BahtSmart - New Online Money Transfer to Thailand.

[BahtSmart]

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.

Jessie

Thank you for your business. For the AUD2,000 transfers we know already you are getting the best rate in town with no fees and charges and our terms and conditions are pretty clear on this matter. Nothing to hide here.

I apologise if no one answered the telephone. We need to do a better job at the telephone. Jessie you can also contact us via email at [email protected] or via contact us on our web page and we will reply asap.

Its been a very busy couple of weeks for us at bahtsmart. I apologise to any customers if they feel like their payments have been delayed during the day. This unfortunately for us are growing pains and I thank the many new customers who are using the platform and getting great rates with no fees and charges. All transfers are either being done same day or next day as promised .

Also watch this space. We are in the process of launching a new product with real time dealable prices in the next couple of months. With the same great rates and with no fees and charges. I let everyone know closer to the launch date.

Regards

Dwight

[Jessi]

Dwight,

You have not answered my complaint.

[Jessi]

I just sent another message via your online support. NOTHING NO REPLY AT ALL.

Says a lot for your so called online support.

[shaggy851]

I would be happy to use if i hear from a tv member that has successfully used your service without being fleeced. A forum may be a good way to promote your business but..

[BahtSmart]

I would be happy to use if i hear from a tv member that has successfully used your service without being fleeced. A forum may be a good way to promote your business but..

Dear Shaggy

Pls read earlier posts lots of examples of customers who are satisfied with our service. Why not try yourself. register first at www.bahtsmart.com and then transfer a AUD100 to thailand to begin with. If you like our service pls continue to use us. If not, no real harm done.

Nothing like your own experience. Then feel free to comment on this forum. I understand the upside and downside, of the forum...

Thanks

Dwight

[BahtSmart]

I just sent another message via your online support. NOTHING NO REPLY AT ALL.

Says a lot for your so called online support.

Hi Jessie

I do have to apologise for this. We had a major upgrade to support mobile rollout last week and you have found a bug with our online support system. The operators were not being notified eveytime a new message was being created.

Thanks

Dwight

[Jessi]

Bahtsmart,

The online support is only a small part of the problem.

My main complaint which you seem to be avoiding is:

When I start a transaction I am given a exchange rate. $1=25B

When you receive my funds the exchange rate has increased to $1=25.50B

You have done the transfer @ $1=25B

According to you (Post # 73 on page 3)

Thanks for your business, we have seen your transaction in our system. Once we received your cleared funds in our ANZ Bank account, we will pay your beneficiary in Thailand immediately with the current market rate at that time.

I should have been paid $1=25.50

I have now done 4 transactions and each time you have done the exchange

rate at the lowest amount.

TV member bdenner has also spoken about this in post # 136 on page 6 and again in post # 143

I have used example figures so its clear to the other TV members

Who may wish to use your service.

[BahtSmart]

Bahtsmart,

The online support is only a small part of the problem.

My main complaint which you seem to be avoiding is:

When I start a transaction I am given a exchange rate. $1=25B

When you receive my funds the exchange rate has increased to $1=25.50B

You have done the transfer @ $1=25B

According to you (Post # 73 on page 3)

Thanks for your business, we have seen your transaction in our system. Once we received your cleared funds in our ANZ Bank account, we will pay your beneficiary in Thailand immediately with the current market rate at that time.

I should have been paid $1=25.50

I have now done 4 transactions and each time you have done the exchange

rate at the lowest amount.

TV member bdenner has also spoken about this in post # 136 on page 6 and again in post # 143

I have used example figures so its clear to the other TV members

Who may wish to use your service.

Jessi

I have answered the question in the earlier email. Pls refer to our terms and conditions. If you have a complaint you may send the details to our Compliance team via [email protected] and we will formally answer the question. It is impossible to do so on this channel due to privacy reasons.

Just to be clear to all customers and people reading this channel. We are a money transfer firm. We offer indicative pricing at time of quote and will confirm the rate at the time of transfer to your Thai beneficiary. This timing depends on how long it takes for us to receive money in our bank account in Australia. Usually same day but can be next day. We do not allow rate speculation and we protect customers against downward rate movements of more than 3%. This is a pretty standard money transfer business model.

