Transferwise

[daviddunham]

10 hours ago, Peter Denis said:

I did PM you a Guideline document on TransferWise and how to ensure that - whichever Thai bank you are transferring the funds to - that you can get hold of the IO-required evidence that the funds originated from abroad.

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

 

Could you also send me a PM-message please, I use UOB Thailand. (Transferwise usually sends me money from their Kasi-Bank)

[AjarnMartin]

11 hours ago, leeedwards said:

Should anyone wish to use transferwise as a means of showing an international transfer, make sure you use Kasikornbank and NOT Bangkok Bank as previously suggested on here, as they use Kasikorn as an intermediary bank and it will only show as a Thai bank to bank transfer and not international. I’ve had to go to Kasikorn in silom to get the transfer confirmed as international, not a huge issue, but still inconvenient and I’ve lost 2 mornings work trying to sort it out. 

 

Not true Leedwards, I use Bangkok Bank with TransferWise and every transaction is properly identified as a foreign transaction. In the list of ‘Reasons for Transfer’ there is now an option which says ‘For Thai Immigration purposes’ or some very similar wording. I’ve done it since the new laws came into being two years ago. Good Luck ????

[Peter Denis]

12 hours ago, daviddunham said:

 

Could you also send me a PM-message please, I use UOB Thailand. (Transferwise usually sends me money from their Kasi-Bank)

PM sent as requested, and you are welcome.

[leeedwards]

All this was irrelevant to me, as they wouldn’t accept 2 months transfers at Nonthaburi immigration only 10 months, so it was all a futile waste of time. I’ve had to get a 2 month covid extension only. They did accept the transferwise docs though. 

So in Nonthaburi 2 months transfers are no good, it’s got to be 10. And no point arguing with me, I’m literally sat there now waiting for my passport back. My wife was with me all the time so no lost in translation bull. 10 months not 2. 

[problemfarang]

i dont know about transferwise but very surely NO bangkok bank for normal transfers. i have to wait 1 week for sure. Also they cut seriously huge amount from the transfer. 

 

kasikorn and krungthai is a big yes.

[ubonjoe]

36 minutes ago, problemfarang said:

i dont know about transferwise but very surely NO bangkok bank for normal transfers. i have to wait 1 week for sure. Also they cut seriously huge amount from the transfer. 

Mine come in the next day unless it a weekend or a bank holiday.

Only 200 baht fee up to $2000 and then .25% up to a max of 500 baht.

[Moonlover]

On 11/19/2020 at 10:02 AM, leeedwards said:

I’ve had to go to Kasikorn in silom to get the transfer confirmed as international, not a huge issue, but still inconvenient and I’ve lost 2 mornings work trying to sort it out. 

 

Download the transaction slip from TransferWise and you've got your proof. It's what I use and so do many others from what I read on TVF.

[lopburi3]

1 hour ago, problemfarang said:

i dont know about transferwise but very surely NO bangkok bank for normal transfers. i have to wait 1 week for sure. Also they cut seriously huge amount from the transfer. 

 

kasikorn and krungthai is a big yes.

As said the only change at Bangkok Bank would be "Only 200 baht fee up to $2000 and then .25% up to a max of 500 baht."  And for Transferwise even that does not apply (no charge by Bangkok Bank).  Suspect you had a foreign bank make currency conversion to Baht at their normal very poor rate or their sending fees/intermediary bank fees were high.  

[Pib]

 

 

2 hours ago, problemfarang said:

i dont know about transferwise but very surely NO bangkok bank for normal transfers. i have to wait 1 week for sure. Also they cut seriously huge amount from the transfer. 

 

kasikorn and krungthai is a big yes.

 

Expect your 1 week delivery time is predominately caused by your home country sending bank being slow to "actually" send the money.     And since you said a seriously huge cut is occurring that sounds like you are allowing (knowingly or unknowingly) your home country bank to accomplish the exchange/conversion on their end where their exchange rate will be at least several percent lower than the Thai bank exchange rate.   And then there is the Thai bank receiving fee which is 0.25% (Bt200 min, Bt500max at most Thai banks such as Bangkok Bank, Kaiskorn Bank and KrungThai Bank since you mentioned them....see snapshots before from their receiving fee schedules. 

