TransferWise and Bangkok Bank

[pontious]

1 minute ago, Tanoshi said:

BS, it has to go through an Intermediary clearing bank.

Which UK bank?

BS yourself. You do what you want. I will not post again on this thread .

[ahddub]

Has anyone had experience with OFX.  While it has a minimum transfer of US$500, it seems to be the least expensive.

 

[sumrit]

29 minutes ago, Tanoshi said:

It's an FET (Foreign Exchange Transfer) they issue.

You were fortune you lived near a Kasikorn Trade centre.

The nearest one to me is 270Kms in Nakhon Ratchasima.

I lived fairly locally (about an hours drive) but the guy from Chang Mai didn't. I don't know the details but he went into his local Kasikorn branch and they arranged everything from there, even though the actual document came from Pattaya.

 

 

29 minutes ago, Tanoshi said:

You need to take Passport

BKK passbook showing the transaction.

Copy of Visa/extension.

200 baht admin fee.

The bank in Pattaya only needed a copy of my passport photo page (which I already had with me), a copy of the TW transfer confirmation PDF that's linked on the 'transfer sent' email and 200 baht admin fee.

 

She certainly didn't ask for a copy of my extension or my BKKB passbook.....although of course my BKKB account details are on the TW PDF along with the transfer details.

Edited July 26, 2019 by sumrit

[Moonlover]

3 hours ago, Moonlover said:

True I can confirm that. When I applied for my marriage extension, the senior IO accepted T/W transfer slips, along with my pension statements as sufficient evidence of income. He took no notice at all of the transaction codes on my bank statements, none of which indicated a foreign remit.

 

So don't wipe your aris with them @jesimps 

 

 

1 hour ago, pontious said:

Be useful to say what office. At Jomtien they want a bank letter showing the foreign transfers. No TW pdf;s just the letter.

It was Sakon Nakhon. The IO also confirmed that I wasn't the first one to present T/W slips. See the thread linked below.

 

 

[wgdanson]

14 hours ago, Tanoshi said:

Nationwide charge £20 for a SWIFT transfer

 

Midland bank closed and was acquired by HSBC in the 1990's. (Google Midland bank).

 

HSCB are the clearing intermediary bank involved with the International transfer and will slap another £20 handling charge on your Nationwide account a couple of weeks after the transfer.

 

Bangkok bank will charge 0.25% receiving fee, min of 200 baht - max 500 baht. (Another £13)

Total cost around £53.

The lady at Nationwide told me yesterday that the SWIFT code for Nationwide is NATAGBL21 and the intermediary is MIDLGB22. She confirmed that the TOTAL cost will be £20 plus whatever Bkk Bank take.

I seem to remember in the good old days before Transferwise, I did SWIFT from N'wide to Bkk Bank and those were the only charges. First Direct advertised no-charge SWIFTs, but as you say, HSBC slapped £20 on a month later. I quit First Direct because they didn't tell me.

Edited July 27, 2019 by wgdanson

[SooKee]

Has anyone had experience with OFX.  While it has a minimum transfer of US$500, it seems to be the least expensive.
 

I've just done a TW to BKK Bank transfer and it showed up as International Transfer. Lucky, but I dislike the uncertainty we now have to face each month.

I looked at OFX at the start of the year and they were more expensive by several hundred baht IIRC. I've noticed their rates are much better now. Plan to look more closely over the next week or so at using OFX, BKK Bank London and HSBC to Bangkok Bank (again - see if the funds get mugged en route again by intermediary charges).

Be interesting to see how the applications go at Immigration given they they are asking to see the funds coming from overseas, something it seems that whatever transfer route you use, banking systems just can't guarantee, be it SWIFT, transfer company or whatever. Sure getting tiresome.

[Tanoshi]

3 hours ago, wgdanson said:

The lady at Nationwide told me yesterday that the SWIFT code for Nationwide is NATAGBL21 and the intermediary is MIDLGB22. She confirmed that the TOTAL cost will be £20 plus whatever Bkk Bank take.

They told me the same. Their cost is £20. They cannot quote any intermediary bank charges.

https://www.nationwide.co.uk/guides/understanding-the-basics/sending-money-abroad

What will making an international payment cost?

