Popular Post Pib Posted November 11, 2018 Popular Post Share Posted November 11, 2018 DeeMoney has several advertorial threads going on ThaiVisa. Here's my experience with them so far. I recently opened a DeeMoney account. Did my first transfer last week for a low USD amount to one of my US banks. This was mostly a "test" transfer to see how it worked in real life. The funds posted to my US account in 56 hours….2.33 days. The description appearing on my US bank account for the transfer was "Currency Cloud" along with part of my name. Currency Cloud is a payment platform and it must be one of the ways/partners DeeMoney uses to move money around the world. Total DeeMoney Sending Fee was Bt160.50. DeeMoney advertises a Bt150 sending fee but that is before the 7% VAT is applied which adds another Bt10.50. Summary: total sending fee a little less than $5 USD...this applies to any amount sent…small or big. There were no intermediately/correspondent bank info needed or fee incurred as the money flowed halfway around the world…the full amount sent posted to my account 56 hours/2.33 days later. You may wonder how much can a person send. Well, I asked at the branch I signed-up at and later asked their Support Center and below is their answer….a partial quote. Basically it’s $15,000 USD per transaction (the Bt475K mentioned below) when sending to the USA….I didn’t ask about other countries/currencies…I expect it may vary from country-to-country/currency-to-currency….notice the max amount per month depends on whether you are sending via online of visiting a branch: Quote For USA we have a transfer limit per transaction at 475,000THB and you can send up to 800,000THB per day. Note : Via mobile application customer can send only 690,000THB per month, but via branches of DeeMoney no limit. Signup for a DeeMoney account was easy. Since I live in Bangkok I signed-up at one of their four metro Bangkok area branches….fast and easy process….took about 10 minutes. Fill-out their very short account application form with a copy of your passport main page attached. They also took a photo of me and sent me a One Time Password (OTP) to confirm my mobile number during the sign-up process. They then handed my DeeMoney registration card….I’m done…out the door. Now DeeMoney’s prefers in-person sign-up, but I’ve seen a few posts were folks were apparently able to sign-up by emailing/faxing the signup info…but those folks apparently got advance approval from DeeMoney to use that method. Using their online system to send money, whether via computer browser or via mobile app, is very easy. For those of you who use Transferwise you know their online system is easy to use. Well, the DeeMoney’s app is even easier in my opinion. You enter/save your recipient info in a very similar manner. One place where you can possibly stumble in completing the Recipient info is where you enter the Recipient's bank “Account Number.” If it’s not entered in the correct “format” you will get an error when trying to save the recipient info. Although one of the previous data fields you complete is the receiving bank’s name which is selected from a pull-down menu of available banks, you may still need to know and enter the bank’s identification code like the routing number for a US bank, the Sort code for a UK bank, etc. The format varies depending on what country you are sending to. Like if sending to a US or UK bank then in the Account Number field you must enter the “routing number or sort code plus account number separated by a dash.” Format like shown in below snapshot. So, for sending to some countries even though you may know the name of the Recipient’s bank…like Bank of America….you will still need to know and enter the bank’s routing number. As mentioned the Account Number format will vary depending on the country you are sending to….a Help link is right next to the Account Number field to help you. Payment of the transfer is a piece of cake if you have a Thai bank account. For Bangkok Bank, SCB, or K-bank you can setup a Direct Debit authorization. You first need to set that up with your bank like the DeeMoney video shows…and then you can add (map) it into your DeeMoney account. If you try to add (map) one of those banks in the app before you have setup the Direct Debit authorization with the bank you’ll get an error. But for certain types of payments to certain companies I’ve never been a big fan of Direct Debit as to “cancel” a Direct Debit authorization you generally can not do it at your Thai bank….your Thai bank will tell you to go to the company you authorized to do a Direct Debit and cancel it on that end. I know with Bangkok Bank you can not cancel a Direct Debit authorization directly with the bank….they will tell you to go to the company to cancel it. Maybe some Thai banks will allow you to cancel a Direct Debit on their end….don’t know. Plus, I prefer to see the bill first and then make the payment via another method. Speaking of payment….just how did I pay for (fund) the transfer if I didn’t use Direct Debit? DeeMoney offers various payment methods, but I used the "QR Payment" method. If you select the DeeMoney QR Payment method to fund the transfer at the end of the sending process a QR code appears on the screen, you scan that with your Thai bank mobile app assuming it offers QR Payment (most Thai banks do), approve the QR payment in the Thai