My Experience Using DeeMoney

[ThaiSong]

I applied for the DeeMoney yesterday and their service rep was very helpful.

The only hurdle was the initial signing up that needed to be done on the smartphone before I could use the PC version.
The service rep helpfully guided me to do so and followed up nicely.

Once signed up, I tried to send a small amount of money to my US account.

Their interface has changed so that you don't need to worry about the account number to include the routing number, as there is a separate entry for ACH code.  Funding the transfer was very easy as Kasikorn Bank mobile app prompted me to approve the funding transfer after I processed it using DeeMoney app.  

Unlike others who have experienced many days of delay, I was surprised by receiving the DeeMoney update just one day after, indicating that my money has been successfully transferred.  To be sure, I checked my US account's online banking status, and sure enough, the money was being posted by the bank. It will likely become available by tomorrow.  That's fantastic! Just one day to transfer and another day by the bank to make the fund available.

Thumbs up!
 

[DeeMoney]

Hey ThaiSong, great to hear that you had an smooth experience with us.

 

And hi all, didn't want to start a new thread, but recently we've noticed a few people saying our rates are the worst due to the daily rates we've been posting everyday on our social media showing that we offer the lowest figure in THB.

 

To clarify, the THB figure shown on our social media signifies the amount of THB you need to buy 1 of whichever currency, e.g 34.8 THB to get 1 Euro. So, if the THB rate is lower, it means you are getting more of whichever country's currency you are sending to.

 

We have created a new table to illustrate how exactly we offer the best rates and lowest fees. 

 

[Pib]

Yea, when it comes to sending money "out" of Thailand....like sending USD, GBP, AUD, EUR, etc., to another country like the home country the "lower" exchange rate is best.   That is, you need to fork-out fewer baht to buy each unit of foreign country currency you are sending back.   

 

Unfortunately, some people think a higher rate is better on the Thailand end...and indeed it is when sending money "into" Thailand...but for sending money out of Thailand the lowest exchange rate is the best deal before we start adding in sending fees to round out the total sending cost.  A person always has to consider exchange rate "and" sending fee(s) to determine the best deal.

 

Thai banks use their "TT Selling Rate" when sending money out of Thailand....Thai banks call it the Selling rate as they are selling you foreign currency to send out in exchange for your baht.   DeeMoney calls their sending out exchange rate (a.k.a., TT Selling Rate)" the "Send To Rate".   So, for each unit of foreign currency you are sending out you of course want to fork-out fewer baht to buy that unit of foreign currency...you want the lowest selling/sending rate.  

 

No different than going into a grocery store to buy a bag of rice.   If you go into two stores to buy a bag of rice and brand ABC say costs Bt35 in the first store but in the second store the exact same brand ABC costs Bt34.50 then the second store has the best deal...you need to fork-out the fewest baht to buy that exact same bag of rice.  Same principle applies when sending out foreign currency funded by your baht....the lower selling/sending rate is better....it's the reverse of when you are sending money "into" Thailand where the higher rate is better.

 

As of 3 Mar 2020 at 11:45am below (Snapshot 1) is the "TT Selling Rate" for THB to USD for various Thai banks....the range is from 31.62 to 31.77....that is, how many baht you would need to fork-out to buy one USD.    And below Snapshot 1 is Snapshot 2 which shows the DeeMoney "Send To" rate for THB to USD....the rate is 30.6095--better (lower) in comparison to all Thai banks listed below at this millisecond in time. 

 

Not only is the DeeMoney rate the best at this millisecond in time, when a person cranks-in the Sending Fee which is going to be around Bt125 to Bt250 for DeeMoney whereas the Thai bank Sending Fee is going to be approx Bt1,200 then DeeMoney is clearly the best deal cost-wise...or at least it was for this THB to USD transfer.  Then crank-in the consideration of which sending method is easier and/or faster....going to a Thai bank, filling out their transfer paperwork, and hoping they allow the transfer....OR, doing the transfer with DeeMoney from behind the comfort of your keyboard.

 

And I will have to say DeeMoney's transfer time has definitely improved from the 2 to 3 business days I experienced a year or so ago to 1 business day now with their new DeeNext (DMnext) service.  

 

Thai banks "TT Selling Rate" for THB to USD

  https://daytodaydata.net/default.aspx

 

 

DeeMoney "Send To" rate of THB to USD

https://www.deemoney.com/send-money-from-thailand-to-united-states/

[Pib]

@DeeMoney

   With your new DMnext service where you now advertise next working (business) day delivery (which was indeed next business days for my transfers to the US), you should update those areas of your website that still advertise 3-5 working/business days.  Like for Send To USD webpage below it still states 3-5 working days versus 1 business day.  Thanks.

 

https://www.deemoney.com/send-money-from-thailand-to-united-states/

 

 

 

[Plexie]

On my recommendation a family member has started using DeeMoney but after checking they seem to be getting worse rates than the thai banks TT selling rates.

