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tommygun809

Tranferwise Conundrum

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A few years ago when I became eligible for my UK state pension the DWP informed me thatthey could pay my pension straight into my Bangkok Bank account. I thought this was a great idea. I immediately agreed and also arranged for my Armed Forces pension to be paid directly to BBL. The arrangement at that time proved ideal for me and, seeing no use for it, I closed my UK bank account.

When the embassy stopped issuing the bank letters for immigration, I dicovered that all these deposits had the bahtnet code. Despite several attempts to trace the origin of the transfers, the bank failed repeatedly to come up with evidence which immigration here in Phayao would accept. Hey Ho, off to Savanakhet for a 'Multi'.

I then dicovered Transferwise who told me if I opened an account they would give me an account number an sort could so I could my pension providers to transfer my pension to my TW account. I opened an account and received a partial account number and code and was when they received the first deposit they would supply me with the rest of the account number and sort code. I queried this ( I had already told them I don't have a UK bank account ) and they said sorry and no, they could not accept a transfer of baht. No further help was offered. Do any of you TW users have a solution to this 'chicken and egg' conundrum?

Sorry about the length of the post!

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Are your proposed pension payments to your new Transferwise Borderless account not in GBP? Don't understand the 'transfer of baht' reference'.

 

Once you have the GBP funds in your TW account you can then arrange to send to your account in Thailand. 

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You misunderstand. To receive funds into the account I need to give my full account number and full sort code to my pension providers. When I opened the TW account they gave me only a partial account number and a partial sort code telling me that I would be given a full account number and a full sort code when a deposit is first made into my account. How can I get my pension providers to pay my money into an account for which they don't have the details? Not having a UK bank accounf, I have no other way to deposit GBP into a TW account. 

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7 minutes ago, tommygun809 said:

You misunderstand. To receive funds into the account I need to give my full account number and full sort code to my pension providers. When I opened the TW account they gave me only a partial account number and a partial sort code telling me that I would be given a full account number and a full sort code when a deposit is first made into my account. How can I get my pension providers to pay my money into an account for which they don't have the details? Not having a UK bank accounf, I have no other way to deposit GBP into a TW account. 

To the best of my knowledge, because of AMLO laws, Transferwise require you to make a transfer to their bank from your bank in the country of origin. I don't think you can just deposit from another source into their account (your account number with them is just a sub-account of their main commercial bank account in each country). You'll need a local UK account in your name to transfer from. I stand to be  corrected of course, but that's been my experience in Australia.

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My understanding of TW procedures is the money must come from an account in your name. That's it, end of story...... As for borderless accounts last time I checked baht was not on the list of available currencies; so again not an option.

Screenshot_2019-12-06-15-06-57-310_com.transferwise.android.jpg

Screenshot_2019-12-06-15-09-32-573_com.transferwise.android.jpg

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11 minutes ago, Buffy Frobisher said:

To the best of my knowledge, because of AMLO laws, Transferwise require you to make a transfer to their bank from your bank in the country of origin. I don't think you can just deposit from another source into their account (your account number with them is just a sub-account of their main commercial bank account in each country). You'll need a local UK account in your name to transfer from. I stand to be  corrected of course, but that's been my experience in Australia.

 

 

Yes you can. I have two friends who have their occupational pensions paid to TW. (the pension trustees were unwilling to transfer direct toa Thai bank)

 

There us a full sort code/account number linked to your Borderless account which is domiciled at Barclays Shoreditch. Your reference number is the distinguishing identifier.

 

 

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1 hour ago, Jip99 said:

 

 

Yes you can. I have two friends who have their occupational pensions paid to TW. (the pension trustees were unwilling to transfer direct toa Thai bank)

 

There us a full sort code/account number linked to your Borderless account which is domiciled at Barclays Shoreditch. Your reference number is the distinguishing identifier.

 

 

Yes but is it not possible they complied by sending a transfer to / from a personal uk bank. 

I have many contractors working for me in europe and I get each of them to set up Transferwise when they start. The TW team do a very poor job of explaining account restrictions which they apply to many / some accounts after signup. I tell all of them to just send 10 quid to it from a uk account and 9 times from 10 the issues and locks go away after that. 

 

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2 hours ago, tommygun809 said:

You misunderstand. To receive funds into the account I need to give my full account number and full sort code to my pension providers. When I opened the TW account they gave me only a partial account number and a partial sort code telling me that I would be given a full account number and a full sort code when a deposit is first made into my account. How can I get my pension providers to pay my money into an account for which they don't have the details? Not having a UK bank accounf, I have no other way to deposit GBP into a TW account. 

Your account number (and IBAN number) is listed on your phone app page when you view the 'British flag' GBP button.

Edited by BritManToo

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