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What are the best methods to transfer money from the US to Thailand without losing too much on exchange rates?

Money TransferWiseExchange RatesBank TransfersATM WithdrawalsRemitlyWestern UnionCryptocurrencyCharles SchwabFinancial Advice
Aug 22, 2024
3 months ago
Glen *******
ORIGINAL POSTER
Does anyone know the best way to move money from the us to Thailand. I used the atm but their exchange rate sucks. Wired money to my Thai bank account and that exchange rate cost me 2000baht on a 1,000 us deposit, worse than ATM
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TLDR : Answer Summary
Transferring money from the US to Thailand can be tricky due to unfavorable exchange rates and high fees. Users recommend using Wise for better exchange rates, with transactions typically taking only minutes to a few days. Alternatively, some mention using Schwab accounts for fee-free transfers, while others prefer Western Union and Remitly for their reliability. Cryptocurrency is also discussed as a fast and low-cost method. It's crucial to reject ATM conversion rates to avoid poor rates, and there may be tax implications for incoming transfers starting January 2024.
Alexander *******
Xe is good
3 months ago
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Bob ********
I use WISE
3 months ago
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Ruby ***********
Yikes
3 months ago
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Jenn *****
Remitely, i just send it to myself from US bank and pick up cash in local bank
3 months ago
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Edward ******
i moved a lot of money once when my friend wanted USA dollars and I wanted bahts. we simply traded using the currency converted to know how much to exchange.
3 months ago
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Russell *********
Open an account with Charles Schwab Bank , u get a bank account and brokerage account .

Anytime u use ATMs that are not theirs they refund u the transaction fee at the end of the month.

And if your card gets ate by the machine, they will FedEx u another at their costs to Thailand
3 months ago
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Gregory ********
Remitly or Western Union
3 months ago
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John-Paul ******
BKK has a 'branch' in NYC. I use them from he US bank to here.
3 months ago
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Robert *****
I use REMITLY to transfer money from USA to SBC bank account in Bangkok. Not expensive. Takes maybe 30 seconds.
3 months ago
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Michael **********
I am also a Wise guy.
3 months ago
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Keith *******
Have you considered carrying the money and using a street vendor. Also super Rich in Bangkok always have good conversion rates.
3 months ago
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Tomas *****
Wise seems to be the most recommended.

I don't yet have a Wise account. Can I get one while living in Thailand? US citizen here

Note, I tried before covid to get a Wise account and was denied because they only open new accounts that have a USA address and they also wanted a utility bill for that address with my name on it. I don't have any address in America and nothing in my name so I gave up on Wise. Have they changed their policies regarding new accounts?
3 months ago
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Glen *******
ORIGINAL POSTER
thanks guys, I set up western union online to send to my bangkok bank account. appears to have a great rate
3 months ago
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Terary **********
Most use Wise.
3 months ago
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Daniel *********
Wise transfer is even cheaper than i use debit card to pay smt lol they got good exchange rates and low fees
3 months ago
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Todd *********
Use Wise, but get the debit card

Just change the currency in your account to Thai baht and withdraw it at the ATM
3 months ago
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Jim *******
Go into your branch and withdrawal money directly with the teller using your us banks atm card. There is no fee charged by the Thai bank. I use Bangkok bank and Schwab. Using this method and exchange rate is almost identical to xe apps exchange rate
3 months ago
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Pierre *********
Wise
3 months ago
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John **********
I use Western Union , if I transfer bank account to bank account the fee is $1.99 Canadian
3 months ago
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Pedro *******
Us bank to wise. Wise to your Thai account
3 months ago
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Carlos *********
A lot of people use Wise transfer, but it's gotten a little expensive from the US. Some ppl have nothing nice to say about wise too
3 months ago
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Tin **********
Revolut ok
3 months ago
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Ian ********
Wise
3 months ago
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Rick ********
Remitly
3 months ago
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Amberle **********
I have just used my USA bank account/card everywhere for the last 6 months haven't had any issues (Stores, Hospital, etc) ... Anything I can't I just pay in cash Baht - if you get enough out upfront and tuck it to the side when needed it's not too expensive.
3 months ago
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Pablo ********
Bank to bank gives is ya a poor exchange rate
3 months ago
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Chuck ************
I have used Wise while living in Mexico to transfer money from my US bank account to my Mexican bank. It was very easy and inexpensive and fast. Most transfers took only seconds.
3 months ago
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Darren **********
Charles Schwab brokerage account returns all fees for free.
3 months ago
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Bob *********
The baht has been getting stronger between the middle of July and now.
3 months ago
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Michael ********
Wise
3 months ago
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Michael *******
Wise
3 months ago
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Charles **********
Use Wise, I use it every month.
3 months ago
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Wayne ******
Western union transfer
3 months ago
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Marty *********
A wire transfer is probably going to cost the same no matter how much you transfer. Transfer much larger amounts and the rate starts to look better.
3 months ago
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Rene ********
Bear in mind that everything you send into Thailand via wise or any method that goes into your bank, now becomes taxable as of January 2024
3 months ago
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Glen *******
ORIGINAL POSTER
@Rene *******
 how do you even pay your taxes and how much do they tax you
3 months ago
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Glen *******
ORIGINAL POSTER
I’m retired and not an employee, just sending money to myself to pay bills
3 months ago
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Rene ********
@Glen ******
 , all employees