There are typically two types of cost when sending money outside the UK - banking fees and exchange rates differences:

Fees

Usually you are charged a fee for international payments and these will differ according to the service used and the bank or building society that is providing the service.

There may also be fees charged by any agent banks involved in the payment transmission before a payment reaches its final destination account.

 

Check your Nationwide statement a couple of weeks after the transfer and don't be surprised to find another £20 charge deducted, been there and done it.

 

Before doing anything rash, Last week I took an example of a bank statement with the Interbank transfer SMT code and a copy of the TW pdf receipt. TI stated they were acceptable as proof of International transfers.

I recommend you check with your IO before changing your transfer method.

[Dianne Margaret]

On 7/25/2019 at 4:03 PM, jacko45k said:

Well actually people opened Bangkok Bank accounts for that very reason!

Has anyone with a Kasikorn Bank account found that their monthly transfer this month has been coded differently ie if Transferwise are using Kasikorn this month as an intermediary bank for international transfers, then did the 65K show up as FTT this month or a SMART transfer like those of us with Bangkok Bank accounts?

[Tanoshi]

15 minutes ago, Dianne Margaret said:

Has anyone with a Kasikorn Bank account found that their monthly transfer this month has been coded differently ie if Transferwise are using Kasikorn this month as an intermediary bank for international transfers, then did the 65K show up as FTT this month or a SMART transfer like those of us with Bangkok Bank accounts?

TW > KK HQ > KK branch never show as FTT from passbooks I've seen.

[wgdanson]

1 hour ago, Tanoshi said:

They told me the same. Their cost is £20. They cannot quote any intermediary bank charges.

https://www.nationwide.co.uk/guides/understanding-the-basics/sending-money-abroad

What will making an international payment cost?

There are typically two types of cost when sending money outside the UK - banking fees and exchange rates differences:

Fees

Usually you are charged a fee for international payments and these will differ according to the service used and the bank or building society that is providing the service.

There may also be fees charged by any agent banks involved in the payment transmission before a payment reaches its final destination account.

 

Check your Nationwide statement a couple of weeks after the transfer and don't be surprised to find another £20 charge deducted, been there and done it.

 

Before doing anything rash, Last week I took an example of a bank statement with the Interbank transfer SMT code and a copy of the TW pdf receipt. TI stated they were acceptable as proof of International transfers.

I recommend you check with your IO before changing your transfer method.

I did this at the beginning of July when my T'wise was coded SMT. My IO said he would accept it when I go to do my extension in December, but too many other repliers advised that come December the IO may have been changed or the one there had changed his mind. My Bkk Bank man said he would put it on the letter as a foreign transfer.

What a shame you cannot send GBP to a Foreign Currency Account, and it appears as an FTT as and when you change them into Bht 

[Tanoshi]

1 hour ago, wgdanson said:

What a shame you cannot send GBP to a Foreign Currency Account, and it appears as an FTT as and when you change them into Bht 

BKK no longer issue books for Foreign Currency accounts.

They issue a 'certificate' with an attached transfer information form.

 

They can also issue a letter to confirm the International transfers.

Edited July 27, 2019 by Tanoshi

[wgdanson]

3 minutes ago, Tanoshi said:

BKK no longer issue books for Foreign Currency accounts.

They issue a 'certificate' with an attached transfer information form.

 

They can also issue a letter to confirm the International transfers.

So would this method, GBP into a FCA,  be acceptable to IO as being an FTT? Anyone know?

Edited July 27, 2019 by wgdanson

[Pib]

5 hours ago, Tanoshi said:

BKK no longer issue books for Foreign Currency accounts.

They issue a 'certificate' with an attached transfer information form.

 

They can also issue a letter to confirm the International transfers.

But I wonder if the money arrives the FCA via BahtNet or SMART due to how the final leg is handled and gets BTN/Bahtnet or SMT/SMART coding versus FTT/International Transfer coding if Bangkok Bank would still list the transfer as an international transfer on the immigration letter.   They have told others and told me Bahtnet or SMART coding would not be entered on the letter although the Credit Advice would still show it was an international transfer.

