65k THB monthy remit for retirement extension

[norbra]

Today I had a problem at CW as they wanted monthly "credit advice statements" from KBank for each transfer ,I submitted a 12 month statement showing the 65k deposits,wrong. For those reding further the super IO advised that you collect these following each remittance as they are then free of charge.

Knowing that my last 3 transfers arrived at KBank as domestic deposits I took with me copies showing 12 months history of my home bank transfers, my forex transaction receipts showing SWIFT transfers from my home bank to KBank, not enough!! go back to Kbank with another note in Thai,handed over another 100 thb and was given a document showing a list of details,in Thai and sent back to the IO,much talking in Thai more IOs consulted,finally they all stopped talking and I was able to indicte the trail from my home bank to KBank, more talk and tnkfully after 6 hours approval was granted.

For my next extension I have to changd my forex service,hopefully some more experienced mebers can suggest some options for transfer options AUD to THB

Thank you

[Tanoshi]

3 hours ago, norbra said:

For my next extension I have to changd my forex service,hopefully some more experienced mebers can suggest some options for transfer options AUD to THB

Thank you

You need to change your bank, or request 'credit receipts' for each transfer as proof of an overseas transfer.

[happydays]

Have a look at XE https://www.xe.com/mt/au-money-transfer

 

Their rates are not quite as good as TransferWise but they don’t charge a fee so the net cost is about the same. They make physical transfers via NZ so it should always appear as an overseas transaction in your Thai bank book.

[Dazinoz]

At first I was using the Commonwealth Bank of Australia to transfer THB to Bangkok Bank. Showed up as FTT in account. The "FTT" is required  by immigration so they don't have to think outside the box. Then I read about Transferwise so I started using them. A much better exchange rate than from Commonwealth. This was ok for about 6 months when Transferwise changed their banking arrangements and my transfer showed up as a local transfer (I can't remember code). So to ensure the "FTT" in the bank book I did another transfer from the Commonwealth Bank. At the suggestion from the bank I transferred in $aud. Another local transfer showed. So I did a third, again from the Commonwealth Bank but transferred in THB. Got the required FTT code in account. I then sent the 2 prior transfers back by DeeMoney. I contacted Transferwise and they said they would log on my account to goto Bangkok Bank direct. They now have as one of theirs reason for transfer is money for long term stay in Thailand. Every time now for more than 12 months no issues.

[happydays]

17 hours ago, happydays said:

Have a look at XE https://www.xe.com/mt/au-money-transfer

 

Their rates are not quite as good as TransferWise but they don’t charge a fee so the net cost is about the same. They make physical transfers via NZ so it should always appear as an overseas transaction in your Thai bank book.

I should have mentioned that XE transfers usually take 3-4 business days whereas TransferWise transfers tend to arrive within 24 hours.

[EricTh]

6 minutes ago, happydays said:

I should have mentioned that XE transfers usually take 3-4 business days whereas TransferWise transfers tend to arrive within 24 hours.

How about exchange rates? Which is better?

[stouricks]

10 minutes ago, happydays said:

I should have mentioned that XE transfers usually take 3-4 business days whereas TransferWise transfers tend to arrive within 24 hours.

So instigate the XE transfer 3 days earlier!

[Dazinoz]

10 minutes ago, EricTh said:

How about exchange rates? Which is better?

As he said in his post "their (XE) rates are not quite as good as TransferWise"

[norbra]

17 hours ago, Dazinoz said:

At first I was using the Commonwealth Bank of Australia to transfer THB to Bangkok Bank. Showed up as FTT in account. The "FTT" is required  by immigration so they don't have to think outside the box. Then I read about Transferwise so I started using them. A much better exchange rate than from Commonwealth. This was ok for about 6 months when Transferwise changed their banking arrangements and my transfer showed up as a local transfer (I can't remember code). So to ensure the "FTT" in the bank book I did another transfer from the Commonwealth Bank. At the suggestion from the bank I transferred in $aud. Another local transfer showed. So I did a third, again from the Commonwealth Bank but transferred in THB. Got the required FTT code in account. I then sent the 2 prior transfers back by DeeMoney. I contacted Transferwise and they said they would log on my account to goto Bangkok Bank direct. They now have as one of theirs reason for transfer is money for long term stay in Thailand. Every time now for more than 12 months no issues.

