BahtSmart - New Online Money Transfer to Thailand.

[KittenKong]

That was the point I was making earlier.

Indeed. I just thought that the point had become somewhat lost.

[jpinx]

That was the point I was making earlier.

Indeed. I just thought that the point had become somewhat lost.

Yes -- it got a bit smothered in the sales pitch.

BahtSmart are possibly onto something for small transfers, but for any larger amounts the rates and fees will always be better with Thai banks. Swift is a killer and the USAsians have a good system through Bangkok Bank in NY. I'm sure Bangkok Bank have a branch in Aus as well and it might well be cheaper to transfer to them from your Aussie bank.

Edit to add ... After some idle clicking it appears that there isn't a Bangkok Bank in Aus

... but I found this old thread -- nothing changes much,,,,

http://www.thaivisa.com/forum/topic/472223-sending-aud-tt-to-bangkok-bank/

Check out ianguygil in that thread -- seems he works for Bangkok BAnk

Edited December 22, 2014 by jpinx

[Nuddy]

Alas they don't list an international branch in Australia.

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[Pib]

Nope, no Bangkok Bank branch in Oz for funds transfer purposes (or at least I'm aware of or listed on the Bangkok Bank website). See this Bangkok Bank webpage showing their "Transferring Funds Into Thailand" where some of their options/networks which may make transfers cheaper from selected countries like the Bangkok Bank New York branch ACH routing transfer option for US-to-Thailand transfers.

For companies like BahtSmart beating the fee "and" exchange rate associated with the Bangkok Bank US-to-Thailand "ACH" transfer method is probably going to be hard to do except for those US folks who don't want to use a Bangkok Bank account or their U.S. bank/credit union only offers pricey SWIFT transfers. But we just have to wait and see if BahtSmart provides a US to Thailand transfer capability in the future and how it prices out fee and exchange rate wise.

[jpinx]

You could always use the new Russian interbank service Putin is promising

[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

Dear Xircal,

The reply from my IT team to your queries:

Unsigned DNSSEC: As I'm sure you know, unfortunately it is impossible to have 100 % security over the www. But it is possible to provide very good security. We at BahtSmart use encrypted realtime technologies that show immediate updates on your webpages, and we use two factor authentication to keep you notified of important activity on your account by SMS / telephone and email. We also monitor for unusual activity and we'd call you if we weren't comfortable with what we saw.

Digital Ocean / Certificate: It looks like your host / or your browser settings [Options-Advanced-Encryption-Use SSL 3.0 + Use TLS 1.0] are configured to use an old certificate. If you retrieve our certificate and check the details, your browser should show that the certificate is verified, and issued to www.bahtsmart.com:

SSL Server Certificate

Issued To

Common Name (CN) www.bahtsmart.com

Organization (O) <Not Part Of Certificate>

Organizational Unit (OU) <Not Part Of Certificate>

Serial Number 14:C9:02

Issued By

Common Name (CN) StartCom Class 1 Primary Intermediate Server CA

Organization (O) StartCom Ltd.

Organizational Unit (OU) Secure Digital Certificate Signing

Validity Period

Issued On 12/4/14

Expires On 12/5/15

If you have any further questions please contact [email protected]

Thanks

Dwight

[BahtSmart]

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?

Dear Kittenkong

Just to clarify. Bahtsmart with its local Thai banking partners provide all the evidence to the person sending money from Australia to Thailand to complete a land purchase in Thailand and prove funds originated overseas. It is the same process that you would go through is you sent the money via a Thai Bank directly, except you have a transfer confirmation from us to prove that the funds that were deposited in your thai bank account originated from overseas. Its easy, not difficult.

It is then up to our individual customers to work with the land department to complete purchase. We have had no one complain about the process or the documentation we have provided.

As I also said earlier, we are using the same service to fund my companies in Thailand that are BOI registered. The BOI has accepted all documents that Bahtsmart has given them to prove the funds came from overseas.

So if you have a large amount to send from Australia to Thailand, pls give us a call. We will be very competitive on price given our purchasing power at the Thai Banks.

Thanks

Dwight.

[German Viking]

Hey Dwight ,

I hope you are still moderating this page.

Look most of us would be transferring Aussie dollars to Thailand. We get a better rate by fat at least a bart better on the small money.

Are you prepared to transfer Aussie Dollars to a Thai Bank and let the Thai Bank do the conversion and still with the no fee deal?

If so I'll give it a try.

Dreamer nobody do business without profit.

