Showing Income as a Foreign Exchange Transfer

[lucky2008]

1 hour ago, mosan said:

I'm going to contact Kasikorn's International Trade office through email, supply them with the information from TransferWise on a recent transfer, and see if they're capable of providing me with the aforementioned certification document without physically showing up at their office. I'll report back if I hear from them. If I don't hear from them, I'll see if there is an office locally (Ubon Ratchathani) and see what happens...

I assume you're with Bangkok Bank? 

 

If you are with Bangkok Bank, you will need them to call their head office to get their reference number to give to Kasikorn.  

 

Without this reference number you are SOL

 

I doubt the regular TW documentation will work. 

 

You might be able to get a MT103 document from TW , but this might be a bit difficult to obtain. 

 

 

Edited July 19, 2019 by lucky2008

[Jip99]

5 minutes ago, mosan said:

My god man, have you not been reading the whole thread where an individual got K Bank to provide him with proof of a transfer so that BBL could print him a letter to use at immigrations  saying "yes" the transfer (even though coded as SMART) received through K Bank is in fact international.

 

Or, did you just jump in halfway through the thread and missed that part?  Thirty-one years means nothing if you don't read and comprehend what been said...

 

 

I am speaking from experience of what K Bank said they couldn't do.

[Jip99]

8 minutes ago, mosan said:

My god man, have you not been reading the whole thread where an individual got K Bank to provide him with proof of a transfer so that BBL could print him a letter to use at immigrations  saying "yes" the transfer (even though coded as SMART) received through K Bank is in fact international.

 

Or, did you just jump in halfway through the thread and missed that part?  Thirty-one years means nothing if you don't read and comprehend what been said...

 

 

My apologies mosan.

 

I read - but misread the thread, in that I thought your bank account was with K Bank. That was the situation I had.

 

Getting documentation from K Bank to support payments that finished up in BKB is, of course, a different matter.

 

Sorry for the misunderstanding.

[KhaoYai]

1 hour ago, sometimewoodworker said:

You have constantly said that TransferWise should code it transfers as international and that a failure to do so needs to be corrected or changed, it does not...................

Jeez, you just love arguing don't you. OK, I give up, you're right, I, and all the others that would like to see a solution to this problem whilst still getting a good deal AND incidentally, giving their business to TW, are wrong. There is no problem and everybody's whinging for nothing.

 

Does that satisfy your need to be right?

[onera1961]

On 7/17/2019 at 8:47 AM, sometimewoodworker said:

TransferWise pays money into your designated bank account from their local funds, local transfer.

The question is how does trasnferwise fund their local bank. You cannot transfer thai baht to other currencies. So no baht deposit into their local banks. Do transferwise reps come to Thailand every month with two bags full of dollar/sterling bills and do a conversion and then deposit the money? Highly unlikely. 

[Snow Leopard]

20 hours ago, sometimewoodworker said:

Probably because TransferWise is cheaper and they feel that they are  [sarcasm] the customer and the customer is always right so they must get what they want [\sarcasm] even when the service they want is not one that the company offers.

 

Or they don't want to take the time to find a company that does offer the service they want.

On say a 65,000B per month transfer the difference would be pennies. 

[jacko45k]

16 hours ago, Jip99 said:

 

 

You do understand that TW is a domestic transfer in Thailand and funds are not received by K Bank "from overseas".

But they get coded as International/ Overseas by the first receiving bank despite arriving as baht? (EG, I asked TW to sent my money to Bangkok Bank and it was coded FTT, Foreign Telex Transfer, this suggests it came internationally.)

Edited July 20, 2019 by jacko45k

[Jip99]

29 minutes ago, jacko45k said:

But they get coded as International/ Overseas by the first receiving bank despite arriving as baht? (EG, I asked TW to sent my money to Bangkok Bank and it was coded FTT, Foreign Telex Transfer, this suggests it came internationally.)

 

Yes, agree with that Jacko. The issue for me is how K Bank show it after it arrives with them domestically.

[Tanoshi]

12 minutes ago, Jip99 said:

 

Yes, agree with that Jacko. The issue for me is how K Bank show it after it arrives with them domestically.

As an SMT transfer to your local account.

TW tag all transfers to the HQ's as FTT transfers.

BKK note that tag when transferring to a BKK local account.

KK and TMB do not.

 

Try requesting an annual statement  from KK's HQ for the International Transfer code, otherwise you'll have to request a Credit Advice receipt for proof of the foreign transaction.

[BertM]

1 hour ago, Tanoshi said:

As an SMT transfer to your local account.

TW tag all transfers to the HQ's as FTT transfers.

BKK note that tag when transferring to a BKK local account.

KK and TMB do not.

 

Try requesting an annual statement  from KK's HQ for the International Transfer code, otherwise you'll have to request a Credit Advice receipt for proof of the foreign transaction.

