BahtSmart - New Online Money Transfer to Thailand.

[bdenner]

Sounds like you have had enough already!

[scd]

Hi Dwight - Baht Smart

Just thought i'd highlight something that you may, or may not, choose to look into.

I have used your service once before with no problem.

Yesterday i used it for a second time, and was advised of the amount that would be transferred in Thai Baht, along with the exchange rate.

This morning that amount has come into Thailand as a lesser amount than previously advised, and therefore obviously at a lower exchange rate.

According to your online chat today a different exchange rate was used than the one that i had previously been advised of.

This might be covered in the fine print somewhere, but i consider it poor form to adivse a customer of an exchange rate and a set amount, than to have that changed to a lesser amount when the transaction is finalised.

I'd like to support your business, but if this practice of changing the exchange rates is to be the norm than i will have to reconsider.

I await your reply, or not.

[BahtSmart]

Hi Dwight - Baht Smart

Just thought i'd highlight something that you may, or may not, choose to look into.

I have used your service once before with no problem.

Yesterday i used it for a second time, and was advised of the amount that would be transferred in Thai Baht, along with the exchange rate.

This morning that amount has come into Thailand as a lesser amount than previously advised, and therefore obviously at a lower exchange rate.

According to your online chat today a different exchange rate was used than the one that i had previously been advised of.

This might be covered in the fine print somewhere, but i consider it poor form to adivse a customer of an exchange rate and a set amount, than to have that changed to a lesser amount when the transaction is finalised.

I'd like to support your business, but if this practice of changing the exchange rates is to be the norm than i will have to reconsider.

I await your reply, or not.

Hi SCD

Thank for the feedback. Our process and system is designed like many online transfer companies like Ozforex and transferwise,etc.. This is a well established business model for online money transfer firms. This means the actual Thai baht rate is only confirmed at time at receipt of cleared funds into our ANZ account. In the current economic environment where the AUD has been decreasing in value each day this has meant that some customers have got slightly less THB than our indicative quote at the time of creating the transfer on our system . We had thought we had made that clear in marketing materials and on the website when doing a transfer, but we have had a few customer complaints about this. I apologise for not making it clear enough and we have a system change underway to ensure we are very clear and our customers are completely aware of this at time of booking a transaction.

I hope you do continue to use us. Our prices are very competitive, we have no fees and charges and our we are very quick with our transfers once cleared funds are recieved.

Regards

Dwight

CEO BahtSmart

[scd]

Hi Dwight

Thank you for the prompt reply.

I understand the issue and i suggest you make this particular matter more transparent, as you have indicated you will.

I am happy to continue using Baht Smart as long as you can provide a very competitive rate.

I would suggest to other users of Baht Smart that they complete their transfers in the day time when both Australian and Thailand financial insitutions are open, to lessen their exposure to exchange rate fluxuation.

With thanks again

[Evilbaz]

The B of T is closed at nights and on weekends and public holidays - as are Oz banks.

So transfers made at those times don't move until both sending and receiving banks are open.

Simple ...

[BahtSmart]

Hi Guys

Just to let you know we have a special running this weekend and have reduced spreads to deliver you a better AUD/THB rate. This special will be open for any funds we receive in our account up until this Tuesday 27th Jan 2014.

I have been checking closely and I know this offer makes us better than Ozforex and the Thai Banks for amounts up to AUD 3,000. We are also definitely faster than Ozforex. If we receive your funds in our ANZ bank account by 10:30am Thai time your beneficiary will get paid same day in Thailand. If after 10:30am it will be next day.

So if you haven't done so already go to www.bahtsmart.com and register online today. (remember to have a colour scan of your passport ready to upload so we can complete verification process.)

Remember you can transfer from as little as AUD 100.

Cheers

Dwight

CEO BahtSmart

Edited January 24, 2015 by BahtSmart

[wonder6281]

I wish to write something positive for Bahtsmart.

I transferred my monies on Tuesday night .. 9pm Pattaya time.

This is the normal time for me do to my TT, pay my Aussie bank $20 and then Kasikorn takes their fee 203baht the next day and the funds arrive here at around 1pm on the Wednesday.

This is the first time I used Bahtsmart and I became annoyed because the funds didn't appear in Thailand until late Wednesday afternoon at 5pm.

It was not the fault of Bahtsmart, but the fault of my Australian banks processing speed to the ANZ.

So it takes longer to transfer funds within Australia than it does to an overseas account??

Anyway the upshot is, it did arrive the same day as normal, just 4 hours later and in comparison I received a just over 100 baht extra due to not paying both of my banks their fees.

