Switching from bank method to income method

[sfokevin]

1 hour ago, Tanoshi said:

When you initially apply to make a transfer from TW to a Thai bank, they supply a transfer number to include on the transfer details from your foreign bank to TW.

Full details from TW here: Transferwise to BKK..odt

 

“To prevent the transfer from progressing before we are able to identify and tag it, it is best that you do not send us the deposit until we confirm that the transfer has been tagged”

 

So if one wants to make a transfer using the automatic ACH funding method where everything happens all at once as one transaction this tagging method would most likely not be available?

Edited March 19, 2019 by sfokevin

[TallGuyJohninBKK]

17 minutes ago, Tanoshi said:

Apart from issues with using TW, the fundamental problem is that transfers go through the HQ of the bank concerned and they transfer it to your local account. These are therefore coded as domestic in the passbook.

Only a bank statement will code it as International.

 

BKK is the exception where the source of transfer is notified to the local branch, so it's coded FTT in the passbook.

 

Even with TFW's current workaround solution to the problem of their incoming transfers variously not getting coded by the receiving bank as FTT, it seems pretty clear the best solution using that method right now is to have a TFW transfer going into an end recipient BKK Bank account, and on the front end, making the special request to TFW to ensure that they route that transfer directly to BKKB.

 

[Pib]

26 minutes ago, TallGuyJohninBKK said:

 

As I understand it, TFW's answer to incoming transfers that end up being deposited to some other Thai bank than their primary 3 is the person would take their receipt to the TFW partner bank's headquarters and ask them to issue a credit advice for the incoming foreign transfer that they routed to another Thai bank....

 

But whether the K-Bank and TMB headquarters are willing to do that, apart from BKKB HQ that apparently is, I don't know!

Seems to be the case....but usually it's hard enough getting your own home branch (or any branch of the parent bank) to issue certain documents.  Going to a bank that you don't even have account with---and I mean another bank, not just another branch of your current bank---may be a challenging activity.

[TallGuyJohninBKK]

1 minute ago, Pib said:

Seems to be the case....but usually it's hard enough getting your own home branch (or any branch of the parent bank) to issue certain documents.  Going to a bank that you don't even have account with---and I mean another bank, not just another branch of your current bank---may be a challenging activity.

 

No one said living here lately is for the faint of heart!   But even in that context, it always seems wise to pursue the paths of least resistance/complication, i.e., BKK Bank.

 

[Pib]

2 minutes ago, sfokevin said:

“To prevent the transfer from progressing before we are able to identify and tag it, it is best that you do not send us the deposit until we confirm that the transfer has been tagged”

 

So if one wants to make a transfer using the automatic ACH funding method this tagging method would most likely not be available?

Probably wouldn't work.  A couple of Transferwise transfers I did in late January where I used the ACH funding method (i.e., TW directly pulls funds from my bank account) posted to my Thai bank account in less than 20 hours.   I guess maybe if using that method you could "immediately" email/contact Transferwise and say I just initiated and funded transfer number 123456, can you please ensure you tag your partner bank of Bangkok Bank to process that transfer going to my Bangkok Bank account.  But I expect Transferwise might not even have read the email by the time the funds posted to my Thai bank account.

 

Yeap, expect tagging would only work when you are "pushing/wiring" funds to Transferwise along with a request of tagging.

[onera1961]

6 hours ago, OJAS said:

If you're using TransferWise, though, you'll probably need to keep your fingers firmly crossed that the 4th transfer will be similarly coded.

One can ensure the coding is correctly coded if they call Transferwise before releasing the fund for transfer. Create a transfer (it will have a transfer no.), call transferwise and give them the transfer number and ask them to manually code it FTT. I this works for Bangkok bank. This is a hassle and it requires manual intervention but it is the only way to ensue coding is FTT. They will automate the system in the future and you will have option to route your transfer directly to your bank for correct coding.

Edited March 19, 2019 by onera1961

[Tanoshi]

23 minutes ago, scubascuba3 said:

Kasikorn codes them as TFN05027-5030 which are Intl, BM Steve73 tested it

Would Immigration understand that code?

Is it listed on the back page of the Passbook?

Are those transfers through TW or another method?

