Jump to content
BANGKOK 19 May 2019 22:28
ThaivisaSales

DeeMoney at forefront of money transfer services despite barriers

Recommended Posts

DeeMoney at forefront of money transfer services despite barriers

 

image.jpg

 

 

Financial technology companies are shaking up the traditional banking industry by providing faster, cheaper and more innovative services. Fintechs like DeeMoney in Thailand are revolutionizing international money transfer services for example, by using more efficient technologies like internet and smartphone apps and blockchain technology.

 

These innovations are enabling more customers to easily and conveniently send and receive money across borders, especially those customers lacking access to traditional bank branches. The World Bank said global remittances grew seven percent to $613 billion in 2017 from $573 billion in 2016.

 

But despite successfully disrupting the market and placing pressure on banks to improve their game, fintechs and other nonbank providers face barriers to expanding their services. The World Bank said last year that regulations targeting nonbanks were restricting the industry, and holding back financial inclusion that could improve lives, especially those in developing countries.

 

Aswin Phlaphongphanich, Chief Executive Officer of SawasdeeShop that operates DeeMoney, said a more level playing field was needed, with regulators regarding the traditional banking and nonbanking sectors more equally.

 

In Thailand for example, nonbanks must apply for a new licence for every branch they want to open, while banks can open numerous branches with the same licence. Daily transfer limits are set higher for banks than nonbanks, potentially impacting small and large companies wanting to do business through channels like DeeMoney. Nonbanks are barred from appointing agents, such as retailers, to receive transferred money. And customers using nonbanks must provide formal identification to receive inbound transfers, while customers using banks do not.

 

“DeeMoney is shaking up this industry. It aims to streamline and speed up traditional transfer processes that are often not practical, too unwieldy and inaccessible for those who need these services most,” Mr Phlaphongphanich said.   

 

“Regulations for all providers should be the same, without favour, so all customers have the opportunity to benefit fully from these new, innovative and growing services on offer,” he said.

 

DeeMoney last year became the first and only nonbank provider in Thailand awarded special licences by the Bank of Thailand for cross-border money transfer, exchange and e-payment services.

 

That means DeeMoney can offer customers safe, international transfer services, without a string of high charges (such as transfer and receiving fees and currency conversion charges) that the banking sector has traditionally imposed. Instead DeeMoney charges a flat fee of 150 baht per transaction.

 

Unlike traditional institutions, DeeMoney also does not require large amounts of documentation or bank account requirements for transfers. DeeMoney requires only one form of valid ID for initial registration. While bank remittances can take days to receive, there are no delays with DeeMoney.

 

Customers can instantly transfer money and make payments from Thailand via the DeeMoney app available on Android and iOS to 17 countries.

 

DeeMoney also has four branches in Bangkok, offering transfer and 34 currency exchange services. Money can be sent to 180 counties including the United States, Australia, China, India and ASEAN countries such as Cambodia, Vietnam, Myanmar and the Philippines. By collaborating with international partners, it has a strong and reliable distribution network globally, with more than 220,000 service points.

 

Mr Phlaphongphanich said the industry was undergoing major changes, as DeeMoney and other nonbanks introduced innovations. With regulatory barriers removed, enabling an even more competitive environment, more customers would benefit.


 

  




















 

  • Like 1

Share this post


Link to post
Share on other sites

When will Dee money come to Chiangmai? Any plans?

Share this post


Link to post
Share on other sites

Danthai.  You don't need them to come and open a shop front.  Go to their website www.deemoney.

If you don't get any satisfaction there then email the Vice President , Customer Acquisition, santosh.si @sawasdeeshop.com

 

  • Like 1

Share this post


Link to post
Share on other sites

I would like to understand why they don't do transfer to Euro countries ? :mellow:

  • Like 2

Share this post


Link to post
Share on other sites

I use Transferwise.  Highly recommend.

Share this post


Link to post
Share on other sites
16 minutes ago, just bob said:

I use Transferwise.  Highly recommend.

I do too but .. I transferred money last week EU to Thailand and it took 6 hours this week 6 days. Their excuse. Which I believe is unacceptable is bank holiday in Thailand. 

Share this post


Link to post
Share on other sites
22 minutes ago, just bob said:

I use Transferwise.  Highly recommend.

