Which Thai banks show incoming SWIFT transfers as coming from overseas?

[yang123]

Situation: have to open a Thai bank account to handle the documentary requirements under the new visa extension arragements.

 

It seems that overseas SWIFT transfers to Bank of Bangkok are appropriately coded as FTT in savings books/bank accounts.

 

Others not so clear: a post suggests that Krungsri codes incoming SWIFT transfers as TN, which may not be acceptable to Thai Immigration.

 

So, the question is as the title: which Thai banks show incoming SWIFT transfers as coming from overseas?

[jacko45k]

Errr Bangkok Bank.....

[brexiteer]

My "DUMMY BRANCH" entry on Kasikorn was acceptable to an IO yesterday.

[indepth]

Jolly good topic ol man, what about Siam Bank?

[UKresonant]

It perhaps depends who sends the money as well? 

A SWIFT transfer from the "Halifax" in the UK, to a GBP FCD account always shows as SWF, which is SWIFT.

[moana]

I can confirm Krungsri codes as TN.

Krungsri also happens to have the worst TT rates in Thailand (usually worse by around 0.3%)!

[scubascuba3]

Kasikorn show as International when i look at the transactions online, but the statement you download just has teller code TFN05027.
Swift from Santander UK. Maybe printed bank statement from bank will be different?

[OJAS]

2 hours ago, yang123 said:

So, the question is as the title: which Thai banks show incoming SWIFT transfers as coming from overseas?

Depends on which agency bank in Thailand the originating overseas bank use for SWIFT transfers, I think. If the same as the recipient bank, the eventual THB credit should be coded FTT or similar. But, if they are different, this may attract a domestic coding instead. 

[TallGuyJohninBKK]

2 hours ago, brexiteer said:

My "DUMMY BRANCH" entry on Kasikorn was acceptable to an IO yesterday.

 

What Immigration Office?

 

And, did you have an accompanying letter from your Thai bank saying anything about you having done monthly foreign transfers?

 

[brexiteer]

12 minutes ago, TallGuyJohninBKK said:

 

What Immigration Office?

 

And, did you have an accompanying letter from your Thai bank saying anything about you having done monthly foreign transfers?

 

 

 

Buriram.

 

No.

 

 

Note.... this was not an extension application; it was a question about early renewal which resulted in me being told that the BE letter would not be acceptable after 1st March. He looked at my bank statements (internet prints from Kasikorn) and asked if "... these transfers from overseas" - when I said, "Yes, any entry with 'DUMMY BRANCH' is an international payment", he replied "No problem, you can show income".

 

Make of that what you will and, yes, each immigration office can differ as can individual IO's. I could go back in May, see the same guy, and get a different response.

 

I simply pass on what happened yesterday.

[TallGuyJohninBKK]

10 minutes ago, brexiteer said:

 

 

Buriram.

 

No.

 

 

Note.... this was not an extension application; it was a question about early renewal which resulted in me being told that the BE letter would not be acceptable after 1st March. He looked at my bank statements (internet prints from Kasikorn) and asked if "... these transfers from overseas" - when I said, "Yes, any entry with 'DUMMY BRANCH' is an international payment", he replied "No problem, you can show income".

 

Make of that what you will and, yes, each immigration office can differ as can individual IO's. I could go back in May, see the same guy, and get a different response.

 

I simply pass on what happened yesterday.

 

Supposedly, and I emphasis that term, Immigration has been/is working with the various Thai banks to come up with some form of letter that they're going to use for the future to document monthly foreign bank transfers to meet the extensions financial requirement.

 

That's what Immigration claims. But I don't know, haven't seen any post, as yet of anyone actually having obtained such a new style of letter from their local Thai bank branch/company.

 

The actual Immigration order, if I recall, talks about needing to document the foreign bank transfers by showing the Thai bank book and with a confirming letter from the Thai bank.

 

But it doesn't spell out any more details than that, so just how various Immigration offices and IOs will deal with the various codes that different Thai banks use to list individual foreign transfers, or whether they'll pay any attention to the codes and just focus on the letter and the 65K amounts being listed, remains unknown.

 

PS - If and when you go back to actually apply for an extension of stay based on monthly foreign bank transfers, I'd be shocked if your local Immigration office doesn't also require some kind of confirming letter from your Thai bank, and not just accept internet printouts of your transactions, and your word on their being "foreign".

