billd766 Posted June 30, 2019 Share Posted June 30, 2019 4 hours ago, steve73 said: I suspect that unless you have specifically requested TW to manually route your payments via their BBL local banking partner (LBP) to suit your receiving account then you have just been lucky, since they use any one of 3 LBP's (although BBL does seem to be the more usual default). Also, it seems from reports here (myself included) that TW have made some very recent (i.e just the past week) changes to their systems, and that even when payments are routed via the same LBP as the receiving account, that they are NOT being coded as international. Hence my reference to it still being a "work-in-progress". I set the account up originally to pay into my KBank single account but because I couldn't see any FTT details I opened an account at BBL. Now when I do a transfer TW asks me where to send it. I simply click on my BBL account and that is where it goes. I have been doing that since January with no problems. 1 1 Link to comment Share on other sites More sharing options...
Tony Soprano Posted June 30, 2019 Share Posted June 30, 2019 On 6/29/2019 at 9:28 AM, Henryford said: Even though i bank with Krungsri i opened a Bangkok Bank account purely to do my monthly 65k transfers with Tranferswise. So far have the FTT on all transfers. Bit of a pain though as every month i have to withdraw 65k in cash from BKK and deposit it at Krungsri. I'm just curious, but why do you have to withdraw the 65K from BB? Link to comment Share on other sites More sharing options...
Henryford Posted June 30, 2019 Share Posted June 30, 2019 3 minutes ago, Tony Soprano said: I'm just curious, but why do you have to withdraw the 65K from BB? Because Krungsri pay better interest 1 Link to comment Share on other sites More sharing options...
BritTim Posted June 30, 2019 Share Posted June 30, 2019 8 hours ago, Delight said: SWIFT transfers attract fees at the Thai end. Given this -what is the benefit of using transferwise and SWIFT ? As I understand it, the basic cost of SWIFT is very low. What costs money is the additional fees charged by the bank at either end for participating in the transfer. Like any other services banks provide, those fees are negotiable for big customers. I speculate that TransferWise has negotiated much lower than normal rates for SWIFT transfers with its correspondent banks. Link to comment Share on other sites More sharing options...
onera1961 Posted July 1, 2019 Share Posted July 1, 2019 I find it amusing that so many people are getting their nickers in a twist over TransferWise. Thinking that because they want something that is not advertised they should get it. They have always stated that the transfers are domestic both from you foreign account and to your Thai account, that is one of the reasons why the fees are so low, there has been the luck that transfers into Bangkok Bank accounts often/usually show as FTT. Then the r/EntitledPeople get pissed off when the cheap transfer works as advertised, as a domestic transfer. When and if TransferWise starts advertising international transfers into Thailand (probably at extra cost) then you will have a legitimate complaint if they don't show as FTT. If you want a guaranteed international transfer then use SWIFT from your overseas account to your Thai bank account. Today I found out chase can do swift for $5 if transfer is less than 5k USD and free for 5,k or more. But their exchange rate is terrible compared to transferwise.Sent from my Hi9Pro using Thailand Forum - Thaivisa mobile app 1 Link to comment Share on other sites More sharing options...
onera1961 Posted July 1, 2019 Share Posted July 1, 2019 Therein lies the rub. Some people (such as myself) can't initiate a SWIFT transfer from Thailand even if they want to. My home bank will only accept walk-in service--meaning you physically have to walk into a branch to initiate the transfer. On the other hand, I have the option of several family members that can do transfers for me, and I've already pre-arranged this in the event TransferWise fails at some point in the future. But SWIFT transfers are expensive, so I'll stick with TW until I can't. Everyone should try to have a plan B... My plan A and plan B both are agents. I keep 800k in highly rated bond investment in the USA and I can use the returns to avail agent services. Sent from my Hi9Pro using Thailand Forum - Thaivisa mobile app 1 Link to comment Share on other sites More sharing options...
ubonjoe Posted July 1, 2019 Share Posted July 1, 2019 3 minutes ago, onera1961 said: My plan A and plan B both are agents. I keep 800k in highly rated bond investment in the USA and I can use the returns to avail agent services. Why not spend the money you will pay an agent to make a trip home and apply for a OA long stay visa. That would get you another 2 years of total stay here. 2 Link to comment Share on other sites More sharing options...
onera1961 Posted July 1, 2019 Share Posted July 1, 2019 Why not spend the money you will pay an agent to make a trip home and apply for a OA long stay visa. That would get you another 2 years of total stay here.Yes that's what I do now but with the upcoming insurance not sure if I will buy insurance. I have an HSA and a catastrophic insurance from United health. Not sure if that will be accepted. If they accept it, I will keep on getting OA. My next one is due on Mar 2020 and things will be clear by that time hopefully.Sent from my Hi9Pro using Thailand Forum - Thaivisa mobile app Link to comment Share on other sites More sharing options...