 

 

 

due to the final leg of a transfer 

[Tanoshi]

3 hours ago, Pib said:

But I wonder if the money arrives the FCA via BahtNet or SMART due to how the final leg is handled and gets BTN/Bahtnet or SMT/SMART coding versus FTT/International Transfer coding if Bangkok Bank would still list the transfer as an international transfer on the immigration letter.   They have told others and told me Bahtnet or SMART coding would not be entered on the letter although the Credit Advice would still show it was an international transfer.

 

 

 

due to the final leg of a transfer 

There is no final leg.

All FCA accounts are held at the HQ of Bangkok Bank.

They send the 'certificate' of receipt to your local branch.

They will issue a letter to confirm the International transfer.

I don't believe you can pay foreign currency through the Bahtnet system of transfer to an FCA as they go through the Bank of Thailand who automatically convert to baht before transferring to your Thai bank. 

 

[wgdanson]

On 7/26/2019 at 9:57 AM, OJAS said:

I have personally found the BKKB London branch service to be about half the cost of SWIFT and around double the cost of TransferWise

£1700 SWIFT from Nationwide to Bkk Bank will cost me £20 (half of which is a tenner).. Transferwise £12.50 which is £25 when doubled. 

[jesimps]

On 7/25/2019 at 9:38 AM, mtls2005 said:

What does the Credit Advice/Receipt from BBL show?

 

I'd ask them (BBL) if they'll include this most recent credit in their Immigration summary letter (listing funds credited from outside of Thailand)?

 

 

"Interbank Transfer Via SMART", in other words a domestic transfer. I could ask BBL about it, but I also have to plead leniency from immigration as I only managed to open the BBL account in February and will only have seven months of transfers when I go to do my extension. As i said, I have the 400,000 already in my account, so I may just go down the marriage extension route. I have a couple of months to decide.

 

[jesimps]

On 7/25/2019 at 9:45 AM, Matzzon said:

Just use swift transfer instead and you will all get an FTT code in Bangkok Bank. That´s as easy as it can be. No hassle and everything clear.

I know, I used to do that with SCB, but it cost me some 50 pounds more than if I used TransferWise. That's why I opened a BBL account. Obviously, that's now backfired on me, but I have the option of doing the marriage extension.

[jesimps]

On 7/25/2019 at 3:35 PM, jacko45k said:

Don't touch that aris.....   some IOs are accepting corroborating evidence.

It's ok I have it stored on my machine just in case. I'm waiting for a report from someone attempting to show corroborating evidence at Jomtien Immigration.

[Matzzon]

1 hour ago, jesimps said:

I know, I used to do that with SCB, but it cost me some 50 pounds more than if I used TransferWise. That's why I opened a BBL account. Obviously, that's now backfired on me, but I have the option of doing the marriage extension.

Ok, 50 pounds? gees! And you said 50 pounds more too. How much does your banks take for regular transfers? I pay like 15 euro to transfer money, and then Bangkok Bank takes their regular 150 baht. That´s a normal International swift transfer from bank to bank.

Edited July 28, 2019 by Matzzon

[jesimps]

On 7/26/2019 at 11:01 AM, Ling Kae said:

My TW transfer to my bkkb account last week was coded as a local transfer.  Before it was coded a Foreign transfer.

 

Will it be coded a foreign transfer if I have it sent to my Kasikorn Account?

 

Anyone know for sure?

Only if it goes direct from TW to your Kasikorn account, but it could also go via BBL or TMB, in which case it would be coded as a domestic transfer.

[jesimps]

On 7/26/2019 at 5:12 PM, Ling Kae said:

In the link provided in post #38 it says you can use a SWIFT transfer as payment with TransferWise but the fee will be higher. It will though show a foreign  transfer. The main question is will it give you more money in the end or not.

 

Do a few test runs before confirmation and then do one with your regular bank and see which one gives you more baht in the end.

I did a test, and transferring 65000 baht was about fifty pounds cheaper using TransferWise. I can't afford to lose that every month so looks like I'll be changing to the marriage visa 400k method unless something happens to change my mind before my next extension.

