Jump to content

Changes made by TransferWise transfers to Thai bank accounts


Recommended Posts

Lurker who is new to all this. I am planning to start doing transfers next month.

 

If I send in 40,000 baht every month from my US account to my Bangkok Bank account using TransferWise, will I need to transfer 40,200 baht? Should I call TW customer service to make sure my transfers are all coded as international transfers via Bangkok Bank?

 

Link to comment
Share on other sites

4 hours ago, Falconator said:

Lurker who is new to all this. I am planning to start doing transfers next month.

 

If I send in 40,000 baht every month from my US account to my Bangkok Bank account using TransferWise, will I need to transfer 40,200 baht? Should I call TW customer service to make sure my transfers are all coded as international transfers via Bangkok Bank?

 

With Transferwise the amount deposited matches what they tell you it will be, as Bangkok Bank do not convert the currency or make any deduction. But there is no harm being a little bit more than the required number. Having them coded as FTT, there have been some recent issues there as they have been transferring via Kasikorn more... You can ask but I believe it is 'no guarantees'.

Link to comment
Share on other sites

2 hours ago, jacko45k said:

With Transferwise the amount deposited matches what they tell you it will be, as Bangkok Bank do not convert the currency or make any deduction. But there is no harm being a little bit more than the required number. Having them coded as FTT, there have been some recent issues there as they have been transferring via Kasikorn more... You can ask but I believe it is 'no guarantees'.

Correct - I used TW and my July transfer was sent through Kasikorn - I contacted them and they said they would note my account for transfers to go to Bangkok Bank, BUT they could not always guarantee that would be the case as sometimes they encounter technical difficulties that require they use another of their partner banks as an intermediary (as I understand it, TW has 3 partner banks in Thailand - Bangkok Bank, Kasikorn, and TMB).  I sent another transfer for 65k+ which was deposited to my Bangkok Bank account and coded FTT as a foreign originated deposit. 

 

I will continue to use TW, but if it again goes through an intermediary bank, I will use Chase Global Transfer to send another to ensure I have a deposit for the month recorded as FTT by Bangkok Bank even though it is more costly.

 

Chase, my USA bank, just initiated their Global Transfer for online retail customers - it is an International Wire Transfer with a fee of US$5 - but they convert the dollars to baht before sending.  I did a comparison to see the results for sending US$2,300 by TW vs Chase Global Transfer -- although TW's fee was around US$27, because they use a much better exchange rate, using TW would result in about 1,600 more baht going into my account. 

Edited by soisanuk
  • Like 2
Link to comment
Share on other sites

12 minutes ago, Falconator said:

Should I get a Kasikorn Bank account then?

No -- if you get a Kasikorn bank, the same thing could happen, e.g., you send to Kasikorn account and it goes through Bangkok Bank as the intermediary.  As mentioned, you can request TW code your account to send it direct to your bank (provided it is one of the 3 partner banks) and they will try to send it direct, but they will not guarantee that at times it may go through an intermediary -- as I understand it, it can happen if they experience technical difficulties in sending it direct, so they revert to another partner bank to ensure it is delivered when they have promised -- also may be that if they wait until technical problems are resolved, the exchange rate they guaranteed can change.

Link to comment
Share on other sites

2 hours ago, soisanuk said:

No -- if you get a Kasikorn bank, the same thing could happen, e.g., you send to Kasikorn account and it goes through Bangkok Bank as the intermediary.

I thought it cleared through a different branch of Kasikorn and showed up in your different branch as a domestic transfer anyhow. I could be wrong. 

Edited by jacko45k
Link to comment
Share on other sites

Just a thought, now that it would appear that transfers are not showing as foreign transfer or whatever, does anyone think that if we print off the receipts from transferwise and take them to immigration along with bank book, this would be sufficient proof of income from UK etc?

Link to comment
Share on other sites

12 hours ago, EXSUB64 said:

Just a thought, now that it would appear that transfers are not showing as foreign transfer or whatever, does anyone think that if we print off the receipts from transferwise and take them to immigration along with bank book, this would be sufficient proof of income from UK etc?

If you can number each and tie it to the deposit in your Thai bank account there is a good chance. It will be officer and location dependent though. Just had a friend successful in Jomtien. 

Link to comment
Share on other sites

10 hours ago, pontious said:

There have been a zillion posts about TW. To repeat. They cannot and will not guarantee your transfer as FTT. You have to ask your local IO what they will accept. I have seen some reports they have, and some reports they want bank letters and no copies of TW receipt,s grand mothers foot print etc. Just the letter. Some offices have shown leniency in year 1 and some have not. It is a complete shambles. That is putting it politely. 

Even if you asked your IO now the answer in a years time might well be different. I have concluded that the 65k a month method is just too risky and gives absolutely no guarantee that you will get your visa in a years time. Basically it's the 800k bank method or go home.

Link to comment
Share on other sites

1 hour ago, Henryford said:

Basically it's the 800k bank method or go home.

