Let’s face it, there are going to be times when you need to send money either to or from Thailand. As an expat, this can be hard if you don’t know where to get the best exchange rates, the quickest transfer times, or the cheapest transfer fees.A handful of years ago we were at the mercy of Western Union or Bangkok Bank. Or we had to deposit checks from our home country bank into our Thai bank account and wait up to 45 days for the check to clear. But with a website like Moneytis.com, you can transfer money to and from Thailand in the time it takes your local street vendor to make papaya salad.
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How Moneytis WorksMoneytis is a comparison portal that provides you with money transfer exchange rates, fees, charges, and savings from over 300 money transfer service providers. The comparison portal does this by connecting themselves to regulated financial institutions all over the world. They earn a commission every time they refer someone to one of the providers in their network. But the commission they earn doesn’t change the exchange rates, fees, or charges you pay when using one of their providers. In fact, using their comparison portal can save you money.
- Moneytis comparison portal is free
- Setting up an account takes under a minute
- Moneytis gives you the same exchange rates found on their transfer providers’ websites
- Moneytis provides a list of the fastest, cheapest, and most popular transfer providers in their network
- Moneytis reveals transfer charges and fees (although hidden behind a link)
- You can save $45 in transfer fees on a Moneytis transfer of a $1000
- Moneytis guarantees the security of your transfer when using one of their transfer providers
- For transfer providers unavailable on Moneytis, Moneytis will direct you to the transfer provider’s website and you’ll have to sign up for an account
- Moneytis gets too technical: the average person doesn’t care about the process of valuing currency
- Moneytis is an avoidable middle-service
Quick Account SetupYou can sign up for a Moneytis account here by using your email address. Or you can sign up with your Linkedin account. Your email and password are the only things you need to sign up to Moneytis. You can verify your financial details on the transfer provider’s website that you choose. Once you set up an account Moneytis will take you to your account dashboard where you can:
- Send money
- Check up-to-the-minute exchange rates
- Follow exchange rates
How Comprehensive is Moneytis?Let’s say you want to transfer $1,000 from America to Thailand. Select countries in the FROM and TO drop-downs, select SEND, and enter the AMOUNT. Moneytis provides you with a plethora of info. The first thing you want to look at is the Google Exchange Rate on the left. The exchange rate is accurate to the minute. A quick search on Google’s finance converter confirms the accuracy. The next piece of information you want to review is the transfer provider options Moneytis gives to you. For this search you’re given four choices: The Cheapest, The Fastest, Other Solution, and options to transfer money through a bank. It looks like TransferWise gives you the best bang for my buck. They’re not the quickest provider. But time isn’t a problem. So you choose them. But you have to be quick. The orange rising arrow in the box means you’re not locked into an exchange rate. Compare that to the blue rising arrow in the other options, which means you are locked into an exchange rate. Before you continue you want to know how much this transfer costs compared to using a bank. That’s why you’re using this service after all, to save money. Click on the More details link at the bottom of the TransferWise box. You could potentially save $45. Not bad. Click Back to Comparison and hit Continue in the TransferWise box to get locked into the rate they gave you. Bummer. Looks like TransferWise isn’t available on Moneytis yet. But you like their rates. Click Continue. You have to set up another account with the folks at TransferWise to proceed with your transfer. (We’ll have a separate review for TransferWise up soon!) After going back to Moneytis and trying the two other choices—worldremit and WESTERN UNION—you’re given the same “Oops” message. You have to set up an account with any provider you pick on Moneytis.
Are Your Transfers Secure Using Moneytis?Moneytis has a three-step checklist they use to keep your money secure before, during, and after the transfer process.
- Before they partner up with a transfer service provider, Moneytis makes sure each provider is regulated by the government in the countries they do business in.
- Moneytis carefully reviews each of the service providers on their website, checking transfer times, customer support, and business processes.
- And Moneytis insures your money. If a financial institution goes bankrupt during a transfer process you’re at no risk of losing your money.