Transferwise and Bangkok bank important news

[Atarobs]

I read here in this forum to use transferwise with Bangkok bank for transfer money from outside Thailand to inside for 40 k bath monthly salary for get marriage visa, I do transfer 40 k last day , today I ask to Bangkok bank where come from this money and bank said come from inside Thailand from kasikorn bank , so transferwise cannot use as proven money coming from outside Thailand 

[Oldie]

If you need a FET form read this 

 

https://transferwise.com/help/14/currencies/2932335/thb-transfers

[Moonlover]

I and many others have used the transaction slip that you can download from TransferWise's website as unequivocal proof that the bank deposit originates from abroad.

 

I used them for my marriage extension last year and shall be doing the same again later this month. IOs are now quite familiar with them.

[Issanman]

When you select the reason for the transfer, be sure to select "funds for long term stay in Thailand"

 

[mcmco]

On 8/3/2020 at 9:11 PM, Moonlover said:

I and many others have used the transaction slip that you can download from TransferWise's website as unequivocal proof that the bank deposit originates from abroad.

 

I used them for my marriage extension last year and shall be doing the same again later this month. IOs are now quite familiar with them.

Which IO do you go to that allows the transferwise transaction slips?

[Max69xl]

On 8/3/2020 at 9:11 PM, Moonlover said:

I and many others have used the transaction slip that you can download from TransferWise's website as unequivocal proof that the bank deposit originates from abroad.

 

I used them for my marriage extension last year and shall be doing the same again later this month. IOs are now quite familiar with them.

OP doesn't have a clue about TW and how it works together with Bangkok Bank. Maybe it's the same for you. Bangkok Bank is TW's primary banking partner in Thailand. If the transfer needs to show up as foreign/international in the bank book with the bank code FTT, you must use the correct reason for the transfer, which is "Funds for long term stay in Thailand". To be 99,99% sure, you must contact TW and tell them to tag the account to Bangkok Bank. Then they will always use Bangkok Bank as receiving bank instead of their other 2 banking partners, Kasikorn Bank and Thai Military Bank. I have used TW since 2017 and Bangkok Bank is the receiving bank. My deposits always shows up as "International Transfer" = FTT in my bank book and in my bank account online. If using other banks than those 3 banking partners,then every single deposit will show up as an "Interbank Transfer" or the equivalent terminology at other banks. 

[Peter Denis]

@Atarobs > I did PM you a document outlining how to use TransferWise and ensure that you get hold of the evidence that the transfers you made with TW 'originated from abroad' and this irrespective of the thai bank-account you have that receives the transfers.

> To access your PM messages just click the letter-icon next to your profile when logged-in to the Forum.

[Pib]

Transferwise has two or three partner banks in Thailand....Bangkok Bank, Kaiskorn Bank, and Thai Military Bank (TMB).  Transferwise likes to give business to all it's partner banks whenever possible..

 

I expect in the OP's case when sending to his Bangkok Bank acct he didn't select "Funds for long term stay in Thailand" reason for transfer so Transferwise used Kaiskorn Bank as the partner bank for this transfer.....Transferwise initially instructed Kaiskorn Bank to send the last leg of the transfer and this was a domestic transfer from Kaiskorn Bank to Bangkok Bank. In this case Bangkok Bank sees/codes it as a domestic transfer.

 

If the OP has chosen "Funds for Long Term Stay in Thailand" Bangkok Bank would have directly received the instructions to finalize the transfer and based on Bangkok Bank internal policy they would have coded it as an International Transfer/FTT code in the passbook.

 

 

[PFMills]

I have now done 17 consecutive monthly transfers from the UK to my Bangkok Bank account and everyone has been shown as FTT in my bank book.

[Max69xl]

20 minutes ago, Peter Denis said:

@Atarobs > I did PM you a document outlining how to use TransferWise and ensure that you get hold of the evidence that the transfers you made with TW 'originated from abroad' and this irrespective of the thai bank-account you have that receives the transfers.

> To access your PM messages just click the letter-icon next to your profile when logged-in to the Forum.

