New DeeNEXT service guarantees transfers to nine countries and 19 markets under the European Union by the next business day.
FinTech firm DeeMoney announces the launch of DeeNEXT, a next-day money transfer service to cater to the growing demand for affordable real-time money transfers from Thailand to the world. The new service guarantees transactions are completed within the next business day at the flat rate of USD8.27. DeeMoney claims there are no hidden charges or cap fees.
DeeMoney CEO Aswin Phlaphongphanich says globally, technology has brought the world’s economies closer than ever, yet cross-border payments are typically a lengthy and opaque process that is difficult to access by a large population of financial customers, especially those who live and work abroad.
“Our DeeNEXT service is the result of us listening to our customers – those who have enjoyed our affordable flat service fees, quick and secure international transfers and competitive exchange rates – who now want a safe, accessible and hassle-free alternative for quicker money transfers,” says Phlaphongphanich.
Since 2018, Phlaphongphanich claims DeeMoney has grown to become a leading player in Thailand’s money transfer sector. He says it is also the nation’s first non-bank organisation licensed by the Bank of Thailand (BoT) to conduct international money transfers and currency exchange services.
To date, Phlaphongphanich claims DeeMoney has achieved USD 40 million in transaction volume with approximately 30,000 transactions. Almost 15,000 customers have registered with DeeMoney and are onboarded through strict on-site and face-to-face regulations as mandated by the BoT.
Phlaphongphanich says DeeNEXT is available over the counter and through the DeeMoney mobile app. All transactions must initiate in Thailand and funds can be sent across the globe. The company guarantees that the funds will reach its recipients by the next business day.
Following the launch of DeeNEXT, Phlaphongphanich says the company’s immediate expansion plans include onboarding more countries to the next-day service and expanding its global network by acquiring licenses in Singapore and Europe.
DeeMoney claims to specialise in facilitating money transfers at a fraction of the cost and time of conventional services. Phlaphongphanich says the company’s vision is to build a FinTech infrastructure for cross-border payments that is accessible to a greater range of financial customers. He claims DeeMoney has done this by developing a proprietary platform that can be accessed via mobile phones, in addition to building a robust global network of regional partnerships that ensure speedy and transparent transactions from Thailand.
DeeMoney is the first non-bank entity in Thailand licensed by the Bank of Thailand to conduct international money transfers and currency exchange services. Its parent company, SawasdeeShop, was awarded the Non-Bank International Money Remittance Service License, Money-Exchange License and the E-Payment License from the central bank in 2017.
DeeNEXT says it will support outbound money transfers to nine countries and 19 markets under the European Union. This includes the United States, United Kingdom, Australia, Singapore, Malaysia, Pakistan, India, Indonesia, and the Philippines. The European Union markets are Germany, France, Italy, Spain, Portugal, the Netherlands, Austria, Cyprus, Estonia, Malta, Finland, Ireland, Greece, Latvia, Lithuania, San Marino, Slovakia, Monaco and Belgium.
(Ed. Till April 30th 2020, DeeMoney claims it is offering a promotional fee of THB125 (+VAT) for all remittance transactions. For countries that do not qualify for the DeeNEXT service yet, fees remain at THB150 (+VAT). These include Cambodia, Bangladesh, Nepal, Sri Lanka, China, Myanmar and Vietnam.