I know that he problem was between the 2 Aussie banks as I was in correspondence with Dwight during the day and regularly checked into my Bahtsmart account. Once I seen it was being processed it was fairly quick into my Thai bank.

Now I know how at what speed it works and given the positive outcome I see no reason not to continue giving Bahtsmart my regular business.

Cheers

Edited January 24, 2015 by wonder6281

[BahtSmart]

Hi All,

We have kept our sharp AUD/THB pricing from the week before and have even improved it this weekend.

As well we have a refer a friend promotion. Refer a friend to go in the draw for an iPAD mini.

Come register and transfer online at www.bahtsmart.com or for more details look at our facebook page www.facebook.com/bahtsmart

Regards

Dwight

CEO BahtSmart

[BahtSmart]

Hi All,

We have reached into our very slim marketing budget at Bahtsmart and decided to offer an iPad mini to the winner of the "Refer a Friend" February Promotion...

For all our existing customers please just go to our website www.bahtsmart.com and click the link provided.. enter your friends details and we will do the rest.. Its that easy.. Remember "no correspondence will be entered into, etc...." over the winner who we will announce in march.

Also AUD/THB pricing sharpened again over the weekend.. I really think customers have never had it so good on pricing.. just a pity the AUD is weak at the moment.

Regards

Dwight

CEO BahtSmart

[BahtSmart]

Hi All,

If anyone is still reading the channel just wanted to let you know about some exciting news. We have enhanced our BahtSmart product to give you better AUD/THB rates the more you transfer. With the same no fees and charges and the same day, worse next day transfer into your Thai bank account.

For smaller amounts we will keep the great AUD/THB rates we already offer, but for larger amounts, the more you transfer the better the AUD/THB rate you will get. These rates are real time market best rates and better than the Banks and other online transfer firms**. Leaving you with more Thai baht for your beneficiary.

So if you are buying that dream house or condo*** in Thailand or even sending money home to mum and dad, you can't go past BahtSmart. Continuing to give you the best AUD/THB rates.

You can check out these great rates online at www.bahtsmart.com or find out more at www.facebook.com/bahtsmart

Cheers

Dwight

CEO BahtSmart

[Jessi]

I transferred money from Australia to my Bangkok Bank account this week. First time I have used Bahtsmart, for years I have used Ozforex.

I am very happy with the service I received from B.S.

The exchange rate is better with ozforex but because they charge $15, to do the transfer I was 300B better off using B.S, this was on a $2,000. transfer, I also noticed that B.B. did not charge me the 200B on the transfer.

I started the transfer Monday morning and the funds were in my BB, on Tuesday afternoon. This is much better than the 5 working days it takes Ozforex to do it.

I hope I can continue to use B.S for many more years.

[BahtSmart]

I transferred money from Australia to my Bangkok Bank account this week. First time I have used Bahtsmart, for years I have used Ozforex.

I am very happy with the service I received from B.S.

The exchange rate is better with ozforex but because they charge $15, to do the transfer I was 300B better off using B.S, this was on a $2,000. transfer, I also noticed that B.B. did not charge me the 200B on the transfer.

I started the transfer Monday morning and the funds were in my BB, on Tuesday afternoon. This is much better than the 5 working days it takes Ozforex to do it.

I hope I can continue to use B.S for many more years.

Thanks for the business and kind words Jessi..

Hope we can continue to service your transfer needs into the future.

Regards

Dwight

CEO BahtSmart

[bdenner]

I'm in the middle of my 2nd transaction with BS and caught in the dreaded wait for the funds to move from CBA to ANZ again - been over 7 hours now.

Not telling BS how to run their business but IMHO they should open accounts with all the major banks and knock this time delay out of the process. Doesn't cost much to operate a bank account and the flow on from an even faster service can only work for BS and their customers.

[JDGRUEN]

If no fees and such ... how does bahtsmart make money to stay afloat? Exchange differential ?

[Nuddy]

Adding to Bdenner above I think BahtSmart have most things covered. The no fee and the saving in Thailand from the BB fee as well takes a lot to beat.

However yes there is that delay in the transfer in one Bank to the other in Australia as Bdenner says.

For me if BahtSmart had a clearing account in the CBA it would speed up my transaction as transfer to it would be immediate.

I recommend BahtSmart investigate the Opening of an account at least with the CBA in Australia.

Regards

[bdenner]

OK, to their credit and word the funds are now in my Thai Account so it has happened within the time period state if the transaction is started prior to 10:30 EST.

I triggered a 08:30 EST (05:30 Thai) and see it here at 18:30 EST (15:30 Thai) at the estimated and quoted rate. = 24.92

BTW the rate increased through the day so I guess they won. What happens if the rate falls whilst waiting the Aust. banks to do their thing. = WATCH THIS SPACE.