 

 

Edited February 19, 2019 by TallGuyJohninBKK

[bmore99]

Kasikorn shows specific transaction codes for international transfers:
TFN05027 - TFN05032


Sent from my SM-A730F using Thailand Forum - Thaivisa mobile app

[scubascuba3]

Kasikorn shows specific transaction codes for international transfers:
TFN05027 - TFN05032


Sent from my SM-A730F using Thailand Forum - Thaivisa mobile app

Are these codes recognised by Immigration as International transfers? as the statement you get when you request one online doesn't say International

[Pib]

4 hours ago, moana said:

I can confirm Krungsri codes as TN.

Krungsri also happens to have the worst TT rates in Thailand (usually worse by around 0.3%)!

 

I can't argue that....they usually are on the low end compared to other Thai banks when it comes to exchange rates....and at this moment in time they are on the very bottom.

[bmore99]

Are these codes recognised by Immigration as International transfers? as the statement you get when you request one online doesn't say International

You could print out their code page.
Can't you request the bank for an overview with only the transfers matching those codes?
Anyway, the international transfers are identifiable. Something should be possible.

Sent from my SM-A730F using Thailand Forum - Thaivisa mobile app

[scubascuba3]

You could print out their code page.
Can't you request the bank for an overview with only the transfers matching those codes?
Anyway, the international transfers are identifiable. Something should be possible.

Sent from my SM-A730F using Thailand Forum - Thaivisa mobile app

oh yeah ways round it, i just wondered if you knew if Immigration accepted it. Can also print the credit advices out which shows full details of the FX

[Pib]

3 hours ago, TallGuyJohninBKK said:

 

Supposedly, and I emphasis that term, Immigration has been/is working with the various Thai banks to come up with some form of letter that they're going to use for the future to document monthly foreign bank transfers to meet the extensions financial requirement.

 

That's what Immigration claims. But I don't know, haven't seen any post, as yet of anyone actually having obtained such a new style of letter from their local Thai bank branch/company.

I'll be shocked if that occurs...is really true.  Heck, even the current day bank letters for the Bt800K/400K on deposit vary...or at least they do between Bangkok Bank and Krungsri Bank as I have used both for my annual extension of stay.  I figure if immigration didn't work with the banks before to standardize a letter which they have had many years to do they are not going to this time either.

[Moon37]

I tried it last

lso, I told T that I would transfer directly from Bank of America to my savings bank in Bangkok Bank. It worked, however, the deposits I had made through Bangkok Bangkok NYC showed up as International Transfers while the direct SWIFT'/IBAN transfer from Bank of America showed up as BAHTNET.

It would be interesting if Immigration would accept BAHTNET as an International transfer world wide 

 

 

Here is Thailand description of Bahtnet for large transfers between banks in Thailand (Sounds like a 3rd party to me

 

BAHTNET System

BAHTNET (Bank of Thailand Automated High-value Transfer Network) is a financial infrastructure serving for Real-Time Gross Settlement (RTGS) of large value funds transfer between financial institutions or other organizations maintaining deposit accounts at the Bank of Thailand (BOT).

The BOT developed BAHTNET and launched on 24 May  1995. It is designed to mitigate settlement risk amongst financial institutions that maintain deposit accounts at the BOT as well as to facilitate efficient, quick and secure transfers for third-parties.

Prior to the introduction of BAHTNET, payments among financial institutions were mainly executed by cheque where the payees could not receive their funds immediately due to collection and settlement process between paying and receiving banks. Consequently, payees were exposed to considerable risk because the payment finality had not immediatelyachieved, and this would possibly lead to a greater risk in payment systems as a whole. 

Bahtnet is a Bank of Thailand tool for transferring large amounts of funds quickly.  It would be good if someone could get the Bank of Thailand do what Bangkok Bank NYC was doing.

 

[Pib]

BAHTNET is basically Thailand' 'intra-Thailand domestic" funds transfer system. Kinda like how the Automated Clearing House (ACH) is the primary "intra-USA domestic" funds transfer system. 