 

 

 

Bangkok Bank in-Thailand receiving fee....pretty standard for Thai banks although it does vary a little like it maybe 0.25% (Bt300 mim, Bt500 max) at one or two banks.

 

 

K-Bank has same 0.25% (Bt200 min, Bt500 max) receiving fee.

 

 

 

KrungThai Bank....same 0.25% (Bt200 min, Bt500 max)

[leeedwards]

Having done all that they refused the 1 year as 2 months transfers not enough, got the 2 month covid instead. This was at Nonthaburi. So back to square 1. Gonna have to do the transfers for another 10 months, and yeh, they accepted the tw pdf Receipt but of course was useless to me. 

[Delight]

 I use Transferwise. UK to Bangkok Bank

My online pc statements say:-

 

Interbank  Transfer by SMART.

Doe anybody know what SMART refers to- and  will it satisfy immigration?

[lopburi3]

8 minutes ago, Delight said:

 I use Transferwise. UK to Bangkok Bank

My online pc statements say:-

 

Interbank  Transfer by SMART.

Doe anybody know what SMART refers to- and  will it satisfy immigration?

1.  Local currency transfer from another Thai account.

2,  No it will not be accepted by immigration without additional paperwork.  They may accept Transferwise download statement or statement from the Thai bank that transferred to Bangkok Bank.  To avoid this always select the last option for transfer when asked reason  (long term stay in Thailand or some such wording).   

 

 

[john terry1001]

45 minutes ago, Delight said:

 I use Transferwise. UK to Bangkok Bank

My online pc statements say:-

 

Interbank  Transfer by SMART.

Doe anybody know what SMART refers to- and  will it satisfy immigration?

When you set up you TW account you must, as a one time process, inform TW of the preferred route and Thai bank account you want to transfer the money to. If you originally requested your first transfer without doing this TW will just have can use any one of their three partner banks as an option. They could then use either Bangkok bank  or TMB for the initial transfer with a local bank to bank transfer  to send it to the bangkok bank.

 

If you want the transfer to go directly to the Bangkok bank all you need to do is make a one time time phone call to TW  and inform them that, in future, your preferred route is that all transfers should go directly to your Bangkok bank (and make sure you also give them your account number). Problem solved.

[lopburi3]

2 minutes ago, john terry1001 said:

When you set up you TW account you must, as a one time process, inform TW of the preferred route and Thai bank account you want to transfer the money to. If you originally requested your first transfer without doing this TW will just have can use any one of their three partner banks as an option. They could then use either Bangkok bank  or TMB for the initial transfer with a local bank to bank transfer  to send it to the bangkok bank.

 

If you want the transfer to go directly to the Bangkok bank all you need to do is make a one time time phone call to TW  and inform them that, in future, your preferred route is that all transfers should go directly to your Bangkok bank (and make sure you also give them your account number). Problem solved.

This is no longer required - you just select the reason for transfer as being to long stay in Thailand (last selection on drop down menu).

[Delight]

14 minutes ago, john terry1001 said:

When you set up you TW account you must, as a one time process, inform TW of the preferred route and Thai bank account you want to transfer the money to. If you originally requested your first transfer without doing this TW will just have can use any one of their three partner banks as an option. They could then use either Bangkok bank  or TMB for the initial transfer with a local bank to bank transfer  to send it to the bangkok bank.

 

If you want the transfer to go directly to the Bangkok bank all you need to do is make a one time time phone call to TW  and inform them that, in future, your preferred route is that all transfers should go directly to your Bangkok bank (and make sure you also give them your account number). Problem solved.

  Thanks

However can you answer my Q . What does the word SMART signify in this context.

[Pib]

1 hour ago, Delight said:

  Thanks

However can you answer my Q . What does the word SMART signify in this context.

 

It's a Thailand unique payment/transfer system....it's a domestic system.  See below which is a cut and paste from a google inquiry. 

******************

 

SMART (System for Managing Automated Retail Funds Transfer) is a retail funds transfer (credits and debits) system for transactions occurring on a recurring basis. BOT is the centre for executing funds transfers to any branch of all banks throughout Thailand. The system provides interbank clearing for small-value transfers, including payroll and dividend transfers on the credit side and payments of household utility bills on the debit side. In late 2006, the BOT changed its policy by 
having its role as the “operator” (central switching centre) assumed by a private company called National Interbank-Transaction Management and Exchange (NITMX). NITMX will become the 
central switching centre for SMART systems in Thailand, in order to allow BOT to concentrate on its role overseeing the system as the regulator. In October 2007, the SMART operator migration was completed for credits. Debits is planned to go live in the third quarter of 2008. In July 2008, 
SMART credit same day went live allowing customers to instruct same-day automated clearing house (ACH) transactions.

