BahtSmart - New Online Money Transfer to Thailand.

[Pib]

I wonder how it would work with BahtSmart for someone transferring in a large sum of money and needing a Foreign Exchange Certificate/Letter like Thai banks will provide in order to possibly repatriate the money later on. Like when buying a condo costing big dollars but you know you will or may sell the condo in X-years and will want to repatriate the money. Without a foreign exchange certificate/letter a person could have a hard time getting the money out of Thailand.

And I guess you would also need some type of document to confirm the money was transferred into Thailand in order to finalize the condo buy at the Land Office.

Wonder how BahtSmart will handle these scenarios for big dollar transfers?

[jandj]

Please provide us with:

A Full copy of your AUSTRALIAN and THAI Registrations and a complete list of the members of your Board of Directors along with all other relevant information, including an OFFICIAL Clearance by the Australian Federal Police.

If you are genuine, you should have no problems with the above.

Yes, I am having trouble getting the link to work.......may well be reputable, but I sure as hell would need to know a lot more about a company before I worried about saving a few measly $ in fees etc. instead of sending via some of the big names.

[DwightWillis]

Anyone doing transfers knows that it's always better to transfer the hard currency in and let the Thai bank do the conversion. It's clearly cheaper every time.

Don't forget the cost of transferring the money from your home bank into this service. Everyone's cost will not be the same, but it should be taken into the overall calculations....

As well there could be a delay if BahtSmart are not the same Bankers as to your own Banker.

For instance I send money to a relative and the transfer takes overnight between the two Aussie Banks involved.

jpinx has pointed out that this transfer may also have a cost.

Hmm its getting pretty finite to consider using a non bank source converting the A$ to Bht before you send it!

Hi Nuddy

The major Australian banks swap interbank transfer files five times a day via the BECS network. If you send it to us via internet banking in the early morning, we generally receive in the late morning and its in your Thai beneficiaries bank in late afternoon. However, we have found Bank of Queensland transfers do take 1 day for some reason, but all the majors we receive transfers within a few hours.

Whether there is a cost for Australian Bank transfer depends upon your account.If you have standard low cost current account generally you get unlimited interbank transfers or the first 10 or 20 for free then a minimal cost after that. For example my personal ANZ Cheque account has unlimited interbank transfers for free. I pay an account servicing fee of $2 per month.

Therefore if you have the right Australian bank account the interbank transfer fee is nothing or a few cents.

Also swift depending upon the banks involved takes 1-3 days.

Thanks

Dwight

CEO Bahtsmart

[DwightWillis]

Please provide us with:

A Full copy of your AUSTRALIAN and THAI Registrations and a complete list of the members of your Board of Directors along with all other relevant information, including an OFFICIAL Clearance by the Australian Federal Police.

If you are genuine, you should have no problems with the above.

Yes, I am having trouble getting the link to work.......may well be reputable, but I sure as hell would need to know a lot more about a company before I worried about saving a few measly $ in fees etc. instead of sending via some of the big names.

Hi Jandj

If you are having trouble registering pls drop me a line at [email protected] and I'll get it fixed.

All I can say is that we are registered in Australia by Austrac and ASIC. You can look at all our details on those government websites. I am happy to send you the license requirements. Its pretty rigorous process. If it also makes any difference you ou can also look up my history on linkedin. Senior technology and business positions in some large global banks

I would appreciate your business but if you have concerns, pls feel free to wait and come back and have a look in a couple of months.

Cheers

Dwight

[HerbalEd]

This post ad should be marked as an advertisement.

[Nuddy]

This post ad should be marked as an advertisement.

Hi mate

As I understand it its all ok because it is a sponsor and it is shown as such.

Therefore you are wrong because the guy pays for or contributes to the running of the site to allow you to have your opinion read.

Regards

[DwightWillis]

Anyone doing transfers knows that it's always better to transfer the hard currency in and let the Thai bank do the conversion. It's clearly cheaper every time.

Don't forget the cost of transferring the money from your home bank into this service. Everyone's cost will not be the same, but it should be taken into the overall calculations....

