TransferWise still working well

[Pib]

On 10/14/2019 at 7:52 AM, sumrit said:

From reading the countless posts from US expats on this forum since the changes in Transfer requirements came into force, I get the impression that the US Governments obsession with money laundering regulations, plus their more more complex and diverse banking system, causes a lot of the delays experienced by many expats from the US.

 

The UK appears to have a different monitoring system which means we can transfer money, for everyday living expenses, without any problems or delays.

The US Automated Clearing House (ACH) system is the primary funds transfer system used in the US for bank transfers, govt payments, just everything.  It's what Transferwise uses in the US to "pull" money from your bank acct to fund the transfer. 

 

The ACH system is a "batch" system and not a real time system.  By batch I mean transfers are only transmitted a few times..or maybe once every day.  The transfers then go to an ACH clearing house that is used as a middle man to link up with the bank/financial companies you are sending the money to.  This is done overnight.  So the receiving bank does not get notice of the transfer or the request to pull funds until the next day.  Then that bank responds in a batch process again.  Bottom line is it takes 1 to 3 business days for a transfer to fully process.   So since it takes Transferwise 1 to 3 days to receive the money to fund the transfer the transfers just take longer. 

 

Now in a real time funds transfer system where someone is pushing money to Transferwise, well, Transferwise gets the money immediately and therefore can send to your immediately.  With the ACH system you can push funds to another financial entity but transfer links must be setup/approved first....and once again you get into the batch system which takes time to process. 

[john terry1001]

3 minutes ago, Pib said:

The US Automated Clearing House (ACH) system is the primary funds transfer system used in the US for bank transfers, govt payments, just everything.  It's what Transferwise uses in the US to "pull" money from your bank acct to fund the transfer. 

 

The ACH system is a "batch" system and not a real time system.  By batch I mean transfers are only transmitted a few times..or maybe once every day.  The transfers then go to an ACH clearing house that is used as a middle man to link up with the bank/financial companies you are sending the money to.  This is done overnight.  So the receiving bank does not get notice of the transfer or the request to pull funds until the next day.  Then that bank responds in a batch process again.  Bottom line is it takes 1 to 3 business days for a transfer to fully process.   So since it takes Transferwise 1 to 3 days to receive the money to fund the transfer the transfers just take longer. 

 

Now in a real time funds transfer system where someone is pushing money to Transferwise, well, Transferwise gets the money immediately and therefore can send to your immediately.  With the ACH system you can push funds to another financial entity but transfer links must be setup/approved first....and once again you get into the batch system which takes time to process. 

Thanks for the explanation Pib. A lot of the delays and problems I read about regularly on TV begin to make sense now. 

 

One other difference causing delays I can see straight away is the apparent US preference to get Transferwise (or any other banking system) to pull funds from your own account into there's. With ACH automatically installed as a middle man the speed of transfers is virtually out of your control.

 

And you say you have to set up push style transfer links first. Is that a one time set up or do you have to do that each time with every transfer? If you could set up a transfer link that's  permanently remembered/authorised you could possibly transfer as quickly as we do in the UK 

 

In the UK we don't have an ACH system to muddy the process with TW, although for those who choose to transfer directly from their UK bank account directly to their Thai bank are dependant on when their UK bank sends the transfer, so that's possibly similarish to your ACH system. 

 

We can choose whether to pull or push the transfer on its merry way but its just down to choice. Personally, I prefer to push the money from my UK bank account to TW because I have direct control over exactly when its being sent. 

 

I have TW's bank account details saved in my UK account and for all transfers I set up the details first in the TW app then immediately go to my UK phone app and transfer the money. TW email me with two minutes to confirm they've received the money, send a second email to say the transfer has arrived in my Bangkok bank.The whole process is completed in five minutes and the money is in my Bangkok bank by either 2:00pm the same day or 2:00pm the next day.

 

 

[jacko45k]

I too just made a T/W transfer, rather silly as it was a long holiday weekend but the rate reached a target I had set, and I needed to do it. (And expected the rate to drop). Initiated Saturday 12th afternoon... money received 2pm Tuesday 15th (Banks closed Monday). Bangkok Bank, selected the new 'Money for Long Term Stay' and arrived as an International Transfer. 