TransferWise can be used to send money to Thailand,

not to send money from Thailand... (AFAIK :ermm:)

  • Like 1

Share this post


Link to post
Share on other sites
1 hour ago, Danthai said:

When will Dee money come to Chiangmai? Any plans?

 

it does nto need to be in your province to use it.

 

They are not in my province either and I use it all the time.

 

You can open an account with them online/via email and from there on it is all done online via smart phone or computer. Couldn't be easier.

 

Email them on contact them via Line App for instructions on how to register without going in person.

  • Thanks 1

Share this post


Link to post
Share on other sites
19 hours ago, Nip said:

I do too but .. I transferred money last week EU to Thailand and it took 6 hours this week 6 days. Their excuse. Which I believe is unacceptable is bank holiday in Thailand. 

In my experience, the partner in Thailand, TMB, sometimes gets "hindered" by the receiving bank.

The last leg of the transfer seems to be the problem.

Also, the EU-Sepa banking can be very slow, from time to time.

Weekends, public holidays, are all giving possible delays.

Try to do a SWIFT transfer in a weekend or public holiday........

Share this post


Link to post
Share on other sites

Got my Deemoney membership number & got mobile app, all with just email.

Not sent money yet, my question is bear with me please.

 

I want send UK baht to £ money to one of Deemoney's UK listed banks my sons, have all of his information which I put in Deemoney saved respondent by mobile I think !!.

 

Right so now I go to my Bangkok bank and tell them to pay baht into Deemoney bank a/c yes.? 

Share this post


Link to post
Share on other sites
Posted (edited)
3 hours ago, Kwasaki said:

Got my Deemoney membership number & got mobile app, all with just email.

Not sent money yet, my question is bear with me please.

 

I want send UK baht to £ money to one of Deemoney's UK listed banks my sons, have all of his information which I put in Deemoney saved respondent by mobile I think !!.

 

Right so now I go to my Bangkok bank and tell them to pay baht into Deemoney bank a/c yes.? 

You do not go Bangkok Bank and tell them to send money to DeeMoney.  Your first should have setup Direct Debit to your Bangkok Bank account then DeeMoney would have immediately debited the money to fund the transfer.  Or, using the Bangkok Bank mobile app scan the QR code that DeeMoney showed at the end of the transfer (the QR code has all the necessary payment info embedded in it) which would have allowed you to immediately pay for the transfer from your Bangkok Bank account.    I use the QR payment method which is immediately and free.....plus I'm not a fan of direct debit in this type of situation.   The DeeMoney website shows you how to setup Direct Debit or use QR payment.

 

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

 

Edited by Pib

Share this post


Link to post
Share on other sites
30 minutes ago, Pib said:

Or, using the Bangkok Bank mobile app scan the QR code that DeeMoney showed at the end of the transfer (the QR code has all the necessary payment info embedded in it) which would have allowed you to immediately pay for the transfer from your Bangkok Bank account.

Me again 😄  thanks for time.

 

I struggle with this tech stuff but have Deemoney app on my mobile so another daft question.

 

So do I need my Bkk banks QR thingy or just put the details in phone following instructions it seems too easy. ? 

 

 

Share this post


Link to post
Share on other sites

When you scan a bar/QR code to make payment all the payment info is encoded in that code....it just appears on your payment screen instead of you needing to type in a bunch of info/numbers.  With the exception of my MEA water bill, when a monthly bill shows up in my mail box like my electric, DTAC, AIS, Fibre internet, etc.,  I open it up, scan the bar/QR code with my Bangkok Bank mobile app, immediately all the payment info is shown on the screen, I select which of my bank accounts to pay the bill from, press Continue/Pay, and I'm done---bill paid and it totally free. 

 

Takes me less than 30 seconds to pay a bill including the time to open the envelope, maybe pick my nose once or twice, and use the mobile app to make a bar/QR code scan and payment.  It so, so easy....after you do your first QR payment you are going to to think, Durn, that was so easy and fast....why did I think it would be hard.   It's truly easy.

 

I don't pay my water bill that way because the MEA is still in the dark ages in being able to pay them via ibanking/mbanking and I still have to go to 7-11 to pay that bill....their bill comes with a bar code but MEA doesn't allow a person to pay them via ibanking/QR payment other than maybe direct debit---and I'm not a fan of direct debit for certain types of bills/payments.   I want to see my bill first and then pay it the way I want to and when I want to.

  • Thanks 1

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...