Hi Jpinx

You are plainly wrong. From Australia it is not cheaper to send hard currency to Thailand every time and let the Thai banks exchange it for you.I would appreciate you checking your facts before misinforming the message board.

Alot of our customers transfer smaller amounts. Savings fees and charges is important to them and making sure they get the most THB in their account is paramount. Especially AUD 1000 and less. Below is a comparison of bahtsmart vs BBL for transferring 1,000 AUD, 500 AUD and 100 AUD (yes people do transfer small amounts alot on the platform)

For AUD 100 transfer Bahtsmart gives you an extra 775 THB, 500 AUD an extra 524 THB, an 1,000 AUD an extra 209 THB. (see attached excel file.) I also low- balled BBL swift costs as well, so savings are probably higher.

As I said in a previous post, for larger amounts give us a call first and we will see what special rate we can do through our access to tight pricing that will beat the Thai banks..

Thanks

Dwight

Bahtsmart CEO

Edited December 20, 2014 by DwightWillis

[DwightWillis]

I wonder how it would work with BahtSmart for someone transferring in a large sum of money and needing a Foreign Exchange Certificate/Letter like Thai banks will provide in order to possibly repatriate the money later on. Like when buying a condo costing big dollars but you know you will or may sell the condo in X-years and will want to repatriate the money. Without a foreign exchange certificate/letter a person could have a hard time getting the money out of Thailand.

And I guess you would also need some type of document to confirm the money was transferred into Thailand in order to finalize the condo buy at the Land Office.

Wonder how BahtSmart will handle these scenarios for big dollar transfers?

Good question PiB,

We have been operating for a couple of weeks and I have two good examples..

One was a lady who transferred money from Australia to purchase a condo. She is currently going through the settlement process and has used our confirmation with the bank deposit to prove to the Land department the funds originated overseas. This is a work in progress, but at this late stage no one has raised any problems with the funds being recognised as originating overseas.

Also for my own business I have been transferring large amounts to a my Thai company which is BOI approved. The BOI have accepted BahtSmart confirmations as proof funds originated overseas.

Thanks

Dwight

[DwightWillis]

This post ad should be marked as an advertisement.

Hi mate

As I understand it its all ok because it is a sponsor and it is shown as such.

Therefore you are wrong because the guy pays for or contributes to the running of the site to allow you to have your opinion read.

Regards

Thanks. You are right it is a paid advert on Thaivisa and clearly states so in the Thaivisa email.

Dwight

Bahtsmart CEO

[Nuddy]

Thanks very much for your answer to jpinx but I cannot see the excel file.

Is it me...?

Regards

[DwightWillis]

Thanks very much for your answer to jpinx but I cannot see the excel file.

Is it me...?

Regards

Bahtsmart vs BBL trasnfer cost comparison.pdf

[DwightWillis]

Thanks very much for your answer to jpinx but I cannot see the excel file.

Is it me...?

Regards

My fault I have managed to attach a PDF

Bahtsmart vs BBL trasnfer cost comparison.pdf

[jpinx]

Krungsri...
FOREIGN CURRENCIES NOTES BUY
COUNTRY CURRENCY BUY SELL SIGHT T/T SELL
AUSTRALIA AUD 26.26000 27.36000 26.48000 26.56000 27.02500
http://www.krungsri.com/bank/en/Other/ExchageRate/Todayrates.html


Exchange rate
$ 1.00 AUD = ฿ 24.676 THB
Indicative rate as at 04:55 AM 20 Dec 2014.
http://www.nab.com.au/personal/planning-tools/travel/foreign-exchange-rates


XEFX -- for comparison.........
USD EUR GBP INR AUD CAD ZAR NZD JPY
1 THB 0.03042 0.02488 0.01947 1.92708 0.03736 0.03530 0.35212 0.03928 3.63695
32.8709 40.1988 51.3724 0.51892 26.7635 28.3248 2.83997 25.4602 0.27496
http://www.xe.com/?c=THB

Apologies for the crappy formatting, but the relevant rates for AUD to THB are 26.56 for Krungsri and 24.676 for National Bank od Oz.

I trust that clears up which is the best way to get a good exchange rate

Edited December 20, 2014 by jpinx

[jpinx]

Anyone doing transfers knows that it's always better to transfer the hard currency in and let the Thai bank do the conversion. It's clearly cheaper every time.