sometimewoodworker Posted July 1, 2019 Share Posted July 1, 2019 17 minutes ago, onera1961 said: Today I found out chase can do swift for $5 if transfer is less than 5k USD and free for 5,k or more. But their exchange rate is terrible compared to transferwise. That is almost certainly why the SWIFT transfers are offered at an apparently low cost. The banks offering low visible fees are still charging you in some way or another. 1 Link to comment Share on other sites More sharing options...
essox essox Posted July 1, 2019 Share Posted July 1, 2019 On 6/29/2019 at 8:44 AM, glegolo said: change to BKK Bank = problem solved... glegolo if he/she has BKK bank a/c !!! 1 Link to comment Share on other sites More sharing options...
essox essox Posted July 1, 2019 Share Posted July 1, 2019 14 hours ago, Henryford said: Because Krungsri pay better interest thort they were all the same....VERY LOW!! Link to comment Share on other sites More sharing options...
glegolo Posted July 1, 2019 Share Posted July 1, 2019 15 minutes ago, essox essox said: if he/she has BKK bank a/c !!! if not, get one glegolo Link to comment Share on other sites More sharing options...
JAS21 Posted July 1, 2019 Share Posted July 1, 2019 15 hours ago, Henryford said: Because Krungsri pay better interest Try CIMB ... Link to comment Share on other sites More sharing options...
billd766 Posted July 1, 2019 Share Posted July 1, 2019 21 hours ago, graeme72 said: I sent money from Aus. on the 28th and it appeared as Dummy Branch. Which bank did you send it to? That Dummy Branch is what I used to get at KBank. BBL always shows as FTT. When I transfer from BBL to KBank BBL shows are TRW, transfer to another account. Link to comment Share on other sites More sharing options...
billd766 Posted July 1, 2019 Share Posted July 1, 2019 2 hours ago, essox essox said: if he/she has BKK bank a/c !!! I added but did not change to a BBL account simply to get the FTT in the bank book. my pensions go into TW and I send the transfer the same day and it arrives at BBL within 24 hours unless it is a Friday or a Thai bank holiday. I transfer to my KBank account the same day that it gets to BBL. KBank is my main banking as the branch is only 6 km in the bigger village. The nearest BBL branch is 65 km away. Link to comment Share on other sites More sharing options...
elgenon Posted July 1, 2019 Share Posted July 1, 2019 BTW Nice article on TW in The Economist Link to comment Share on other sites More sharing options...
mosan Posted July 1, 2019 Share Posted July 1, 2019 13 hours ago, BritTim said: As I understand it, the basic cost of SWIFT is very low. What costs money is the additional fees charged by the bank at either end for participating in the transfer. Like any other services banks provide, those fees are negotiable for big customers. I speculate that TransferWise has negotiated much lower than normal rates for SWIFT transfers with its correspondent banks. Don't quote me on this, but I don't think TransferWise is doing SWIFT transactions with their correspondent banks. After talking with them, I was under the impression they have large account sums on deposit with their Thai correspondent banks here which is funded with their transfer fees. When you fund your transfer overseas, they notify their account managers here in Thailand which then deposits the funds into your account here. Hence, the lower fees and (sometimes) very short time necessary to complete the transfer. Also, this is why if you're not using a TW correspondent bank, you will sometime get a transfer that's documented as a "domestic" transfer--as it essentially is one. All that said, Bangkok Bank still has the best track record for showing your transfer as originating from overseas: e.g.; the FTT coding showing in the bank book... 1 Link to comment Share on other sites More sharing options...
ThaiBunny Posted July 1, 2019 Share Posted July 1, 2019 Just now, mosan said: Don't quote me on this, but I don't think TransferWise is doing SWIFT transactions with their correspondent banks. After talking with them, I was under the impression they have large account sums on deposit with their Thai correspondent banks here which is funded with their transfer fees. When you fund your transfer overseas, they notify their account managers here in Thailand which then deposits the funds into your account here. Hence, the lower fees and (sometimes) very short time necessary to complete the transfer. Also, this is why if you're not using a TW correspondent bank, you will sometime get a transfer that's documented as a "domestic" transfer--as it essentially is one. All that said, Bangkok Bank still has the best track record for showing your transfer as originating from overseas: e.g.; the FTT coding showing in the bank book... Yes, they amalgamate a number of transactions into one and then divide up the fees between the various transferors. Since they don't transfer money out of Thailand they're unable to do the same in the reverse direction and simply transfer the net difference Link to comment Share on other sites More sharing options...
plfomylo Posted July 1, 2019 Share Posted July 1, 2019 7 hours ago, mosan said: Don't quote me on this, but I don't think TransferWise is doing SWIFT transactions with their correspondent banks. After talking with them, I was under the impression they have large account sums on deposit with their Thai correspondent banks here which is funded with their transfer fees. When you fund your transfer overseas, they notify their account managers here in Thailand which then deposits the funds into your account here. Hence, the lower fees and (sometimes) very short time necessary to complete the transfer. Also, this is why if you're not using a TW correspondent bank, you will sometime get a transfer that's documented as a "domestic" transfer--as it essentially is one. All that said, Bangkok Bank still has the best track record for showing your transfer as originating from overseas: e.g.; the FTT coding showing in the bank book... I think that this is what all money transfer companies do ? So it's always a domestic transfer ? 1 Link to comment Share on other sites More sharing options...