Are taxed at source. Different countries different amounts
3 months ago
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Rene ********
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Jim ********
@Rene *******
 not true.
3 months ago
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Jim ********
@Rene *******
 Most Expat’s money coming into Thailand has already been taxed by the sender’s home country. Thailand is not going to double tax the money. If you are making money in Thailand you will have to pay taxes.
3 months ago
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Rene ********
@Jim *******
 I agree with what you're saying but say for example the money or the in whatever format it is was texted 20%, whereas Thailand says that the rate is 35%, the difference will be due..... I'm just sitting on the sidelines reading the info and chewing over it as it comes in
3 months ago
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Robin ********
@Rene *******
 no doesn't matter what the thai tax rate is . If you have paid tax in a country that has an agreement with Thailand then no tax is due , as long as you can prove your money has been taxed .
3 months ago
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Rene ********
@Robin *******
 ok, as long as the rate is the same........ I stand corrected thank you
3 months ago
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Robin ********
@Rene *******
 the law has been in place since January , but I don't know anyone that's been hit with it yet . Its people who have been putting there cash offshore in a tax free place who are worried . If they bring it into Thailand from where it is they could get hot with the 35% tax . If they bring it into the UK first before sending it they will get hit with a tax bill here .
3 months ago
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Jim ********
@Rene *******
 US tax rates are higher than Thai. For example. Also if you have a LTR Visa, overseas income is exempt and limited to 17% for those making money in Thailand.
3 months ago
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Mark *********
@Jim *******
 Jim I took a hypothetical 50k US income with standard deductions and paid a hypothetical 5K in Federal tax. Seems pretty cheap to me!
3 months ago
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Rene ********
@Jim *******
 ok, correcto.. I don't think that Visa group accounts for the majority of people in Thailand, unless I'm missing something here
3 months ago
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Rene ********
@Jim *******
 I agree that I'll double tax agreements with different countries and in different formats.The essential difference seems to be that they are going for income as opposed to savings, I think that's a key point to bear in mind. There is talk, and I know it's early days and nothing is clear yet, that one will have to declare all worldwide income and that will be up to them to sift through it all and decide. I can't see many people being happy about that one
3 months ago
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Rene ********
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Rene ********
@Jim *******
 okay sure one has to see where the cash comes from and whether it's part of a pension or not and from what country has different countries have different deals, but my statement is generally true that all incoming income will be taxed with some exceptions
3 months ago
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Rene ********
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Rene ********
The amount ranges from 0 to 35%. Out ch!
3 months ago
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Rene ********
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Phil ******
@Glen ******
 wise is best
3 months ago
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Wylie *******
If you are saying the exchange rate at the ATM sucks there's a good chance you're accepting their rate. Which you never want to do. It's a complete rip off. Reject their rate and your card will give you very close to market rate. Again, NEVER accept the ATM conversion.
3 months ago
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Rfael ************
@Wylie ******
 Very important 👆
3 months ago
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Rfael ************
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Dave **********
French banks have stopped me moving money to WISE. They say too much fraud!! I believe its because they want transfer fees
3 months ago
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Sé *****
@Dave *********
 j utilise remitly
3 months ago
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Sé *****
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Brandon ************
Reminder that this group doesn't allow advertising. A referral link is considered advertising.
3 months ago
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Steve *******
@Brandon ***********
 check! 👌
3 months ago
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Steve *******
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Eric ******
Do you have to have a bank account in Thailand? Or can you send it somewhere and pick it up?
3 months ago
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김**
Crypto bro
3 months ago
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김**
Not sure what’s funny about that. You can transfer as much as you want with crypto within minutes. You can buy usdt or even solana. Then transfer to a Thai wallet like bitkub. Then sell the solana for Thai baht and transfer direct into your account. With minimal fees. I do it all the time.

It’s super simple. If you need some more explanation, reach out mate
3 months ago
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김**
What about tax? You won’t get taxed on it. Very minimal transfer fees from bitkub. That’s it. If you want to chat more feel free to msg me via dm.
3 months ago
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Goldin *****
@김**
 what about tax?
3 months ago
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Goldin *****
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Tina ********
I use wise
3 months ago
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Christopher *************
Wise
3 months ago
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Brian **********
I use Wise with great success and low cost and good exchange rates
3 months ago
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Kiah ***************
Wise - minimal fees, funds arrive in seconds
3 months ago
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Lee ********
Wise
3 months ago
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Scott ********
Cash Passport
3 months ago
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Ron ******
Agree with Alexander, Wise is good if you keep below 50k baht per transaction it is usually quicker and if you do it as a bank transfer it minimises the fees.
3 months ago
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Eric **********
If you have a cash account at a brokerage house like Schwab or Fidelity you can wire to your bank here for free. Rate it very close to Wise.
3 months ago
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Steve **********
There is an app called Wise. It’s very good and most of us use this.