Just asking... Do you think all IM offices will accept the Credit Advice receipts if the xfers show up as SMT or SMART codes in the bank books & statements? I read a few earlier posts that some IM offices only wanted the standard bank letter & bank book with FTT codes only and nothing else was acceptable... It would be very disappointing to have gone the whole year transferring 65k per month, then have some of the xfers show up as SMT or SMART codes in the bank book and your local IM office denies your extension and won't accept any other documentation that may prove the xfers were from overseas. I guess some people are willing to risk it...

Edited July 20, 2019 by BertM

[Tanoshi]

27 minutes ago, BertM said:

Just asking... Do you think all IM offices will accept the Credit Advice receipts if the xfers show up as SMT or SMART codes in the bank books & statements? I read a few earlier posts that some IM offices only wanted the standard bank letter & bank book with FTT codes only and nothing else was acceptable... It would be very disappointing to have gone the whole year transferring 65k per month, then have some of the xfers show up as SMT or SMART codes in the bank book and your local IM office denies your extension and won't accept any other documentation that may prove the xfers were from overseas. I guess some people are willing to risk it...

They should accept any documents issued by a Thai bank as evidence, as they have the ability to verify it.

 

 

[lucky2008]

6 hours ago, Snow Leopard said:

On say a 65,000B per month transfer the difference would be pennies. 

What do you mean by pennies?

 

Unless you are one of the 'privileged few' you will be paying significantly more doing a Swift transfer from the US. 

 

For a 65,000baht transfer using Swift it's about 100USD per transfer end to end

 

For 65,000baht transfer using Transferwise it's about  22USD USD per transfer end to end. 

 

 

 

4 hours ago, BertM said:

Just asking... Do you think all IM offices will accept the Credit Advice receipts if the xfers show up as SMT or SMART codes in the bank books & statements? I read a few earlier posts that some IM offices only wanted the standard bank letter & bank book with FTT codes only and nothing else was acceptable... It would be very disappointing to have gone the whole year transferring 65k per month, then have some of the xfers show up as SMT or SMART codes in the bank book and your local IM office denies your extension and won't accept any other documentation that may prove the xfers were from overseas. I guess some people are willing to risk it...

There is no possible way Bangkok Bank can print out a credit advise for a SMT transfer. 

 

 

Edited July 20, 2019 by lucky2008

[Snow Leopard]

19 hours ago, lucky2008 said:

What do you mean by pennies?

 

Unless you are one of the 'privileged few' you will be paying significantly more doing a Swift transfer from the US. 

 

For a 65,000baht transfer using Swift it's about 100USD per transfer end to end

 

For 65,000baht transfer using Transferwise it's about  22USD USD per transfer end to end. 

 

 

 

There is no possible way Bangkok Bank can print out a credit advise for a SMT transfer. 

 

 

Why don't you read it properly. Blackarab stated he uses Xendpay. That is not a swift transfer, it shows on your account as an FET and not a local payment as per a transferwise transaction. 

[lucky2008]

On 7/19/2019 at 1:36 AM, KhaoYai said:

Out of interest, what sort of savings are we looking at by using TW over a standard Swift transfer?  I seem to remember that last time I made one I was charged by my bank in the UK, got a poor exchange rate and charged by the Thai bank to receive it.  I may not have done it the best way, I must admit.

 

Your right my mistake the previous reply was meant partially for KhaoYai.

 

I got my lines crossed with the pennies on the dollars statement.  

 

Anyways those pennies on the dollar sure do make a difference. 

 

With the exchange being as bad as it is nowadays best believe every penny counts.  

[Tanoshi]

On ‎7‎/‎17‎/‎2019 at 8:47 PM, sometimewoodworker said:

TransferWise does not make an international transfer for your money. 

They send a Foreign Telex Transfer request from their foreign based office to their Thai based office.

One account is debited.

Another account is credited.

 

That's how International transfers take place all over the world between banks, or do you think the banks post it in an envelope, send a cheque, carrier pigeon!

[zoza]

On 7/22/2019 at 10:19 PM, Tanoshi said:

They send a Foreign Telex Transfer request from their foreign based office to their Thai based office.

One account is debited.

Another account is credited.

 

That's how International transfers take place all over the world between banks, or do you think the banks post it in an envelope, send a cheque, carrier pigeon!

 

 

Yesterday I went to the closest KK International trade center, Pattaya

I went upstairs

and the lady pointed at the other office and said that part had closed ?

I think she meant the part where they do FET certificates 

but that (after chatting for five mins) she said she could provide some evidence of my transfers ? she showed me a copy of my last 10 monthly transfers with my name the amount the date and a code of IA1910316500587

she mentioned something about 200 baht,I said it might be ok with a covering letter, I will send another transfer and then call back in a week or so, I was going to see if Jomtien imm would give something like this the nod

the funds are in Baht so I am not 100%.