Jump to content
BANGKOK
PST

Bank Transfers For Visa Extension

Recommended Posts

With regards to transferring funds (40k / 400k) into a Thai bank to extend a NON O based on Marriage, what 'extra' funds would people suggest to cover the  bank costs of transfers both ends so the amount that actually enters your bank is correct, or just over?

Share this post


Link to post
Share on other sites
6 minutes ago, Peter Denis said:

When you use TransferWise to make the transfer you will only pay a relatively small service fee for their service (they use the mid-exchange rate which is the actual and best possible exchange rate). 

And you can determine EXACTLY which amount will be transfered to your thai bank-account.

Having transfered the amount, you can generate a PDF-transfer receipt which will show that the funds originated from your foreing bank-account (and which is accepted by most IOs as proof of foreign origin of the funds).

Last month Bht 50k was £1230, today £1315, so the transfer fee went up from £8.95 to £9.15.....just can't win.

  • Confused 1

Share this post


Link to post
Share on other sites
9 minutes ago, Peter Denis said:

When you use TransferWise to make the transfer you will only pay a relatively small service fee for their service (they use the mid-exchange rate which is the actual and best possible exchange rate). 

And you can determine EXACTLY which amount will be transfered to your thai bank-account.

Having transfered the amount, you can generate a PDF-transfer receipt which will show that the funds originated from your foreing bank-account (and which is accepted by most IOs as proof of foreign origin of the funds).

Thanks Peter, and obviously, it would show as an International transfer on my Thai bank statement too?.

Edited by PST
  • Like 1

Share this post


Link to post
Share on other sites

So my Thai bank would not charge anything?, the amount i send is the amount i recieve?

Share this post


Link to post
Share on other sites
3 minutes ago, PST said:

Thanks Peter, and obviously, it would show as an International transfer on my Thai bank statement too?.

Whether it would also show up as an international transfer on your thai bank-book would depend what thai bank you are using.  If it is a Bangkok Bank or Kasikorn Headquarters account (and when you indicated as reason the option 'long-stay in Thailand') that would work, as these are TransferWise partner-banks.

If you have another thai bank, it will not show on your bank-book but the 12-month bank statement will normally show that it is a foreign transfer. 
But as mentioned higher the PDF transfer-receipt which you can generate when having done the TransferWise transfer will show fully transparent that the funds originated from your foreign bank and went into your thai bank-account, and that receipt is accepted as proof by most IOs.

  • Like 1

Share this post


Link to post
Share on other sites
3 minutes ago, PST said:

So my Thai bank would not charge anything?, the amount i send is the amount i recieve?

Your thai bank will not charge anything as they simply receive the transfer in THB on your thai bank-account.

When you send e.g. 1.000 GBP the TransferWise window will show the service fee for transfering that amount, as well as the exact amount in THB that will be transfered to your thai bank-account.

Note: As TW uses the 'real' exchange-rate that figure changes every minute, and you can set alerts to be e-mailed when it reaches the exchange-rate of your choice.

  • Like 1

Share this post


Link to post
Share on other sites
4 minutes ago, Peter Denis said:

Your thai bank will not charge anything as they simply receive the transfer in THB on your thai bank-account.

When you send e.g. 1.000 GBP the TransferWise window will show the service fee for transfering that amount, as well as the exact amount in THB that will be transfered to your thai bank-account.

Note: As TW uses the 'real' exchange-rate that figure changes every minute, and you can set alerts to be e-mailed when it reaches the exchange-rate of your choice.

TW uses the so called mid-market rate, and you can only set alerts when using the TW website, not the mobile app. 

  • Like 2

Share this post


Link to post
Share on other sites
23 minutes ago, PST said:

Thanks Peter, and obviously, it would show as an International transfer on my Thai bank statement too?.

Not if an intermediary Thai bank is involved it would show as a domestic transfer. 

  • Like 2

Share this post


Link to post
Share on other sites
1 minute ago, Mr Smithy said:

Not if an intermediary Thai bank is involved it would show as a domestic transfer. 

SCB?

Share this post


Link to post
Share on other sites
29 minutes ago, PST said:

So my Thai bank would not charge anything?, the amount i send is the amount i recieve?

You will receive the amount you sent minus the TW fee and the rate will be guaranteed. For example, if using the Low cost transfer option, when sending £1000, the fee will be £7. That leaves £993 to be converted using the mid-market rate.

Edited by Max69xl
  • Like 2

Share this post


Link to post
Share on other sites
2 minutes ago, Mr Smithy said:

Not if an intermediary Thai bank is involved it would show as a domestic transfer. 

That is true, I have been through all of that and they will not count a periodic transfer unless your account receives it as a foreign wire (FTT). I abandoned bimonthly transfers, bit the bullet, and put 400KB in for my marriage visa. They dont care how it gets there as long as its there for 60 days.

Share this post


Link to post
Share on other sites
2 minutes ago, tlesher said:

That is true, I have been through all of that and they will not count a periodic transfer unless your account receives it as a foreign wire (FTT). I abandoned bimonthly transfers, bit the bullet, and put 400KB in for my marriage visa. They dont care how it gets there as long as its there for 60 days.

But wouldn't it appear as a FTT on the 12 month bank statement?

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...