doa tranfer while being abroad,  and they told me I could use only the Buluang ibanking website and not the app. I thought to confirm this with the Bangkok Bank customer service while I was still in my branch, which was extremely helpful and knowledgable and they said my branch was wrong. Then customer service checked my account and found that my daily transfer limit was only 200,000 and had to be changed, this again was not detected or mentioned by the officer at my branch although I mentioned the amount I wanted to transfer. This change of the daily transfer limit could be done only by physically going to my branch and if I had not called customer service I would not be able to transfer the full amount from the UK. Then in the process of changing the limit the  bank officer discovered that on the system they had my old passport details, although I changed my passport 4 years ago and shown my passport to my branch on multiple occasions over that period, without anyone bothering to update my details. On updating my passport details, they copied my passport and took a digital picture of my face. After that I had to designate the UK account that I wanted to  receive the transfer funds in. Today I had to wake up at 02:30 a.m. UK time because the transaction could be done only on weekdays between 08:30-17:00 thai time. I logged in to Buluang ibanking and tried to do the transfer but I realized that the IBAN I designated in Thailand was partly incorrect and I was not able to change it although there was an option for changes. Then I tried to designate a new international transfer 3rd party account with the correct IBAN, I had to confirm this with an OTP number sent to my thai phone but I got the message that I had to wait for 3 business days for the new 3rd party account to take effect. Frustrated, as I needed to do the transfer today, I called customer service again on +66-26455555, which was again very helpful and advised to use the app instead of the web banking. With the app I managed to designate my UK account on the spot, but for verification the app asked to scan my face which was successfully confirmed. If I had not gone to my branch last month and my picture was taken, I very much doubt that I would be able to complete this step. Then following instructions I completed the whole transfer through SWIFT and I was told the funds would reach my UK account within 3 business days. Cost of the transfer : the THB on my account had to be exchanged to GBP using BBK Bank's own foreign exchange rate ( the BILL-DD-TT SELLING RATE) which is found here: https://www.bangkokbank.com/en/Personal/Other-Services/View-Rates/Foreign-Exchange-Rates and is a little higher than the official rate found on the internet.  I chose to pay for both banks' fees which was a flat rate of 1,050 baht.

For int'l transfers using the app you need to click on : "more services" at the low right corner, then scroll down to "International transfers" and select "SWIFT". Remember it can be done only on weekdays between 08:30-17:00 thai time.

Thanks for all your replies, hope the above is helpful.

[sometimewoodworker]

40 minutes ago, Barry864 said:

 

Last month I went to my branch and asked how to doa tranfer while being abroad,  and they told me I could use only the Buluang ibanking website and not the app. I thought to confirm this with the Bangkok Bank customer service while I was still in my branch, which was extremely helpful and knowledgable and they said my branch was wrong. Then customer service checked my account and found that my daily transfer limit was only 200,000 and had to be changed, this again was not detected or mentioned by the officer at my branch although I mentioned the amount I wanted to transfer. This change of the daily transfer limit could be done only by physically going to my branch and if I had not called customer service I would not be able to transfer the full amount from the UK.

I can change the limit for international transfers using SWIFT in my app on my phone, up to 2,000,000. There is no need to go into a branch for that. There are 2 limits that can’t be changed in the app, they are cardless withdrawal at ATM, and withdrawal with banking agent. 

[SAFETY FIRST]

8 hours ago, Barry864 said:

THB on my account had to be exchanged to GBP

This issue is common, I transferred to my Australian bank, Kasikorn bank forced conversion of Baht to AUD to send internationally. 

 

I wanted to send baht, have the conversion in Australia, it's a better rate. 

 

[john donson]

why did you not go to superrich and exchange and bring it home

[topt]

11 hours ago, SAFETY FIRST said:

This issue is common,

I would say it is actually normal and pretty much always happens due to BOT rules.

11 hours ago, SAFETY FIRST said:

I wanted to send baht, have the conversion in Australia, it's a better rate. 

That surprises me me as usually the rate is worse due to the Thai baht not being considered as freely tradeable and foreign banks are not known for being generous on the spreads.

Equally I guess it depends how much the Thai bank were taking on the spread at that time.

[SAFETY FIRST]

18 minutes ago, topt said:

11 hours ago, SAFETY FIRST said:

I wanted to send baht, have the conversion in Australia, it's a better rate. 

That surprises me me as usually the rate is worse

It's common knowledge not to send the foreign currency to destination, always send the local currency.

 

The exchange in the remote country will be a much better rate. 

 

 

 

[topt]

6 hours ago, SAFETY FIRST said:

It's common knowledge not to send the foreign currency to destination, always send the local currency.

 

The exchange in the remote country will be a much better rate. 

 

 

 

Sorry but that is normal I agree for most but I am doubtful that it applies to the Thai baht - even if it is possible.......

 

[Krabi King]

Dee Money used to be fast and cheap. My last 2 transfers to Europe took 8 and 10 days. Way longer than expected. They blame the receiving end.

Not sure if I would use them again. Definitely not if it needs to be quick.

[SAFETY FIRST]

6 hours ago, topt said:

Sorry but that is normal I agree for most but I am doubtful that it applies to the Thai baht - even if it is possible.......

 

What is normal? 

It's not normal in Australia. 

 

 

If I send money from Australia to Thailand I always choose 'send AUD', only a fool would convert it to THB then send to Thailand.