[zoza]

i recently asked TW if they could change ''dummy branch'' as i thought my immigration officer might not see the funny side of it re International funds transfer for ''retirement visa''. within a week i got a nice reply instructing me to contact Kasikorn International trade center and that if i supplied the  actual bank transfer details, my passport details, my visa.

then they will produce an FET form? dealing with that transaction.

the nearest Kasikorn international trade center did not even answer the phone? so after three attempts....

i went to my KK branch and they directed me to another branch and implied they would fix it.

to me it felt like another pass the customer on and that a form for one transaction was not enough and that what i really want is the code on every transaction i was going to change my bank but i have just read that by just

changing to the ''funds for long term stay in Thailand '' in the drop down list for reasons for the transfer, will solve my FTT problem?

does this work for Kasikorn and immigration Jomtien? 

Edited October 16, 2019 by zoza
sticking key

[zoza]

On 10/2/2019 at 7:58 PM, JAS21 said:

 Initially I used to do the deal and then phone transfer wise and they would advise some group that I want it to go direct to Bangkok Bank.

 

They would then contact me to say it has been arranged and I was to pay the money.

 

Later my account was tagged 

 

Then there was the problem and I went back to what was arranged initially.

 

Now my account is tagged and I don’t bother informing them anymore that I am doing a deal.

 

I always used the general living expenses but since someone pointed out there was the  ‘for  Immigration’  line at the bottom I now use that.

I have looked and not found any 'for immigration' and where is this tagged

as I am having issues with the FTT as I get 'dummy branch'

a certain 'winner' in Jomtien. 

[john terry1001]

1 hour ago, zoza said:

i recently asked TW if they could change ''dummy branch'' as i thought my immigration officer might not see the funny side of it re International funds transfer for ''retirement visa''. within a week i got a nice reply instructing me to contact Kasikorn International trade center and that if i supplied the  actual bank transfer details, my passport details, my visa.

then they will produce an FET form? dealing with that transaction.

the nearest Kasikorn international trade center did not even answer the phone? so after three attempts....

i went to my KK branch and they directed me to another branch and implied they would fix it.

to me it felt like another pass the customer on and that a form for one transaction was not enough and that what i really want is the code on every transaction i was going to change my bank but i have just read that by just

changing to the ''funds for long term stay in Thailand '' in the drop down list for reasons for the transfer, will solve my FTT problem?

does this work for Kasikorn and immigration Jomtien? 

I assume you live in the Pattaya area and yes, selecting the ''funds for long term stay in Thailand" should resolve your problem. 

 

Which bank do you use as your Thai bank to transfer your money in to?  If, as it appears from you saying dummy branch in your post, its Kasikorn then dummy branch shows up because your transfer was routed via one of TW's other partner banks (Bangkok bank or TMB) before arriving at your Kasikorn account. You will need to confirm which partner bank was used and contact their International Department (not Kasikorn) to obtain the necessary confirmation that the transfer originated from overseas.

 

The last section of the PDF that TW supply to show the transfer confirmation will show which of the partner banks was used.

[john terry1001]

13 minutes ago, zoza said:

I have looked and not found any 'for immigration' and where is this tagged

as I am having issues with the FTT as I get 'dummy branch'

a certain 'winner' in Jomtien. 

It's the drop down box. It doesn't mention Immigration, you just highlight the 'funds for long term stay in Thailand' option. Have you also phoned TW to ask them to tag your preferred Thai bank route option? They go hand in hand.

[zoza]

3 hours ago, john terry1001 said:

It's the drop down box. It doesn't mention Immigration, you just highlight the 'funds for long term stay in Thailand' option. Have you also phoned TW to ask them to tag your preferred Thai bank route option? They go hand in hand.

I am thinking I am behind with all this, 11 days ago I got a reply to my queries to TW, over the 'Dummy Branch'  code every time I transferred money from TW to my bank KK , the message informed me if I contacted the  international KK trade center and supplied them my KK Bank details

my passport and my visa details they could help with the code FTT.

the nearest international trade center for KK did not even answer the phone. so I went to my branch and they advised me to go to KK on Pattaya Klang  2nd floor and all would be fixed ? it is getting like the magic roundabout, I have been using TW TO KK for about a year now and I have

never had the FTT code I have contacted KK and TW a few times but

never had any real help. if any one using TW to KK  and is getting the code

that immigration want?  could explain the formula. cheers.

