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

[scubascuba3]

No, it's not a marginal rate.  The interest rate used depends on the balance, but the interest rate is applied to the entire balance.

100% sure? could be interpreted either way. See image

[OJAS]

On 2/22/2019 at 7:55 AM, scubascuba3 said:

On 2/21/2019 at 8:52 PM, BritManToo said:

Just did this months Transferwise to Bangkok Bank, appeared in my bank book as FTT (for the third month in a row).

I'd like to see many reports of IOs accepting transferwise transfers before i switch from swift to transferwise. Is it worth the risk with potentially no agent fall back

I suspect that you might be in for a wait until the 6-month validity period for income confirmations obtained from the 4 rogue embassies before they withdrew their services has expired. But, hopefully, reports will start flooding in on here from July onwards.

Edited February 23, 2019 by OJAS

[skatewash]

1 hour ago, scubascuba3 said:

100% sure? could be interpreted either way. See image

Yes, I'm sure.  To confirm I compared the interest earned in January 2019 with the actual interest paid in that month.  I calculated the interest earned in two ways, straight 1.3% APR applied against the whole monthly balance and according to your interpretation (0-100,000 @ 0.3% and 1.3% on the rest of the balance) and the actual was much closer to the 1.3% rate.

[jonwilly]

I have been with UOB for 10 years now and they send me a 'Statement' each time I receive a pension paid in from UK.

 

john

[Pib]

14 minutes ago, skatewash said:

Yes, I'm sure.  To confirm I compared the interest earned in January 2019 with the actual interest paid in that month.  I calculated the interest earned in two ways, straight 1.3% APR applied against the whole monthly balance and according to your interpretation (0-100,000 @ 0.3% and 1.3% on the rest of the balance) and the actual was much closer to the 1.3% rate.

Correct.  Further down in the complete interest rate sheet the MTD account is talked in detail to include examples of how the interest is calculated.  See below.   

 

[skatewash]

9 minutes ago, Pib said:

Correct.  Further down in the complete interest rate sheet the MTD account is talked in detail to include examples of how the interest is calculated.  See below.   

 

Hahaha, or I could have read that.  But it felt good to confirm with actual calculation.  By necessity, we take a lot of things on faith and assumption but it's nice occasionally to do the math.  I do agree with my correspondent that it was possible to interpret it another way, just glad that isn't what Krungsri does.

[Pib]

Me been happy with my Krungsri MTD account....and Krungsri's ibanking also has a international/SWIFT transfer menu that works....I did a test transfer last year....funds posted to my US bank account 6 hours later.  Can transfer up to $10K USD per day.  Me no have work permit....just a retirement extension of stay.  So, I now have two ways to transfer money out from the comfort of my keyboard....DeeMoney and Krungsri.  Times are a'changing in being able to move money out of Thailand without begging at a Thai bank.

[skatewash]

1 minute ago, Pib said:

Me been happy with my Krungsri MTD account....and Krungsri's ibanking also has a international/SWIFT transfer menu that works....I did a test transfer last year....funds posted to my US bank account 6 hours later.  Can transfer up to $10K USD per day.  Me no have work permit....just a retirement extension of stay.  So, I now have two ways to transfer money out from the comfort of my keyboard....DeeMoney and Krungsri.  Times are a'changing in being able to move money out of Thailand without begging at a Thai bank.

That's good to know!

I think I found out about the MTD account from you via a post on TV, so thanks for that.  At the time it was paying something like 2.3% if memory serves.  I've been a happy customer for over four years.  My only complaint is that they won't do a bank letter and statement while I wait, I request on one day and have to come back the next day when they open.  However, they have essentially done away with any time spent waiting -- I'm in and out in a few minutes -- so it actually works out quite well for me.

[Pib]

1 minute ago, skatewash said:

That's good to know!

I think I found out about the MTD account from you via a post on TV, so thanks for that.  At the time it was paying something like 2.3% if memory serves.  I've been a happy customer for over four years.  My only complaint is that they won't do a bank letter and statement while I wait, I request on one day and have to come back the next day when they open.  However, they have essentially done away with any time spent waiting -- I'm in and out in a few minutes -- so it actually works out quite well for me.