bank mobile app, and you are done…the payment to DeeMoney is immediate...your transfer is now funded and heading to your Recipient somewhere in the world. This was the first time I ever did a QR payment with any company/merchant and it was so easy and immediate. I now see how QR Payments will definitely be a big thing in our future payment methods. Anyway, just look at the DeeMoney videos on their websites for various ways to pay/fund a transfer. Once the payment has been launched on your DeeMoney account the status will just show as “In Progress.” You will not see a bunch of various statuses like you see in a Transferwise transfer during the funding and sending processes. And once the funds post to your Recipient’s bank account it seems the DeeMoney status takes a while to change from “In Progress” to “Payment Complete.” For this one transfer I have done, the status did not change to “Payment Complete” until 36 hours after the funds had already posted to my US bank account. A similar thing happens with Transferwise transfers as the money has already posted but your Transferwise account may still show an interim status. So, don’t rely strictly on the status shown on your DeeMoney account as to if the Recipient has received the funds yet. If my one transfer is indicative of how future transfers will occur the Recipient will get the money in their bank account before the DeeMoney status changes to “Payment Complete.” What about their customer service if you have a question/problem in sending? I did contact them via phone and online as a test & out of curiosity. If calling their central number for assistance unless it’s something minor they are probably going to ask you to send your problem/issue to their LINE account or email them….but they do respond fast (within a few hours)…and in English. Their customer service passed my test. Your results may vary. In closing, I’m very satisfied with DeeMoney based on my signup experience (easy & quick), using their online/mobile app to send money (simple to use), ease of payment/funding the transfer, the funds arrived quickly halfway around the world, total sending fees was less than $5 USD with no intermediary fee. Your results may vary. 8 1 9 Link to comment Share on other sites More sharing options...
Popular Post rhodie Posted November 11, 2018 Popular Post Share Posted November 11, 2018 It would help if you told us what rate they used compared to the mid market rate. $5 fee means very little without that. <removed> 6 Link to comment Share on other sites More sharing options...
Pib Posted November 11, 2018 Author Share Posted November 11, 2018 (edited) 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? 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 November 11, 2018 by Pib 1 1 Link to comment Share on other sites More sharing options...
bravo19 Posted November 11, 2018 Share Posted November 11, 2018 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 Link to comment Share on other sites More sharing options...
Popular Post Pib Posted November 11, 2018 Author Popular Post Share Posted November 11, 2018 Just now, bravo19 said: 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 it also a tourist visa sufficient? Thanks so much for any answers Sent from my iPhone using Thaivisa Connect Just need your Passport to register. No work permit required. No long term visa required. No supporting docs needed to justify source of funds when transferring funds. Keep in mind that a lot of the speed-bumps experienced in sending money from Thai banks is purely Thai bank policy (varies from bank to bank...varies if doing transfer in person at a branch or via ibanking)....it's not Bank of Thailand policy. Heck, I have a Bangkok Bank and Krungsri Bank ibanking. With Bangkok Bank to get international transfer authorization/capability on my ibanking I need a work permit which I don't have....I have a retirement extension of stay/visa. But on my Krungsri ibanking I have international transfer capability...it was just there....didn't have to apply for it separately....and I have used in once as a test to send money to my US bank as an actual test. The Krungsri transfer was more costly than DeeMoney with a Krungsri Bt350 basic fee and another optional Bt800 fee to absorb any intermediary bank fees that might occur. I intentionally did not opt for that Bt800 fee add-on fee but did incur an intermediary bank fee somewhere along the way of exactly $20 (approx Bt650). So, I saved Bt150 in that transfer...and got my answer of would there be an intermediary bank fee. When the fee dust settled that Krungsri transfer cost me Bt1000 which is a tad more than the DeeMoney Bt150 fee. 1 3 Link to comment Share on other sites More sharing options...
pastprime Posted November 11, 2018 Share Posted November 11, 2018 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) 1 Link to comment Share on other sites More sharing options...
Popular Post Pib Posted November 11, 2018 Author Popular Post Share Posted November 11, 2018 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)Your post could imply Transferwise can be used to send money "from" Thailand which can not be done using Transferwise. Transferwise can only send money "to" Thailand.My references to Transferwise only related to comparing use of their app to the DeeMoney app. 5 3 Link to comment Share on other sites More sharing options...