[onera1961]

19 minutes ago, Pib said:

Yeap, expect tagging would only work when you are "pushing/wiring" funds to Transferwise along with a request of tagging.

1. Click Send Money

2. Enter Amount. Click Continue

3. Click Recipient (Myself)

4. Select Reason

5. Review confirm and continue

6. Click Cancel Transfer. Now You have not paid the money but the transfer has a no. You can later click Choose How to Pay (Green Button) after transferwise has confirmed coding. 

 

Edited March 19, 2019 by onera1961

[Tanoshi]

26 minutes ago, sfokevin said:

“To prevent the transfer from progressing before we are able to identify and tag it, it is best that you do not send us the deposit until we confirm that the transfer has been tagged”

 

So if one wants to make a transfer using the automatic ACH funding method where everything happens all at once as one transaction this tagging method would most likely not be available?

Currently pot luck!

 

TW are aware of the situation, perhaps if you contact them, they can advise.

[onera1961]

8 minutes ago, Tanoshi said:

TW are aware of the situation, perhaps if you contact them, they can advise.

You have to generate a transfer no without paying before calling them. There are various ways to generate transfer no without paying. I have listed one method in my earlier post. In an online  software company, support only know 50% of how their tool works because they are not well trained. 

Edited March 19, 2019 by onera1961

[Tanoshi]

3 minutes ago, onera1961 said:

You have to generate a transfer no without paying before calling them. There are various ways to generate transfer no without paying. I have listed one method in my earlier post. Support only know 50% of how their tool works. 

My reply was in relation to those using the automatic method, not the manual method your referring to.

[onera1961]

1 minute ago, Tanoshi said:

My reply was in relation to those using the automatic method, not the manual method your referring to.

What automatic method? In the USA you cannot set up automatic transfer at a schedule.

[sfokevin]

I'm sticking with OFX.com which uses only the swift method until TransferWise has a better solution than just emailing them...

[onera1961]

1 minute ago, sfokevin said:

I'm sticking with OFX.com which uses only the swift method until TransferWise has a better solution than just emailing them...

If something works for you, it is better to stick with that method. Don't fix it if it ain't broke

[Monkeyrobot]

9 hours ago, ubonjoe said:

Bank statement showing international transfers or a bank book with a code that proves it was an international transfer.

Hi Joe the 65k that is transferred every month does that have a seasoning period before you can draw on it?? Could you draw it out the next day ? Thanks.

[TallGuyJohninBKK]

1 hour ago, Pib said:

Seems to be the case....but usually it's hard enough getting your own home branch (or any branch of the parent bank) to issue certain documents.  Going to a bank that you don't even have account with---and I mean another bank, not just another branch of your current bank---may be a challenging activity.

Here's a recent member report of a member being able to get a BKKB HQ credit advice for a Transferwise transfer that went to his Krungsri account. And his subsequent report that Immigration accepted it.

 

[TallGuyJohninBKK]

And Sheryl on the same general subject:

 

[lamyai3]

11 hours ago, JohnnyBD said:

I guess better to start making the 65k transfers now so I will have all options available to choose from in Sep. 

Yes, ubonjoe's advice early in this thread is the best approach. The "leniency" that immigration has promised this year means Sept 2019 is your best bet to change methods soon, while at the same establishing what is acceptable as a monthly transfer to immigration. If it fails you'll still have the 800k as back up, but would then have to  continue the transfers a further 12 months until the 2020 renewal, while at the same time keeping to the 800/400k rules relating to the deposit method that you'd defaulted to in 2019.

 

Unfortunately immigration's overzealous desire to push through new rules quickly without thinking through the implementation leads to problems like yours, where for at least a year prior to changing method you'd need to fulfil the requirements in relation to both the income and the lump sum method, or face having the extension rejected. Retroactive penalisation for non compliance on a previous year's extension has never been tried before, and opens a real can of worms. 

[scubascuba3]

Would Immigration understand that code?
Is it listed on the back page of the Passbook?
Are those transfers through TW or another method?

Kasikorn codes are in the back of the passbook which say International transfer. Swift uses those codes and Transferwise also if transfer is tagged (although only seen 1 BM test and confirm so far)

[Tanoshi]

11 hours ago, Monkeyrobot said:

Hi Joe the 65k that is transferred every month does that have a seasoning period before you can draw on it?? Could you draw it out the next day ? Thanks.