Edited July 28, 2019 by jesimps

[jesimps]

On 7/26/2019 at 8:19 PM, pontious said:

Be useful to say what office. At Jomtien they want a bank letter showing the foreign transfers. No TW pdf;s just the letter.

Did you try it personally? Very interested to see your reply because this is the office which I use. Also, grateful to know if you've seen any accounts of them showing leniency ie less than 12 monthly transfers.

[jesimps]

26 minutes ago, Matzzon said:

Ok, 50 pounds? gees! And you said 50 pounds more too. How much does your banks take for regular transfers? I pay like 15 euro to transfer money, and then Bangkok Bank takes their regular 150 baht. That´s a normal International swift transfer from bank to bank.

Sorry I didn't do a breakdown I just sent a swift payment to my SCB account and a TW for same amount to BBL and compared what actually appeared in my accounts. 

[Matzzon]

34 minutes ago, jesimps said:

Sorry I didn't do a breakdown I just sent a swift payment to my SCB account and a TW for same amount to BBL and compared what actually appeared in my accounts. 

Ok, you mean that you got a better rate at the same time.

[Tanoshi]

6 hours ago, wgdanson said:

£1700 SWIFT from Nationwide to Bkk Bank will cost me £20 (half of which is a tenner).. Transferwise £12.50 which is £25 when doubled. 

I agree with OJAS.

 

TW cost £12.18 for £1,700. (@38.2 B - £1)

 

Through BKK London cost £20 + 500 BHT receiving fee (@38.19 B -£1)

 

Nationwide SWIFT to BKK cost £20

Intermediary clearing bank cost £20.

BKK receiving fee 500 BHT (@38.19 B - £1)

 

I'm aware what Nationwide told you. I'm also from the UK and bank with Nationwide.

Just keep checking your NW account for a £20 additional charge after the transfer.

I can assure you I used that method originally before using the London BKK branch and now TW.

 

 

[jacko45k]

12 hours ago, jesimps said:

It's ok I have it stored on my machine just in case. I'm waiting for a report from someone attempting to show corroborating evidence at Jomtien Immigration.

Had one from a pal recently. 12 months of over 65,000 (more like 2000 sterling actually) showed source paperwork as well as local bank statement, and that worked for him. 

[Pib]

On 7/26/2019 at 9:26 PM, ahddub said:

Has anyone had experience with OFX.  While it has a minimum transfer of US$500, it seems to be the least expensive.

 

 

On 7/27/2019 at 8:59 AM, SooKee said:

I've just done a TW to BKK Bank transfer and it showed up as International Transfer. Lucky, but I dislike the uncertainty we now have to face each month.

I looked at OFX at the start of the year and they were more expensive by several hundred baht IIRC. I've noticed their rates are much better now. Plan to look more closely over the next week or so at using OFX, BKK Bank London and HSBC to Bangkok Bank (again - see if the funds get mugged en route again by intermediary charges).

Be interesting to see how the applications go at Immigration given they they are asking to see the funds coming from overseas, something it seems that whatever transfer route you use, banking systems just can't guarantee, be it SWIFT, transfer company or whatever. Sure getting tiresome.

 

OFX can indeed be a better deal if, repeat, if a person receives a preferential "customer" rate and low/no sending fee.  OFX customer rates are not to be confused with the mid-market/indicative rate they show on their public webpage.  No OFX customer gets that mid-market/indicative rate...their public webpage exchange rate is just worm-on-the-hook advertising...you can not see your "customer" rate until registered with OFX.

 

OFX has different categories they group their customers into resulting in different customer rates being offered.  When I first joined OFX in mid 2018 the customer rate they offered me at that time was just too low.  So,  I didn't do any transfers because of low exchange rates....I was better off using Transferwise or even doing a SWIFT/ACH transfer.  But in early 2019 my customer rate significantly improved....maybe they thought this guy is not going to do any transfers with us unless we provide him a better rate. 

 

My customer rate improved to the point that it can be a better deal for me to use OFX than Tranferwise, although OFX can take several more business days to get the money to you than Transferwise....transfer speed depends on how you fund the transfer. 

