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Easily send USD or Euro to Thailand. Receive same day. No transfer fees.

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Easily send USD or Euro to Thailand. Receive same day. No transfer fees.

 

Targeting financial services to expat, digital nomad and cryptocurrency communities, the fintech challenger Everex.io came with a new and interesting service of using blockchain for instant cross-border transfer and domestic money exchange. Serving currency corridors between USD, EUR, crypto and THB, Everex offers huge savings on currency exchange, transfers, and most importantly, free cardless ATM withdrawals.

 

When you run out of cash and it’s time to get a new stash, that’s when most of us get caught with 200-220 THB ATM international withdrawal fees that are charged by banks on the top of the currency exchange rate, which may reach additional 4-5%. Everex found a way to deliver THB only for around 1% over interbank currency conversion rates. There are no additional fees or commission, whether you do transfer to Thai bank account or request cardless ATM withdrawal. And what’s cool is а real same day delivery and no withdrawal fees. Bank account or card is not required to use this service.

 

 

everex.jpg

 

How it Works

 

  1. Sign up and verify your identity. After verification, add THB to your wallet by depositing the quoted amount in EUR or USD. If you are a crypto friendly person, you can use DAI (USD) or EVX token to send to your wallet address.
  2. Once Everex team receives your funds, THB will appear in your Everex wallet within minutes. If you transfer EVX or DAI it will appear on your Everex balance automatically.
  3. To receive cash in THB, locate Withdrawal function in the wallet and specify how you want to receive it: via ATM or Thai bank account. If you select Cardless ATM, note that there is 20,000 THB limit per transaction. For bank account withdrawal the limit is 30,000 THB. No bank account or card is required for ATM withdrawals. Nor you will pay any withdrawal fees.
  4. This service is available in any major city in Thailand, including Bangkok, Pattaya, Phuket, Chiang Mai and other popular destinations.


Do you first transfer with Everex Wallet. For more details visit Everex site

 

 

Get the app

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I tested this out last week.  Made a small transfer of some DAI to my Everex account, and from there withdrew to a BKK bank account.

 

Sent DAI to Everex account on Saturday.

Started withdrawal on Saturday.  Didn't check the bank balance until Monday, but the account history says the funds were deposited on Saturday.
Received Baht at a rate of approx 29.63 THB/DAI.  Not too bad, considering the THB/USD rate was at quite low that day (30.45 THB/USD). 

 

Considering fees and conversion rates offered by simply withdrawing from an ATM with a foreign bank card, I think this is a good alternative.  Compared to some of the other transfer options, I don't know.  Haven't used Transferwise.  But if you already had some funds in crypto, Everex is a solid option.

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How do the rates compare with regular bank transfer - Can anyone give a one day example or any link to information on this?

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I use my DEBIT MASTER CARD to transfer monies to my Thai Bank.

 

NOTE: I have a SENIOR ACCOUNT at my US bank and have NO bank charges except for a NSF check, YOUR BANK MIGHT charge you differently!

 

At the Thai bank:

I write on paper the amount in THB, hand to teller with bank book, FOREIGN Master Card and Passport:

 

Master Card
XXXXXXX THB

DEPOSIT To
Xxxxxxxxxx ( account number)

 

Process is.....

I sign the copy they make of passport and charge card, sign the MC receipt, sign bank deposit receipt.

 

I NEVER touch the money.

 

6 to 15 minutes ( the branch I use is usually not busy at 14:00 Tuesday ) I am out the door and do a THB withdraw at the ATM outside the bank, no ATM fee.

 

At MY bank this is a normal process.

 

===WARNING===

At SOME banks you have to go thru Customer Service, I did 4 years ago, paid a service charge of 200THB, AND, got the banks CRAPPY in house exchange rate. If you go thru Customer Service ASK about any SERVICE charges and EXCHANGE rate FIRST.

 

Do a TEST transfer.  

Use even money, like 10,000THB or 20,000THB, etc and compare the amount debited against your foreign bank account monies to the XE exchange rate.

 

I compare what my debit charges are at my US bank ( via US BANK  apk ) against the XE Currency Converter rate ( via XE apk ).