In return you get access to great AUD/THB rates, no fees and charges and fast payments. If you want to be sure of your rate at time of transfer I suggest you are better off using another service such as one of the Aussie banks or a money changer. However, the rate maybe worse or the transfer service slower

As I also mentioned earlier we will be offering a guaranteed rate AUD/THB transfer product in the near future. I'll let everybody know more details closer to the date.

Thanks

Dwight

CEO Bahtsmart.

[Jessi]

Bahtsmart,

I have never exchanged emails with you, except when I have done a transfer Bahtsmart send me an email of notice.

You dont want to answer my question on TV because it will be there for all to see.

From what I have experienced Bahtsmart will give the lowest exchange rate that comes up during the transaction.

A man of your word you are not.

Once we received your cleared funds in our ANZ Bank account, we will pay your beneficiary in Thailand immediately with the current market rate at that time. NOT TRUE.

[bdenner]

@Jessi, I think you are a getting a little over reactive now. This has the potential to be a good service AND I have completed several more transactions, with them, since my last post as my business manager on holidays.

Yes I agree there has to be a bilateral x-rate transaction at the time of deposit seen. That is something they may have been taking advantage of in getting some sort of recovery for set up expenses. We are the "guinea pigs", IMHO they must know they can't get away with it forever.

As near as I can see the biggest hurdle is the Australian Banking Industry and their "gouging" rules - the sooner that idiot Tony Abbott (seen his footy tipping expertise? The only person he is beating from one is the "Village Idiot" http://www.theage.com.au/afl/expert-tipsters) gets on top of it the better.

[BahtSmart]

Hey Baht smart guys

I've been with you pretty much from the start.

Very Disappointed that my transfer today didn't happen ahead of the Thai banking holiday.

I did everything in Business Hours of both Australian & Thai Time as per usual and my funds never arrived.

You have really inconvenienced me with the Thai Bank Holiday happening tomorrow.

I've noticed that the transfers are getting later - 8 or 9PM Thai time every time - Seriously? - that would never cut it in Aus.

Not good enough at all.

Your standards have slipped in a big way.

Please get it together while i am being inconvenienced by you.

Hi Scd,

As we have been discussing on email, a bit difficult for us to make same day payment when funds are recieved after 3:45pm Thai time. Our cutoff is 10am Thai time. If after cutoff it will be next business da for surey.

For any customers reading this if you do have an urgent transfer pls let us know early so we can keep a watch out for it, and if possible we expediate the transfer, but pls only when it is urgent. Our first priority is to make sure your money is secure and remains in the banking system and we have consistent and repeatable process when transferring your money.

Also I'd like to thank all our existing customers and new customers. Its been a huge month for Bahtsmart with lots of new customers getting access to great rates and no fees and charges.

We have some exicting new product developments in the piepline, that will hopefully answer your needs for dealable real time rates... I'll share more in the future.

Again thanks all for your business.

Regards

Dwight

[Nuddy]

Now we are talking correct!

I received an email from Baht Smart that said it is one to two days to get the dosh from Australia. Let us just say it is two days and be done with it.

That way we won't be sweating on when the dosh arrives. The problem I see is getting the dosh from your own bank to the ANZ bank account of Baht Smart.

Thats resolved the timing.

Now the rate needs to be sorted. It seems some problem is present there. Is it the one you book at the time you order the transfer (pending the dosh arriving) or is the one when they receive the dosh and commit to the transfer. This needs to be clarified.

The no fees are great but my last transfer from CBA sending Baht to BBk was sta red after 4.30pm and arrived 47 minutes later at the gazetted BBk advertised rate.

But of course I had paid fees.

What we have to weight up is a good rate from Baht Smart (converted in Australia) against a better known rate in Thailand conversion BUT with fees

It depends on how much you send.

I know that I depend on the timing and the timing sometimes out weights the fees and the lower rate. Lower rate effected because of conversion in Ausralia and not Thailand.

Timing, fees, amount sent, all work out how you want to use any service.

Regards

[Jessi]

Now we are talking correct!

I received an email from Baht Smart that said it is one to two days to get the dosh from Australia. Let us just say it is two days and be done with it.

That way we won't be sweating on when the dosh arrives. The problem I see is getting the dosh from your own bank to the ANZ bank account of Baht Smart.

