Informed Transferwise have changed their Partner bank

[Handsome Gardener]

Last month sent 100,000 via TransferWise to my Bangkok Bank account - turned up as domestic on my statement. Annoying but I just put it down to a cog in the system getting clogged up. Sent another 100,000 to hopefully rectify it - domestic again.

 

I phoned their UK helpline and spoke to 'Nana' - she informed me that TW have now changed their partner bank from Bangkok Bank to Kasikorn. (She didn't give me a date but the 'now' bit would suggest recently and whilst they still will continue to work with Bangkok Bank, Kasikorn is their partner bank for Thailand with the others 'associate' banks. She was a bit vague on whether Kasikorn should be my first preference now instead of Bangkok Bank.

 

She was au fait on the importance of this to expats living in Thailand and said that whilst she would put a note on my account that I would like it to show up as international transfer, she cannot guarantee it (incase of a temporary liquidity problem etc).

 

So you might want to be checking those entries for a while.

[Tanoshi]

There was a technical issue at the beginning of July with Bangkok Bank, therefore transfers were directed through Kasikorn. 

It's was resolved shortly after and transfers continue through BKK.

 

TW cannot guarantee 100% that transfers can always go through you preferred choice of banking partner if an issue arises. BKK, KK and TMB still all remain their banking partners.

Edited August 4, 2019 by Tanoshi

[Handsome Gardener]

1 minute ago, Tanoshi said:

There was a technical issue at the beginning of July with Bangkok Bank, therefore transfers were directed through Kasikorn. 

It's was resolved shortly after and transfers continue through BKK.

 

TW cannot guarantee 100% that transfers can always go through you preferred choice of banking partner if a issue arises. BKK, KK and TMB still all remain their banking partners.

OK fair enough that timeframe does tie in, but its odd then that 'Nana' was completely unaware of this and make quite definitive statements. 

 

Still as you say hopefully ok now

[sumrit]

27 minutes ago, Handsome Gardener said:

OK fair enough that timeframe does tie in, but its odd then that 'Nana' was completely unaware of this and make quite definitive statements. 

 

Still as you say hopefully ok now

I had a transfer that was routed via Kasikorn to my BKKB account and showed up as an SMT (local) transfer on the 2nd July. As Tanoshi says there were technical problems at the beginning of July that affected a lot of transfers for many people. I phoned TW and BKKB and  they have both said those issues have been resolved. I've made three transfers since then and they were all correctly routed via BKKB and show as FTT in my account.

 

It's also been highlighted in the last few days that there is now an extra option on TW when selecting the 'reason for the transfer' window. I can't remember the exact wording but basically says it's to comply with 'Thailand Immigration's International Transfer rules' so hopefully selecting this option will 'put to bed' all the recent coding problems and the countless scaremongering posts that have littered threads on TV recently.

Edited August 4, 2019 by sumrit

[fusion58]

47 minutes ago, sumrit said:

...there is now an extra option on TW when selecting the 'reason for the transfer' window. I can't remember the exact wording but basically says it's to comply with 'Thailand Immigration's International Transfer rules' so hopefully selecting this option will 'put to bed' all the recent coding problems...

Wow! That would be good news if true.

[sumrit]

7 hours ago, fusion58 said:

8 hours ago, sumrit said:

...there is now an extra option on TW when selecting the 'reason for the transfer' window. I can't remember the exact wording but basically says it's to comply with 'Thailand Immigration's International Transfer rules' so hopefully selecting this option will 'put to bed' all the recent coding problems...

Wow! That would be good news if true.

I'd saved/copied the actual wording I used from another post. That poster apparently got the info in a phone call to TW. The actual wording is not quite the same on the TW website but just done, and attached, a screen print to show Thailand is now one of the options available in the 'reason for transfer' drop down window.

 

 

Edited August 5, 2019 by sumrit

[Henryford]

Transferwise is useless now IMO if you want to guarantee your foreign transfers are acceptable to Immigration in a years time. It's too big a risk that something could go wrong by which time it's too late to change. I have concluded that the 800k bank method is the only way to go.

[soalbundy]

did a transfer last week got FTT via Bangkok bank

[jacko45k]

Just now, soalbundy said:

did a transfer last week got FTT via Bangkok bank

And did you particularly request that or do anything special to prompt it?

[Martyp]

28 minutes ago, Henryford said:

Transferwise is useless now IMO if you want to guarantee your foreign transfers are acceptable to Immigration in a years time. It's too big a risk that something could go wrong by which time it's too late to change. I have concluded that the 800k bank method is the only way to go.

I used the 800k bank method last year and plan to use it again this year. I transferred money from Bank of America to Kasikorn a couple of days ago. I do this every other month to half my $35/transfer expense. As usual it showed up as a domestic transfer because it was routed through another Thai bank. Even normal wire transfers can show up as domestic transfers unless you talk to your bank. 

[onera1961]

41 minutes ago, Henryford said:

I have concluded that the 800k bank method is the only way to go.