Thanks for this infomation I too was using a forex agent and also things were going OK until Banking Anti money laundering conditions changed to include in any transaction that the name of sender and receiver must be shown in each step of every transaction.

I will look at Transfer Wise further as it seems to be the way to go

[chilly07]

I have now done 15 mths of FTT TransferWise transfers into Bangkok Bank and collected Credit Advices for each which I then take back to my bank to produce the IO letter. No extra charge and no 7 day wait

[mfd101]

4 minutes ago, chilly07 said:

I have now done 15 mths of FTT TransferWise transfers into Bangkok Bank and collected Credit Advices for each which I then take back to my bank to produce the IO letter. No extra charge and no 7 day wait

Yes, use TW to Bangkok Bank (& tick the TW box that says 'For long stay in Thailand' or words to that effect). Works every time with 'FTT' showing in your BKK Bank book.

[norbra]

4 hours ago, norbra said:

Thanks for this infomation I too was using a forex agent and also things were going OK until Banking Anti money laundering conditions changed to include in any transaction that the name of sender and receiver must be shown in each step of every transaction.

I will look at Transfer Wise further as it seems to be the way to go

Have been in touch with TW and they advised that they use KBank as their Thai "agent" they advised me that I must take Kbank passbook, passport and TW receipt to any KB International Centre where I can obtain the International credit advice statements required by Immigration

[Dazinoz]

47 minutes ago, norbra said:

Have been in touch with TW and they advised that they use KBank as their Thai "agent" they advised me that I must take Kbank passbook, passport and TW receipt to any KB International Centre where I can obtain the International credit advice statements required by Immigration

Thats a new one, but hey TiT.

[john terry1001]

On 5/20/2020 at 4:54 PM, happydays said:

Have a look at XE https://www.xe.com/mt/au-money-transfer

 

Their rates are not quite as good as TransferWise but they don’t charge a fee so the net cost is about the same. They make physical transfers via NZ so it should always appear as an overseas transaction in your Thai bank book.

Do they guarantee the exchange rate when you initiate the transfer (like Transferwise) or are you at the mercy of the current exchange rate when your transfer arrives in your Thai bank account? 

[john terry1001]

3 hours ago, norbra said:

Have been in touch with TW and they advised that they use KBank as their Thai "agent" they advised me that I must take Kbank passbook, passport and TW receipt to any KB International Centre where I can obtain the International credit advice statements required by Immigration

Transferwise use three different Thai banks as their partner banks, Bangkok Bank, Kasikorn Bank and TMB. You have the option of using any one of them.

 

Don't know who told you you must use Kasikorn but it's simply not true. As long as you have an account at any one of those banks and you register that account as your preferred account and select the 'funds for long term stay in Thailand' as your reason for the transfer, you can transfer directly to that account, and the coding will always show up as an International Transfer.

 

There is no need to obtain a credit advice receipt when it's shown as an International transfer. They are only necessary if you have chosen a different Thai Bank to one of those three. If, for example, you used Krung Thai as your preferred bank, Transferwise will still send it to Krung Thai ......BUT it will go via one of their partner banks first then, immediately, on to Krung Thai. But because the final leg of the transfer is then between two Thai banks the coding will show as a domestic transfer even though it's still been sent from overseas. You would then need a credit advice receipt to prove the transfer.

 

I think most people tend to use Bangkok bank because that seems to be the most popular but open/have an account at any one of their partner banks, register it as your preferred bank with TW, ensure you select that same account with every transfer you do and you'll have no problems.

 

If you initiate a transfer before 9:00am Thai time (Mon to Fri) it should arrive in your Thai account the same day. If you initiate it after 9:00am it should arrive on the Thai bank's next working day.

 

One other slight anomaly, if you use Bangkok bank your account will be credited at 2:00pm on the day they receive the transfer regardless of the time they receive it, if you use Kasikorn however your account will be credited the moment they receive the transfer regardless of the time. Don't know about TMB.  

Edited May 21, 2020 by john terry1001

[abrise]

19 hours ago, john terry1001 said:

There is no need to obtain a credit advice receipt when it's shown as an International transfer. They are only necessary if you have chosen a different Thai Bank to one of those three. If, for example, you used Krung Thai as your preferred bank, Transferwise will still send it to Krung Thai ......BUT it will go via one of their partner banks first then, immediately, on to Krung Thai. But because the final leg of the transfer is then between two Thai banks the coding will show as a domestic transfer even though it's still been sent from overseas. You would then need a credit advice receipt to prove the transfer.