 

The difference from XE amount and the monies taken from my US  account ABOVE the XE rate:

( 20 / 30,000THB usual withdrawal )
30,000THB in June +$5.47
30,000THB in Aug +$5.28
30,000THB in Sept +$5.34

Under $5.50 total charges on $1,000USD is EXTREMELY good.

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Hi, can anyone tell me if this service works in the opposite direction, to get funds out from here? I am a customer of Transferwise, and they don't. I have recently tried DeeMoney with convoluted and mixed results. There doesn't seem to be a convenient, reliable, and quick service outside of bank wires to send to a western bank from here.

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2 hours ago, sanooki said:

Hi, can anyone tell me if this service works in the opposite direction, to get funds out from here? I am a customer of Transferwise, and they don't. I have recently tried DeeMoney with convoluted and mixed results. There doesn't seem to be a convenient, reliable, and quick service outside of bank wires to send to a western bank from here.

I haven't tried it, but in my account dashboard I see the option to add money from my Thai bank account.  I'm curious how that might work.

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Buy Bitcoin in your home currency. Then trade Bitcoin into Thai Baht and withdraw into your Thai bank account with no fees at all. Much more better than using a Bank or middle man to ACT Debit or Wire into a Thai bank with tons of fees and bad exchange rate.

Edited by acenase
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Just now, acenase said:

Buy Bitcoin in your home currency. Then trade Bitcoin into Thai Baht and withdraw into your Thai bank account with no fees at all. Much more better than using a Bank or middle man to ACT Debit or Wire into a Thai bank with tons of fees and bad exchange rate.

Everex doesn't accept BTC deposits.  Only DAI and USDC.  

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2 hours ago, sanooki said:

Hi, can anyone tell me if this service works in the opposite direction, to get funds out from here? I am a customer of Transferwise, and they don't. I have recently tried DeeMoney with convoluted and mixed results. There doesn't seem to be a convenient, reliable, and quick service outside of bank wires to send to a western bank from here.

Yes, works both ways.

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I had some issue to register my phone number because I did not understand I had to click on "change". I got email support very quickly in less than 2h.

 

I transfered some bitcoin to Binance, converted to USDC and sent to Everex. The funds were available almost instantly. I cashed out to my Bangkok bank and the funds were there before 6h the next day. Not sure about the exchange rate but it was probably quite close. 

 

Date: 2019-09-25 06:45:00 GMT
Asset: USDC
Quantity total: 398.1857
Fee withdrawn: 0.00
Amount sent: 398.18565

User currency: 11952.50 THB
 

The app interface is clean and fast. Verification, customer support, deposit and withdrawal are all very fast. Will use again. 

Edited by Tayaout

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3 hours ago, sanooki said:

Hi, can anyone tell me if this service works in the opposite direction, to get funds out from here? I am a customer of Transferwise, and they don't. I have recently tried DeeMoney with convoluted and mixed results. There doesn't seem to be a convenient, reliable, and quick service outside of bank wires to send to a western bank from here.

These are the deposit rates today September 27 2019.

 

Screenshot_20190927_114203_everex.transfer.jpg

Edited by Tayaout
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Joined everex to see what it has to offer.
At first glance it looked very nice. And can believe it would be usefull for direct transfer from your wallet to your Thai bank.

 

The exchange rate for send to thb from eur via evx is 33.46.

Transferwise gives higher rate at 33.47 thb per eur

 

At 1000 euro the fee is 7.68 eur with Transferwise, so netto with 1000 eur transfer the rate would be around 33.22 thb per eur.

 

My first opinion, everex seems be usefull and a low transferfee solution.
But not for keeping balance in the wallet as the EVX rate is sinking. 

Price$ 0.32 24h-2.63%7d-22.26%30d-38.63%

 

 

Rate at everex and transferwise and evx price was on 27th of september at 4pm

 

I will try deposit and transfer this weekend, and come back here for any follow up news.

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16 minutes ago, donim said:

the EVX rate is sinking. 

Price$ 0.32 24h-2.63%7d-22.26%30d-38.63%

You can keep your balance in USDC or DAI which are pegged to USD. Not that it is a good idea to keep any money on any website. Hardware wallet are much safer and you keep control over your money. 

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