And having at least two million BHT in a Thai bank bank (Preferably another two million in the home country bank) before new retirees plan to retire in Thailand. Simply relying on pension for retirement in Thailand is not a prudent move now as Baht keeps strengthening as Thailand's economy improves and dollar keeps weakening due to US administration policies. 

Edited August 5, 2019 by onera1961

[sumrit]

32 minutes ago, Henryford said:

Transferwise is useless now IMO if you want to guarantee your foreign transfers are acceptable to Immigration in a years time. It's too big a risk that something could go wrong by which time it's too late to change. I have concluded that the 800k bank method is the only way to go.

Each to his own.????

 

We have only got information on forums such as this to make a judgement, and despite your continued pessimism in various posts you have made there is not one single post on any thread here where somebody has been refused an extension because of any anomalies in transfers using Transferwise. By contrast there are several posts where people have been successful and TW transfers being accepted by Immigration, despite the odd transfer showing as a domestic transfer. Hopefully the new procedure put in place by TW will make that option even better.

 

Time will tell.   

[soalbundy]

6 hours ago, jacko45k said:

And did you particularly request that or do anything special to prompt it?

Not at the time of transfer but about two weeks before that I had email exchanges with TW. I asked for the German office (my bank is in Germany) whether I received the emails from Germany or not I don't know as the exchange was in English but the greeting was formal polite and had a German ring to it. I was told that they would tag my wish for the BKK bank partner to my membership number and that I needn't ring up beforehand (something that I suggested). I was warned that success wasn't guaranteed every time as IT issues could ocurre but things should in the main run smoothly.

[wgdanson]

7 hours ago, Henryford said:

Transferwise is useless now IMO if you want to guarantee your foreign transfers are acceptable to Immigration in a years time. It's too big a risk that something could go wrong by which time it's too late to change. I have concluded that the 800k bank method is the only way to go.

I totally agree and have changed my method....800k in a Foreign Currency Account so the exchange rate does not matter.

[TallGuyJohninBKK]

6 hours ago, sumrit said:

By contrast there are several posts where people have been successful and TW transfers being accepted by Immigration, despite the odd transfer showing as a domestic transfer.

 

If memory serves, those that I've seen of that nature, a very few, all seemed to involve outlying small Immigration offices, and not any of them that I can recall involved BKK CW...

 

Then add to that, that we're just at the beginning of the real monthly foreign transfers era, since Brits and Americans have been able to use Embassy income affidavits from December up until the middle of this year. Then add to that, Immigration right now supposedly is adopting a "lenient" policy toward the transfers for the remainder of 2019... Beyond that, who knows...

 

[JAS21]

My monthly transfer from the UK ...paid Friday ... arrived today and International Transfer showing on my BBL app so will show FTT in my bank book as usual ...yes I contacted TW to pay direct to BBL before I paid their fee ...

[mfd101]

So with TW there are now 3 ways which together or in combination are about as good as it can get: (1) check the box for 'Funds for longterm stay in Thailand' (2) give them a ring (even if they say Don't bother) (3) if your funds allow, have another 65K฿ ready in case you need to do a 2nd transfer by Swift that month.

 

Given that my next renewal is in mid-October, I intend to do all 3 at least till then.

I also notice that Monito is pushing Skrill as a cheaper alternative to TW (midrate & no fees). Anyone who has used Skrill might let TV readers know of their experience ...

 

[sumrit]

3 hours ago, TallGuyJohninBKK said:

If memory serves, those that I've seen of that nature, a very few, all seemed to involve outlying small Immigration offices, and not any of them that I can recall involved BKK CW...

I do know that at least one successful extension was obtained in CM using TW transfers, which IS a larger office. All of his transfers were coded FTT bar one, which was routed via Kasikorn and coded SMT. He got a Credit Advice Receipt from Kasikorn for that transfer. That was accepted by CM Immigration without any problem.

 

Can't say whether all the successful extensions were supplied at 'small outlying immigration offices' BUT what I can say is CW in BKK is the largest office that deals with more foreigner's extensions than anywhere else in the country and there have been NO REPORTS of any extensions being refused on the grounds of TW (OR ANY OTHER) transfers not being an acceptable source, whether coded FTT, SMT or anything else.

 

So, either some have been refused but every one of those people have never heard of Thai Visa so haven't posted on here, OR every application (from UK, US and AU citizens) using the monthly income method Have been successful, OR thirdly, of course, nobody has applied at CW since the 1st July.

 

Up to you to decide which is more likely ????.

Edited August 5, 2019 by sumrit

[TallGuyJohninBKK]

3 minutes ago, sumrit said:

So, either some have been refused but every one of those people have never heard of Thai Visa so haven't posted on here, OR every application (from UK, US and AU citizens) using the monthly income method Have been successful, OR thirdly, of course, nobody has applied at CW since the 1st July.

 

AFAIR, there have been very few if any reports coming out of BKK CW thus far re the outcomes of extensions of stay based on monthly foreign transfers.

