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DeeMoney 101: How Does It Work and Is It Secure?

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DeeMoney 101: How Does It Work and Is It Secure?

 

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DeeMoney is a digital money transfer service provider disrupting international wire transactions for its rapidly expanding audience. Designed with customer needs in mind, DeeMoney is speeding up and smoothing out traditional processes which are expensive and impractical for most. It’s also unparalleled as the ONLY money platform authorized to wire and exchange Thai Baht online or in cash.

 

Based in Bangkok, the FinTech company was the first local non-bank international remittance platform to gain special licenses from the Bank of Thailand in 2017. Two years later the company’s services—in global wire transfers and money exchanges in 34 currencies—are thriving. At the core of DeeMoney’s evolution is its innovative mobile platform which makes global e-payments super simple. Users can send money to countries all over the world in just a few taps from anywhere and at any time.

 

To achieve all this and more, DeeMoney leverages several unique global partnerships with existing financial service providers across the world to make international remittance swift and cheap. This singular network comprises US-based money transfer company MoneyGram; Merchantrade, a Malaysian licensed money transfer and exchange network; worldwide money transfer company Xpress Money; and Wing Money, a Cambodian specialized licensed entity.  

 

Why Use DeeMoney?

  • The game-changing Authorized Money Transfer Agent License, E-Payment Service License Type C (3) and Authorized Money Changer License means that DeeMoney is fully empowered to operate its own money transfer, currency exchange, and e-payment services.
  • To shake up the international remittance market, DeeMoney provides multiple international transfer options:
    • You can send cash from DeeMoney outlets to partnered branches worldwide
    • OR arrange a convenient transfer online via the DeeMoney app  
  • The DeeMoney mobile app is available on Android and iOS, making it easy to send money to your international recipients whenever it suits you.
  • For the one-time registration, just submit your contact details through the form on the website and DeeMoney will get in touch with you to finalize the process:
  • You only need one form of valid identification to get started; a passport, Thai driving license orThai ID.
    • Unlike Thai local banks, DeeMoney has no work permit or visa restrictions on membership. Anyone can sign up with just one ID document.
    • Your recipient pays no fees to collect the cash out option from partner money shops, or funds can be deposited directly in their chosen bank account. The transaction isn’t affected by any surprise or hidden charges, so they also receive the full transfer amount sent.
  • DeeMoney international payments are completed in 1-2 business days depending on the recipient country.
  • The company is regulated by the Bank of Thailand and is trusted by thousands of DeeMoney members—with more new members registering daily.

 

DeeMoney Fees: How Much Will It Cost?

Rather than being subject to outmoded money-transfer tiered fees that inflate with payment amounts; registered DeeMoney members can take advantage of the platform’s industry-first flat-fee. Which means that you can make worldwide money transfers to and from countries all over the world for just 150 THB. In addition, DeeMoney international transfers are up to 90% cheaper than Thai local banks—and that’s for all transfer transactions up to a whopping 800,000 THB.

 

DeeMoney Exchange Rates

DeeMoney transfer and currency exchanges are fully transparent (the rates are updated on the app, website, and the company’s Facebook page daily) and as close to the real mid-market exchange rate as possible. So you can avoid expensive banking fees, AND you won’t lose money on unfair exchange rates—unlike some other platforms which add a markup to the real exchange rate on top of their fees.

 

Is DeeMoney Safe?

DeeMoney is fully regulated by the Bank of Thailand, and just like all money entities, banks, and financial institutions, the platform verifies its members to protect against fraud and money laundering.

 

How to Use DeeMoney

As well as nipping into a DeeMoney branch to send international transfers through cash, members can download and use the mobile app any time, anywhere. Once downloaded, crediting money transfer transactions is just as easy. DeeMoney has set up a commercial partnership with banks through API access which allows members to link their bank accounts (for local banks in Thailand) to the app to credit the transfers in seconds.

 

You can also choose to fund international transfers on the app through your Mbanking app via QR code payments. Begin setting up the wire transfer to your chosen recipient then select the QR code option to credit the transaction. Save the QR code to your mobile, then open your default banking app to scan and complete the payment directly from your bank account. It’s safe, fast, and simple.