Don't forget the cost of transferring the money from your home bank into this service. Everyone's cost will not be the same, but it should be taken into the overall calculations....

Hi Jpinx

You are plainly wrong. From Australia it is not cheaper to send hard currency to Thailand every time and let the Thai banks exchange it for you.I would appreciate you checking your facts before misinforming the message board.

Alot of our customers transfer smaller amounts. Savings fees and charges is important to them and making sure they get the most THB in their account is paramount. Especially AUD 1000 and less. Below is a comparison of bahtsmart vs BBL for transferring 1,000 AUD, 500 AUD and 100 AUD (yes people do transfer small amounts alot on the platform)

For AUD 100 transfer Bahtsmart gives you an extra 775 THB, 500 AUD an extra 524 THB, an 1,000 AUD an extra 209 THB. (see attached excel file.) I also low- balled BBL swift costs as well, so savings are probably higher.

As I said in a previous post, for larger amounts give us a call first and we will see what special rate we can do through our access to tight pricing that will beat the Thai banks..

Thanks

Dwight

Bahtsmart CEO

Hi Dwight

I appreciate you're trying to build a nice service and I wish you success, but I hope you recognise the realities of the commentary here. I posted the different bank rates for comparison. Can you beat the Krungsri rate?

[cmcom]

Anyone doing transfers knows that it's always better to transfer the hard currency in and let the Thai bank do the conversion. It's clearly cheaper every time.

Don't forget the cost of transferring the money from your home bank into this service. Everyone's cost will not be the same, but it should be taken into the overall calculations....

Hi Jpinx

You are plainly wrong. From Australia it is not cheaper to send hard currency to Thailand every time and let the Thai banks exchange it for you.I would appreciate you checking your facts before misinforming the message board.

Alot of our customers transfer smaller amounts. Savings fees and charges is important to them and making sure they get the most THB in their account is paramount. Especially AUD 1000 and less. Below is a comparison of bahtsmart vs BBL for transferring 1,000 AUD, 500 AUD and 100 AUD (yes people do transfer small amounts alot on the platform)

For AUD 100 transfer Bahtsmart gives you an extra 775 THB, 500 AUD an extra 524 THB, an 1,000 AUD an extra 209 THB. (see attached excel file.) I also low- balled BBL swift costs as well, so savings are probably higher.

As I said in a previous post, for larger amounts give us a call first and we will see what special rate we can do through our access to tight pricing that will beat the Thai banks..

Thanks

Dwight

Bahtsmart CEO

Hi Dwight

I appreciate you're trying to build a nice service and I wish you success, but I hope you recognise the realities of the commentary here. I posted the different bank rates for comparison. Can you beat the Krungsri rate?

How does the NAB rate relate to the krungsi rate as you need to send the money from an AU account to a thai account. Am i missing something here?

[jpinx]

Anyone doing transfers knows that it's always better to transfer the hard currency in and let the Thai bank do the conversion. It's clearly cheaper every time.

Don't forget the cost of transferring the money from your home bank into this service. Everyone's cost will not be the same, but it should be taken into the overall calculations....

Hi Jpinx

You are plainly wrong. From Australia it is not cheaper to send hard currency to Thailand every time and let the Thai banks exchange it for you.I would appreciate you checking your facts before misinforming the message board.

Alot of our customers transfer smaller amounts. Savings fees and charges is important to them and making sure they get the most THB in their account is paramount. Especially AUD 1000 and less. Below is a comparison of bahtsmart vs BBL for transferring 1,000 AUD, 500 AUD and 100 AUD (yes people do transfer small amounts alot on the platform)

For AUD 100 transfer Bahtsmart gives you an extra 775 THB, 500 AUD an extra 524 THB, an 1,000 AUD an extra 209 THB. (see attached excel file.) I also low- balled BBL swift costs as well, so savings are probably higher.

As I said in a previous post, for larger amounts give us a call first and we will see what special rate we can do through our access to tight pricing that will beat the Thai banks..