treetops Posted July 1, 2019 Share Posted July 1, 2019 18 hours ago, onera1961 said: Today I found out chase can do swift for $5 if transfer is less than 5k USD and free for 5,k or more. But their exchange rate is terrible compared to transferwise. Can you request the bank (Chase?) to send in your home currency and let the Thai bank do the exchange? That's more efficient for my bank and home currency (GBP). Link to comment Share on other sites More sharing options...
a977 Posted July 2, 2019 Share Posted July 2, 2019 On 6/29/2019 at 11:29 AM, ripstanley said: I received a transfer on 21/06/2019 and it was FTT. That was from Australia. same same my transfer was 12/06/2019 Link to comment Share on other sites More sharing options...
Dene16 Posted July 2, 2019 Share Posted July 2, 2019 On 6/30/2019 at 12:47 PM, billd766 said: I set the account up originally to pay into my KBank single account but because I couldn't see any FTT details I opened an account at BBL My latest transfer, only today to Bangkok bank, shows as interbank transfer via smart No longer FTT Don't know where that will leave everyone? 1 Link to comment Share on other sites More sharing options...
jacko45k Posted July 2, 2019 Share Posted July 2, 2019 31 minutes ago, Dene16 said: My latest transfer, only today to Bangkok bank, shows as interbank transfer via smart No longer FTT Don't know where that will leave everyone? Strangely enough, my first ever Transferwise transfer into Bangkok Bank came up as Smart, it was darned fast though! The next ones all showed up as FTT. Link to comment Share on other sites More sharing options...
mosan Posted July 2, 2019 Share Posted July 2, 2019 1 hour ago, Dene16 said: My latest transfer, only today to Bangkok bank, shows as interbank transfer via smart No longer FTT Don't know where that will leave everyone? What you should do is go to your bank and ask them for an explanation and emphasize why you need said explanation. Additionally you can ask them to provide you with a letter of explanation (or a Credit Advise at the bare minimum) for immigration purposes. A reply from you on this matter would be greatly appreciated. Link to comment Share on other sites More sharing options...
Dene16 Posted July 2, 2019 Share Posted July 2, 2019 39 minutes ago, mosan said: What you should do is go to your bank and ask them for an explanation and emphasize why you need said explanation. Additionally you can ask them to provide you with a letter of explanation (or a Credit Advise at the bare minimum) for immigration purposes. A reply from you on this matter would be greatly appreciated. Not in a position to at the moment as i'm in the UK and will be for a while I use the 800k so does not affect me but have been considering changing to a dependant visa/extension Ultimately it could affect me in the future. I will do as you have suggested but cannot at this time 1 Link to comment Share on other sites More sharing options...
racyrick Posted July 2, 2019 Share Posted July 2, 2019 4 hours ago, Dene16 said: My latest transfer, only today to Bangkok bank, shows as interbank transfer via smart No longer FTT Don't know where that will leave everyone? What was the code in your bank book? The bank book only has rom for a 3 digit code. Thanks Link to comment Share on other sites More sharing options...
Dene16 Posted July 2, 2019 Share Posted July 2, 2019 2 minutes ago, racyrick said: What was the code in your bank book? The bank book only has rom for a 3 digit code. Thanks I have online banking to check the money has arrived, always shown as FTT until today Link to comment Share on other sites More sharing options...
johnjohn2 Posted July 2, 2019 Share Posted July 2, 2019 (edited) Just happened to me today. First time seeing "Interbank Transfer via SMART" Ill be updating my book later today so see what the code is. I imagine not FTT. I just checked the TW receipt and it appears it got routed through Kasikorn Bank is why. Edited July 2, 2019 by johnjohn2 Link to comment Share on other sites More sharing options...
Paul52 Posted July 2, 2019 Share Posted July 2, 2019 Hi, TW told me BBL (Bangkok Bank Limited) are also affected by this 'glitch'! Don't shoot the messenger [emoji20]I use TransferWise regularly to transfer to BKK Bank account. Never have a problem. Sent from my iPhone using Thailand Forum - Thaivisa mobile app Link to comment Share on other sites More sharing options...
racyrick Posted July 2, 2019 Share Posted July 2, 2019 2 hours ago, johnjohn2 said: Just happened to me today. First time seeing "Interbank Transfer via SMART" Ill be updating my book later today so see what the code is. I imagine not FTT. I just checked the TW receipt and it appears it got routed through Kasikorn Bank is why. Please let us know asap. Very important to all of us. Thanks!! Link to comment Share on other sites More sharing options...
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