[problemfarang]

4 hours ago, Pib said:

 

 

 

Expect your 1 week delivery time is predominately caused by your home country sending bank being slow to "actually" send the money.     And since you said a seriously huge cut is occurring that sounds like you are allowing (knowingly or unknowingly) your home country bank to accomplish the exchange/conversion on their end where their exchange rate will be at least several percent lower than the Thai bank exchange rate.   And then there is the Thai bank receiving fee which is 0.25% (Bt200 min, Bt500max at most Thai banks such as Bangkok Bank, Kaiskorn Bank and KrungThai Bank since you mentioned them....see snapshots before from their receiving fee schedules. 

 

 

 

Bangkok Bank in-Thailand receiving fee....pretty standard for Thai banks although it does vary a little like it maybe 0.25% (Bt300 mim, Bt500 max) at one or two banks.

 

 

K-Bank has same 0.25% (Bt200 min, Bt500 max) receiving fee.

 

 

 

KrungThai Bank....same 0.25% (Bt200 min, Bt500 max)

 

thanks for the info but i must say its nothing with the bank back at home. Normal transfer is done via internet. So the money leaves my home bank in 1-2 hrs time. 

about the rates you posted. Let me tell you this someone transferred me $300 it makes something around 8XXX baht. I got 7600 or something like that. Plus i really have other bad experiences with Bangkok Bank. 

So i really dont want to use and dont suggest. 

you mentioned about time. Every time when money transfers me from my home country, it takes 3 days. No more, no less.. every time. same banks! but when i tried with BBL .. 1 week minimum. So its surely nothing with the bank at home. Its all about middle bank. BBL's middle bank is their own branch in London.

[Peter Denis]

3 minutes ago, problemfarang said:

 

thanks for the info but i must say its nothing with the bank back at home. Normal transfer is done via internet. So the money leaves my home bank in 1-2 hrs time. 

about the rates you posted. Let me tell you this someone transferred me $300 it makes something around 8XXX baht. I got 7600 or something like that. Plus i really have other bad experiences with Bangkok Bank. 

So i really dont want to use and dont suggest. 

you mentioned about time. Every time when money transfers me from my home country, it takes 3 days. No more, no less.. every time. same banks! but when i tried with BBL .. 1 week minimum. So its surely nothing with the bank at home. Its all about middle bank. BBL's middle bank is their own branch in London.

On of the fastest, cheapest and most transparent ways to transfer money from your home-country bank-account to your Thai bank-account is TransferWise.

I did PM you a Guideline document on TransferWise and how to ensure that - whichever Thai bank you are transferring the funds to - that you can get hold of the IO-required evidence that the funds originated from abroad.

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

[Pib]

47 minutes ago, problemfarang said:

 

thanks for the info but i must say its nothing with the bank back at home. Normal transfer is done via internet. So the money leaves my home bank in 1-2 hrs time. 

about the rates you posted. Let me tell you this someone transferred me $300 it makes something around 8XXX baht. I got 7600 or something like that. Plus i really have other bad experiences with Bangkok Bank. 

So i really dont want to use and dont suggest. 

you mentioned about time. Every time when money transfers me from my home country, it takes 3 days. No more, no less.. every time. same banks! but when i tried with BBL .. 1 week minimum. So its surely nothing with the bank at home. Its all about middle bank. BBL's middle bank is their own branch in London.

Just because you initiate a transfer via online banking that does not mean the money "actually" leaves immediately or within hours.  It will depend on the policies of your bank, what transfer system you are using (i.e, SWIFT, BACS, ACH, etc) as to how fast the funds actually transfer.   And yes, if the transfer system you are using routes the funds thru an intermediary bank then that intermediary bank might slice off a fee as the funds  flow thru them.  

 

What transfer system are you using with your home country bank to initiate the transfer?