 

I have just visited Krung Thai today and confirm that all my transferwise transfers are showned as domestic . They say of course that  they can't help.

I don't know what is a credit advise receipt. Does somebody know how I can get them ? I should ask to who ? Krung Thai or the partner bank which I don't know or transferwise ?

[Tanoshi]

1 hour ago, abrise said:

I have just visited Krung Thai today and confirm that all my transferwise transfers are showned as domestic . They say of course that  they can't help.

I don't know what is a credit advise receipt. Does somebody know how I can get them ? I should ask to who ? Krung Thai or the partner bank which I don't know or transferwise ?

TW use 3 partner banks, Bangkok, Kasikorn and TMB - not Krung Thai. so your transfers will always go through another bank to you KT bank, probably using the 'SMART' inter banking system.

 

The other problem is that all International transfers go through the HQ of banks to your branch.

Only Bangkok bank relay the coding to your branch account.

Kasikorn and TMB, do not, therefore you need to request 'credit receipts' or Statements from their HQ as proof of overseas transfers.

 

What you firstly have to do is establish which Bank your transfers went through to your KT account.

You can print off pdf receipts from your TW account which will provide these details.

Log into your TW account and your transactions will be listed from the most recent at the top.

To the right of each transaction you will see the currency sent and THB received, with a Blue arrow.

Click on the Blue arrow.

Opens another window with dates of the transfer, but underneath a box 'Need some Help'.

Click that box, opens another window 'Download Receipt', to view transfer details.

Click on that box and your transfer details will be displayed.

 

On the second page it will show the banking partner and the banking partner reference.

For example;

Banking partner: Bangkok Bank THB
Banking partner reference: 105754669

 

Some Immigration offices have accepted these printed TW pdf receipts as proof of overseas transfers regardless of the coding on your bank statements or Passbooks.

You should establish with your IO if these are acceptable before proceeding further.

Edited May 22, 2020 by Tanoshi

[norbra]

21 hours ago, john terry1001 said:

Transferwise use three different Thai banks as their partner banks, Bangkok Bank, Kasikorn Bank and TMB. You have the option of using any one of them.

 

Don't know who told you you must use Kasikorn but it's simply not true. As long as you have an account at any one of those banks and you register that account as your preferred account and select the 'funds for long term stay in Thailand' as your reason for the transfer, you can transfer directly to that account, and the coding will always show up as an International Transfer.

 

There is no need to obtain a credit advice receipt when it's shown as an International transfer. They are only necessary if you have chosen a different Thai Bank to one of those three. If, for example, you used Krung Thai as your preferred bank, Transferwise will still send it to Krung Thai ......BUT it will go via one of their partner banks first then, immediately, on to Krung Thai. But because the final leg of the transfer is then between two Thai banks the coding will show as a domestic transfer even though it's still been sent from overseas. You would then need a credit advice receipt to prove the transfer.

 

I think most people tend to use Bangkok bank because that seems to be the most popular but open/have an account at any one of their partner banks, register it as your preferred bank with TW, ensure you select that same account with every transfer you do and you'll have no problems.

 

If you initiate a transfer before 9:00am Thai time (Mon to Fri) it should arrive in your Thai account the same day. If you initiate it after 9:00am it should arrive on the Thai bank's next working day.

 

One other slight anomaly, if you use Bangkok bank your account will be credited at 2:00pm on the day they receive the transfer regardless of the time they receive it, if you use Kasikorn however your account will be credited the moment they receive the transfer regardless of the time. Don't know about TMB.  

More information every day this is good, I was not told I must use KBank,it was only mentioned by the IO that this is the course that i must follow as a Kbank customer. TW advised that Kbank was their partner probably because I was asking about credit advice as a Kbank customer. many thanks for your input

[abrise]

1 hour ago, Tanoshi said:

 

Some Immigration offices have accepted these printed TW pdf receipts as proof of overseas transfers regardless of the coding on your bank statements or Passbooks.

You should establish with your IO if these are acceptable before proceeding further.

Thank you very much for your comprehensive answer. 

I think then that I will open a Bangkok Bank account in addition to my thirty years old Krung Thai account. I will decide later whether I will deposit a fixed 800 000Baht or a monthly 65 000 Baht . For this year my embassy is still doing the income statement but I am preparing for the day they either stop to do it or immigration do not accept it anymore. I thus wish to have a backup.