I opened the account at the branch in the ChaengWattana (Bangkok) immigration building.  I only visit the branch once a year when applying for my annual retirement extension of stay.  That branch issues the letter in about 15-30 minutes for Bt100.  Instead of standing at the immigration doors which open at 8:30am I stand at the bank branch's doors which also open at 8:30am.  I go to the branch first to get the letter initiated....then walk up to immigration to get my queue number....then go back and get the bank letter....then back to immigration.  By around 9am or earlier I have the bank letter in hand and waiting in the immigration queue area.....usually each year I'm done....out the immigration doors by around 11am with another year's extension....but the latest extension renewal in Aug 18 I was out the immigration doors at 9:58am....good for another year.

 

The Krungsri branch that I use frequently for counter withdrawals using my no foreign transaction fee US debit card is in a Lotus mall close to my home....the most helpful bunch of folks at the branch that I have experienced in any Thai bank branch over the last decade (knock on wood...my head).   So far, I couldn't be happier with the service I get from these two Krungsri branches over the last 4 or so years.

 

[steve73]

On ‎2‎/‎22‎/‎2019 at 8:43 AM, Henryford said:

On ‎2‎/‎22‎/‎2019 at 7:55 AM, scubascuba3 said:

On ‎2‎/‎21‎/‎2019 at 8:52 PM, BritManToo said:

Just did this months Transferwise to Bangkok Bank, appeared in my bank book as FTT (for the third month in a row).

I'd like to see many reports of IOs accepting transferwise transfers before i switch from swift to transferwise. Is it worth the risk with potentially no agent fall back

This is the big unknown that is missing from all these discussions. What will immigration accept as proof of a foreign transfer. I don't want to start opening new accounts or move to SWIFT if it's not necessary.

I did my retirement extension yesterday using 3 months seasoned savings of over 800k in my regular in-use savings account, and as expected there were no problems.

 

After completion I asked about the new rules, and was invited to talk with the Senior Immigration officer.  She explained the 3 methods for financial proof: Income, Savings , & Combination.  (I will be posting a full report on this discussion, but in the meantime, this what was said about income deposits.)

 

I had used TW to transfer from my UK bank to my Kasikornbank two days beforehand.  It went via TMB, and so was recorded on my internet statement as "Dummy Account MCL07416",  the 3 month statement was all in Thai so I have no idea what it said, but my passbook recorded it as code TRN (Transfer-No book) and Teller No.MCL07416 (Stocktrading/Suppliers).  I also had a printed TW receipt giving the full details.

 

The Immigration Officer said that none of this was suitable to confirm it was from overseas, and wasn't really interested in understanding any of them.  She said that the Immigration officers would be looking for a bank statement showing ONLY international deposits; at least one per month of over 65k bt (or a lesser amount if using the combo method).  I asked her if the I/O would sort out all the international deposits from all the other itemized transactions, and she re-iterated that she would want to see a bank statement showing ONLY Intl deposits, and that all the banks would provide this "limited info" statement on request. (I didn't press the issue what was needed for a combo method.)  

 

So the challenge then seems to be to get the bank to somehow change the coding to Intl., perhaps after they've seen the TW receipts, or have followed their own paper trial, unless the incoming funds landed in their own bank first, when they should be recorded satisfactorily already.

 

FWIW, I decided to open a Fixed Deposit account, paying 1.7%/yr for 24 months. (Alternatives were 12mn @1.55% or 36mn @1.85%), and keep going with the savings only method, since the I/O had also said using a FD account was their preferred method.

 

[scubascuba3]

I did my retirement extension yesterday using 3 months seasoned savings of over 800k in my regular in-use savings account, and as expected there were no problems.

 

After completion I asked about the new rules, and was invited to talk with the Senior Immigration officer.  She explained the 3 methods for financial proof: Income, Savings , & Combination.  (I will be posting a full report on this discussion, but in the meantime, this what was said about income deposits.)