 

And at least for the couple of OFX transfers I've done the last leg of their "SWIFT" transfer (OFX uses SWIFT) is routed thru a Bank of Thailand Bahtnet SWIFT code (probably to reduce transfer cost) which results in the transfer being coded as BTN/Bahtnet on the receiving Thai bank end--at least in my case--but if getting a Credit Advice it clearly shows it was an international transfer.  

 

Also, with OFX there are variations in upfront sending fees...ranging from zero to a low amount....my upfront sending fees are zero.  Sending fees all depend on which subsidiary unit of OFX you registered with and maybe what promotion they had going at the time.

 

OFX is really a new name for all its subsidiaries in different countries previously advertised as OZForex, USForex, UKForex, etc., and these different subsidiary units have slightly different fees and policies.   Guess the company felt having all these different names in different countries was confusing potential new customers so they came-up with a new name of OFX.  But once you sign-up, depending on which OFX unit you register you will see some docs/emails referencing their old name....like if you registered in the UK you'll see UKForex used on some docs...if registering Australia you'll see OzForex used on some docs....etc.

 

Now you can reach OFX 24/7 by calling them....be talking to a human within a few minutes....if you call their US number but they are closed in the US your call is automatically re-routed to another OFX unit somewhere in the world which is open.   Ditto if say calling their Oz or UK number...if those offices are closed then the call gets automatically re-routed to an OFX office that is open.  Like I've called OFX at three different times from Thailand....each time I stated by calling their US 1800 number....once I talked to the Oz office, another time their US office, another time their UK office.  All their offices operate off a central IT system so any of them can work you issue when you call. 

 

Anyway, below is a quickie cost comparison as of 30 July 2019 at 2:15pm Thailand date/time for a USD-THB transfer between Transferwise and OFX based on the customer rate I receive from OFX.  Notice OFX is the better deal at this point in time "for me"...that is, costs less to get Bt65K into my Thai bank account.  Your results may vary depending on your OFX customer rate/any sending fees.

Via Transferwise....to get Bt65K to arrive my Thai bank acct it will cost me $2,131.33 USD as no receiving fee is applied on the Thai bank end....see below snapshot.

 

 

Via OFX...no sending fee on my OFX account but since a Bt100 Bahtnet receiving fee will be applied on the Thai bank end to get Bt65K to arrive my account I must send Bt65.1K....total cost $2,127.97 USD....see below snapshot.  To fund this transfer an ACH Pull is being done which is free but takes 3 business days to clear with OFX.  You could push a Wire to OFX to immediately fund the transfer but in the US domestic/international Wires are pricey....but doing an ACH Pull is free.

 

[wgdanson]

On 7/28/2019 at 11:16 PM, Tanoshi said:

I agree with OJAS.

 

TW cost £12.18 for £1,700. (@38.2 B - £1)

 

Through BKK London cost £20 + 500 BHT receiving fee (@38.19 B -£1)

 

Nationwide SWIFT to BKK cost £20

Intermediary clearing bank cost £20.

BKK receiving fee 500 BHT (@38.19 B - £1)

 

I'm aware what Nationwide told you. I'm also from the UK and bank with Nationwide.

Just keep checking your NW account for a £20 additional charge after the transfer.

I can assure you I used that method originally before using the London BKK branch and now TW.

 

 

I called Nationwide again today and they assure me that the maximum I pay will be 20 quid. 

[Tanoshi]

9 minutes ago, Pib said:

And at least for the couple of OFX transfers I've done the last leg of their "SWIFT" transfer (OFX uses SWIFT) is routed thru a Bank of Thailand Bahtnet SWIFT code (probably to reduce transfer cost) which results in the transfer being coded as BTN/Bahtnet on the receiving Thai bank end--at least in my case--but if getting a Credit Advice it clearly shows it was an international transfer. 

In this situation where the Bahtnet system of transfer is used through the Bank of Thailand, to let's say Bangkok Bank. Which bank exactly issues the credit advice. BOT or BKK.

[Pib]

10 minutes ago, Tanoshi said:

In this situation where the Bahtnet system of transfer is used through the Bank of Thailand, to let's say Bangkok Bank. Which bank exactly issues the credit advice. BOT or BKK.

Bangkok Bank.