If you or others read my post #6, then you don't need anymore info about how to use TW if the transfers "have" to show up as International. I have read so much worthless info here about TW from posters with no knowledge or experience of TW what so ever. It's like a blind leading a blind if you get my drift. OP is talking about transfers to Bangkok Bank, TW's primary banking partner. There's no need for any "evidence" as you call it if you do it the correct way. 

[Moonlover]

2 hours ago, mcmco said:

Which IO do you go to that allows the transferwise transaction slips?

Sakon Nakhon. I first used them last July and I thought I might be the first one to do so as the Embassy letters were just expiring at that time. But no, the IO was already familiar with them. Someone had beaten me to it! And I have since read, on TVF.  that many others have been successful in various offices throughout the country using this same method.

 

@Max69xl I am well aware of how TransferWise operates, however as I do not bank with any of their partners in Thailand (I use Krungrsi) I am unable to obtain these FTT codes that you refer to. But, as I've already said, it doesn't matter, the T/W transaction slip, married to the entry in my bank account provided the proof the the IO wanted to see.

 

 

[Max69xl]

42 minutes ago, Moonlover said:

Sakon Nakhon. I first used them last July and I thought I might be the first one to do so as the Embassy letters were just expiring at that time. But no, the IO was already familiar with them. Someone had beaten me to it! And I have since read, on TVF.  that many others have been successful in various offices throughout the country using this same method.

 

@Max69xl I am well aware of how TransferWise operates, however as I do not bank with any of their partners in Thailand (I use Krungrsi) I am unable to obtain these FTT codes that you refer to. But, as I've already said, it doesn't matter, the T/W transaction slip, married to the entry in my bank account provided the proof the the IO wanted to see.

 

 

Yes, you are correct. But OP's post was about Bangkok Bank and TW which is the optimal combination when using TW. I'm so fed up with wrong info how to use TW the correct way "if" it's important that the transfers shows up as International without the need for TW's PDF's or credit advises or other c**p from other banks than TW's 3 banking partners. Every IO don't accept only the PDF's or slips as you call them, they require more information, they want credit advises from the receiving bank. One guy told me he paid 900 baht (incl the 100 baht bank letter) for credit advises and other papers for immigration. I pay 100 baht to Bangkok Bank for the bank letter and don't need anything else, just copies from my bank book. What complaining people don't understand about TW is the fact that they didn't "have" to create a special reason for transfers for retirees in Thailand (if using the 3 banking partners) to make transfers show up as International. It was because of many emails and phone calls they did it. The main reason for using TW is a better rate, lower fees and faster transfers even when using the "Low cost transfer-option". Before mid 2017 I still used swift transfers bank to bank which took a minimum of 3 banking days. That ment 5 banking days if I sent the money on a Thursday. Now I normally initiate my transfers Mon-Thu or on a Sunday, and my money is in my account 2pm the day after as an international transfer. 

Edited August 5, 2020 by Max69xl

[Peter Denis]

50 minutes ago, Max69xl said:

If you or others read my post #6, then you don't need anymore info about how to use TW if the transfers "have" to show up as International. I have read so much worthless info here about TW from posters with no knowledge or experience of TW what so ever. It's like a blind leading a blind if you get my drift. OP is talking about transfers to Bangkok Bank, TW's primary banking partner. There's no need for any "evidence" as you call it if you do it the correct way. 

You incorrectly assume that I am not fully aware and knowledgeable about what you wrote in your posts #6, #10 and #12, and yes what you wrote is correct.  But your condescending arrogance and misplaced superiority are not appreciated.  As the French saying goes > c'est le ton qui fait la musique...

 

[OJAS]

2 hours ago, Max69xl said:

But OP's post was about Bangkok Bank and TW which is the optimal combination when using TW.

Oh no it wasn't! It was about a less-than-optimal combination in this instance as a result of TW using Kasikorn as their partner bank for a transfer which ultimately ended up in a Bangkok Bank account. The sneeringly patronisingly condescendingly arrogant attitude which you have seemingly cheerfully adopted towards others in this particular thread strikes me as a tad rich in the light of your fundamentally crucial oversight of Kasikorn's involvement as clearly described in the OP, I think!