[Moon37]

 

---

Moon here with an update on several topics. .  WE currently have a  savings account and a debit card only.  Is that correct. See Thai Bangkok Bank web-reference:  1.  As of now Foreigners are prohibited from changing their savings account to a Direct Deposit Account.  When you go to the Bangkok Bank web-site and follow the

 

Services: ( https://ibanking.bangkokbank.com/workspace/09Service/wsp_Services_Menu.aspx)  It's at the bottom under "About this site"

 

And up pops a window titled "Bualuang iBanking -"What is the "New Transfer" function?.  It starts out hopeful.  You can transfer between your saving or current account (I'm assuming outside Thailand) to your saving, current or fixed accounts: (Again assuming in BangkokBank Thailand").  Now with a semi-colon instead of a period it comes down to interpretation. ; to a third party account with Bangkok Bank or to an account held at another bank.  (Good Luck finding a bank other than the Department of Treasury who funds Social Security, DFAS;MyPayk DVA eic as it is assumed that there are no other Banks in the CONUS that with go through the International ACH Transfer (IAT) -  Direct Deposit Account VFR Direct to Bangkok Bank in Thailand.  You can schedule a one-time immediate transfer, or make it future-dated.   

 

OK, sorry for the blow by blow interpretation, but it gets even more confusing. It really only addresses transactions between Thai Banks,  Bangkok Bank and Sinmaathaya Subthawee account (Department of Agriculture) and "having to add a "3rd Party account from another bank.  Can "Jai yen yen"  a bit because this section addresses out-bound transactions.

 

In the third paragraph I do not see any reference to an Financial Institution that does IATs.  It appears, after seeing all their problems with we Ex-Pats, they found a work-around that legally substitutes the IAT, but with a restricted process of having to use a third party in the transaction.  The list of banks provided are mostly Thai Banks.   Common sense would just let me stop the transfer at the third party bank as we still have to SWIFT our funds to them before it gets moved to Bangkok Bank..  I'm thinking that we're all going to have two Thai Bank accounts with Bangkok Bank as the funds retainer.  Somebody's got some pull.

 

Also, I told T that I would transfer directly from Bank of America to my savings bank in Bangkok Bank. It worked, however, the deposits I had made showed up as International Transfes while the direct SWIFT'/IBAN transfer from Bank of America showed up as BAHTNET.

It would be interesting if Immigration would accept BAHTNET as an International transfer world wide 

 

 

BAHTNET System

BAHTNET (Bank of Thailand Automated High-value Transfer Network) is a financial infrastructure serving for Real-Time Gross Settlement (RTGS) of large value funds transfer between financial institutions or other organizations maintaining deposit accounts at the Bank of Thailand (BOT).

The BOT developed BAHTNET and launched on 24 May  1995. It is designed to mitigate settlement risk amongst financial institutions that maintain deposit accounts at the BOT as well as to facilitate efficient, quick and secure transfers for third-parties.

Prior to the introduction of BAHTNET, payments among financial institutions were mainly executed by cheque where the payees could not receive their funds immediately due to collection and settlement process between paying and receiving banks. Consequently, payees were exposed to considerable risk because the payment finality had not immediatelyachieved, and this would possibly lead to a greater risk in payment systems as a whole. 

[Thaidream]

22 minutes ago, Pib said:

BAHTNET is basically Thailand' 'intra-Thailand domestic" funds transfer system. Kinda like how the Automated Clearing House (ACH) is the primary "intra-USA domestic" funds transfer system. 

Every Thai Bank has it's own transaction codes. Does anyone actually think that the individual IO's will bother learning every code for every transaction from every bank or that Individual IO's will  also look at a minimum of  12 Credit Advices  to prove foreign sourcing for each month.

 

The l,ogical thing for IO's to do is look at the Bank Letter indicating the account is real and it belongs to the  applicant and then the Bank Statement  which needs to show a minimum of 65K each month in the Bank account.  IMO the source of the funds will become insignificant just like the source of a 400K or 800K deposit is insignificant.

 

Here we are coming into March and we have the following-

-CW  stating the 400K for marriage has to remain in the bank until the final approval an extra 30 days.

 

-Phuket will accept documentation as proof of income- 

 

- Phetchabun indicates  starting 2020 no income method

 

-Chiang Mai- accepting  Embassy Letters but have to have added proof.

