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BANGKOK 21 July 2019 13:25
pookiki

Changes made by TransferWise transfers to Thai bank accounts

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For those expat retirees who have been relying on TransferWise to make your monthly transfers of 65.000 baht to satisfy Thai immigration requirements for extension of stays, please be advised that TransferWise has changed their 'partnering' bank in Thailand.

I started using TransferWise in November of last year and all my transfers to BBL were noted as TTL (international transfers) until this month.  I first noticed a difference in making this transfer when it was noted that the transfer would take five days as opposed to the normal three. I initiated the transfer on a Wednesday and was told the money would arrive on the following Monday. Despite this notice, the money arrived in my BBL account on Friday afternoon as usual but was noted as an 'Interbank Transfer via SMART' as opposed to an international transfer.

 

A TransferWise customer service representative informed me that this change was because BBL is no longer the partnering bank for TransferWise in Thailand.  I hope this change is not problematic to Thai immigration when my bank records are reviewed by Thai immigration in meeting my obligation to transfer 65,000 baht/month for my extension of stay -- especially since this is changing mid-stream.  I will be able to show my TransferWise record of tansfers but I'm wondering if others have had any problems with transfers noted as 'Interbank Transfer via SMART' transfers'?

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18 minutes ago, pookiki said:

I will be able to show my TransferWise record of tansfers but I'm wondering if others have had any problems with transfers noted as 'Interbank Transfer via SMART' transfers'?

It remains an unresolved issue with active discussions in several threads since start of the month.  Many people are facing this issue and reports so far have been some immigration accepting a one or two off but we do not know if that will be the case next year or if all or most are marked SMART.  

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I have been using Transferwise for several month and recently ran into big problems with POLI transfer choice. I then changed to Bank transfer to my same bank in Thailand - SCB. 

 

Transferwise had changed its bank details in Australia - Same bank but new account details (strange - -).

 

As a result I had to delete recipient accounts then recreate them to get the system functioning again.  Transferwise did not notify me and I found out the hard way when my transfers failed and they refunded my money back to My Aussie bank.  This created a hole in my June 65000 baht allocation and I'm yet to resolve that with local immigration (fingers crossed!)  Monies in the July transfers will show remedial activity.  I just hope Immigration accepts the variance.

 

 

 

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There is already a topic about this, even on page 1:

 

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16 hours ago, pookiki said:

For those expat retirees who have been relying on TransferWise to make your monthly transfers of 65.000 baht to satisfy Thai immigration requirements for extension of stays, please be advised that TransferWise has changed their 'partnering' bank in Thailand.

Since when?

I just confirmed with a friend who I know makes a transfer on 8th of each month.

His July 8th transfer is coded as FTT in his BKK passbook, the transferring partner was BKK on his TW transfer receipt.

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Posted (edited)
3 hours ago, pookiki said:

In thinking more about this issue, there would appear to me two very simple solutions:

 

1.  Banks could change the coding to state: 'International transfer using interbank SMART process' (or something similar to show that the transfer originated from overseas.)

 

2.  TransferWise could add an additional nominal fee for 'tagging' transfers to specific banks outside their 'partnering' bank institutions in a particular country.

The problem and simple solution you refer to is due to the third world Thai bank processing procedures of International transfers into the Country.

 

Regardless of the method used to make a transfer the SWIFT code for the relevant bank must be included.

Individual branches don't have a SWIFT code, that's reserved for the HQ, so subsequently all foreign transfers go to the HQ of the bank in question, before being transferred to your local account.

 

It's the inability of most banks HQ's to forward the source of the transfer to your local branch, therefore only the transfer from their HQ to your local account is recorded. A 'local transfer' coding.

 

The information required to satisfy TI's requirements must therefore come from the HQ's database where the foreign transfer information is held.

This can be in the form of 'credit receipts' or request of statement of 'International Transfers'.

 

Edited by Tanoshi

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3 hours ago, Tanoshi said:

Since when?

I just confirmed with a friend who I know makes a transfer on 8th of each month.

His July 8th transfer is coded as FTT in his BKK passbook, the transferring partner was BKK on his TW transfer receipt.

He was lucky, the automated system chose Bkk bank for that transfer, next month it could be Kasikorn, unless you telephone your country office after initiating but not yet sending money to their account and asking them to manually route it to BKK bank it is the luck of the draw, after they confirm they will route it to BK then send.

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