Edited August 5, 2020 by OJAS

[Moonlover]

11 hours ago, Moonlover said:

@Max69xl I am well aware of how TransferWise operates, however as I do not bank with any of their partners in Thailand (I use Krungrsi) I am unable to obtain these FTT codes that you refer to. But, as I've already said, it doesn't matter, the T/W transaction slip, married to the entry in my bank account provided the proof the the IO wanted to see.

 

 

11 hours ago, Max69xl said:

Yes, you are correct.

Yes, I know I am. Which renders the rest of your diatribe in post #12 as unnecessary.

[Shannoblic]

Peter - would you kind enough to PM me the document about ensuring TW transfers are always marked as foreign income?

 

Thank you.

[Tanoshi]

1 minute ago, Shannoblic said:

Peter - would you kind enough to PM me the document about ensuring TW transfers are always marked as foreign income?

 

Thank you.

Which Thai bank do you use?

[Shannoblic]

Tanoshi - I use Bangkok Bank for my transfers.

[Peter Denis]

7 minutes ago, Shannoblic said:

Peter - would you kind enough to PM me the document about ensuring TW transfers are always marked as foreign income?

 

Thank you.

PM sent, and you are welcome!

[Tanoshi]

10 minutes ago, Shannoblic said:

Tanoshi - I use Bangkok Bank for my transfers.

Thanks.

When making the transfer from TW, on the page 'What's the reason for your transfer', use the drop down button and select the very bottom option, 'Funds for long term stay in Thailand'.

 

TW will then transfer through their Bangkok bank partner account to your Bangkok bank account.

This will ensure the transfers are recorded as 'International' on any Bank statements and as FTT (Foreign Telex Transfer) in your Passbook.

Edited August 6, 2020 by Tanoshi

[theoldgit]

Post in breach of Forum Rules removed.

 

7) You will respect fellow members and post in a civil manner. No personal attacks, hateful or insulting towards other members, (flaming) Stalking of members on either the forum or via PM will not be allowed.

[Tanoshi]

10 minutes ago, Shannoblic said:

Tanoshi - I use Bangkok Bank for my transfers.

Additionally, if your using the Income method and already have transfers that went through one of TW's other partner bank account (namely Kasikorn or TMB) and you don't have the FTT code in your Bangkok bank Passbook, as already mention, many IO's will accept the PDF transaction receipt you can print off from your TW account as proof of International transfer.

This shows the foreign currency converted to baht and The Thai bank it went through to your final BKK account.

[Tanoshi]

14 hours ago, Max69xl said:

If using other banks than those 3 banking partners,then every single deposit will show up as an "Interbank Transfer" or the equivalent terminology at other banks. 

If using Kasikorn or TMB even if the TW transfers go from the same partner accounts, they are only coded as as an 'Interbank Transfer', or 'SMT' (Smart system) in the Passbooks.

[mtls2005]

For those of use transfering USD from a bank in the U.S.A. to Bangkok Bank I see there are four options:

 

bank debit (ACH)
wire transfer
debit/credit card
SWIFT

 

 

ACH seems like the best if I'm not in any rush.

 

 

Is that a correct assumption?

 

 

I'm just setting up Transferwise now, as a back-up to my monthly SWIFT X-fers.

 

 

[Peter Denis]

21 minutes ago, mtls2005 said:

For those of use transfering USD from a bank in the U.S.A. to Bangkok Bank I see there are four options:

• bank debit (ACH)
• wire transfer
• debit/credit card
• SWIFT

ACH seems like the best if I'm not in any rush.

Is that a correct assumption?

 

I'm just setting up Transferwise now, as a back-up to my monthly SWIFT X-fers.

 

This thread launched last week by @Pib will probably be of interest for you.

 

[Pib]

2 hours ago, mtls2005 said:

For those of use transfering USD from a bank in the U.S.A. to Bangkok Bank I see there are four options:

 

bank debit (ACH)
wire transfer
debit/credit card
SWIFT

 

ACH seems like the best if I'm not in any rush.

 

Is that a correct assumption?

 

I'm just setting up Transferwise now, as a back-up to my monthly SWIFT X-fers.

Yes...using Bank Debit (ACH) should be the cheapest method.  See below Transferwise and International Wire (SWIFT) transfer comparison as of 6 Aug 2020.   The comparison uses the Bank Debit (ACH) method to fund your Transferwise transfer.  That is, you authorize Transferwise to pull/debit the funds from your U.S. bank acct.