Thanks

Dwight

Bahtsmart CEO

Hi Dwight

I appreciate you're trying to build a nice service and I wish you success, but I hope you recognise the realities of the commentary here. I posted the different bank rates for comparison. Can you beat the Krungsri rate?

How does the NAB rate relate to the krungsi rate as you need to send the money from an AU account to a thai account. Am i missing something here?

You have two choices for who does the exchange for you. Either the home bank does the exchange at their rate and sends THB, or they send the home currency and the Thai bank does the exchange for you.

The examples show that the rate you will get from the Thai bank is significantly better.

[BahtSmart]

Anyone doing transfers knows that it's always better to transfer the hard currency in and let the Thai bank do the conversion. It's clearly cheaper every time.

Don't forget the cost of transferring the money from your home bank into this service. Everyone's cost will not be the same, but it should be taken into the overall calculations....

Hi Jpinx

You are plainly wrong. From Australia it is not cheaper to send hard currency to Thailand every time and let the Thai banks exchange it for you.I would appreciate you checking your facts before misinforming the message board.

Alot of our customers transfer smaller amounts. Savings fees and charges is important to them and making sure they get the most THB in their account is paramount. Especially AUD 1000 and less. Below is a comparison of bahtsmart vs BBL for transferring 1,000 AUD, 500 AUD and 100 AUD (yes people do transfer small amounts alot on the platform)

For AUD 100 transfer Bahtsmart gives you an extra 775 THB, 500 AUD an extra 524 THB, an 1,000 AUD an extra 209 THB. (see attached excel file.) I also low- balled BBL swift costs as well, so savings are probably higher.

As I said in a previous post, for larger amounts give us a call first and we will see what special rate we can do through our access to tight pricing that will beat the Thai banks..

Thanks

Dwight

Bahtsmart CEO

Hi Dwight

I appreciate you're trying to build a nice service and I wish you success, but I hope you recognise the realities of the commentary here. I posted the different bank rates for comparison. Can you beat the Krungsri rate?

Hi Hi

Apologies for not replying earlier. Its been nighttime in Australia. I have been told that I also need to use this User ID now to reply to all queries for this advert.

My reply will be the same as my first one. I have reattahced the file I used to compare Bahtsmart to Bangkok Bank. We are cheaper than the Thai Banks, especially for smaller amounts, which is what the majority of our customer send via our platform. For larger amounts pls contact us for a special rate. .

Thanks

Dwight

Bahtsmart vs BBL trasnfer cost comparison.pdf

[BahtSmart]

Anyone doing transfers knows that it's always better to transfer the hard currency in and let the Thai bank do the conversion. It's clearly cheaper every time.

Don't forget the cost of transferring the money from your home bank into this service. Everyone's cost will not be the same, but it should be taken into the overall calculations....

Hi Jpinx

You are plainly wrong. From Australia it is not cheaper to send hard currency to Thailand every time and let the Thai banks exchange it for you.I would appreciate you checking your facts before misinforming the message board.

Alot of our customers transfer smaller amounts. Savings fees and charges is important to them and making sure they get the most THB in their account is paramount. Especially AUD 1000 and less. Below is a comparison of bahtsmart vs BBL for transferring 1,000 AUD, 500 AUD and 100 AUD (yes people do transfer small amounts alot on the platform)

For AUD 100 transfer Bahtsmart gives you an extra 775 THB, 500 AUD an extra 524 THB, an 1,000 AUD an extra 209 THB. (see attached excel file.) I also low- balled BBL swift costs as well, so savings are probably higher.

As I said in a previous post, for larger amounts give us a call first and we will see what special rate we can do through our access to tight pricing that will beat the Thai banks..

Thanks

Dwight

Bahtsmart CEO

Hi Dwight

I appreciate you're trying to build a nice service and I wish you success, but I hope you recognise the realities of the commentary here. I posted the different bank rates for comparison. Can you beat the Krungsri rate?

How does the NAB rate relate to the krungsi rate as you need to send the money from an AU account to a thai account. Am i missing something here?