Thats resolved the timing.

Now the rate needs to be sorted. It seems some problem is present there. Is it the one you book at the time you order the transfer (pending the dosh arriving) or is the one when they receive the dosh and commit to the transfer. This needs to be clarified.

The no fees are great but my last transfer from CBA sending Baht to BBk was sta red after 4.30pm and arrived 47 minutes later at the gazetted BBk advertised rate.

But of course I had paid fees.

What we have to weight up is a good rate from Baht Smart (converted in Australia) against a better known rate in Thailand conversion BUT with fees

It depends on how much you send.

I know that I depend on the timing and the timing sometimes out weights the fees and the lower rate. Lower rate effected because of conversion in Ausralia and not Thailand.

Timing, fees, amount sent, all work out how you want to use any service.

Regards

Now the rate needs to be sorted. It seems some problem is present there. Is it the one you book at the time you order the transfer (pending the dosh arriving) or is the one when they receive the dosh and commit to the transfer. This needs to be clarified.

Still nothing from BahtSmart on this??

Nuddy's post was made 10 days ago?

[Buzzard1972]

Hello Guys

Long time reader of the forum but the first time posting so this may not look good but by no way am I affiliated with Bahtsmart

We are always quick to complain but are rarely happy to give credit where we are happy with a service.

My partner wanted to send money home and came to me with this new company bahtsmart that she found on facebook, I would normally use Moneygram at 7/11.

So after a check of my trusty Thai visa I thought I would give it a go, altough I was very sceptical.

I registered online and setup the payment and sent the money late at night. I then had a nervous wait watching my email for notification, being sceptical thinking everything would go ballsup.

By lunchtime the next day there was nothing so I rang the number provided, nothing! By this time I am thinking Ive been scammed. I send off two emails in quick succession and not long after I ring again.

This time I get an answer and about the same time I get a reply on my email. The operator tells me they see the money but it hasnt cleared but also that because it is the first transaction it takes a little longer.

This is one point I have read but hadnt let it sink in. By the end of the day I had recieved a confirmation of the funds arriving in their account.

I was then told that the funds would need to be refunded as I had transferred from my girls account and not mine which is what I had registered under. This was my error and bahtsmart were very patient while we tried to fix the issue my end the following week. I couldnt get it done so they refunded the money immediately.

Through the whole process bahtsmart were great, apart from the first phonecall, and I was even getting email responses at night, which is really unusual these days.

I have since completed another transaction with bahtsmart and it was faultless. Keep in mind the initial transaction will take a while, not unlike CBA who made me wait 24hrs for a CBA to CBA initial transaction.

[Itchintogo]

+1. Just the delay from my bank to Bahtsmart's ANZ account.....but manageable.

[Nuddy]

@Buzzard1972.

Still no comment on the timing or the rate. Bart smart were saying they will send it same day if funds received in the morning. Recently they wrote it would be one to two days. I decided that meant it was always two days plus the time to transfer from your own bank to to BahtSmart ANZ Bank. Thats the timing.

Look at Jessie about comment in red. The rate needs to be sorted. Is it the rate given when you book or is the rate applying at the time BahtSmart actually convert/send the money. Jessie had an issue with that. That needs to be sorted out before many will "trust" the BahtSmart service.

By the way I am not an advocate for CBA, its just the Bank I happen to Bank with.

Regards

[heybuz]

i'm with cba, but i find bahtsmart better it takes longer to transfer from cba to bartsmart acc than from bahtsmart to thailand in my experience,also bahtsmart rate has been better than cba with fees

[Buzzard1972]

Nuddy

My understanding is that the rate is taken from when they receive the money to their (bahtsmart) account, not when you transfer.

I wouldnt expect it to be when I transferred the money, only when they received it. It is the same for Moneygram, if the rate changes while you are doing your transaction then you get the adjusted rate.

As for timing, I made my first a transaction at 11pm on the 7th and the money was in the Bahtsmart account at lunch time on the 9th. My beneficiary received the money at 8pm Aus time.

Hope this helps.

[Jessi]

Nuddy

My understanding is that the rate is taken from when they receive the money to their (bahtsmart) account, not when you transfer.

I wouldnt expect it to be when I transferred the money, only when they received it. It is the same for Moneygram, if the rate changes while you are doing your transaction then you get the adjusted rate.