 

Visit the DeeMoney Support page too for detailed descriptions and videos to demonstrate each payment option in full here. Start the DeeMoney approval process online here today.

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Still no Euro transfer. Mai dee.

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1 minute ago, scubascuba3 said:

Advertising op?

?

Yes, as clearly marked (Advertorial).

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?

Yes, as clearly marked (Advertorial).

Clearly marked? not on Tapatalk

 

  • Sad 1

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2 hours ago, scubascuba3 said:

Clearly marked? not on Tapatalk

Ok. No idea.

That's how it looks on the web.

 

advert.jpg

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Ok. No idea.
That's how it looks on the web.
 
advert.jpg.85e6d237fae231c2637f91f5d0ad72d8.jpg
Yep nowhere to be seen on Tapatalk, people on these forums always assume posters see threads the same

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I have been using Dee money a lot recently. It's extremely easy to use. You don't need credit card accounts. It simply deducts the money from my Thai bank account and send the money in whatever currency I like. I am told I can send up to £15,000 to anyone in the UK, no questions asked. 

But although their fees are very small. They make their money on the exchange rate. It's very good for making small payments because banks usually charge a fixed fee for payments of any size. I think here It's about 1500, so if you want to send a large amount doing it through a bank would probably be cheaper. Because the exchange rate that Dee money is not very favourable. In order to send money to the UK you would have to pay them about 44 bt per GBP , whereas banks and credit cards charge, probably about 42-43. And at the moment. The GP pound is selling at about 40BT.

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1 hour ago, gamini said:

I have been using Dee money a lot recently. It's extremely easy to use. You don't need credit card accounts. It simply deducts the money from my Thai bank account and send the money in whatever currency I like. I am told I can send up to £15,000 to anyone in the UK, no questions asked. 

But although their fees are very small. They make their money on the exchange rate. It's very good for making small payments because banks usually charge a fixed fee for payments of any size. I think here It's about 1500, so if you want to send a large amount doing it through a bank would probably be cheaper. Because the exchange rate that Dee money is not very favourable. In order to send money to the UK you would have to pay them about 44 bt per GBP , whereas banks and credit cards charge, probably about 42-43. And at the moment. The GP pound is selling at about 40BT.

in the advert it says it gives you the interbank exchange rate.... as found on xe.com etc

 

so is that infact not true you say?

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Is Dee Money only for transferring out of Thailand? Can you transfer money from a USA bank into a Thai bank?

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I read this-

 

DeeMoney transfer and currency exchanges are fully transparent (the rates are updated on the app, website, and the company’s Facebook page daily) and as close to the real mid-market exchange rate as possible.

 

Please show me where it says "interbank exchange rate".

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3 minutes ago, Jaybott said:

Is Dee Money only for transferring out of Thailand? Can you transfer money from a USA bank into a Thai bank?

For transferring out only.

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1 hour ago, gamini said:

Because the exchange rate that Dee money is not very favourable. In order to send money to the UK you would have to pay them about 44 bt per GBP , whereas banks and credit cards charge, probably about 42-43. And at the moment. The GP pound is selling at about 40BT.

When you transfer money out of Thailand the Thai bank will use their "TT Selling Rate"....that is, if you want to send out 1000 GBP they will "sell" them to you to send out for your Thai baht.  Now in  such a case the "lower" the TT Selling Rate the better as you have to forkout less THB to buy the GBP.  

 

For transferring funds, DeeMoney calls their rate the "Money Transfer Rate."   

 

So, lets compares Thai bank TT Selling Rates and the DeeMoney Money Transfer Rate for GBP today....at this millisecond in time.  As you see below DeeMoney's rate is plus or minus a hair of Thai banks.  And their direct sending fee of only Bt150 with no intermediary bank fees is definitely a lot cheaper than the Thai bank direct sending fee ranging from about Bt350 to Bt1500 depending on if you want the bank to cover any intermediary bank fees alone the way.  And when it comes to less hassles in sending the funds, well, there is no hassle with DeeMoney like you can easily experience with Thai banks.

 

DeeMoney Transfer Exchange Rate

image.png.1b2b30b8063a489b73c77f8aaf4e36d0.png

 

Thai banks TT Selling Rate

image.png.9afa691a82df2638f5d95988feec92a7.png

 

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