[Jaggg88]

Why not extend to the U.K. too?

there's already a new cheap UK one called transferwise

Edited January 5, 2015 by Jaggg88

[fredjones]

Why not extend to the U.K. too?

there's already a new cheap UK one called transferwise

Hi Jaggg88

I am a great admirer of transferwise and what they have done.

Watch this space in 2015, as UK and Europe are on our roadmap. Our licence application is underway in the UK, but we have been advised it is a 6 month process minimum.

We would hope the offer the same no fee and charge and great rate product from UK to Thailand that we offer our Aussie customers.

Regards

Dwight

CEO Bahtsmart

[bdenner]

I have read all posts here and not seen an actual transaction experience by a registered user.

Can someone who has used this service relate theirs eg.

Rate expected and actual rate received?

Time line?

[heybuz]

i just sent some dough with them this minute will update when it goes through or not.

rate 25.943,i expect same at thai end

Edited January 9, 2015 by heybuz

[BahtSmart]

Hi HeyBuzz,

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've asked my support staff to contact you via email so we can watch out for your AUD transfer.

Also for what it is worth you will find plenty of compliments and complaints on our facebook page about our service

https://www.facebook.com/bahtsmart?fref=ts

Regards

Dwight Willis

CEO BahtSmart,

[Diplomatico]

Hi Dwight. I applaud you for providing information and then follow-up to TV members' questions and comments. Best of luck with BahtSmart.

[fredjones]

Hi HeyBuzz,

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've asked my support staff to contact you via email so we can watch out for your AUD transfer.

Also for what it is worth you will find plenty of compliments and complaints on our facebook page about our service

https://www.facebook.com/bahtsmart?fref=ts

Regards

Dwight Willis

CEO BahtSmart,

Hi HeyBuzz

All done. Your beneficiaries account in Thailand has been credited just now. I think that was about 4 or 5 hours to complete the transfer. (the transfer from your Aussie bank to our account at ANZ took almost 4 of those hours..) Also we were lucky that our Thai bank is the same as your beneficiaries Thai Bank, so it was a lot quicker than sending to another Thai bank for us.

If you need anymore information please don't hesitate to contact me or the bahtsmart team at [email protected]

Cheers

Dwight

CEO Bahtsmart

[fredjones]

Hi Dwight. I applaud you for providing information and then follow-up to TV members' questions and comments. Best of luck with BahtSmart.

Hi Diplomatico

Thanks for your kind words. Hope we can be of service one day. Thanks Dwight

[bdenner]

What's with the different tags? IMHO - Having more than one user name does not instill confidence in this business.

Edit: I have registered but yet to be convinced.

Edited January 9, 2015 by bdenner

[heybuz]

thankyou Dwight

[BahtSmart]

What's with the different tags? IMHO - Having more than one user name does not instill confidence in this business.

Edit: I have registered but yet to be convinced.

Hi bdenner

Apologies my bat. I like, many Thaivisa members logged in, was using my personal id. )

Too many ids for me to manage on thaivisa. I should have posted the message confirming the transaction under my Bahtsmart id provided for this advert.

Thanks

Dwight CEO Bahtsmart

[Jessi]

Have any TV members used Bahtsmart to transfer funds yet?

If yes what was your experience please?

[heybuz]

Have any TV members used Bahtsmart to transfer funds yet?

If yes what was your experience please?

yes,no worries quick 6hrs rate ok

[jpinx]

When will you be operating out of NZ ?

[BahtSmart]

When will you be operating out of NZ ?

Hi jpinx

Unfortunately not on the radar at the moment. Are there many Thai's in NZ and Kiwi's in Thailand?

Cheers

Dwight

[BahtSmart]

What's with the different tags? IMHO - Having more than one user name does not instill confidence in this business.

Edit: I have registered but yet to be convinced.

Hi bdenner

If understand your concerns, we are a new company. If you are not yet convinced, fine pls wait and use us later or test us by sending the minimum amount through the platform - AUD 100 as a test transaction.

I would encourage all Thaivisa members with the same concerns to try us with a small transaction first.

Cheers

Dwight

[jpinx]

When will you be operating out of NZ ?

Hi jpinx

Unfortunately not on the radar at the moment. Are there many Thai's in NZ and Kiwi's in Thailand?