 

The above is just off the top of my  head.  I am well aware what the Police Orders say The problem is either some Immigration Offices are not  aware or simply make up their own rules.

 

Is it any wonder some  expats who have the means to comply have had enough.

[TallGuyJohninBKK]

24 minutes ago, Thaidream said:

Every Thai Bank has it's own transaction codes. Does anyone actually think that the individual IO's will bother learning every code for every transaction from every bank or that Individual IO's will  also look at a minimum of  12 Credit Advices  to prove foreign sourcing for each month.

 

The l,ogical thing for IO's to do is look at the Bank Letter indicating the account is real and it belongs to the  applicant and then the Bank Statement  which needs to show a minimum of 65K each month in the Bank account.  IMO the source of the funds will become insignificant just like the source of a 400K or 800K deposit is insignificant.

 

Here we are coming into March and we have the following-

-CW  stating the 400K for marriage has to remain in the bank until the final approval an extra 30 days.

 

-Phuket will accept documentation as proof of income- 

 

- Phetchabun indicates  starting 2020 no income method

 

-Chiang Mai- accepting  Embassy Letters but have to have added proof.

 

The above is just off the top of my  head.  I am well aware what the Police Orders say The problem is either some Immigration Offices are not  aware or simply make up their own rules.

 

Is it any wonder some  expats who have the means to comply have had enough.

 

You didn't mention today's thread where someone, a German I believe, went to BKK CW Immigration with proof of his monthly 65K transfers from foreign accounts to his Thai bank account, bank letter and bank book and all...

 

 

And, according to the thread, the IOs at his office told him they would not accept his proof of monthly income xfers into Thailand via bank statements and such, because his country's Embassy is still issuing income affidavits, and thus Immigration wasn't willing to accept the monthly bank xfers method.  

 

Edited February 19, 2019 by TallGuyJohninBKK

[potless]

I have had a Sterling FCD account with the Krungsri bank for many years and all the transactions from money sent from abroad show up as SWF. Exchange rate depends on how much you exchange. The more you exchange the higher the rate.

[pontious]

I don't think IO will give a rats ar## what the code is - they will just want to see 65000 or more per month. Do I know that - NO. That is what I think. Just like you at the moment.

[indepth]

Your home bank will provide you with statement that you transferred money from their bank to a thai bank , you show your bank book , thai, has received the money. Problem solved, yes, no?

[Henryford]

1 hour ago, indepth said:

Your home bank will provide you with statement that you transferred money from their bank to a thai bank , you show your bank book , thai, has received the money. Problem solved, yes, no? 

Maybe. It all depends on what Immigration are prepared to accept, which could vary between offices. I transfer 65k a month via Transferwise to Krungsri. Will their TN code be accepted? Who knows. That is the crazy thing. We could transfer money every month and STILL get our extension refused. Where does that leave expats who can qualify for the income method?

Edited February 20, 2019 by Henryford

[wgdanson]

1 hour ago, indepth said:

Your home bank will provide you with statement that you transferred money from their bank to a thai bank , you show your bank book , thai, has received the money. Problem solved, yes, no?

I would hope so. 

[wgdanson]

12 hours ago, potless said:

I have had a Sterling FCD account with the Krungsri bank for many years and all the transactions from money sent from abroad show up as SWF. Exchange rate depends on how much you exchange. The more you exchange the higher the rate.

I also have a Foreign Currency Account with Bangkok Bank. Transfers into it, in GBP show as International Transfers.

But I wonder whether the money is regarded as 'being in Thailand' when it is exchanged into Baht, at that day's exchange rate, or is it at the rate when the original transfer was made, in which case the IO will have to look at historical data to find out.

[samsensam]

18 hours ago, moana said:

I can confirm Krungsri codes as TN.

Krungsri also happens to have the worst TT rates in Thailand (usually worse by around 0.3%)!

 

dont use bank TT rates, you can easily get better rates; smart currency exchange, oanda, ofx...

 

[jacko45k]

23 minutes ago, Henryford said:

We could transfer money every month and STILL get our extension refused. Where does that leave expats who can qualify for the income method?

Yes even for the 800k/400k in the bank I feel I am at the mercy of how the machine updates my pass book. If there is a consolidated entry, no way to prove if the balance did not fall below limits during that period.