And this method is not immune either to the risk of dishonest bank employees raiding your perpetually-seasoned 400k or 800k (depending on the time of year) balance to your detriment when your retirement extension next falls due for renewal:-

 

https://www.nationthailand.com/national/30357034

 

 

Edited by OJAS
  • Like 1
Link to comment
Share on other sites

6 hours ago, OJAS said:

And this method is not immune either to the risk of dishonest bank employees raiding your perpetually-seasoned 400k or 800k (depending on the time of year) balance to your detriment when your retirement extension next falls due for renewal:-

 

https://www.nationthailand.com/national/30357034

 

 

And if only they'd paid the 15 baht a month for the text messaging service, they would have been aware of any withdrawals a lot sooner.

As for the bank employee, obviously the brains of a wooden rocking horse.

Link to comment
Share on other sites

On 7/12/2019 at 9:23 PM, PJPom said:

My I O was happy to listen to the explanation and accepted that my funds transfers met the rules.

That’s what it all comes down to. 

 

Flip a coin and hope that Somchai is in a good mood.

Link to comment
Share on other sites

1 hour ago, Tanoshi said:

And if only they'd paid the 15 baht a month for the text messaging service, they would have been aware of any withdrawals a lot sooner.

As for the bank employee, obviously the brains of a wooden rocking horse.

Only for 500b > transfers. 

Link to comment
Share on other sites

11 minutes ago, pontious said:

BBL cannot use SMS alerts for joint accounts. Ho hum.

Not true for most - it is just some account activity alerts that can not be obtained - foreign deposits can be selected for any account.  And debit card payments.  And account outgoing transfers.

Link to comment
Share on other sites

22 minutes ago, lopburi3 said:

Not true for most - it is just some account activity alerts that can not be obtained - foreign deposits can be selected for any account.  And debit card payments.  And account outgoing transfers.

But normal transactions you cannot get SMS alerts.. The ATM will not accept the request for SMS alerts on a joint account.. The one;s you mentioned before come automatically. You do not have to request them.

Link to comment
Share on other sites

15 minutes ago, Pumpuynarak said:

Guys is anyone using the TW Swift system for their transfers, does it get coded as a foreign transaction ?

 

Thanks in anticipation 

That is SWIFT into Transferwise from my understanding - they send to your bank same as others so would not help.  I asked them to tag my transfers to use Bangkok Bank and this month it has been recorded as international deposit so seems to have worked.  Reports thus far from immigration indicates they do not have issue with bank code - suspect it is more of an issue with banks writing letter but thus far immigration seem to be allowing alternate proof so be sure to have transfer/bank/payment paperwork if any not listed on bank letters.

  • Like 2
Link to comment
Share on other sites

25 minutes ago, Pumpuynarak said:

Guys is anyone using the TW Swift system for their transfers

You have to use the Thai banks SWIFT code in order to make the transfer.

 

26 minutes ago, Pumpuynarak said:

does it get coded as a foreign transaction ?

That depends if you 'tag' your TW account, it is paid through the same bank, or even which bank your with.

TW have 3 partner banks, BKK, KK and TMB.

  • Like 1
Link to comment
Share on other sites

2 minutes ago, Pumpuynarak said:

Here's what it says guys, it leads me to believe its a Swift transfer from TW to my SCB account.

TW Swift.PNG

Why?  If they pay out Thai Baht it must be a local transfer within Thailand - that is the whole basis of their operation - local accounts to directly pay in foreign currency avoiding international currency exchange loss.

Link to comment
Share on other sites

2 minutes ago, Pumpuynarak said:

Here's what it says guys, it leads me to believe its a Swift transfer from TW to my SCB account, but i may be wrong.

TW Swift.PNG

No SWIFT transfer.  TW uses a peer-to-peer concept.  TW has accounts with it's partner banks (its peers) in Thailand....the partner banks are Bangkok Bank, K-bank, and TMB (actually I'm not sure TMB is still a partner bank).  Once TW receives your money, they then provide instructions to their partner bank in Thailand to transfer funds from the TW account over to your account.

Link to comment
Share on other sites

2 hours ago, OJAS said:

As you can't for any account (joint or otherwise) if you don't have a card linked to your BKKB account.

I do have a card. The one,s Lop 3 said arrive automatically. If you try to register alerts at an ATM machine for normal transactions it will not accept it for a joint account. You can on a 'solo' account.

Link to comment
Share on other sites

  • 3 weeks later...
On 8/3/2019 at 9:37 AM, Pib said:

No SWIFT transfer.  TW uses a peer-to-peer concept.  TW has accounts with it's partner banks (its peers) in Thailand....the partner banks are Bangkok Bank, K-bank, and TMB (actually I'm not sure TMB is still a partner bank).  Once TW receives your money, they then provide instructions to their partner bank in Thailand to transfer funds from the TW account over to your account.

correct, you may choose to make a SWIFT transfer to TW to provide them the funds so they may make the transfer.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Recently Browsing   0 members

    • No registered users viewing this page.





×
×
  • Create New...