As for timing, I made my first a transaction at 11pm on the 7th and the money was in the Bahtsmart account at lunch time on the 9th. My beneficiary received the money at 8pm Aus time.

Hope this helps.

My understanding is that the rate is taken from when they receive the money to their (bahtsmart) account, not when you transfer.

NOT TRUE !!

BahtSmart will give you the lowest rate during the period from the start anywhere along the duration of the transaction.

This is what has happened to me not once but three times.

Mr BahtSmart was on line yesterday but no answer or comment from him or his company.

[BahtSmart]

Hello all,

Apologies for not replying earlier. Normally I receive an email notifying me of an update to the channel, but for some reason haven't recently. It has also been an interesting few weeks at Bahtsmart. Business has boomed due to a competitor closing up shop in Sydney servicing mainly Thai people. This has meant our volumes have grown dramatically. This is a good problem to have, but at the same time our Thai banking partner has decided to an extra day to send our liquidity from Australia to Thailand, meaning we are taking an extra day to process. We expect to have a resolution to this problem asap in the coming weeks and I will keep this channel updated on progress.

Also for those of you who keep a close eye on Thai banks AUD/THB pricing you will have noticed since the Aussie has been dropping over the last couple of months they have spreading their prices wider. Some 10 to 20 stang wider. We at bahtsmart have not spread our prices wider.

Despite what some people say on this channel there is no conspiracy theory. We are a six month old company with growing pains. We process transfers in Thailand as soon as our liquidity is made available each day before 11am. This is when the rate is set. We do before 11am thai time as this is the cutoff time from our thai bank to make same day payments to all banks in Thailand.

However, my main concern is to keep your money safe. It never leaves the Australian or Thai banking system. I won't compromise on that, even if it means we maybe a day later.

Also we will have some exciting new product announcements soon.

a) AUDSMart: We will be launching a new brand in Australia to pay 57 countries globally, including Thailand. The product will slightly different. Real time dealable prices. i.e rate is set at time of transfer confirmation in our system, not when we transfer in Thailand. No fees and charges. However, it will be slower and take 5 to 7 days for your money to reach Thailand. It will be ideal for the larger transactions over 10K that are less time sensitive.

Money Transfers to Laos: Also this maybe not the right channel, but for those customers who wish to transfer to Laos we will be launching a similar product to Bahtsmart in the coming months.

Thanks to all our customers for their business. It is appreciated.

Regards

Dwight

CEO Bahtsmart

[Cheesekraft]

or you can use bitcoin, instantly, at a 6 cent fee without any risk of trusting the wrong people

Edited July 17, 2015 by Cheesekraft

[BahtSmart]

Yes we are watching Bitcoin and Ripple.org closely and agree with you it in theory is a great way to move money between countries efficiently. However, its still not well accepted by the regulators and that's what has stopped us from pursuing it further. I definitely see it having its day in the future. The Bitcoin and Ripple ledger technology is pretty impressive.

Thanks

Dwight

[OLDAUSSIE]

baht smart , You seem to be avoiding questions

Perhaps you should have been a politician.

[SnakeDoctor]

Thanks for the warnings about BahtSmart and their elective exchange rate, seems to be working out for them though as a lot of former Xwing PTY LTD Sydney people are using their service, well the ones that can't count or need to send small money at least.

For mine as long as i'm sending more than $1200 AUD the fees to transfer ($22 AUD from CBA and 250baht from KTB) are taken care of due to the FAR better exchange rate from the bank involved.

[Nuddy]

@SnakeDoctor

Thanks mate, nice to see a new member online.

BahtSmart supposedly exchange A$ to THB in Australia.

If you do that exchange with the CBA, that is send THB from Australia its a bad scene and BahtSmart seem to be able to beat that rate from time to time.

But if you send A$ from , say the CBA, to Thailand and the conversion occurs at your Thai Bankers home, you result is better than your Aussie Bank and better than BahtSmart in my experience.

Then the issue comes down to the fees. So about A$32 total (A$22+250thb) is the rub.My calculations suggest I need to send at least about A$2500 to negate those fees.

Of course the advantage over BartSmart then comes into play. That is...the quick time and achieving the advertised rate by your Thai Banker.