 

[lopburi3]

29 minutes ago, zoza said:

never had the FTT code I have contacted KK and TW a few times but

FTT is only used by Bangkok Bank AFAIK.  Other banks have different codes they use.

[john terry1001]

42 minutes ago, zoza said:

I am thinking I am behind with all this, 11 days ago I got a reply to my queries to TW, over the 'Dummy Branch'  code every time I transferred money from TW to my bank KK , the message informed me if I contacted the  international KK trade center and supplied them my KK Bank details

my passport and my visa details they could help with the code FTT.

the nearest international trade center for KK did not even answer the phone. so I went to my branch and they advised me to go to KK on Pattaya Klang  2nd floor and all would be fixed ? it is getting like the magic roundabout, I have been using TW TO KK for about a year now and I have

never had the FTT code I have contacted KK and TW a few times but

never had any real help. if any one using TW to KK  and is getting the code

that immigration want?  could explain the formula. cheers.

 

Ok. Lets start at the beginning.

 

What country are you transferring from? UK, US and Aus systems might differ slightly. This is for the UK. 

you're transferring to Kasikorn, correct?

Have you phoned TW to ask them to tag your preferred Thai bank route. If not, do that first. Tagging is a one time only action. You won't need to do it again unless you change your Thai bank account.

 

When making a transfer, select your Thai bank preferred route account for the receiving account

Select 'funds for long term stay in Thailand' from the drop down reason box 

Transfer the money to TW

 

When making a transfer you will get the confirmation "transfer sent" email from TW to confirm your transfer has arrived in Thailand and there's a link in that email that says "You can download a receipt for your transfer here". Clicking on 'here' will bring up a PDF showing the full details of that transfer. The last section at the bottom of  of that PDF will show:

 

TransferWise Ltd on behalf of  (your name)            Delivered via
                                                                       Local bank transfer
Account number
Bangkok Bank THB 

 

Where this example says Bangkok bank yours will show the name of the bank (Kasikorn, Bangkok bank or TMB), and this is the name of the partner bank that TW sent your transfer to.

 

If Kasikorn, that means your transfer will show as an overseas transfer in your account which is what you want.

 

If Bangkok bank (BKKB), the transfer initially went via BKKB and you must contact their International department and ask for a credit advice receipt to show where the transfer originated. You will need to provide a copy of that TW PDF for the relevant transfer, a copy of your Kasikorn bank book account details with the relevant transaction and  a copy of your passport photo page. When you ask BKKB will know what you're talking about.

 

 If TBM, the transfer initially went via TMB and you must contact their International department and ask for a credit advice receipt to show where the transfer originated. You will need to provide a copy of that TW PDF for the relevant transfer, a copy of your Kasikorn bank book account details with the relevant transaction and  a copy of your passport photo page. When you ask, again TMB will know what you're talking about.

 

If you have tagged your Kasikorn bank and selected the 'funds for long term stay in Thailand' as the reason for the transfer, your transfers should show as international transfers on your Kasikorn account.

 

Hope this helps.

[Kadilo]

40 minutes ago, john terry1001 said:

Ok. Lets start at the beginning.

 

What country are you transferring from? UK, US and Aus systems might differ slightly. This is for the UK. 

you're transferring to Kasikorn, correct?

Have you phoned TW to ask them to tag your preferred Thai bank route. If not, do that first. Tagging is a one time only action. You won't need to do it again unless you change your Thai bank account.

 

When making a transfer, select your Thai bank preferred route account for the receiving account

Select 'funds for long term stay in Thailand' from the drop down reason box 

Transfer the money to TW

 

When making a transfer you will get the confirmation "transfer sent" email from TW to confirm your transfer has arrived in Thailand and there's a link in that email that says "You can download a receipt for your transfer here". Clicking on 'here' will bring up a PDF showing the full details of that transfer. The last section at the bottom of  of that PDF will show:

 

TransferWise Ltd on behalf of  (your name)            Delivered via
                                                                       Local bank transfer
Account number
Bangkok Bank THB 

 

Where this example says Bangkok bank yours will show the name of the bank (Kasikorn, Bangkok bank or TMB), and this is the name of the partner bank that TW sent your transfer to.