Hi cmcom

There is no relationship between a NAB and a Krungsri rate, Its just showing the major difference between THB FX rates offered by Thai and Australian banks. Australian banks AUD/THB FX rate is consistently and significantly worse than Thai Banks i.e NAB v Krungsri rates. However, for both you need to pay swift fees and charges both in Australia and Thailand. When the rate and the fees and charges are taken in account Bahtsmart is still a cheaper way to send funds from Australia to Thailand than a bank transfer. Pls try us out.

Regards

Dwight CEO Bahtsmart.

[jpinx]

Anyone doing transfers knows that it's always better to transfer the hard currency in and let the Thai bank do the conversion. It's clearly cheaper every time.

Don't forget the cost of transferring the money from your home bank into this service. Everyone's cost will not be the same, but it should be taken into the overall calculations....

Hi Jpinx

You are plainly wrong. From Australia it is not cheaper to send hard currency to Thailand every time and let the Thai banks exchange it for you.I would appreciate you checking your facts before misinforming the message board.

Alot of our customers transfer smaller amounts. Savings fees and charges is important to them and making sure they get the most THB in their account is paramount. Especially AUD 1000 and less. Below is a comparison of bahtsmart vs BBL for transferring 1,000 AUD, 500 AUD and 100 AUD (yes people do transfer small amounts alot on the platform)

For AUD 100 transfer Bahtsmart gives you an extra 775 THB, 500 AUD an extra 524 THB, an 1,000 AUD an extra 209 THB. (see attached excel file.) I also low- balled BBL swift costs as well, so savings are probably higher.

As I said in a previous post, for larger amounts give us a call first and we will see what special rate we can do through our access to tight pricing that will beat the Thai banks..

Thanks

Dwight

Bahtsmart CEO

Hi Dwight

I appreciate you're trying to build a nice service and I wish you success, but I hope you recognise the realities of the commentary here. I posted the different bank rates for comparison. Can you beat the Krungsri rate?

Hi Hi

Apologies for not replying earlier. Its been nighttime in Australia. I have been told that I also need to use this User ID now to reply to all queries for this advert.

My reply will be the same as my first one. I have reattahced the file I used to compare Bahtsmart to Bangkok Bank. We are cheaper than the Thai Banks, especially for smaller amounts, which is what the majority of our customer send via our platform. For larger amounts pls contact us for a special rate. .

Thanks

Dwight

Thanks for the file but I can not make sense of it due to formatting issues.

[Naam]

are there "bahtsmart" Aussies who are interested to transfer princely sums such as AUD 100 to Thailand?

[jpinx]

Anyone doing transfers knows that it's always better to transfer the hard currency in and let the Thai bank do the conversion. It's clearly cheaper every time.

Don't forget the cost of transferring the money from your home bank into this service. Everyone's cost will not be the same, but it should be taken into the overall calculations....

Hi Jpinx

You are plainly wrong. From Australia it is not cheaper to send hard currency to Thailand every time and let the Thai banks exchange it for you.I would appreciate you checking your facts before misinforming the message board.

Alot of our customers transfer smaller amounts. Savings fees and charges is important to them and making sure they get the most THB in their account is paramount. Especially AUD 1000 and less. Below is a comparison of bahtsmart vs BBL for transferring 1,000 AUD, 500 AUD and 100 AUD (yes people do transfer small amounts alot on the platform)

For AUD 100 transfer Bahtsmart gives you an extra 775 THB, 500 AUD an extra 524 THB, an 1,000 AUD an extra 209 THB. (see attached excel file.) I also low- balled BBL swift costs as well, so savings are probably higher.

As I said in a previous post, for larger amounts give us a call first and we will see what special rate we can do through our access to tight pricing that will beat the Thai banks..

Thanks

Dwight

Bahtsmart CEO

Hi Dwight

I appreciate you're trying to build a nice service and I wish you success, but I hope you recognise the realities of the commentary here. I posted the different bank rates for comparison. Can you beat the Krungsri rate?

Hi Hi

Apologies for not replying earlier. Its been nighttime in Australia. I have been told that I also need to use this User ID now to reply to all queries for this advert.

My reply will be the same as my first one. I have reattahced the file I used to compare Bahtsmart to Bangkok Bank. We are cheaper than the Thai Banks, especially for smaller amounts, which is what the majority of our customer send via our platform. For larger amounts pls contact us for a special rate. .

