I am not quite sure, but there are a huge variability among individuals. You see the selected, and selected m2f transgender people in Thailand. Simply, the population of m2f there is relatively greater than other countries, and more passable and more feminine m2f transgender show up. You do not see the remaining, major m2f transgeder people there who are hidden, or reluctant to show themselves.
Of course, when I was in the U.S., most Caucasian women have far more facial hairs than me, but my little daughter also has more hairs in her arms and legs than me (I hope those hairs will disappear as she grows).
Like Thailand, in my country, the major work place of m2f transgender is night bar, and the external beauty is critical for earning money. They undergoes repeated FFS. Otherwise, you can not work at bars. For this reason, m2f transgender ladies in those bar are more feminine and more beautiful than most ordinary women, according to a few of my friends who once visited there. Nevertheless, I heard that there are many ordinary-looking m2f transgender, too.
barbie~~