 

 

[john terry1001]

2 hours ago, lopburi3 said:

This is no longer required - you just select the reason for transfer as being to long stay in Thailand (last selection on drop down menu)

The long stay in Thailand just confirms there is a system in place on your account to transfer to Thailand that TW's finance department will highlight/confirm for the transfer. There must be a process set up on you're account to define what the process actually is.... eg: if an individual hasn't stated the process they want used (which thai bank is the preferred etc), just selecting funds for long term stay in Thailand will not have an option to use. (from the horses/TW's own mouth)

 

I have not spoken to TW directly about this but imagine, with their experience they've acquired over the last two years, that info might well be asked for at the initial set up stage.

[problemfarang]

45 minutes ago, Pib said:

Just because you initiate a transfer via online banking that does not mean the money "actually" leaves immediately or within hours.  It will depend on the policies of your bank, what transfer system you are using (i.e, SWIFT, BACS, ACH, etc) as to how fast the funds actually transfer.   And yes, if the transfer system you are using routes the funds thru an intermediary bank then that intermediary bank might slice off a fee as the funds  flow thru them.  

 

What transfer system are you using with your home country bank to initiate the transfer?

 

 

 

normally online

[lopburi3]

13 minutes ago, john terry1001 said:

The long stay in Thailand just confirms there is a system in place on your account to transfer to Thailand that TW's finance department will highlight/confirm for the transfer. There must be a process set up on you're account to define what the process actually is.... eg: if an individual hasn't stated the process they want used (which thai bank is the preferred etc), just selecting funds for long term stay in Thailand will not have an option to use. (from the horses/TW's own mouth)

 

I have not spoken to TW directly about this but imagine, with their experience they've acquired over the last two years, that info might well be asked for at the initial set up stage.

Suspect it was the wrong horse - this option was made to take care of the issues in Thailand by Transferwise after so much calling and emails - it is the answer - it is not a guarantee but very close - if they are able to make transfer using Bangkok Bank account they will do so if you select long stay in Thailand as the reason for transfer.  There is no need for other actions.

Edit:  That said believe this foreign coding is only available for Bangkok Bank deposits - if you are using another bank perhaps they can do something else but was not aware other banks coded any as foreign in passbook.   Obviously you would want it to the bank you select for deposit (your account bank) if one of the 3 they use.

[Delight]

3 hours ago, Pib said:

 

It's a Thailand unique payment/transfer system....it's a domestic system.  See below which is a cut and paste from a google inquiry. 

******************

 

SMART (System for Managing Automated Retail Funds Transfer) is a retail funds transfer (credits and debits) system for transactions occurring on a recurring basis. BOT is the centre for executing funds transfers to any branch of all banks throughout Thailand. The system provides interbank clearing for small-value transfers, including payroll and dividend transfers on the credit side and payments of household utility bills on the debit side. In late 2006, the BOT changed its policy by 
having its role as the “operator” (central switching centre) assumed by a private company called National Interbank-Transaction Management and Exchange (NITMX). NITMX will become the 
central switching centre for SMART systems in Thailand, in order to allow BOT to concentrate on its role overseeing the system as the regulator. In October 2007, the SMART operator migration was completed for credits. Debits is planned to go live in the third quarter of 2008. In July 2008, 
SMART credit same day went live allowing customers to instruct same-day automated clearing house (ACH) transactions.

  Thanks for your effort!

[john terry1001]

On 11/23/2020 at 7:44 PM, lopburi3 said:

Suspect it was the wrong horse - this option was made to take care of the issues in Thailand by Transferwise after so much calling and emails - it is the answer - it is not a guarantee but very close - if they are able to make transfer using Bangkok Bank account they will do so if you select long stay in Thailand as the reason for transfer.  There is no need for other actions.

Edit:  That said believe this foreign coding is only available for Bangkok Bank deposits - if you are using another bank perhaps they can do something else but was not aware other banks coded any as foreign in passbook.   Obviously you would want it to the bank you select for deposit (your account bank) if one of the 3 they use.

So did you contact TW in early July 2019 when there was a an anomaly with various peoples transfers?

 

If you did, you would have been advised that it was part of a system update that would help control and improve the transfers. 

 

You would also have been told that, for your your next transfer, after the the update was completed, you should phone/email TW once more to re-confirm your Thai bank details (which would then be held permanently). Selecting the 'funds for long term stay in Thailand' option would then automatically tag the Thai bank account details to the that transfer the via the updated software.