Thanks

Dwight

Thanks for the file but I can not make sense of it due to formatting issues.

ok. I see it now.

The comparison is incomplete as you conveniently neglect to include any charges involved in getting the funds into your system.

[BahtSmart]

are there "bahtsmart" Aussies who are interested to transfer princely sums such as AUD 100 to Thailand?

Bahtsmart.JPG

Hi Naam, Yes there are Bahtsmart Thai's and Aussies who do send amounts this low on a regular basis.

Cheers

Dwight

[BahtSmart]

Anyone doing transfers knows that it's always better to transfer the hard currency in and let the Thai bank do the conversion. It's clearly cheaper every time.

Don't forget the cost of transferring the money from your home bank into this service. Everyone's cost will not be the same, but it should be taken into the overall calculations....

Hi Jpinx

You are plainly wrong. From Australia it is not cheaper to send hard currency to Thailand every time and let the Thai banks exchange it for you.I would appreciate you checking your facts before misinforming the message board.

Alot of our customers transfer smaller amounts. Savings fees and charges is important to them and making sure they get the most THB in their account is paramount. Especially AUD 1000 and less. Below is a comparison of bahtsmart vs BBL for transferring 1,000 AUD, 500 AUD and 100 AUD (yes people do transfer small amounts alot on the platform)

For AUD 100 transfer Bahtsmart gives you an extra 775 THB, 500 AUD an extra 524 THB, an 1,000 AUD an extra 209 THB. (see attached excel file.) I also low- balled BBL swift costs as well, so savings are probably higher.

As I said in a previous post, for larger amounts give us a call first and we will see what special rate we can do through our access to tight pricing that will beat the Thai banks..

Thanks

Dwight

Bahtsmart CEO

Hi Dwight

I appreciate you're trying to build a nice service and I wish you success, but I hope you recognise the realities of the commentary here. I posted the different bank rates for comparison. Can you beat the Krungsri rate?

Hi Hi

Apologies for not replying earlier. Its been nighttime in Australia. I have been told that I also need to use this User ID now to reply to all queries for this advert.

My reply will be the same as my first one. I have reattahced the file I used to compare Bahtsmart to Bangkok Bank. We are cheaper than the Thai Banks, especially for smaller amounts, which is what the majority of our customer send via our platform. For larger amounts pls contact us for a special rate. .

Thanks

Dwight

Thanks for the file but I can not make sense of it due to formatting issues.

ok. I see it now.

The comparison is incomplete as you conveniently neglect to include any charges involved in getting the funds into your system.

I have answered this in previous emails. The vast majority of current accounts in Australia have a basic monthly fee and inlcude unlimited free internet banking transactions. As an example I have included the link for CBA Everyday account: https://www.commbank.com.au/personal/accounts/transaction-accounts/everyday-account-smart-access.html. $4 fee for the bank account each month and unlimited internet banking transactions. Meaning there is no cost to transfer money to Bahtsmart's Australian bank account.

I Hope this answers all your questions. I believe my model is complete and very accurate.

Thanks

Dwight

[BahtSmart]

To all,

Thanks for the questions this weekend, and thanks to those who have registered and have entered some transfers this weekend. We appreciate your business and the Bahtsmart team looks forward to meeting you money transfer needs in the future.

It was certainly a challenge to answer some of your questions and hopefully I have done so. I am keen for customers to continue to challenge us to make sure we deliver the best service possible.

If you want any further information about us please email [email protected], or have a look at our facebook page, where we provide regular updates. We post morning and evening rate snapshots, and there are also some interesting giveaways and prizes for the next few months. At www.facebook.com/bahtsmart.

Or please register directly on our website at www.bahtsmart.com

Regards

Dwight Willis

CEO Bahtsmart

[Xircal]

Could you please confirm that the info in the following link is correct: http://www.austchamthailand.com/Sys/PublicProfile/26431955/1252523

Also, the WHOIS record for your site mentions DNSSEC is unsigned. According to ICANN, this could introduce a vulnerability whereby a session could be hijacked and users redirected to a malicious site. Not a good thing to have happen where money transfers are concerned as I'm sure you'll agree.