 

Here is one of their latest transfers as an example:

 

Thai to GBP

 

1st October they got a rate of 41.86 when for example bangkok banks TT selling rate for that day was 41.30750 at 08.30am, 41.29250 at 13.10pm, 41.01000 at 16:10pm (this is an average example as their are a couple of other thai banks that seem to always give a better rate than bangkok bank TT selling rate)

 

https://www.bangkokbank.com/en/Personal/Other-Services/View-Rates/Foreign-Exchange-Rates#

 

http://bankexchangerates.daytodaydata.net/default.aspx

 

 

After having a look though their transaction history it looks like the only time they ever got close to the average thai banks TT selling rate was when they originally setup an account in branch and did their first transfer in person. Every other transfer they have since done via the DeeMoney app as ended up with a bad rate. They have been doing transfers in the 100,000 to 200,000 Baht range so each time they seem to be loosing between £50-£100 compared to the average thai banks TT selling rate. I understand the rates change all the time throughout the day but the rates they are getting seem too far off.

 

Everytime I check DeeMoneys website myself to check their example exchange rates against the average thai banks TT selling rates they seem similar but after looking at the actual transfers my family member has done they never seems to get the same rates on the actual transfers.

 

Can anyone else share there experiences with Thai Bhat to GPB transfers using DeeMoney and show some examples of exchange rates they have got on certain dates.

 

Maybe their are better times / days of the week where your more guaranteed to get a similar rate to the average thai banks TT selling rate?

 

Also is their a website which shows historic data for the thai banks TT selling rates so I can compare in more detail?

 

 

 

Thanks.

 

 

 

 

 

 

 

 

Edited October 6, 2020 by Plexie

[jaizan]

On 11/11/2018 at 2:11 PM, 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>

 

I see lots of posts promoting DeeMoney here, but the costs only really mean anything if looking at the TOTAL COST FOR THE TRANSACTION COMPARED WITH MID MARKET.

 

ie:   Amount received in your foreign account/Total cost in Thai Baht   v The XE mid market exchange rate

 

If the provider is very competitive, the difference ought to be in the 0.5% ballpark.

If you use a bank, it might be over 3% difference.

 

Typical costs might include:   Sending fees, exchange rate mark up and fees charged by the overseas bank for receiving money from abroad.   

One of the pleasures of Transferwise is the upfront pricing, so no hidden receiving fees etc.

 

[Celsius]

So.... how long does it take for for money from Thailand to arrive to your account?

 

My wife did the first test transfer (2000b) on Sunday. Nothing in the (Canadian) bank yet.

[Pib]

8 minutes ago, Celsius said:

So.... how long does it take for for money from Thailand to arrive to your account?

 

My wife did the first test transfer (2000b) on Sunday. Nothing in the (Canadian) bank yet.

Several years ago when I last used DeeMoney just to test out a couple of transfers to two of my U.S. banks, it only took about 2-3 business days...it was pretty fast. 

 

Now keep in mind when transferring money between banks/financial entities it's pretty much done only only business days with holidays/weekends not counting.  So, by launching the transfer on a Sunday/8 Jan it probably didn't really start its trek from Thailand to Canada  until Monday/9 Jan no matter what the DeeMoney system may say.  So, really your money transfer is only into its 2nd business day since today is 10 Jan.  And then there is always the issue of how fast does the receiving bank shows the arriving money as Pending or Posted.

[Celsius]

My wife's experience using dee money.

 

Maximum transfer 683,000 baht. First transfer went well.

 

Second transfer they sent a document via email to submit a lot of information regarding where the money comes from, the reason for transfer, how much she expects to transfer, bank statements etc, etc....

 

She is transferring her Thai savings to her Canadian bank account.

 

Lets see how this goes. I think it is nonsense because she already submitted a lot of information when she registered for the app.

 

Lets see how this goes and if it will be quick. 

[khunjake]

10 hours ago, Celsius said:

My wife's experience using dee money.

 

Maximum transfer 683,000 baht. First transfer went well.

 

Second transfer they sent a document via email to submit a lot of information regarding where the money comes from, the reason for transfer, how much she expects to transfer, bank statements etc, etc....

 

She is transferring her Thai savings to her Canadian bank account.

 

Lets see how this goes. I think it is nonsense because she already submitted a lot of information when she registered for the app.

 

Lets see how this goes and if it will be quick. 

Had the same thing happen to me and the transfer was delayed several days as a result. That was the last time I used them. Have been using K-bank app for my international transfers since then with no issues whatsoever and the fees are only slightly higher but with way less hassle. DM used to be pretty reliable and without hassles but my last experience was totally unacceptable and I simply don’t use them anymore. 