It will connect from your US account to your Thai account. Better exchange rates and it used to only be minutes to a day or so but recently I have had to wait 4-5 days.
3 months ago
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Mark *********
@Steve *********
 do you wire money or ACH to Wise account?
3 months ago
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Steve **********
@Mark ********
 ACH
3 months ago
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Steve **********
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Don-Laura *******
@Steve *********
 Transfers on Wise to my Bangkok Bank account usually take seconds. Only on rare occasions and for unknown reasons has it taken longer.
3 months ago
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Andy **********
@Steve *********
 When I transfer to Krungthai Bank it takes only few seconds, but transfer to Bangkok Bank approx. 1-4 days....from Switzerland. Don't know why...
3 months ago
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Danny *******
@Steve *********
 Why 4-5 days? I’ve heard this and even more recently.
3 months ago
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Chuck *********
@Danny ******
 I wonder if it is the $ amount. If I do $1,000 it takes seconds. Larger amounts (only up to 2k) take 1 day for me to Bangkok Bank.
3 months ago
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David **********
@Danny ******
 true
3 months ago
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Steve **********
@Da***
 honestly I do not know. I did research and could not find any reasonable explanation. Others from the US have stated the same but my UK friends do not have this issue.
3 months ago
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Steve **********
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Paul *********
WISE
3 months ago
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Alexander ********
Wise but max 49.000 baht per transaction
3 months ago
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Pertti *************
@Alexander *******
 2million/transfer
3 months ago
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De ******************
@Alexander *******
I had an instant transfer with 800k to buy a car.... 🤔
3 months ago
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Alexander ********
To all concerned if you move 49.000 baht you have it in 5 minutes
3 months ago
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Nicholas *********
@Alexander *******
I ve few hundreds
3 months ago
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Nigel ********
@Alexander *******
 Bangkok Bank has no limit on Transfers from abroad
3 months ago
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Phil ******
@Alexander *******
 thats wrong as my bank and 2 others take more baht.

How much can I send?

Bank Min* (THB) Max (THB)

Bangkok Bank Public Company 1 2,000,000

Kasikorn Bank 1 2,000,000

Siam Commercial Bank 1 1,499,999

Other recipient banks 1 49,999

*As of 7 January 2022 due to regulatory changes.

There’s no limit on how many transfers you can create.
3 months ago
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Bonnie *********
@Alexander *******
 I moved my non-o required funds, no problem.
3 months ago
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Kim *********
@Alexander *******
 3 or 4 banks among them BKK does not have the 49.999 baht limit
3 months ago
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Todd *********
@Alexander *******
 the Wise maximum is actually 2 million baht per transaction. The 50k is a limitation of your bank, not Wise. And applies only to Krungsri and Krung Thai. No problem at Kasikorn or Bangkok bank
3 months ago
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Nigel ********
@Todd ********
 krungsri has no limit from abroad
3 months ago
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Todd *********
@Nigel *******
 yes, they do. 50k. However, you can overcome by getting verified facial ID
3 months ago
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Todd *********
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Andy **********
@Alexander *******
 not when transfer to Bangkok Bank and SCB....their limit is 2 Mio Baht.
3 months ago
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Brandon ************
@Andy *********
 plus Kasikorn
3 months ago
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Andy **********
@Brandon ***********
 right
3 months ago
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Andy **********
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Anthony *********
@Alexander *******
 yeah but you can make as many as you like, just a bit annoying when it comes around the visa renewal time having to do 10 transfers lol
3 months ago
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Bob **********
@Anthony ********
 can’t do that it has to be 65k+ a month showing as a foreign transfer for 12 consecutive months and I’m sure you can do as many transfers as you want
3 months ago
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Anthony *********
@Bob *********
 ah for retirement yeah I see, that would make it a bit of a problem, I'm on marriage visa so only need to show 400k and doesn't matter where it comes from
3 months ago
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Bob **********
@Anthony ********
 yes 400k and you don’t have to leave it in the bank
3 months ago
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Bob **********
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Jared *********
@Alexander *******
 I move 75,000 each time through wise from my bank in USA to Bangkok Bank. Takes about a week to arrive though
3 months ago
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Steve **********
@Alex*****
 not if you use the approved bank. I have Bangkok bank and move more than that all the time.
3 months ago
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Dave *******
@Steve *********
 same me, instant transfer above 50,000
3 months ago
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Reply to
Dave *******
Reply
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