 

If Kasikorn, that means your transfer will show as an overseas transfer in your account which is what you want.

 

If Bangkok bank (BKKB), the transfer initially went via BKKB and you must contact their International department and ask for a credit advice receipt to show where the transfer originated. You will need to provide a copy of that TW PDF for the relevant transfer, a copy of your Kasikorn bank book account details with the relevant transaction and  a copy of your passport photo page. When you ask BKKB will know what you're talking about.

 

 If TBM, the transfer initially went via TMB and you must contact their International department and ask for a credit advice receipt to show where the transfer originated. You will need to provide a copy of that TW PDF for the relevant transfer, a copy of your Kasikorn bank book account details with the relevant transaction and  a copy of your passport photo page. When you ask, again TMB will know what you're talking about.

 

If you have tagged your Kasikorn bank and selected the 'funds for long term stay in Thailand' as the reason for the transfer, your transfers should show as international transfers on your Kasikorn account.

 

Hope this helps.

Excellently summarised. 

[zoza]

21 minutes ago, john terry1001 said:

Ok. Lets start at the beginning.

 

What country are you transferring from? UK, US and Aus systems might differ slightly. This is for the UK. 

you're transferring to Kasikorn, correct?

Have you phoned TW to ask them to tag your preferred Thai bank route. If not, do that first. Tagging is a one time only action. You won't need to do it again unless you change your Thai bank account.

 

When making a transfer, select your Thai bank preferred route account for the receiving account

Select 'funds for long term stay in Thailand' from the drop down reason box 

Transfer the money to TW

 

When making a transfer you will get the confirmation "transfer sent" email from TW to confirm your transfer has arrived in Thailand and there's a link in that email that says "You can download a receipt for your transfer here". Clicking on 'here' will bring up a PDF showing the full details of that transfer. The last section at the bottom of  of that PDF will show:

 

TransferWise Ltd on behalf of  (your name)            Delivered via
                                                                       Local bank transfer
Account number
Bangkok Bank THB 

 

Where this example says Bangkok bank yours will show the name of the bank (Kasikorn, Bangkok bank or TMB), and this is the name of the partner bank that TW sent your transfer to.

 

If Kasikorn, that means your transfer will show as an overseas transfer in your account which is what you want.

 

If Bangkok bank (BKKB), the transfer initially went via BKKB and you must contact their International department and ask for a credit advice receipt to show where the transfer originated. You will need to provide a copy of that TW PDF for the relevant transfer, a copy of your Kasikorn bank book account details with the relevant transaction and  a copy of your passport photo page. When you ask BKKB will know what you're talking about.

 

 If TBM, the transfer initially went via TMB and you must contact their International department and ask for a credit advice receipt to show where the transfer originated. You will need to provide a copy of that TW PDF for the relevant transfer, a copy of your Kasikorn bank book account details with the relevant transaction and  a copy of your passport photo page. When you ask, again TMB will know what you're talking about.

 

If you have tagged your Kasikorn bank and selected the 'funds for long term stay in Thailand' as the reason for the transfer, your transfers should show as international transfers on your Kasikorn account.

 

Hope this helps.

ok first from UK every month to KK via TW but many Emails Queries and not much help from either, but before my next Transfer I will of tagged KK with TW, and will pay a visit to KK Pattaya Klang 2nd floor just to see what all that is about and let you know if it worked. cheers.

[john terry1001]

21 minutes ago, zoza said:

ok first from UK every month to KK via TW but many Emails Queries and not much help from either, but before my next Transfer I will of tagged KK with TW, and will pay a visit to KK Pattaya Klang 2nd floor just to see what all that is about and let you know if it worked. cheers.

KK Pattaya Klang won't be of any help. They are the International dept on floor two but they deal mainly with large transfers for house/condo/car buying. They also deal with people who have BKKB and/or TMB accounts where transfers have arrived via KK (much like you in reverse) so they would go to floor two to get their CAR. I've had to do that once, last July.

