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


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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

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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!! 

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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.

Edited by bradiston
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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

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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. 

 

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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.

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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. 

 

 

 

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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.......

 

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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.

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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. 

 

Edited by SAFETY FIRST
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