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My Experience Using DeeMoney


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17 minutes ago, rhodie said:

It would help if you told us what rate they used compared to the mid market rate. $5 fee means very little without that.

 

Are you sure you are not affiliated? :whistling:

Look at their webpage....look at their "Transfer Money" rate.  Tons of info on their website.  What they call their Money Transfer rate is what Thai banks call their TT Selling Rate used for ongoing transfers.  You will see the DeeMoney Transfer Money exchange rate is plus or minus a hair of the TT Selling Rate used by Thai banks.  Keep in mind if doing a comparison today (a Sunday) the DeeMoney rate will be reflecting a Sunday rate....but if you look at Thai bank web site today/Sunday for their TT Selling Rate will still be their Friday rate.  So best to compare on a Monday thru Friday to get the best apples-to-apples comparison.

https://www.dee.money/

https://www.dee.money/money-transfer-rate/

 

 

Edited by Pib
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I am thinking about a registration at DeeMoney when i stay in Bangkok next time. What kind of documents do you have to need for a registration at DeeMoney to send money out of thailand? Do you need a work permit? Do you need a NON IMMI O visa or is also a tourist visa sufficient? Thanks so much for any answers

 

 

Sent from my iPhone using Thaivisa Connect

 

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All money transfers will be exactly the same method, I use transferwise,easy enough,good exchange rate,but do it midweek when exchange rates are usually at their highest ,takes about 2 to 3 days to reach Thai bank K bank,if doing it Friday or maybe Thurs chance it will be delayed by weekend (it will)

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Hi,

Sorry, I don't get it. Deemoney allows to send money OUT of Thailand without hassle? Seems it was impossible without an invoice?

When you send money OUT with Deemoney, I guess you do a local transfer, to a Thai bank, then they send international?
I am astonished this is legit. I thought Thailand does not like too much money going out of the Kingdom, without a serious reason like an invoice for goods?

 

Thank you for your help.

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Thank you for this information PIB.

 

I have been looking for a way to move funds out of Thailand and this seems to be the answer.

 

I have been using BahtSmart for 4 years to transfer funds from Australia to  Thailand and very slow. I sent money on Monday AM now its Friday and still no funds have arrived into my Thai Bank Account, so I might try Tansferwise for sending to Thailand.

Thanks again for the Information PIB.

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4 hours ago, Jessi said:

Thank you for this information PIB.

 

I have been looking for a way to move funds out of Thailand and this seems to be the answer.

 

I have been using BahtSmart for 4 years to transfer funds from Australia to  Thailand and very slow. I sent money on Monday AM now its Friday and still no funds have arrived into my Thai Bank Account, so I might try Tansferwise for sending to Thailand.

Thanks again for the Information PIB.

Transferwise works good for the wife and I....we both have Transferwise accounts.  Based on six Transferwise tranfers from the US to Thailand they took approx 2 business days with the exception of the very 1st one which took 4 days.  Somewhere on the Transferwise website it talks your first transfer may take a little longer....they didn't say why but I expect it due to verification of identity. 

 

And total transfer time is affected by how you fund the transfer as Transferwise does not kick the money out the door until you get the money to them.  Like in the US I expect most folks use the "ACH Debit" method to fund their Transferwise transfers.  ACH stands for the Automated Clearing House which is the primarily interbank/intercompany transfer method used in the US.  I expect around 1 day of the 2 day sending time is the time the money is in the ACH system flowing to Transferwise....once they get that money it takes Transferwise around 1 day to get it deposited in your Thai bank account.   Your results may vary....a lot can depends on how fast and what method you use to fund the transfer.

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15 hours ago, Pib said:

Transferwise works good for the wife and I....we both have Transferwise accounts.  Based on six Transferwise tranfers from the US to Thailand they took approx 2 business days with the exception of the very 1st one which took 4 days.  Somewhere on the Transferwise website it talks your first transfer may take a little longer....they didn't say why but I expect it due to verification of identity. 

 

And total transfer time is affected by how you fund the transfer as Transferwise does not kick the money out the door until you get the money to them.  Like in the US I expect most folks use the "ACH Debit" method to fund their Transferwise transfers.  ACH stands for the Automated Clearing House which is the primarily interbank/intercompany transfer method used in the US.  I expect around 1 day of the 2 day sending time is the time the money is in the ACH system flowing to Transferwise....once they get that money it takes Transferwise around 1 day to get it deposited in your Thai bank account.   Your results may vary....a lot can depends on how fast and what method you use to fund the transfer.

Thank you again for the info.

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On 11/16/2018 at 2:16 PM, Pib said:

Summary: based on two transfers to the US which cost less than $5 USD each, the money posted in full to my US bank accounts in 2 to 3 days with no intermediary bank fees.  Simple...easy....no hassle...I be happy.   Your results may vary.

Pib thanks for guinea pigging the DeeMoney process.

If I needed to send any money back, and their costs remained competitive, I would certainly look at using them. I just hope they open a few new office locations outside Bangkok to register.:thumbsup:

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3 hours ago, topt said:

Pib thanks for guinea pigging the DeeMoney process.

If I needed to send any money back, and their costs remained competitive, I would certainly look at using them. I just hope they open a few new office locations outside Bangkok to register.:thumbsup:

 

I'm now guinea pig testing another process....a picture of me doing the testing.

image.png.05709ce53ef495beb07470952d3c5054.png

 

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2 minutes ago, bravo19 said:

I realized on web page of DeeMoney it is not possible to transfer money from Thailand to europe, very very pitty


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Yea...they don't list any currency on Continental  Europe like many countries that use the Euro.  DeeMoney does not do Euro transfers....at least not yet....you would think they would get the capability.  Probably has something to do with getting money transfer licenses for any country they transfer to. 

