DeeMoney, a FinTech company specialising in digital cross-border money transfers, today announced 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 and is offered at a flat rate of just THB 250 [US$ 8.27] with no hidden charges and no matter the amount transferred.
DeeNEXT 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.
“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,” said Aswin Phlaphongphanich, Director and CEO of DeeMoney’s parent firm, SawasdeeShop.
“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.”
Since 2018, DeeMoney has grown to become a leading player in Thailand’s money transfer sector. 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, DeeMoney has achieved US$40 million in transaction volume with approximately 30,000 transactions. Almost 15,000 customers have registered with DeeMoney and are onboarded through the strictest on-site and face-to-face regulations as mandated by the BoT.
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.
Starting today to April 30th 2020, DeeMoney 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.
Following the launch of DeeNEXT, 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.