[wonder6281]

I found the waiting hard as well. When I send it straight from my Australian Bank it goes via Citibank (who exchanges it) then to my Thai Bank. Still much quicker but a fraction less on the transaction. If I didn't need to worry about when it arrived I would continue to use Bahtsmart but recently I have needed it much quicker than they can process it.

Still a good system though.

[BahtSmart]

Hi Gents

Thanks for your business all. Much appreciated and thanks for the feedback. We are constantly trying to imporve the service we deliver.

I would love to open accounts with all Australian banks, but effectively none of the Aussie banks are opening any accounts for my industry group at the moment. I am in Oz in the next couple of weeks and will do the rounds of the banks again, but I am not confident. I'll certainly let you guys know if it happens and it would certainly allow us to improve the speed of the process.

Also pls note for your safety, we keep your monies inside the Oz and Thai banking systems. In Thailand, this means we have to adhere to local Thai payments network cutoff times. For our Thai banking partner this is 10am for same day payments to any bank in Thailand. This month to improve our process for the majority of our customers we have been opening bank accounts with all the major Thai banks so we can also make same day payments all day with Bangkok Bank, Siam Commercial and K bank.

Cheers

Dwight

CEO BahtSmart

[Jessi]

I have just done another transfer and the service is great. I just wish you could UP your exchange rate a bit.

Many thanks

[BahtSmart]

Hi Jessie

Thanks for the business, its much appreciated. With "our no fees and charges" and "the more you send the better the rate you get", means our customers are getting great rates and our margins are razor thin. However, we are always looking to improve and we constantly monitor our rates and look to improve our rates where we can.

Thanks

Dwight

CEO Bahtsmart

[johnbarley]

I transferred money from Australia to my Bangkok Bank account this week. First time I have used Bahtsmart, for years I have used Ozforex.

I am very happy with the service I received from B.S.

The exchange rate is better with ozforex but because they charge $15, to do the transfer I was 300B better off using B.S, this was on a $2,000. transfer, I also noticed that B.B. did not charge me the 200B on the transfer.

I started the transfer Monday morning and the funds were in my BB, on Tuesday afternoon. This is much better than the 5 working days it takes Ozforex to do it.

I hope I can continue to use B.S for many more years.

Thanks for the business and kind words Jessi..

Hope we can continue to service your transfer needs into the future.

Regards

Dwight

CEO BahtSmart

Hi,

Do you handle EUR or THB transfer out of Thailand?

Any advice on how to do this?

[BahtSmart]

Hi John

Unfortunately we don't have a license to transfer out of Thailand yet. Its on the list for the future.

What I understand are that the only companies that are licensed and allowed to do overseas transfers out of Thailand are the Thai or Foreign banks in Thailand and Central department store (western Union) and Thailand Post (western union). The full list can be found on the bank of Thailand website.

https://www.bot.or.th/English/FinancialInstitutions/WebsiteFI/Pages/InstList.aspx

So unfortunately, you are stuck with either carrying cash out of the country (pls be aware of Thai customs regulations), one of the Banks via Western Union or Moneygram or their swift platform or the Post office.

I imagine given the lack of competition that fees and charges and rates will all be pretty similar.

Sorry I would love to offer the service, but we are still in the process of obtaining a license.

Good luck with the transfer. If we can help at all happy too.

Regards

Dwight

[bdenner]

OK, to their credit and word the funds are now in my Thai Account so it has happened within the time period state if the transaction is started prior to 10:30 EST.

I triggered a 08:30 EST (05:30 Thai) and see it here at 18:30 EST (15:30 Thai) at the estimated and quoted rate. = 24.92

BTW the rate increased through the day so I guess they won. What happens if the rate falls whilst waiting the Aust. banks to do their thing. = WATCH THIS SPACE.

Well in all fairness I have given it my best shot with 3 x $2000.00 transfers, over the past 6 weeks, even though I can do it quicker and get a better final deposit rate through my business account with the CBA. As I pointed out earlier along with the detractors.

As on the 27th Apr. I triggered a transfer to the ANZ about 08:30 est (05:30 Thai) on the 20th May. BUT, unlike my last transfer - at the same time in the day - I did not get notification of funds received until 09:30 est (06:30 Thai) the following day and did not see the deposit until 13:18 Thai (through the Chiang Mai Branch of KBank????)

So there we have it on the 2 occasions where the AUD gained ground through the transfer period I was paid the initial quoted rate BUT on this occasion the AUD was loosing ground steadily against the Baht over the 30 hour transfer period and YES I received a lessor rate.