 

I had used TW to transfer from my UK bank to my Kasikornbank two days beforehand.  It went via TMB, and so was recorded on my internet statement as "Dummy Account MCL07416",  the 3 month statement was all in Thai so I have no idea what it said, but my passbook recorded it as code TRN (Transfer-No book) and Teller No.MCL07416 (Stocktrading/Suppliers).  I also had a printed TW receipt giving the full details.

 

The Immigration Officer said that none of this was suitable to confirm it was from overseas, and wasn't really interested in understanding any of them.  She said that the Immigration officers would be looking for a bank statement showing ONLY international deposits; at least one per month of over 65k bt (or a lesser amount if using the combo method).  I asked her if the I/O would sort out all the international deposits from all the other itemized transactions, and she re-iterated that she would want to see a bank statement showing ONLY Intl deposits, and that all the banks would provide this "limited info" statement on request. (I didn't press the issue what was needed for a combo method.)  

 

So the challenge then seems to be to get the bank to somehow change the coding to Intl., perhaps after they've seen the TW receipts, or have followed their own paper trial, unless the incoming funds landed in their own bank first, when they should be recorded satisfactorily already.

 

FWIW, I decided to open a Fixed Deposit account, paying 1.7%/yr for 24 months. (Alternatives were 12mn @1.55% or 36mn @1.85%), and keep going with the savings only method, since the I/O had also said using a FD account was their preferred method.

 

The IO accepted your Kasikorn dummy local transfer?

 

[steve73]

6 minutes ago, scubascuba3 said:

The IO accepted your Kasikorn dummy local transfer?

 

It wasn't required for yesterday's application.. I was asking about it as a "what if" option for next year... Read my post again..

[Kadilo]

10 hours ago, steve73 said:

I did my retirement extension yesterday using 3 months seasoned savings of over 800k in my regular in-use savings account, and as expected there were no problems.

 

After completion I asked about the new rules, and was invited to talk with the Senior Immigration officer.  She explained the 3 methods for financial proof: Income, Savings , & Combination.  (I will be posting a full report on this discussion, but in the meantime, this what was said about income deposits.)

 

I had used TW to transfer from my UK bank to my Kasikornbank two days beforehand.  It went via TMB, and so was recorded on my internet statement as "Dummy Account MCL07416",  the 3 month statement was all in Thai so I have no idea what it said, but my passbook recorded it as code TRN (Transfer-No book) and Teller No.MCL07416 (Stocktrading/Suppliers).  I also had a printed TW receipt giving the full details.

 

The Immigration Officer said that none of this was suitable to confirm it was from overseas, and wasn't really interested in understanding any of them.  She said that the Immigration officers would be looking for a bank statement showing ONLY international deposits; at least one per month of over 65k bt (or a lesser amount if using the combo method).  I asked her if the I/O would sort out all the international deposits from all the other itemized transactions, and she re-iterated that she would want to see a bank statement showing ONLY Intl deposits, and that all the banks would provide this "limited info" statement on request. (I didn't press the issue what was needed for a combo method.)  

 

So the challenge then seems to be to get the bank to somehow change the coding to Intl., perhaps after they've seen the TW receipts, or have followed their own paper trial, unless the incoming funds landed in their own bank first, when they should be recorded satisfactorily already.

 

FWIW, I decided to open a Fixed Deposit account, paying 1.7%/yr for 24 months. (Alternatives were 12mn @1.55% or 36mn @1.85%), and keep going with the savings only method, since the I/O had also said using a FD account was their preferred method.

 

Which confirms what others have reported that at the moment TW is not a 100% reliable source  if you want to show the income method from overseas. 

[Henryford]

Steve73 thanks for the clarification. So do we all need to ask our banks if they will provide this information of "international transfers only". Is that just one sheet of paper with 12 items listed? I can guess the blank looks if i ask Krungsri. If many immigration offices don't know the new rules i am sure the banks won't.

[Chongalulu]

On 2/19/2019 at 2:58 PM, scubascuba3 said:

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?

I use an fx company but when I checked my Santander bank they charge £25 per transfer! Under immigration current rules you’ll need 12 of those which will cost you an extra £300 per annum- and I bet their exchange rate is worse too.