Cheers

Dwight

Apparently so -- this thread mentions a big thai community in Auckland

http://www.thaivisa.com/forum/topic/790549-better-off-alone-in-thailand/

Thais abroad must be a target for you since they will be sending money home to families in smaller amounts more frequently. Not sure if you can get your website translated into Thai

I use NZ banks for their good deposit interest but the transferring costs into Thailand can negate that if I'm not careful

[Evilbaz]

I'd like to chuck in my 2 satangs worth here.Firstly I'm an Aussie living in Thailand for 6+years.

I receive the OZ OAP and two pensions from Canada ( I worked there for 6 years in the 60s and paid compulsory super).

I have registered and tested the Bahtsmart system and it seems sound - I liked the SMS OTP to my Thai telephone number - I haven't sent money yet.

You will have a ready market for pensioners who don't have large amounts to send and also $100 would be a handsome MIL monthly stipend IMHO.

It's easy to get fixated on t/t rates v. onshore rates but Dwight's whole point was that the amount received nett of all charges is the only rate that counts.

The CBA has a nominal t/t transfer rate of $22.

BUT - if you don't accept their lousy FX rate (at least 2 baht below the Thai banks,) and send AUD they re-route it through Citibank New York who charge an additional $60 - so now you are paying $82 to transfer $1000 , before any local fees.

I have argued long and hard with them and their answer is " Change it with us to baht and we only charge you $22".

Thievn' C*nts.

Now Centrelink will direct deposit to a Thai bank account without fee - but they use the CBA Fx rates and only send baht.

I wish you luck Dwight - a service sorely needed IMHO and the market is there if a reliable service.

I am currently spending baht bought at 29.8 for Immi deposit.

I may give it a $100 try next week.

Edited January 10, 2015 by Evilbaz

[Jessi]

I sent money last night with OZFOREX, I got 26.30B exchange rate and BKK Bank will take out 200B when it arrives here. I paid $15. fee to OZFOREX.

I have been using OZFOREX for 3 years. On 22nd December I transfered funds and they didnt get into my BKK Bank A/C until 29 Dec.

Being unhappy with the length of time for this transaction I wrote to OZFOREX and here is the reply I received this morning.

Hi XXXXXXX,
Thank you for your email.

Your last transfer was booked on December 22nd which is a National Thai bank holiday and then there was Christmas, Boxing day and also the 31st which is also National holiday in Thailand.

I am afraid there is no way to speed standard Thai clearing times.

I would recommend to use a cash provider such as MoneyGram in the future should you need this transfers to be quicker.

Best Regards,

Mary Bali | Foreign Exchange Dealer | OzForex

As you can imagine I was not impressed with their response,

1st The 22nd of Dec was not a Bank holiday in Thailand and neither was Xmas Day & Boxing day, the 31st she talks about has got nothing to do with it as my funds arrived on the 29th.

This woman has just tried to fluff me off with a line of total B/S.

I am taking this further.

So Mr BahtSmart how long would your company take to do this transfer?

[heybuz]

had the same with oz4x,and i had people sitting in a hotel waiting for the money,not good

[wonder6281]

On Tuesday night I sent to my Thai bank 1150 AUD. Then paid $20 to St George for the priviledge and when it arrived Kasikorn deducted their 203baht.

So my 1170 transaction, minus the 203 baht netted me 29,974 Baht which exchanges into real terms a rate of 25.79 baht.

Using the exchange rate from BahtSmart for the a Wednesday Transfer and the exchange rate of 25.76, my 1170 would netted me 30,139 baht, then deduct Kasikorns 203 = 29,936.

I am 38 baht better off doing by TT as I always do.

Having said that, I am sick of the banks and the way they have sucked my dry over the years with their fees and interest rates. For 38 Baht I will be giving my business in future to someone who is trying to do something other than bleed me of every cent.

When I first came here over 2 years ago I transferred all my monies through my bank as Baht, not AUD and they never advised me that I could send AUD. They made plenty out of me. No more.

[BahtSmart]

When will you be operating out of NZ ?

Hi jpinx

Unfortunately not on the radar at the moment. Are there many Thai's in NZ and Kiwi's in Thailand?

Cheers

Dwight

Apparently so -- this thread mentions a big thai community in Auckland

http://www.thaivisa.com/forum/topic/790549-better-off-alone-in-thailand/

Thais abroad must be a target for you since they will be sending money home to families in smaller amounts more frequently. Not sure if you can get your website translated into Thai

I use NZ banks for their good deposit interest but the transferring costs into Thailand can negate that if I'm not careful

Thanks I will check it out.

Yes both foreigners and Thais are our customers in Australia. Both send small and large amounts.

Our website is already bilingual thanks. Both English and Thai.

Regards

Dwight