OK that is highlited in the disclaimer, but it should be a 2 way street.

[Nuddy]

Whats going on with Baht Smart?

They said pay them in the morning and they pay you in the afternoon!

It's not happening guys!

I paid last night, got a text at 9 am Thai Time saying you had the dosh but its not here yet at 18.30.

Thats two times now!

I didn't say anything last time but hey guys you are letting me down....and I supported you.

Come on lift your game please!

You know who I am!

Regards

[wonder6281]

I found the time turnaround not worth the extra 2 to 3 hundred baht. I would transfer on Tuesday night Thai time and the money would arrive in my account Thursday afternoon. I transfer the money as it hits my Aussie Bank and waiting almost 2 full days is quite frustrating.

Until the speed of the process improves I will continue to use my old method, which admittedly is less but at least I can go shopping and pay my bills on Thursday morning and not Friday.

Having my money sitting for 2 days in the Financial system benefits somebody and it isn't me.

[BahtSmart]

Hi All

First apologies to those customers that experienced a delay today. We did have a problem making Bangkok bank transfers today only. We will have a full investigation to find out why and revert directly to those effected customers.

Thanks Dwight

CEO Bahtsmart

[Evilbaz]

Dwayne - check out why it takes so long for ANZ to process transfers fromother Sydney-based banks?

Here in "the third world" my Thai bank (KBank) transfers to any other Thai bank within 1 minute with SMS confirmation.

Within 5 minutes the receiving Thai bank sends a SMS to the recipient that funds have been received.

My last transfer was booked with you at 0530 Thai time (0830 Sydney time) and sent to ANZ almost immediately.

This was a Friday (that's the day my funds come).

The ANZ message was that funds should be credited by the following Tuesday - no PH involved at either end.

It seems to me that ANZ is employing some "2 business days rule" against your Co, (you are FX competitors!) instead of the normal almost instant internet transfer rules for local banks.

Disclosure: I hate OZ banks with a passion for their gouging practices.

[jpinx]

Has there been any progress on a service from New Zealand banks (BNZ) which works out better than paying the swift to NZ bank and letting the thai bank do the FX ?

[Nuddy]

As I understand it Dwight is in Bangkok Today.

Those who want to catch up with him in Bangkok could probably contact BahtSmart Thailand and set up a meet with him.

I used their service starting in the night of the 9th of June.

They messaged me saying they had my funds at 0857 hours Thai time 10 June 2015 and would process my transfer.

My transfer arrived in my Thai Bank at 1926 hours 10 June 2015.

It was a bit late hour but some 500 baht better result than had I used my Aussie Bank to send A$ to Thailand and let the Thai Bank convert it.

Thats after taking into account the fees I would normally have paid.

I would have preferred an afternoon receipt rather than the evening one I received.

Dwight said (and as above) in an email to me that he would see if the delay aspect could be resolved permanently.

Regards

[Jessi]

OK, to their credit and word the funds are now in my Thai Account so it has happened within the time period state if the transaction is started prior to 10:30 EST.

I triggered a 08:30 EST (05:30 Thai) and see it here at 18:30 EST (15:30 Thai) at the estimated and quoted rate. = 24.92

BTW the rate increased through the day so I guess they won. What happens if the rate falls whilst waiting the Aust. banks to do their thing. = WATCH THIS SPACE.

Well in all fairness I have given it my best shot with 3 x $2000.00 transfers, over the past 6 weeks, even though I can do it quicker and get a better final deposit rate through my business account with the CBA. As I pointed out earlier along with the detractors.

As on the 27th Apr. I triggered a transfer to the ANZ about 08:30 est (05:30 Thai) on the 20th May. BUT, unlike my last transfer - at the same time in the day - I did not get notification of funds received until 09:30 est (06:30 Thai) the following day and did not see the deposit until 13:18 Thai (through the Chiang Mai Branch of KBank????)

So there we have it on the 2 occasions where the AUD gained ground through the transfer period I was paid the initial quoted rate BUT on this occasion the AUD was loosing ground steadily against the Baht over the 30 hour transfer period and YES I received a lessor rate.

OK that is highlited in the disclaimer, but it should be a 2 way street.

I have also given you a good run "BAHTSMART"

I have the same problem on the exchange rate. You pay the lowest rate from the time I start the transaction, then over the next 24 hours while waiting for my money the exchange rate goes up but you pay the lowest rate, this time Im out of pocket by 200B, this has happened four time and I don't like it because you say the exchange is when you receive the funds but that is not happening.

I contacted your so called online support but NO answer. (4PM Thai time)

You can reimburse me the 800B or loose a customer.

Up to you.

Edited June 19, 2015 by Jessi