[steve73]

4 hours ago, Henryford said:

Steve73 thanks for the clarification. So do we all need to ask our banks if they will provide this information of "international transfers only". Is that just one sheet of paper with 12 items listed? I can guess the blank looks if i ask Krungsri. If many immigration offices don't know the new rules i am sure the banks won't.

That would be my suggestion.. The I/O was pretty adamant that they would provide this.

 

I decided to go and open a fixed deposit account to keep my 800k in all year round, on my way back from Imm, and didn't want to confuse the poor lass by asking about international statements.. she's was getting flustered enough already.

[scubascuba3]

I use an fx company but when I checked my Santander bank they charge £25 per transfer! Under immigration current rules you’ll need 12 of those which will cost you an extra £300 per annum- and I bet their exchange rate is worse too.

I think a transfer company like transferwise will have a better net rate but may not be shown as International, if its needed to prove monthly income i wouldn't risk it with transferwise until we hear reports Immigration are "relaxed" about it

 

[scubascuba3]

Steve73 thanks for the clarification. So do we all need to ask our banks if they will provide this information of "international transfers only". Is that just one sheet of paper with 12 items listed? I can guess the blank looks if i ask Krungsri. If many immigration offices don't know the new rules i am sure the banks won't.

Maybe we can highlight the international transfers with florescent pen on the 12 months of bank statements. Make it easy for them to sign-off

[Chongalulu]

38 minutes ago, scubascuba3 said:

I think a transfer company like transferwise will have a better net rate but may not be shown as International, if its needed to prove monthly income i wouldn't risk it with transferwise until we hear reports Immigration are "relaxed" about it

 

It’ll never be totally clear (as per income letter) and each office/IO will put their own slant on it ,so cannot be trusted or relied upon. Like many I’ll revert to baht 400k for 2 months under marriage visa....which is more work for the IO! 

[Kadilo]

3 hours ago, nchuckle said:

I use an fx company but when I checked my Santander bank they charge £25 per transfer! Under immigration current rules you’ll need 12 of those which will cost you an extra £300 per annum- and I bet their exchange rate is worse too.

I’m using Santander SWIFT transfer £25/month rate comparable so far to TW. Was more than happy with TW and will happily go back once confirmed as an acceptable international transfer but as technically the money is transferred from a Thai bank I struggle to see how this will ever be the case unless you bank with BKK bank and even then not 100% every time. 

Ill happily stick with the extra cost for now for the peace of mind. 

 

 

[Kadilo]

Blimey sent this months 65,000 this morning from UK via SWIFT and was in my Kasikorn account this afternoon! 

[yang123]

Commendable speed.  Has it shown as a foreign transfer?

[Kadilo]

18 minutes ago, yang123 said:

Commendable speed.  Has it shown as a foreign transfer?

Yes. It’s a Kasikorn international code TFN 05030 as confirmed in their book and by the cashier I spoke to. 

Edited February 26, 2019 by Kadilo

[Percy P]

On 2/21/2019 at 10:50 PM, jesimps said:

SWIFT transfers are shown as FRCI (Foreign Remittance and Settlement) on my SCB statement. All well and good, but very expensive. For that reason I've opened a Bangkok Bank account. I did a transfer this morning at a rate of 40.288 baht to the pound and the 1700 pound transfer cost me approx 13 pounds using TransferWise. Hopefully it'll show as an international transfer when it arrives in BB tomorrow. I'll receive 68,490 baht for the 1700 pounds, far more than I'd get using SWIFT, plus my bank charges would be higher.

£13 to transfer £1700, what a fee. I'm with Lloyds Bank uk. To transfer £4999.99 through swift costs me ,£9:50.it takes3-4 days Nationwide BS charge £20 for the same service using Swift. Robbing buggers

[yang123]

Has anyone here used a Krungsri/Bank of Ayudhya account to receive an incoming SWIFT transfer from overseas?  If so, was it shown/coded on bank paperwork as an incoming foreign transfer?

Thanks.  

[jonwilly]

UOB send me a statement for my overseas transfers from UK pensions, which identifies it as coming from UK.

Today I was in the bank and spoke to a second lady who confirmed that if I have the transfer documents then there is no problem with me transferring money out of Thailand.

 

john