 

Follow those guidelines with your next transfer, look at the PDF you can download from the email TW sends you. In the bank section at the very bottom it should say Kasikorn. If it does you can guarantee your bank statement will show an International transfer.

[Pib]

23 hours ago, john terry1001 said:

And you say you have to set up push style transfer links first. Is that a one time set up or do you have to do that each time with every transfer? If you could set up a transfer link that's  permanently remembered/authorised you could possibly transfer as quickly as we do in the UK 

 

When you setup a ACH transfer link it's remembered.  But the setup usually requires two trial deposits of less than a dollar to the acct you want to push and/or pull funds funds from.  The trial deposits are sent (the amounts sent are unknown as your bank wants to confirm you can find out what the amounts are....you can only do this if you own the acct.  Since you do not own the acct Transferwise wants you to send the funds to then you can not find out the trial amounts so you can feed them back to your bank to "validate" the transfer link.   This is why for your US Transferwise accts they only uses ACH Pulls, Wire Transfers, Credit Card, or Debit card to fund a transfer.    A person can authorize Transferwise to do an ACH Pull. 

 

Now you could wire the funds to Transferwise but a typical US domestic wires costs around $20 to send plus the cost Transferwise will card you to receive the wire.   

 

Bottomline it will simply take Transferwise 1 to 3 business day to pull/receive funds from your bank....once Transferwise gets those funds then the do the transfer.   

 

 

 

[chris_samui]

I did a Tranferwise transfer this morning at 06:00 AM, I was surprised to get a sms from my SCB bank after 5 minutes that the money was already received.

Normally it always take 4 to 8 hrs to arrive.

This was the fastest I ever received money. I transfer from Belgium from KBC bank Belgium. TW used Kasikorn bank as partner bank this time.

[lopburi3]

1 hour ago, chris_samui said:

I did a Tranferwise transfer this morning at 06:00 AM, I was surprised to get a sms from my SCB bank after 5 minutes that the money was already received.

Normally it always take 4 to 8 hrs to arrive.

This was the fastest I ever received money. I transfer from Belgium from KBC bank Belgium. TW used Kasikorn bank as partner bank this time.

And I am still waiting for my transfer made on the morning of the 11th - due today at 1400 (over 5 days due weekend).

[john terry1001]

12 hours ago, Pib said:

When you setup a ACH transfer link it's remembered.  But the setup usually requires two trial deposits of less than a dollar to the acct you want to push and/or pull funds funds from.  The trial deposits are sent (the amounts sent are unknown as your bank wants to confirm you can find out what the amounts are....you can only do this if you own the acct.  Since you do not own the acct Transferwise wants you to send the funds to then you can not find out the trial amounts so you can feed them back to your bank to "validate" the transfer link.   This is why for your US Transferwise accts they only uses ACH Pulls, Wire Transfers, Credit Card, or Debit card to fund a transfer.    A person can authorize Transferwise to do an ACH Pull. 

 

Now you could wire the funds to Transferwise but a typical US domestic wires costs around $20 to send plus the cost Transferwise will card you to receive the wire.   

 

Bottomline it will simply take Transferwise 1 to 3 business day to pull/receive funds from your bank....once Transferwise gets those funds then the do the transfer.   

 

 

 

The system/example you are describing here is what I was talking about when I said the banking system in the US is very restrictive. The very system that companies like Transferwise have set up to mean we can send money to other countries easy, efficient and cheap is actually prevented/restricted by the US banking system. 

As it gives you your own individual account number, would you be able to set up a Transferwise Borderless account that would satisfy the ACH restrictions when pushing money to that account?

Edited October 17, 2019 by john terry1001

[john terry1001]

25 minutes ago, lopburi3 said:

1 hour ago, chris_samui said:

I did a Tranferwise transfer this morning at 06:00 AM, I was surprised to get a sms from my SCB bank after 5 minutes that the money was already received.

Normally it always take 4 to 8 hrs to arrive.

This was the fastest I ever received money. I transfer from Belgium from KBC bank Belgium. TW used Kasikorn bank as partner bank this time.

And I am still waiting for my transfer made on the morning of the 11th - due today at 1400 (over 5 days due weekend).

lopburi3, are you sending money from the US?

