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BANGKOK 18 June 2019 23:38
mosan

Email From TransferWise...All Deposits Actually Local.

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Even the SWIFT system doesn't actually move any money around.. It's simply a messaging system between banks - how they actually "move the money" can vary, but it will only ever be bits in a computer that move.

 

The only way to be absolutely sure that money has come from abroad is to physically bring in GBP or $$ (etc.) notes, and then exchange them for cash at a bank or exchange.  But the I/O won't accept this method.

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1 hour ago, wgdanson said:

Are some people, including some IOs so stupid that they cannot see £1000 leaves a person's account in his home country, next day the equivalent in Baht is deposited in his Thai account. So obviously an INTERNATIONAL Transfer no matter what bank code is used.

how do they see the $$ left another country? Are u showing the bank book for your home country?

Past 20 years all my transfers for SCB show X1

Bangkok bank FTT

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27 minutes ago, jacko45k said:

It is not beyond anyone's means to make non  Transferwise SWIFT transfers each month that do appear as international. For you not to do that would maybe look suspicious to him. 

Most transferwise transfer to Bangkok bank are coded FTT. TI can verify a few that are not coded as FTT from transferwise receipt. Why that will be a big issue? The problem is people don't want to take risk. I always take risk and believe me or not rewarded handsomely in my life. Unless you take risk, life is not worth living. 

Edited by onera1961
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4 hours ago, onera1961 said:

Then how does Transferwise have money in their Thai banks. Do their reps travel all over the world, carrying suitcases full of Euro/Pound/Dollar and convert in the local market and then deposit those as cash in their local banks?

 

It is like 7/11, they stocked up their funds from their own warehouses.  Why do you think they can do it so cheaply without cable charges.  😀

 

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3 hours ago, steve73 said:

Using TW with it's very low fixed fee of just 1.50 per transfer, and a better Fx rate even after the variable fee is deducted, saves me at least 1% on each small transfer I now make.  (And it would probably have been more for larger transfers for the reasons I've given above.)  I feature I really like is that the FX rate is fixed.  If the rate drops significantly it matters not.

I too would love to use Transfer Wise to get my money from the UK to Bangkok bank here, but as has often been said, the notation on my Bangkok bank account does not show an international transfer, which Thai immigration would want to see.

 

The same happens with my Bangkok bank transfer from their "account/branch" in London as it just shows up as a transfer, no money having left the UK and arriving in Bangkok, because it's purely a paperwork, or should I say computer, exercise.

 

Sure I would give it a try, but the problem is if it was rejected at my next retirement extension in October, I would be well and truly stuffed, so getting it right first time for me is imperative.

 

I will see what the UK pension folks say about the cost of transferring from them directly to Bangkok bank here in Phuket, and if it's not onerous, then I will pursue that route and just top up with monthly payments from my NZ bank.

 

As I mentioned in another post, I used to transfer 800K and could still do it, but I'm damned if I will be held to ransom by tying that and half as much of it up ad infinitum, when I already get two pension transfers from overseas and all it needs is a slight top up to qualify for the 65K per month.......... but Transfer Wise would make it easier!!

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5 hours ago, simon43 said:

This seems to be a 'hundi' system of funds transfer https://en.wikipedia.org/wiki/Hundi

 

... which has been used for hundreds of years to 'transfer' funds in the absence of or as an alternative to the standard banking system.

 

I used to use this form of unofficial funds transfer when working in Burma, to send money to my bank account in Thailand.  It worked very well 🙂

 

But it is definitely NOT an international funds transfer as defined by a bank.  I have no idea why Bangkok Bank indicates it as such - it is a local funds transfer.

 

Ah, so this system has a name does it? I've known about it for many years. It's the standard way that Third Country nationals working in the middle east to remit there earnings back to their families.

 

Thais working in Egypt use it as well. My wife used to when she was working there.

 

And in fact, if you go back in history, you would discover that a similar system was used by pilgrims travelling to the Middle East and its origins are attributed to the Knights Templar, the inventors of banking.

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25 minutes ago, owl sees all said:

The vast majority of the world's currency does not physically exist. Most of the world's currency is simply marks on pieces of paper or digits on computer screens.

 

Very little currency actually gets moved anywhere. That is true of virtually any country.

Yes. And to my understanding the issue with how TW transfers show up in your bank account arises not because  the money doesn't physically cross borders but because it often arrives in one Thai bank and then gets transferred to another.

 

From detailed TV member reports in other threads, TW deposits show up  as foreign transfers if the first Thai bank to get the money is the one your account is at, and as domestic transfer otherwise.

 

TW uses 3 different banks in Thailand and you can neither choose nor know in advance which one will be the initial recipient  (I emailed them and asked).  At present, they seem to use Bangkok Bank the most but (1) they do not use it 100% of the time and (2) no guarantee this will remain the case in future.

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15 minutes ago, xylophone said:

 

As I mentioned in another post, I used to transfer 800K and could still do it, but I'm damned if I will be held to ransom by tying that and half as much of it up ad infinitum, when I already get two pension transfers from overseas and all it needs is a slight top up to qualify for the 65K per month.......... but Transfer Wise would make it easier!!

Your situation is similar to mine. I could meet the income requirement  with a single monthly transfer from just ien of 3 income streams with no sending fee (once US Social Security starts IDD to Thailand, expected to be soon) and just a small top up. BUT the rules for the combo method are now entirely unclear, to say the least, even posters here cannot agree on what they mean and at least 2 equally plausible, but very different,  interpretations have been floated....

 

It is such a mess that I have more or less resigned myself to parking 800K in a fixed account separate from my living expenses for 3 years hoping that after that things will be clearer re combo method.  (And I too resent the loss in income on the funds that will entail! Especially since there is no rational point to doing it this way).

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4 minutes ago, Moonlover said:

Ah, so this system has a name does it? I've known about it for many years. It's the standard way that Third Country nationals working in the middle east to remit there earnings back to their families.

 

Thais working in Egypt use it as well. My wife used to when she was working there.

 

When they send $300 back home to feed their families every month, a $30 bank fee becomes a killer.

 

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3 hours ago, steve73 said:

Using TW with it's very low fixed fee of just 1.50 per transfer,

From where did you get that information. I just did £1000 costing £7.12 in fees. £1600 or about Bht 65,000 will be just over a tenner.

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