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BANGKOK 20 June 2019 20:35
revgreen

Question about "paying myself" via TransferWise

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My plan is to use Transfer Wise to transfer roughly 45,000 THB twice per month (90k total) from my USA account to my Thai bank account (which I've yet to open, but will almost certainly end up being Bangkok Bank)

 

Are there any potential issues here? Will this suffice as my proof of income for my marriage visa? Anything else to note?

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Posted (edited)
6 minutes ago, wgdanson said:

You only need 40,000 for marriage extension.  Oh, I guess the Mrs needs the other 50k.   LOL

Correct, but what good does the rest of the money do me sitting in a US account? That 220 thb fee can add up quickly! I'm mostly concerned if this type of activity raises any red flags or if I'll encounter issues with TW or BBL

Edited by revgreen
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No problems with TransferWise. I send money from my Italian bank account to my Siam Commercial Bank account, which doesn't charge any commission for such transactions.

 

Can't answer the other part of your question.

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2 hours ago, revgreen said:

Correct, but what good does the rest of the money do me sitting in a US account? That 220 thb fee can add up quickly! I'm mostly concerned if this type of activity raises any red flags or if I'll encounter issues with TW or BBL

Why would it. ?

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Posted (edited)

Check the transfer is recorded as a FTT in the account here. Bangkok Bank does record transfers as FTT, some others don't. If it doesn't show up as an FTT, Immigration will reject it.

Personally, I have never had a problem with my telegraphic transfers. I seem to remember there were threads about problems with Transferwise due to no FTT notation.

Edited by Lacessit
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12 minutes ago, Kwasaki said:

Why would it. ?

 

Because of things like this....

 

7 minutes ago, Lacessit said:

Check the transfer is recorded as a FTT in the account here. Bangkok Bank does record transfers as FTT, some others don't. If it doesn't show up as an FTT, Immigration will reject it. 

Personally, I have never had a problem with my telegraphic transfers. I seem to remember there were threads about problems with Transferwise due to no FTT notation. 

 

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12 minutes ago, revgreen said:

Because of things like this....

You've lost me I've never had a problem with Transferwise.

If it goes into your Bangkok bank every month it's shown in the bank book and letter from Bkk bank will confirm that.

You can for marriage 1 year extension show 400,000 baht in your bank book for 2 months prior to application with a confirmation letter from the bank also which is what I do. 

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3 hours ago, Kwasaki said:

You've lost me I've never had a problem with Transferwise.

If it goes into your Bangkok bank every month it's shown in the bank book and letter from Bkk bank will confirm that.

You can for marriage 1 year extension show 400,000 baht in your bank book for 2 months prior to application with a confirmation letter from the bank also which is what I do. 

This.

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Would like to chip in here with my experiences to date, using TransferWise and Bank Transfer from the UK into Thailand.  I bank with NatWest in the UK and Bank of Ayudhya (AKA Krungsri) in Thailand,

 

Like a lot of people, I wanted to transfer my monthly income (derived from a private pension but that's another story) from my UK bank into my Thai bank. The transactions would be not less than 65000 baht  and would occur on, or about the 1st of the month.

I initially used Bank-to Bank transfer, requiring the SWIFT code of my Thai bank.  Very simple and relatively quick, but very expensive when compared to firms like TransferWise, who have a better exchange rate and lower fees.  However, when I approached by bank manager with my Thai friend, he informed that as far as immigration were concerned, the TransferWise deposit was inadmissible in terms of showing a regular income as it did NOT come into the bank from the UK. Instead it appeared as an internal transfer between Bangkok Bank and Bank of Ayudhya.  That was my "12 consecutive months" screwed!.

 

On investigation, and after a couple or emails with TransferWise, it appears that they COULD make the exchange from GBP to THB look like it came into Thailand directly from the UK. Great!! All I had to do was call the support centre at TransferWise as I was making the transfer online, they would 'intercept' it and ensue that the correct Foreign Exchange Transfer (FET) forms were used.

 

This sounded a bit suspect, so last week I tried it will a small (£100) transfer, making the call and initiating the transfer on Friday 24th May.  The "guaranteed" delivery date was Monday, 27th and the guy on the support desk was quite adamant this was going to happen and had done so many time.

 

Monday came and went. So did Tuesday and Wednesday. Thursday I got this email from Transferwise:

 

I understand that you require a Foreign Exchange Transaction Form for the transfer - our operations team have already been notified and have routed the payment to be sent out via our partner, Bangkok Bank.
Currently your funds are being converted (this can take up to 2 working days), once that's done we'll send out your funds to the recipient bank. Do take note that generally for THB transfers it can take up 2 working days for the funds to arrive into the recipient bank account after we've sent it out.

Here's what you'll also need to do to request for FET once the transfer is completed:
 

  • Reach out to Bangkok Bank Head office

  • Provide credit receipt of recipient bank transaction of the specific bank transaction

  • Provide your passport


By following the above steps, Bangkok Bank will provide " Confirmation Letter of International Funds Transfer"  or what's usually known as "FET" to you which you will be then able to use to show it as a proof to the local authorities. Please be advised that there is an administration fee of 100 THB to produce this official document which will be payable to Bangkok Bank directly.
I hope this helps. If there's anything else you need, please feel free to reach out to us.

 

Needless to say, this did NOT help and I HAVE 'reached out' to them.  If it truly requires a visit to Bangkok, then it's a non-starter.  If I have to take my Krungsri bank book into a branch of the Bangkok Bank in Chiang Mai, that MIGHT work, and the 100 THB fee is negligible for that.

 

The bottom line, for me at least, is "Don't stop bank-to-bank transfers, despite the extortionate costs, until TransferWise of one of its rivals can guarantee that ANY bank, upon receipt of the transfer can issue said 'Confirmation Letter of International Funds Transfer'

 

I hope this rather long post helps in some small way.

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My plan is to use Transfer Wise to transfer roughly 45,000 THB twice per month (90k total) from my USA account to my Thai bank account (which I've yet to open, but will almost certainly end up being Bangkok Bank)
 
Are there any potential issues here? Will this suffice as my proof of income for my marriage visa? Anything else to note?

Shouldn’t be a problem,takes 3 or 4 working days


Sent from my iPad using Thailand Forum - Thaivisa mobile app

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I have used TW in the UK to transfer my 3 pensions to my Bangkok bank account  since November last year. 

 

Normally the transfer takes place the following day unless there is a weekend or bank holiday. Then it comes on the first available day after. It always shows up as FTT.

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I have used TW in the UK to transfer my 3 pensions to my Bangkok bank account  since November last year. 
 
Normally the transfer takes place the following day unless there is a weekend or bank holiday. Then it comes on the first available day after. It always shows up as FTT.


Good information, thank you. Do you think that is because it is the Bangkok Bank? I don’t suppose you bank at the head office branch do you?



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On 5/24/2019 at 6:09 PM, revgreen said:

Correct, but what good does the rest of the money do me sitting in a US account? That 220 thb fee can add up quickly! I'm mostly concerned if this type of activity raises any red flags or if I'll encounter issues with TW or BBL

What 220bht fee?

No fees involved in my Transferwise payments from the UK to my Bangkok Bank account.

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On 5/24/2019 at 8:36 PM, Lacessit said:

If it doesn't show up as an FTT, Immigration will reject it.

AFAIK immigration is only concerned with the amount each month and a letter from the bank.  Admit it is an open question as to what will and will not be accepted but do not believe immigration has any rule on FTT (which is one bank code - others have different codes).  

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