 

Pib has been explaining that the US banking system makes using Transferwise in the US different, restrictive and causes delays compared to using Transferwise with banking systems in other countries.

Edited October 17, 2019 by john terry1001

[Pib]

Efficient/cheap "if" you can immediately "push" money to Transferwise....and push it a no to low cost.  Once they have money in hand from you to fund the transfer then using them is fast.  But if Transferwise must "pull" the funds from your bank acct in the US then things get slower due to the nature of the US ACH transfer system which is not a real time system.   

 

The ACH system slowness has nothing to do with money laundering....many eyeballs checking every transfer---no, none of that.  The slowness of the system is just the way it's  built.....built as a "batch" transfer system that uses middle man clearing agencies like the Federal Reserve Bank...batch transfers that are not real time but happen maybe only once a day and are processed overnight.   A system serving tens of thousands banks/credit union/financial institutions for a country with around 330 million people.

 

And each US bank handles ACH transfers a little differently especially in how many times per day they send/release funds via ACH.  They may only release once a day in the afternoon "if you met their earlier cutoff time to be included in that day's ACH release.   The bank may have a cutoff time of at early as 8am in other for your transfer to be included in the daily ACH release at say 5pm.  Then those funds go the to ACH middle man (the clearing house) where they are processed overnight to the receiving bank. 

 

But the ACH is transitioning to a "same" day system (still not real time) where funds transfers will complete same day.  That is being implement in phases over the next few years. 

 

I'm done around a half dozen Transferwise transfers from the US to Thailand over the last year.  First one took 4 business days....the rest took 1 to 2 business days.

[john terry1001]

3 minutes ago, Pib said:

Efficient/cheap "if" you can immediately "push" money to Transferwise....and push it a no to low cost.  Once they have money in hand from you to fund the transfer then using them is fast.  But if Transferwise must "pull" the funds from your bank acct in the US then things get slower due to the nature of the US ACH transfer system which is not a real time system.   

 

The ACH system slowness has nothing to do with money laundering....many eyeballs checking every transfer---no, none of that.  The slowness of the system is just the way it's  built.....built as a "batch" transfer system that uses middle man clearing agencies like the Federal Reserve Bank...batch transfers that are not real time but happen maybe only once a day and are processed overnight.   A system serving tens of thousands banks/credit union/financial institutions for a country with around 330 million people.

 

And each US bank handles ACH transfers a little differently especially in how many times per day they send/release funds via ACH.  They may only release once a day in the afternoon "if you met their earlier cutoff time to be included in that day's ACH release.   The bank may have a cutoff time of at early as 8am in other for your transfer to be included in the daily ACH release at say 5pm.  Then those funds go the to ACH middle man (the clearing house) where they are processed overnight to the receiving bank. 

 

But the ACH is transitioning to a "same" day system (still not real time) where funds transfers will complete same day.  That is being implement in phases over the next few years. 

 

I'm done around a half dozen Transferwise transfers from the US to Thailand over the last year.  First one took 4 business days....the rest took 1 to 2 business days.

As it gives you your own individual account number, would you be able to set up a Transferwise Borderless account that would satisfy the ACH restrictions when doing the initial set up to enable you to push money to that TW account?

[chris_samui]

So, actually for me as a Belgium resident, they can transfer almost immediately since Belgium banks transfer real time. i use the Borderless Transferwise account. Maybe that's also the reason why it works so quickly?

Edited October 17, 2019 by chris_samui

[john terry1001]

Just now, chris_samui said:

So, actually for me as a Belgium resident, they can transfer almost immediately since Belgium banks transfer real time.

Yes, the same as we can from the UK. We 'push' money from our UK and Belgian accounts so it's transferred in 'real' time. 

 

From the way Pib has explained, in the US it seems people can't push money to Transferwise, they have to use Transferwise to pull the money to their account. This means the request has to go through the US ACH central banking system and that very system causes delays to the transfer.

[Varrius]

I have been reading that the Transferwise Borderless Account Debit Card is now available in Singapore!  Japan is next they say, then maybe here one day. It has been a godsend in the UK and Europe.  Fingers crossed????

[lopburi3]

1 hour ago, john terry1001 said:

lopburi3, are you sending money from the US?