 

I just did my extension for another year ago about one month+ back at BKK CW, and did it on one of the last days available under the old U.S. Embassy affidavits from December. Other folks have been switching to marriage extensions and bank deposits in order to avoid the monthly hassle.

 

And even in the example you used above re CM, Immigration officers have been specifically instructed just THIS YEAR to be lenient on the monthly foreign transfers, because of it being a new requirement. But there's been no indication that leniency is supposed to continue into next year. And a guy missing just one FTT transfer out of the year is exactly the kind of leniency Immigration is supposed to be showing just this year. Hardly any policy indicator for the future.

 

[from the home of CC]

Maybe all the monthly phone calls you guys are making for confirmation will have the positive effect of  pushing TW to ensure correct routing for customer needs are met. They must realize people will go elsewhere with their business, if I owned the company I'd be paying attention to those calls.

[sumrit]

1 minute ago, TallGuyJohninBKK said:

Immigration officers have been specifically instructed just THIS YEAR to be lenient on the monthly foreign transfers, because of it being a new requirement.

That instruction referred to 'people having less that the normal 12 monthly transfers because the rules only changed in January but some would need to apply for their extension just six months later, from the 1st July' as well you know. It might be impossible to supply 12 months transfers during the first year and that was why the leniency clause was added and why it would only apply to this year.

 

Anyway it's up to you what you think, it's no skin off my nose. I still find it very strange that you could be correct yet there has not been one single refusal in every Immigration Office in the whole of Thailand on the grounds of lack of proof as to the source of transfers. NOT ONE SINGLE REFUSAL ANYWHERE UP TIL NOW.

[sumrit]

8 minutes ago, from the home of CC said:

Maybe all the monthly phone calls you guys are making for confirmation will have the positive effect of  pushing TW to ensure correct routing for customer needs are met. They must realize people will go elsewhere with their business, if I owned the company I'd be paying attention to those calls.

Changes already in place. see post 6.

[Madgee]

2 hours ago, mfd101 said:

I also notice that Monito is pushing Skrill as a cheaper alternative to TW (midrate & no fees). Anyone who has used Skrill might let TV readers know of their experience ...

Just check the multitude of reviews for 'Skrill'.

Ok for the 'bad guys' but expensive for the 'good guys'!  

Cheaper than TW??????????????   I don't think so.

BTW. I'm not shooting the messenger.

[from the home of CC]

7 minutes ago, sumrit said:

Changes already in place. see post 6.

yes, I saw that. Is it working?   

[sumrit]

1 minute ago, from the home of CC said:

yes, I saw that. Is it working?   

Haven't tried it yet but the post I saw elsewhere says it is.

 

I've got two pensions to transfer this Friday so I'll try then and post the result.

[Moonlover]

12 hours ago, Henryford said:

Transferwise is useless now IMO if you want to guarantee your foreign transfers are acceptable to Immigration in a years time. It's too big a risk that something could go wrong by which time it's too late to change. I have concluded that the 800k bank method is the only way to go.

21 TransferWise remittances were accepted by the IO at Sakon Nakhon last week. Not one of them had a foreign remittance code.

 

The IO was quite satisfied with the transaction slips, all linked to the bank account entries.

 

And apparently, I wasn't the first one. The IO was well aware of T/W.

[sumrit]

6 minutes ago, Moonlover said:

21 TransferWise remittances were accepted by the IO at Sakon Nakhon last week. Not one of them had a foreign remittance code.

 

The IO was quite satisfied with the transaction slips, all linked to the bank account entries.

 

And apparently, I wasn't the first one. The IO was well aware of T/W.

Thanks for the update. Good to know Immigration are well aware of the situation.

[mosan]

5 hours ago, wgdanson said:

I totally agree and have changed my method....800k in a Foreign Currency Account so the exchange rate does not matter.

I'm not exactly sure why you think the exchange rate does not matter.  When you go to do your extension, the Immigrations Officer will take whatever amount you have on hand and convert it into Baht.  I can only guess that you have placed waaay more than the equivalent of 800k in that account so the rate flotation doesn't bite you in the ass.

[jacko45k]

12 hours ago, wgdanson said:

I totally agree and have changed my method....800k in a Foreign Currency Account so the exchange rate does not matter.

Well actually it does if in another currency than baht. 

[wgdanson]

10 hours ago, mosan said:

I'm not exactly sure why you think the exchange rate does not matter.  When you go to do your extension, the Immigrations Officer will take whatever amount you have on hand and convert it into Baht.  I can only guess that you have placed waaay more than the equivalent of 800k in that account so the rate flotation doesn't bite you in the ass.

Sorry, I meant the exchange rate at this moment, hoping it will get better before my extension in December !

 

And yes, I have put 900k in just to be on the safe side. Is that waaay more or just 12% more? 

I can always spend the extra on beer, fags and women, or just waste it.   LOL

Edited August 6, 2019 by wgdanson