In addition, Firefox displays a warning that the certificate used by Digital Ocean (mentioned in the WHOIS record) is using an invalid certificate. Here's a screenshot of it.

For the benefit of those users who cannot view the full size image, this link will take you there.

Edited December 21, 2014 by Xircal

[BahtSmart]

Could you please confirm that the info in the following link is correct: http://www.austchamthailand.com/Sys/PublicProfile/26431955/1252523

Also, the WHOIS record for your site mentions DNSSEC is unsigned. According to ICANN, this could introduce a vulnerability whereby a session could be hijacked and users redirected to a malicious site. Not a good thing to have happen where money transfers are concerned as I'm sure you'll agree.

In addition, Firefox displays a warning that the certificate used by Digital Ocean (mentioned in the WHOIS record) is using an invalid certificate. Here's a screenshot of it.

For the benefit of those users who cannot view the full size image, this link will take you there.

Dear Xircal,

Thanks for this update I have passed it to my Technology and Risk Officers for review. Please note that the Bahtsmart system has been designed so that no customer funds pass through our platform. It is all kept within the Australian and Thai banking networks. Our platform is for transfer order entry and registration only.

For Austcham that is our public page. We are Austcham Thailand members.

Thanks

Dwight

[Naam]

are there "bahtsmart" Aussies who are interested to transfer princely sums such as AUD 100 to Thailand?

Bahtsmart.JPG

Hi Naam, Yes there are Bahtsmart Thai's and Aussies who do send amounts this low on a regular basis.

Cheers

Dwight

may the force be with them!

[KittenKong]

You are plainly wrong. From Australia it is not cheaper to send hard currency to Thailand every time and let the Thai banks exchange it for you.I would appreciate you checking your facts before misinforming the message board.

In my experience the exchange rate is always better within Thailand than it is outside.

Depending on the banks or FX services used there may be a question of sending/receiving SWIFT charges to take into account (my UK bank makes no charge for sending, so I only pay a maximum of 500B to my Thai bank for receiving), but this does not alter the basic math of the exchange rate.

[KittenKong]

I wonder how it would work with BahtSmart for someone transferring in a large sum of money and needing a Foreign Exchange Certificate/Letter like Thai banks will provide in order to possibly repatriate the money later on. Like when buying a condo costing big dollars but you know you will or may sell the condo in X-years and will want to repatriate the money. Without a foreign exchange certificate/letter a person could have a hard time getting the money out of Thailand.

We have been operating for a couple of weeks and I have two good examples..

One was a lady who transferred money from Australia to purchase a condo. She is currently going through the settlement process and has used our confirmation with the bank deposit to prove to the Land department the funds originated overseas. This is a work in progress, but at this late stage no one has raised any problems with the funds being recognised as originating overseas.

I find this odd.

When I bought my condo I went to the Land Office at 10am with my FET certificate, a cashiers cheque for the vendor and a wodge of cash for my share of the taxes/fees and I left an hour later minus the cash and cheque and with a chanote in my name.

There was no "settlement process" nor was it a "work in progress", nor did the Land Office give or require any prior confirmation of the source of my funds. It just all happened in the space of an hour.

So I wonder what exactly this Australian lady is doing that is dragging it out?

[jpinx]

You are plainly wrong. From Australia it is not cheaper to send hard currency to Thailand every time and let the Thai banks exchange it for you.I would appreciate you checking your facts before misinforming the message board.

In my experience the exchange rate is always better within Thailand than it is outside.

Depending on the banks or FX services used there may be a question of sending/receiving SWIFT charges to take into account (my UK bank makes no charge for sending, so I only pay a maximum of 500B to my Thai bank for receiving), but this does not alter the basic math of the exchange rate.

That was the point I was making earlier. Thai banks give better exchange rates. What BahtSmart is pushing is the potential for lower fees in some cases which will have more impact on smaller transfers.

One would need to check carefully with your own home bank for the fees to send money into the BahtSmart system -- that is the biggest influence on the total cost of a transfer. Thai banks all charge much the same for incoming funds, and their exchange rates are good, but sending from your home bank by swift can be expensive pro-rata -- depending on the size of the transfer.