 

Pib has been explaining that the US banking system makes using Transferwise in the US different, restrictive and causes delays compared to using Transferwise with banking systems in other countries.

Yes indeed from USA and aware of that factor - but TW had the money in-hand per email at 1600 our time 15th so taking them almost 48 hours to make payment.  They did advise payment being made at 1124 on 16th our time for deposit on 17th and sorry it took longer than expected (they had said payment to be deposited on 16th - but I expect delay may be because account flag for Bangkok Bank).  So yes USA is a bit behind the curve (baseball) just as they have been on change to microchip cards.  

Edited October 17, 2019 by lopburi3

[Pib]

As it gives you your own individual account number, would you be able to set up a Transferwise Borderless account that would satisfy the ACH restrictions when doing the initial set up to enable you to push money to that TW account?

The person's Transferwise acct number is not a bank acct number used for ACH. Now a person can wire money to a Transferwise bank acct number they give for wire transfers and you would need to reference your Transferwise acct number in that transfer. But domestic wire transfers cost around $20 and will still take 1 or 2 business days to arrive.

Bottomline the US system for money transfer is generally not real time...behind some other parts of the world. Therefore getting money to Transferwise takes longer which means it takes Transferwise longer to complete the transfer.

[lopburi3]

OK my transfer arrived at the normal 1400 time but was recorded as interbank rather than international.  My account is supposed to be tagged to use Bangkok Bank but did not select the Thailand income option (used medical expense as was insurance payment).  So it may be vital to use the Thailand option as reason selection if you want payment direct to your receiving bank.

[john terry1001]

3 hours ago, Pib said:

The person's Transferwise acct number is not a bank acct number used for ACH.

I agree that with a standard transfer you use TW's account number with your personal TW account number as a reference number to identify who's sending the payment. I should imagine that's why it's not acceptable to ACH. 

 

Have you already discussed the detail of the borderless account with TW?

 

As I understand it, with the borderless account it's different, it's a personal account number like any other bank account number. At least that's how mine shows. I have my own personal account number and sort code (a UK reference number to identify your bank's branch in the UK. The US probably have a different branch identity method). 

 

 Then, on your TW web page (and mobile app) you can access your borderless account in the same way you access any other bank account you have at any other bank.

 

So when you try set up to push payments, and you say a small test payment is sent for you to Identify, you do have direct online access to your borderless account to identify that payment.

[Pib]

Yes.  A person can get a borderless acct which comes with bank accts numbers.  But I have no desire for a Transferwise borderless acct...having money setting in a borderless acct....as I don't use Transferwise that often.  My six or so transfers over the last year was more for testing that anything else.   

 

But when I do use Transferwsie getting the money in 1 or 2 business days is fine.  My main "getting money method from the home country bank" is via counter withdrawal at Thai banks using a no foreign transaction fee US debit card that allows up to $5,000 (approx Bt150K) withdrawal per day/transaction.  Instant money into my Thai bank acct with no fees...and more baht & less fees than if I had used Transferwise.

[scubascuba3]

OK my transfer arrived at the normal 1400 time but was recorded as interbank rather than international.  My account is supposed to be tagged to use Bangkok Bank but did not select the Thailand income option (used medical expense as was insurance payment).  So it may be vital to use the Thailand option as reason selection if you want payment direct to your receiving bank.

Sounds like you chose the incorrect drop down box option

[john terry1001]

20 minutes ago, Pib said:

Yes.  A person can get a borderless acct which comes with bank accts numbers.  But I have no desire for a Transferwise borderless acct...having money setting in a borderless acct....as I don't use Transferwise that often.  My six or so transfers over the last year was more for testing that anything else.   

 

But when I do use Transferwsie getting the money in 1 or 2 business days is fine.  My main "getting money method from the home country bank" is via counter withdrawal at Thai banks using a no foreign transaction fee US debit card that allows up to $5,000 (approx Bt150K) withdrawal per day/transaction.  Instant money into my Thai bank acct with no fees...and more baht & less fees than if I had used Transferwise.

OK, that's fine, I was just trying to suggest a solution to US people posting here and generally complaining about the delays they encounter with TW, that don't apply to the rest of us. You were good enough to explain the differences in the US banking process to me. Thanks.