Myanmar workers from Thailand will be able to officially transfer money to Myanmar through banks using DeeMoney application, sources said.

The presentation of the DeeMoney application was held on July 19 at the Solitarie Bangkok Hotel in Bangkok, Thailand.

Officials from DeeMoney application, officials from the Myanmar Embassy, Myanmar Labour Consulate and invited guests attended the presentation ceremony.

Myanmar workers in Thailand must open a bank account on the Thai side and a family member who will receive the money transfer on the Myanmar side must have a bank account with a bank. The transfer between these two bank accounts can be reversed using the DeeMoney application.

"In the money transfer section, the customer has to choose. The customer also has a bank account in Thailand and Myanmar. There, he has to choose which bank is best for him. As far as I know, some of the banks in Myanmar have good services and some have bad services. It depends on his preference. Because the person who will transfer the money to this side must choose the bank to which he will transfer the money. It depends on his like and his community," said Mr. Aswin Phlaphongphanich, Chairman and CEO of DeeMoney.

A service fee of 49 baht will be charged for such money transfer, and a Myanmar worker will be able to transfer Thai baht equivalent to 10 million kyats to Myanmar at one time.

When transferring money, the money transfer rate must be transferred at the daily fixed rate shown in the DeeMoney application, and the money will be transferred to the bank account on the Myanmar side one day after the money transfer is done.

"When I inquired about the money transfer services used by Myanmar workers, I heard they used a home delivery system (illegal money transfer). This system (illegal money transfer) is easy. No documents are required. But it cannot be trust. Since they don’t use the remittance service, they have no evidence to show if they want to borrow money for investment in the future. We couldn't compete to the illegal money transfer services in the past because the exchange rate is higher than those who exchange money illegally. Now we have the same exchange rate with them. But it will take time for them to use the application. As far as I know, if a customer wants to withdraw 500,000 kyats from a bank in Myanmar, the bank said they don't have the money right now and told them to come back next day. When we discussed these issues with the banks on the Myanmar side, they said it no longer exists," said Mr. Aswin Phlaphongphanich.

Currently, we are providing money transfer services from Thailand to 43 countries with the DeeMoney application. If a mistake occurred during the transfer of money, such as money transfer errors, it will be verified within a maximum of seven days and the original amount of money transferred will be returned to the original bank account, Mr. Aswin Phlaphongphanich said.

The transfer of money to Myanmar has been officially approved by the central banks of Thailand and Myanmar in 2023.

Currently, only CI and MoU authorized workers can open a bank account in Thailand.