 

You can make that Transferwise transfer even cheaper by activating the borderless account (a.k.a., multi-currency acct) option within your Transferwise acct.  As a ballpark estimate "how much cheaper" it would basically eliminate the Bank Debit (ACH) fee as talked in the post Peter Denis referenced to.   You can study-up on the Borderless acct option where you basically deposit funds with Transferwise to fund a future transfer(s)...kinda like having Transferwise bank acct (but it's "not" a bank acct; it's just an acct where you can keep a balance of funds with Transferwise to fund transfers/make payments).  

 

And if wanting to ensure International Transfer/FTT coding on your Bangkok Bank acct be sure to select in the Transferwise reason for transfer pull down menu "Funds for Long Term Stay in Thailand."  This supposedly ensures Transferwise uses Bangkok Bank as their partner bank to accomplish the intra-Thailand transfer to your Bangkok Bank acct which will result in International Transfer/FTT coding in your Bangkok Bank passbook.  If you select another reason your transfer will still complete just as fast but Transferwise may end-up using one of its other Thai partner banks (Kaiskorn or TMB) to relay the funds to your Bangkok Bank account and then you do not get the international transfer coding. 

 

 

 

 

[Imd8ta]

Just transferred $50,000 from Citibank to BKK bank in NY for $25.00 as it's a domestic transfer. Same as in the past, but since Citi upgraded (?) it's system I had to re-add my BKK NY bank info.

Back in business and as usual, any funds coming in over 50K, I go to the manager in Udon and she gets my a better rate from BKK.

Also a form saying it's external finds with the amount allowing me to take that same amount out again if I wish.

[Pib]

8 hours ago, Imd8ta said:

Just transferred $50,000 from Citibank to BKK bank in NY for $25.00 as it's a domestic transfer. Same as in the past, but since Citi upgraded (?) it's system I had to re-add my BKK NY bank info.

Back in business and as usual, any funds coming in over 50K, I go to the manager in Udon and she gets my a better rate from BKK.

Also a form saying it's external finds with the amount allowing me to take that same amount out again if I wish.

That was a "Domestic Wire" not an ACH transfer.  Wires are/were not affected by the ACH "IAT" policy as domestic wires use the Fedwire system vs ACH system. The Citibank Domestic Wire fee is $25 which you mentioned. 

 

And when relaying the funds thru the Bkk Bk NY branch via domestic wire or ACH transfer a person still incurs their fee of $10 for a $50K amount plus the in-Thailand branch recieving fee of 0,25% (Bt200 min, Bt500 max).  These two fees will not appear on you Bkk Bk acct since they are applied before the funds are posted to you acct..

 

But even with the three fees you incurred with the domestic wire, you faired better than using Transferwise due to Transferwise's fees that get large for big amounts sent...fees so large Transferwise's higher exchange rate can't offset.

[Varrius]

On 8/3/2020 at 9:16 PM, Issanman said:

When you select the reason for the transfer, be sure to select "funds for long term stay in Thailand"

 

I have been selecting the General Living Expenses option.  It still comes through as a Foreign transfer.  Should I select the Long Term stay option Instead?   Thanks.

[Pib]

2 minutes ago, Varrius said:

I have been selecting the General Living Expenses option.  It still comes through as a Foreign transfer.  Should I select the Long Term stay option Instead?   Thanks.

Assuming you are sending to a Bangkok Bank acct, you've just been lucky probably or maybe you contacted Transferwise to have your transfers "tagged" to always use Bangkok Bank as the partner bank.   If your transfers have not been tagged to use Bangkok Bank as the partner bank, you have simply been lucky in that Transferwise used Bangkok Bank as their partner bank to finalize your transfers.   

 

Transferwise uses Bangkok Bank, Kaiskorn Bank, and possibly still Thai Military Bank (TMB) as their three partners banks in Thailand to accomplish the final step/leg of the transfer.    If they had used K-bank or TMB as the partner bank for the final step/leg to your Bangkok Bank acct you would not have got International Transfer/FTT coding on your Bangkok Bank acct.