 

In practice, If the next transfer made was more than two weeks after the system update, the tagged bank info was, also, automatically added.

 

This refers to UK bank transfers to Bangkok bank. Kasikorn had to be set up slightly differently, as was TMB, and involves Credit Advice receipts. 

 

It relates to transfers made between TW via the UK and Thailand. Transfers between TW/US and Thailand can be different because the TW-UK and TW/US bank transfer systems are/can be different.

 

[lopburi3]

10 hours ago, john terry1001 said:

So did you contact TW in early July 2019 when there was a an anomaly with various peoples transfers?

 

If you did, you would have been advised that it was part of a system update that would help control and improve the transfers. 

 

You would also have been told that, for your your next transfer, after the the update was completed, you should phone/email TW once more to re-confirm your Thai bank details (which would then be held permanently). Selecting the 'funds for long term stay in Thailand' option would then automatically tag the Thai bank account details to the that transfer the via the updated software.

 

In practice, If the next transfer made was more than two weeks after the system update, the tagged bank info was, also, automatically added.

 

This refers to UK bank transfers to Bangkok bank. Kasikorn had to be set up slightly differently, as was TMB, and involves Credit Advice receipts. 

 

It relates to transfers made between TW via the UK and Thailand. Transfers between TW/US and Thailand can be different because the TW-UK and TW/US bank transfer systems are/can be different.

 

Understand that was what was said in July 2019 -  but they set up the transfer option to eliminate this step - if you select long stay in Thailand they will deposit directly to your account bank if they can do so without any other action required.  This month, and for more than a year, I selected that option and it is coded foreign transfer in Bangkok Bank - I also selected 'medical' this month and it is coded SMART (local transfer). 

[AlfHuy]

Is TransferWise getting slower?

 

Yesterday, I transferred the usual 65k via TransferWise in the early morning from £ account.

Exchanged into THB and sent THB to my local Thai account.

Reason for sending: EXPENSES FOR LONGSTAY 

Got message that it will be paid out in 2 hours (same day).

 

Today I got a message that there was a delay and will be paid at 14:30 today.

 

I printed out a receipt for the 65k I transferred yesterday and it stated, "LOCAL TRANSFER to BKK bank"

Hope that this won't create any problems when renewing visa next year even when I am using my Affidavit (if it's still available next year).

 

Today I made another transfer to pay school fees.

Got message that the money will be paid on Tuesday 08th.

Usually is the next working day.

 

 

[lopburi3]

Tuesday the 8th is the next workday.  7 and 10 are holidays next week.  

 

As for payment made local that is not an issue if using Embassy letter and if need to use proof of payments you can download PDF from Transferwise which would likely be accepted and if not you can get credit paperwork from the bank making transfer into your bank account to provide external source.  It seems there was not enough in Transferwise account at your bank to make payment at the time required.  This being the time when most of us make monthly transfers likely being the reason.

[AlfHuy]

3 minutes ago, lopburi3 said:

Tuesday the 8th is the next workday.  7 and 10 are holidays next week.  

 

As for payment made local that is not an issue if using Embassy letter and if need to use proof of payments you can download PDF from Transferwise which would likely be accepted and if not you can get credit paperwork from the bank making transfer into your bank account to provide external source.  It seems there was not enough in Transferwise account at your bank to make payment at the time required.  This being the time when most of us make monthly transfers likely being the reason.

thanks a lot

[ubonjoe]

3 minutes ago, lopburi3 said:

Tuesday the 8th is the next workday.  7 and 10 are holidays next week.

That has been changed. No holiday on the 7th now and then the 10th and 11th.

[john terry1001]

15 minutes ago, AlfHuy said:

Got message that it will be paid out in 2 hours (same day).

If using the Bangkok Bank, and your transfer is made from the UK before 9:00AM Thailand time you will usually receive the 'transfer sent' email within about an hour or so and confirm your transfer should arrive the same day and within two hours of your transfer.(It will actually show up in your account  at around 2:15pm (Thai Time) because that's the time the bank will actually update your account.

 

If transferred after around 9:00AM the 'transfer sent' email be received on the next working day at around 9-10:00AM, and be in your account by 2:15PM thAT same day. 

 

Official Thai holidays, plus official UK holidays, will always delay transfers by at least one day for each of those days.