Popular Post Pib Posted November 12, 2018 Author Popular Post Share Posted November 12, 2018 12 hours 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. <removed> 12 hours ago, Pib said: 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/ And here is an apples-to-apples comparison on this Monday morning at around 9:45am using the DeeMoney "Money Transfer" Rate and the three major Thai banks 1st "TT Selling" Rate of the day. Remember the Thai bank TT "Selling" Rate is the rate they use when transferring money out of Thailand. And one more thing to remember, when sending like THB to USD, THB to GBP, THB to AUD, etc., the "lower" rate is the better rate (i.e., least cost to you) Example: a DeeMononey Money Transfer/Thai bank TT Selling Rate for THB-USD say of 32.90 is better than 33.00 as you have to fork-out less baht to buy each USD. Now when transferring money "into" Thailand Thai banks use their TT "Buying" Rate and a higher rate is best. Just wanted to point the difference out regarding Money Transfer/Selling Rate and Buying Rate in relation to electronically transferring money. People are use to transferring money "into" Thailand where the TT Buying rate is used and you want the highest rate; but for transferring money out the Selling rate is used. Also, don't confuse the DeeMoney Money Transfer Rate used for transfers with their Money Exchange Selling Rate used when exchanging Notes/Currency at one of their branches....the rates are different. Be sure you have it straight in your mind which rate is being used. OK, below is the apples-to-apples DeeMoney "Money Transfer" Rate with some Thai banks "TT Selling" Rates this morning. Remember, the lower rate is the better rate. As I mentioned in my earlier post DeeMoney's Money Transfer Rate is plus or minus a hair of the Thai banks TT Selling Rate. You will notice in this instance in time of comparison for sending USD, DeeMoney beat all three banks.....but for sending GBP all three Thai banks beat DeeMoney.....and for sending AUD, DeeMoney beat all three Thai banks. USD GBP AUD DeeMoney 33.20 43.39 24.23 Bangkok Bank 33.23 43.27 24.24 Kasikorn Bank 33.21 43.24 24.34 Krungsri Bank 33.31 43.23 24.42 So, when a person analyses related Upfront/Direct Sending Fee (definitely lower with DeeMoney) combined with transfer Exchange Rate given (basically the same), and supporting docs/hassle that may be required (definitely easier with DeeMoney), he can make their own decision as to whether to use DeeMoney or a Thai bank. 3 1 Link to comment Share on other sites More sharing options...
khman Posted November 15, 2018 Share Posted November 15, 2018 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. 2 Link to comment Share on other sites More sharing options...
Popular Post Pib Posted November 16, 2018 Author Popular Post Share Posted November 16, 2018 3 hours ago, 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. When you send money out of Thailand using DeeMoney's online system it works like this: - You using their online system (mobile app or computer browser) and entry the Recipient info (i.e, name, account number, etc). - At the very end of the sending process you must "fund" the transfer....that is, provide DeeMoney the money to exchange and send. You do this by transferring money "from" your Thai bank to DeeMoney....your transfer is now funded....you have given DeeMoney money to transfer....the transfer begins it's trek to your Recipient. - It's that easy. If you have used Transferwise or similar money transfer service, it works the same way....complete the recipient/send info and then you must fund the transfer to get the money moving. It's kinda like a sprinter being in the starting blocks (recipient/send info completed) but he can't begin to run until you he hears the starting gun (you fund the transfer)....then he's off and running. If you were to go to a DeeMoney branch to transfer money out basically you do above by filing out paperwork....handing them the money to fund (pay for) the transfer. Just like if you would go to a Western Union branch where they would charge you a hell of a lot more. Don't be astonished it's easy. DeeMoney is a licensed by the Bank of Thailand to transfer money out of Thailand which means they are complying with Bank of Thailand regulations on outflow of money. But I know part of the reason of feeling astonished is because many Thai bank branches simply make it hard to transfer money out; while others make it easy. Heck, with my Bangkok Bank ibanking I do not have International/SWIFT transfer capability...can't get it without a work permit. But with my Krungsri Bank ibanking I have it and have done one transfer to confirm it actually works....money posted to my US bank account in 6 hours....can transfer out up to $10K USD per transfer. For those of us who have been on ThaiVisa for many years we have read many posts where some farangs (with or without work permit) go to a Thai bank to transfer out even a small amount of money and just totally get rejected. However, we have also read many posts where farangs (with or without work permit) go to their Thai bank and transfer out money easily. How hard or easy to transfer money out using a Thai bank totally depends on the bank branch....and let's face it some branches are just not expat/farang friendly. Kinda like a farang opening a bank account in Thailand...some have little to zero problem opening an account....others just get flat rejected. But some of those "flat rejected" posts go on to say later they tried at a few more branches and then got accepted....good to go. Personally, I've never had a problem opening a bank account in Thailand....I do not have a work permit...just a long term retirement extension of stay....but I opened my first Thai bank account before I moved to Thailand....just come over on a two week vacation. Yeap, depends on the bank branch. Yeap, TiT...finding an expat-friendly Thai bank branch can be a challenge sometimes....can just give an expat a bad impression towards all bank branches....and they express that opinion in social media like ThaiVisa. But it's obvious (at least to me) that DeeMoney is expat-friendly simply because I expect the majority of their current customers are migrant workers and expats....and no doubt with a rapidly growing Thai customer base because even Thai's can have money transfer problems with their Thai banks. By the way I have completed my second transfer of money to one of my other US banks using DeeMoney...money posted quickly to my US bank account. I'll provide another post with info on that transfer a little later. 3 3 Link to comment Share on other sites More sharing options...