No.

Yes.

[Pib]

No seasoning period on the monthly 65K  transfer as that's being used for monthly living expenses.  Receive it today, start withdrawing/spending it today if desired.

[Pib]

12 hours ago, onera1961 said:

1. Click Send Money

2. Enter Amount. Click Continue

3. Click Recipient (Myself)

4. Select Reason

5. Review confirm and continue

6. Click Cancel Transfer. Now You have not paid the money but the transfer has a no. You can later click Choose How to Pay (Green Button) after transferwise has confirmed coding. 

 

Well, that's good to know.  I figured after a transfer was cancelled it was dead....couldn't be revived...dead & buried....have to initiate a new transfer.  

 

And just to confirm, you have personally done it this way...done a 100% test?  Also, is it best to email/call/online chat when requesting the tagging?  Typically how long does it take to get confirmation of tagging the way you been contacting TW.  Damn, I sound like a kid with a thousand questions. ????  Thanks.

[littlepe]

Re. Bank Statements.  Will the IO accept printout statement from Thai Bank online banking?

[ubonjoe]

37 minutes ago, littlepe said:

Re. Bank Statements.  Will the IO accept printout statement from Thai Bank online banking?

That is unknown at this time. It might be if you had a bank book that showed all of the same transfers. And of course it would depend upon the office you go to.

Most banks can immediately printout 6 months at a branch they could stamp and sign. Or one year which would have to be done at the main office.

[littlepe]

OK, thanks Joe.

 

[Lemonltr]

On 3/19/2019 at 7:01 AM, ubonjoe said:

Your plans to change to the income option will not change the requirements to keep 800k/400k baht in the bank.

It is not defined yet what the punishment will be for not maintaining the funds in the bank will be but it appears your next extension application would not be accepted forcing you to leave the country to start all over again.

My suggestion would be to start sending the 65 baht into your account now and try to do the extension based upon income. Immigration offices should accept less than one year of income this year according to a directive sent to them.

I am very much an amateur so please don't shoot me down. But I might be inclined to play safe and stick to bank method in Sept.19. Then how about from that month bringing in 35.000 baht monthly. After a further 3 months start spending 400.000 of capital Next extension apply using the combination approach with 420.000 income to bank and 400.000 in Bank. Rinse and repeat downwards. 

 

[Samyan]

57 minutes ago, Lemonltr said:

I am very much an amateur so please don't shoot me down. But I might be inclined to play safe and stick to bank method in Sept.19. Then how about from that month bringing in 35.000 baht monthly. After a further 3 months start spending 400.000 of capital Next extension apply using the combination approach with 420.000 income to bank and 400.000 in Bank. Rinse and repeat downwards. 

 

How much of the 400,000 baht has to be kept as a minimum deposit. 200,000 baht?

[Lemonltr]

41 minutes ago, Samyan said:

How much of the 400,000 baht has to be kept as a minimum deposit. 200,000 baht?

I believe so. Then bring more money monthly in the next year and reduce to 200.000 in the bank fter 3 months. eventually just bringing  in 65k monthly. 

[Samyan]

11 minutes ago, Lemonltr said:

I believe so. Then bring more money monthly in the next year and reduce to 200.000 in the bank fter 3 months. eventually just bringing  in 65k monthly. 

That sounds like a good plan as I want to change to the combination/income method. My next extension isn't due until Feb. 2020 but I will play it safe and keep the 800,00 baht in the bank and at the same time deposit my monthly pension into my Thai bank account. That way, if there are any problems, I can fall back on the money in the bank method. I don't have enough monthly income to qualify for the income method alone, but I can do a combination of 420,000 baht income and 400,00 in the bank as you have suggested.

Edited March 20, 2019 by Samyan

[scubascuba3]

That sounds like a good plan as I want to change to the combination/income method. My next extension isn't due until Feb. 2020 but I will play it safe and keep the 800,00 baht in the bank and at the same time deposit my monthly pension into my Thai bank account. That way, if there are any problems, I can fall back on the money in the bank method. I don't have enough monthly income to qualify for the income method alone, but I can do a combination of 420,000 baht income and 400,00 in the bank as you have suggested.

I think that's a good idea, belt and braces