 

They only transfer to 18 countries right now.  But countries like the US, UK, AU, NZ are on this list.....the remaining 14 countries are Asian countries.

 

https://www.dee.money/money-transfer-rate/

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Good thread, Pib.

 

I have a new branch of theirs quite close to my home, and I generally understood from some prior checking what they can do.

 

However, prior to now, I didn't take a very close look at them, figuring their THB to US$ exchange rate was likely to be poor. However, your data shows that's not the case, so it makes for a pleasant surprise in otherwise uncertain times.  :wink:

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Yea, their money transfer exchange rate is basically same-same to Thai banks plus or minus a little bit....but DeeMoney's direct sending fee is much cheaper.  And another very important factor is it's easy to do an international transfer money using DeeMoney versus possibly needing to prove where you money came from and why it's being sent like Thai banks often ask for like we've read in many ThaiVisa posts over the years.   

 

Just easy and cheaper to do international transfers....a concept Thai banks have not signed up to.  

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On 11/16/2018 at 5:10 AM, khman said:

Hi,

Sorry, I don't get it. Deemoney allows to send money OUT of Thailand without hassle? Seems it was impossible without an invoice?

When you send money OUT with Deemoney, I guess you do a local transfer, to a Thai bank, then they send international?
I am astonished this is legit. I thought Thailand does not like too much money going out of the Kingdom, without a serious reason like an invoice for goods?

 

Thank you for your help.

So, reading post #17 , we can't send money OUT of Thailand (at least not to Europe)?

Then, if only to send to Thailand, how can Transferwise and its ridiculous fees and easy to use be beaten?

 

Thanks!

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  • 3 weeks later...
3 hours ago, marcusarelus said:

I just got my Deemoney account online and didn't go to Bangkok.  Now how do I link my SCB account to Deemoney using the SCB easy app on my android phone?

Just follow the instructions on the DeeMoney website

https://www.dee.money/support/

 

Keep in mind once you setup a Direct Debit link you probably can "not" cancel it from your bank end...you have to get with the company you authorized the Direct Debit authorization to such as DeeMoney.   

 

I fund my DeeMoney transfer via QR Payment using my bank's (Bangkok Bank) mobile app....same way I pay a lot of my utility bills....easy...quick....and no Direct Debit too possibly be concerned about.

 

Below youtube videos from about DeeMoney webpage.

 

 

 

 

 

 

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18 minutes ago, Pib said:

Just follow the instructions on the DeeMoney website

https://www.dee.money/support/

 

Keep in mind once you setup a Direct Debit link you probably can "not" cancel it from your bank end...you have to get with the company you authorized the Direct Debit authorization to such as DeeMoney.   

 

I fund my DeeMoney transfer via QR Payment using my bank's (Bangkok Bank) mobile app....same way I pay a lot of my utility bills....easy...quick....and no Direct Debit too possibly be concerned about.

 

Below youtube videos from about DeeMoney webpage.

 

 

 

 

 

 

Do you have to do the thing in the first video at the ATM before the QR payment on the mobile phone will work?  I called Deemoney but could not understand the rep. 

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3 minutes ago, Pib said:

If you are going to do the "Direct Debit" payment method, you need to go to your bank first to authorize DeeMoney Direct Debit authority....like using the ATM to authorized the Direct Debit.  Once you do that then when you go into the DeeMoney app you can link your SCB bank account to that Direct Debit authorization.  But If you try to only link with the DeeMoney app "before" setting up the authorization with your bank you just get a "Not Mapped" type error message in the DeeMoney app when trying to add/link your bank account.  As mentioned earlier I not keen on linking my bank account via Direct Debit....I just don't like Direct Debit in Thailand.

 

If using the QR Payment method you do "not" have to link/pre-authorized any thing with your bank like you do with the Direct Debit payment method.  When you use QR Payment method at the very end of the DeeMoney transfer transaction a QR Code will appear on your screen for you to scan with your Thai bank's mobile banking app....you must pay "within 3 hours." 

 

Just scan the QR Payment code for the transaction, immediately a transaction will appear on your mbanking app for you to approve....all the transaction/payment info is shown on your mbanking app screen, press approve and your DeeMoney transfer is immediately funded.  Just like paying any bill via bar/QR Code Payment.

 

Instructions on DeeMoney website on how QR Payment works....easy. 

That answers the question completely.  Thanks much.

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  • 5 weeks later...

Excellent report @Pib and thanks for enlightening about QR code process. It seems to me the QR code is the way to go for transferring out.

I did some research on currency cloud and they are the fintech borderless payment gateway. DeeMoney is the platform using their APIs. 

I will set up an account (if possible online) and do a transfer and see how it works out. Thai banks will be dinosaurs if they cannot keep up with new technologies. 

Now I guess it will be used by some to play round robin game if TI adopts monthly deposit instead of "income letter" ????

Edited by onera1961
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Yea, the two test transfers to the US I did with DeeMoney went without issue. Easy, quick, cheap. 

 

I agree QR payment is the best way to pay...easy, immediate, free.  

 

And yea, DeeMoney could definitely help those needing to rotate money between Thailand and some other countries like the US and UK.

 

Banks could make it just as easy and cheap if they wanted to but they would take a fee loss--no can do that as that violates the banksters creed.

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I have got around the supported countries using Deemoney and Trasnferwise. 

I had to send some case to HK recently, so I first send from Deemoney to my AUS Trasnferwise account (took about a day) then converted that in my Trasnferwise app and then sent to HK account, (took another day)

All up in a 50K transfer I lost maybe 450THB in costs/exchanges 

Sending with MoneyGram and stuff would be up in the 2200THB each transaction. 

SO its a little annoying with the TH to AUS to HK transfer but still, FAR less painful than any other option, so I think this is the best way for getting cash to EU.
 



 

 

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