Jessi Posted November 16, 2018 Share Posted November 16, 2018 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. Link to comment Share on other sites More sharing options...
Popular Post Pib Posted November 16, 2018 Author Popular Post Share Posted November 16, 2018 4 hours ago, Pib said: By the way I have completed my second transfer of money to one of my other US banks using DeeMoney...money posted quickly to my US bank account. I'll provide another post with info on that transfer a little later. Now that I'm back from the MIL's house and had a little time to look at the sending, posting, and payment complete times my second transfer took 2.75 days to post to my US bank. No intermediary bank fee...full amount arrived. Once again the description of the transfer on my US account was "Currency Cloud" along with part of my name. And as described regarding my first transfer which took 2.3 days to post, the transaction status reflecting in the DeeMoney app took approx. another 18 hours to change from "In Progress" to "Payment Compete." So don't totally rely on the DeeMoney transaction status to determine when the money actually posted to the Recipient's account. Guess it takes a little extra time for the delivery complete notification to flow back to DeeMoney confirming funds posting....or at least when sending to the US on the other side of planet Earth. 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. 3 1 Link to comment Share on other sites More sharing options...
Pib Posted November 16, 2018 Author Share Posted November 16, 2018 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. 2 Link to comment Share on other sites More sharing options...
Jessi Posted November 16, 2018 Share Posted November 16, 2018 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. Link to comment Share on other sites More sharing options...
topt Posted November 17, 2018 Share Posted November 17, 2018 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. Link to comment Share on other sites More sharing options...
Pib Posted November 17, 2018 Author Share Posted November 17, 2018 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. I'm now guinea pig testing another process....a picture of me doing the testing. 1 1 Link to comment Share on other sites More sharing options...
bravo19 Posted November 18, 2018 Share Posted November 18, 2018 I realized on web page of DeeMoney it is not possible to transfer money from Thailand to europe, very very pittySent from my iPhone using Thaivisa Connect Link to comment Share on other sites More sharing options...
Pib Posted November 18, 2018 Author Share Posted November 18, 2018 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 Sent from my iPhone using Thaivisa Connect 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/ Link to comment Share on other sites More sharing options...
TallGuyJohninBKK Posted November 18, 2018 Share Posted November 18, 2018 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. Link to comment Share on other sites More sharing options...
Pib Posted November 19, 2018 Author Share Posted November 19, 2018 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. 2 Link to comment Share on other sites More sharing options...
khman Posted November 19, 2018 Share Posted November 19, 2018 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! Link to comment Share on other sites More sharing options...
Popular Post Pib Posted November 19, 2018 Author Popular Post Share Posted November 19, 2018 4 minutes ago, khman said: 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! No sure I understand your post....what point you are trying to make. DeeMoney is for sending money "out" of Thailand to select countries....18 countries right now. You can not use DeeMoney to transfer money into Thailand. Transferwise is for sending money "into" Thailand but you can not use them to transfer money out. While both are money transfer services and their process and apps are similar, they are really for two different purposes at this stage. One to send money out of Thailand....one to send money into Thailand. Until DeeMoney came along sending money out of Thailand was pretty much go to a Thai bank thing. 4 Link to comment Share on other sites More sharing options...
marcusarelus Posted December 6, 2018 Share Posted December 6, 2018 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? Link to comment Share on other sites More sharing options...
Pib Posted December 6, 2018 Author Share Posted December 6, 2018 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. 1 Link to comment Share on other sites More sharing options...
marcusarelus Posted December 6, 2018 Share Posted December 6, 2018 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. Link to comment Share on other sites More sharing options...
Popular Post Pib Posted December 6, 2018 Author Popular Post Share Posted December 6, 2018 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. 2 1 Link to comment Share on other sites More sharing options...
marcusarelus Posted December 6, 2018 Share Posted December 6, 2018 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. Link to comment Share on other sites More sharing options...
onera1961 Posted January 5, 2019 Share Posted January 5, 2019 (edited) 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 January 5, 2019 by onera1961 Link to comment Share on other sites More sharing options...
Pib Posted January 5, 2019 Author Share Posted January 5, 2019 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. 1 Link to comment Share on other sites More sharing options...
justanotherfatwhiteguyinth Posted January 7, 2019 Share Posted January 7, 2019 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. 1 Link to comment Share on other sites More sharing options...
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