[Celsius]

10 hours ago, khunjake said:

Had the same thing happen to me and the transfer was delayed several days as a result. That was the last time I used them. Have been using K-bank app for my international transfers since then with no issues whatsoever and the fees are only slightly higher but with way less hassle. DM used to be pretty reliable and without hassles but my last experience was totally unacceptable and I simply don’t use them anymore. 

 

24 hours later that sent us an email they are forwarding documents to the relevant department. meanwhile 683,000 baht stuck in the loop.

[khunjake]

9 hours ago, Celsius said:

 

24 hours later that sent us an email they are forwarding documents to the relevant department. meanwhile 683,000 baht stuck in the loop.

Yep, its very scammy of them to allow you to send them money first only to be sent an email asking for a bunch of proof about that money. If they had cared at all about customers, their system would halt you from sending anything first and asking you to fill in a transfer approval form of sorts and wait for confirmation that the transfer request has been approved. This is why I will never use them anymore. The trust is simply not there. 

[Pib]

Not defending DeeMoney but new "Bank of Thailand" money transfer directives over the last few years has made it tougher to transfer larger sums in many cases.  Just for example how Wise started limiting transfers "into" Thailand to less than Bt50K per transfer beginning 7 Jan 2022 unless the transfers were going to Bangkok Bank, K-bank, or SCB....if going to any other Thai bank the amount had to be less than Bt50K.  And another example around mid 2023 Thai banks requiring face scans to transfer more than Bt50K to another Thai bank when using electronic banking (i.e., mbanking, ibanking)...this caused by another Bank of Thailand policy change.

 

These new Bank of Thailand directives were supposedly put into place to reduce money laundering/tax avoidance and electronic banking hacking.    I'm sure DeeMoney is only complying with Bank of Thailand money transfer requirements which have gotten tougher over the last few years.   It might be getting to the point where just using a Thai bank to do an international transfer is the easier (but maybe not cheaper) way to do transfer now especially if it for a sum of Bt50K or more....seems that Bt50K number is now a trigger level which can cause closer examination of the transfer. 

 

Don't just blow off use of a Thai bank to do an international transfer as you may find it easier and cheaper than what you think....cost effectiveness will depend on the amount you are transferring....and using a Thai bank to do the transfer may not be nearly as restrictive as some social media crossfeed has made it appear over the years.  I've used both Bangkok Bank and Krungsri Bank to do some small dollar amount test transfer to some of my US banks a couple years back....did in right online using ibanking....the the transfers went no problem....arrived in less than two business days...one was less than 24 hours.

 

 

 

 

[Jsay2]

Question related to topic -- Regarding Thailand to US transfer: Has anyone had a situation where Dee Money sent you a "your money transfer has reached your recipient" email but the funds are not yet in the account? Is there some US side ACH delay? Do they sometimes have to send a paper check on the stateside? I got the "money has reached recipient" email and message in app but nothing showing on US account yet. (i have asked Dee Money about this but have not received reply on Line or email.)

[Celsius]

13 hours ago, khunjake said:

Yep, its very scammy of them to allow you to send them money first only to be sent an email asking for a bunch of proof about that money. If they had cared at all about customers, their system would halt you from sending anything first and asking you to fill in a transfer approval form of sorts and wait for confirmation that the transfer request has been approved. This is why I will never use them anymore. The trust is simply not there. 

 

still no money, still no any messages from "customer service".

 

25 thousand Canadian stuck.

[sanmyintmaung]

4 hours ago, Jsay2 said:

Question related to topic -- Regarding Thailand to US transfer: Has anyone had a situation where Dee Money sent you a "your money transfer has reached your recipient" email but the funds are not yet in the account? Is there some US side ACH delay? Do they sometimes have to send a paper check on the stateside? I got the "money has reached recipient" email and message in app but nothing showing on US account yet. (i have asked Dee Money about this but have not received reply on Line or email.)

Yes, I noticed about one day delay from the time Dee Money sent "your money transfer has reached your recipient" to the time money show up in the recipient bank account. 

[Pib]

13 hours ago, Celsius said:

 

still no money, still no any messages from "customer service".

 

25 thousand Canadian stuck.

Have you contacted the receiving bank to see if they have possibly received the funds but the "receiving bank" is still processing it causing the transaction to not even show-up yet as a Pending transaction. Banks can have a clearing process they go thru even before they will show the transaction as Pending, let alone Posted.  The problem could be on the receiving bank end....not saying it is....just saying it vey well could be.  

[Celsius]

12 hours ago, Pib said:

Have you contacted the receiving bank to see if they have possibly received the funds but the "receiving bank" is still processing it causing the transaction to not even show-up yet as a Pending transaction. Banks can have a clearing process they go thru even before they will show the transaction as Pending, let alone Posted.  The problem could be on the receiving bank end....not saying it is....just saying it vey well could be.  

 

This is not the issue. They are still reviewing the reasons for transfer. The money is received by them, but not sent.

 

[Celsius]

1 week after sending all the required documents, still no money