Amount sent, fees or not, timeliness, rates achieved and known all are factors

I imagine that BahtSmart could send an email at the time they convert the currency ...that may take some pain out of it.

[SnakeDoctor]

Yeah +1 Nuddy, definitely need to send AUD overseas for it to be converted at the destination, that's a given in just about all TT transfers from Australia imo

Depends on the spread between bahtsmart and KTB (or whoever) TT Buy rate as you say for the payout figure.

The other benefit is TIME, normally just a few hours to transfer from my Commbank account to my KTB account, great stuff really.

[Evilbaz]

Well if I send AUD from my CBA a/c to Kbank the CBA charges me $22 then via Citibank who charge $60.

All that matters for comparison is nett amount received - although Bahtsmart has been slow recently.

[BahtSmart]

Thanks for the warnings about BahtSmart and their elective exchange rate, seems to be working out for them though as a lot of former Xwing PTY LTD Sydney people are using their service, well the ones that can't count or need to send small money at least.

For mine as long as i'm sending more than $1200 AUD the fees to transfer ($22 AUD from CBA and 250baht from KTB) are taken care of due to the FAR better exchange rate from the bank involved.

Dear Snakedoctor, Pls do not presume to know the business that flows through our platform, as I make no assumptions about you. We have many satisfied customers sending large and small amounts.Also pls check your calculations. You would be baht better off sending through bahstamrt, even though the AUD had dropped 15 stang since KTB sent their rates yesterday.

See my calculation below.

CBA/KTB Bahtsmart Amount 1200 1200 AUDTHB Rate 24.85 24.5866 Nett THB Receive 29820 29503.92 Oz bank fee (AUD) 22 0 Oz bank fee(THB) 546.7 0 Thai Bk fee 250 0 THB after Bank fees 29023.3 29503.92 Bahtsmart better by THB

480.62

I readily admit Bahtsmart is a day slower but even though that would require a 1.62% daily movement in the AUDTHB rate. Albeit the AUD has been weakening against the THB for the last 9 months, a 1.62 is a large and rare movement on a daily basis.

Therefore, you are better off using bahtsamrt even though we may take an extra day.

Thanks

Dwight

[BahtSmart]

Well if I send AUD from my CBA a/c to Kbank the CBA charges me $22 then via Citibank who charge $60.

All that matters for comparison is nett amount received - although Bahtsmart has been slow recently.

Hi I think I have answered the question do you get more THB using Bahstamrt to the snake guy. Generally as been stated many times on this forum you generally get more THB using us for transactions up to AUD3,500 against sending via a Thai bank. But pls be carefuil what Thai bank you use. We follow their rates daily and their is a large difference between their AUDTHB rates. Up to 30 stang differnet between the banks.

As for speed pls see my note yesterday. We have alrge new amount of ccutomers and our bank transfer process needs to be imporved. We are in final discussions with one Thia bank which will solve this problem for us. I will share specifics after we hopefully agree the deal.

Also we will be launching a new platform in Oz called AUDSmart in the next few weeks. You will be able to send THB to Thailand the rates will be far better than anything the Thai Banks will give you, again with no fees and charges from us. Only downside is that is will be slower up to 5 to 7 days. so it is ideal for those sending larger amounts over AUD4,000.

I will elt the forum know when we have launched.

Thanks

Dwight

[BahtSmart]

baht smart , You seem to be avoiding questions

Perhaps you should have been a politician.

OLDAUSSIE, Wow my dad would be proud. -)

Don't think I am avoiding the questions. Trying to answer factually, but it is a bit difficult when I don't actually know whether it is a real customer or not.. I suppose anonymity has its goodside and downside.... We had competitors before on the forum trying to discredit the product but I will stand by our rates and service. as I have said a few times we are a day slower at the moment due to large influx of new customers and a small delay problem with our Thai banks. We really want to get these rectified asap, I have no desire to sit on a saturday afternoon in a cafe in Central Festival Chaing mai answering customer complaints and issues. On a saturday like today I would rather be out riding my motorbike with my mates or playing golf... Pls rest assured I am as motivated as anyone to get these small issues resolved. Equally I won't sit idle and let anonymous users on this forum spread false rumours about our product.

Thanks

Dwight