pookiki

2 minutes ago, Pib said:

I expect a lot is out of Transferwise's control as they can only ask their partner banks for so much.  Their Thai partner bank must still comply with Bank of Thailand/transfer system rules and information allowed in transfer systems.   

 

While partner banks have more control over "in-house/intra" branch transfers when it comes to inter-bank transfer they now must comply with the rules of that transfer system. 

 

Plus, just because Bangkok Bk, K-bank, and TMB are Transferwise's partner banks today does mean they always will be.  Transferwise could drop one or two tomorrow....maybe replace any they drop with another Thai bank....maybe like SCB or Krungsri or ????.  I expect that will occur over time.  And any new banks once again must comply with domestic SMART/BAHTNET transfer system rules/policies...especially inter-bank transfers. 

 

Transferwise may ask/desire during contract negotiations with a new partner bank "can you code our transfers this way?" and the bank reply, "can-not" because of SMART/BAHTNET transfer system rules.  Transferwise then says, OK, I needed to ask if it was possible due to how some of my Thailand-based customers need/want to see certain coding.  Bbut since it isn't lets finalize and sign our new partnering contract arrangement as my (Transferwise) core objective is just to get money transferred to a person's Thai bank...not guarantee a certain type of coding/description that varies from Thai bank to Thai bank.

 

This is probably the best explanation on this whole thread.  Thank you.  It is my hope that BBL will find a way to reinstate the transfer service from it's NYC branch so as to avoid the scenario I faced this month, again.  I guess it's time to use a wire transfer, again.

4 minutes ago, Tanoshi said:

TW can't do anymore than notify the relevant bank of the source of transfer.

If the Thai banks don't want to relay that information when transferring to local accounts, that is beyond TW's control.

 

If you want a guarantee of a coded International transfer, without requesting further proof, make sure you bank with Bangkok Bank and make direct transfers from your US bank account.

Yes, but it is within TW purview to see which bank receives the funds -- right? I think all of us here on this thread would be elated just to have TW transfer to the bank which we designated when we initiated the transfer.  Getting a letter of credit advice from our 'home' bank is much easier that trying to get one from multiple banks.

4 minutes ago, Tanoshi said:

It has nothing to do with TW, but the Thai banking procedures.

 

If you had a Kasikorn account and did a direct transfer from your US bank to KK, it will still be coded as an SMT transfer at your local branch (unless your account was at the HQ).

Why is that?

Because when KK HQ make the local transfer to your local account, it is not tagged as an International transfer. Even in this situation you need to request proof of the International transfer from the HQ, such as in the attached example.

 

 

If what you are saying is true, no one using BBL would have ever had an FTT code for any international transfer.  No offense, but you really seem obsessed about the 'branch' issue.

5 minutes ago, Pib said:

That's a wish upon a star.

It may very well be.  If TransferWise wants our business, they know what they have to do.

2 minutes ago, Tanoshi said:

Regardless of which TW partner account the wire transfer is paid from to your local branch, TW pass the full information of the transfer onto KK, TMB and BKK Head offices, who then transfer into your local branch account.

 

Let's take the scenario (as reported here) where the transfer goes through Kasikorn to your Bangkok account and is coded as SMT. The evidence of an FTT/International transfer must now be obtained from KK Head office in the form of a 'credit receipt' or a letter of 'International Funds ' transfer.

 

If TW did not notify KK of the transactions details, how could their HQ provide the above evidence?

 

Good luck with your theory, Tanoshi.  I've had the real world experience that goes against what you are saying.

9 minutes ago, Tanoshi said:

Bangkok bank will actually notify Krungsri HQ of the source of transfer, but Krungsri HQ don't forward that information to your local branch. Same as KK and TMB.

Tanoshi, I can tell you this after visiting Kasikorn Bank yesterday to get my letter of credit for the errant transfer that went to Kasikorn Bank as an intermediary and then on to my Bangkok Bank account at the BBL headquarters on Silom. It was quite a hassle for me to even get Kasikorn Bank to identify the transfer EVEN with the receipt I had from TravelWise that showed Kasikorn as the intermediary and a routing number.  It was BBL that finally provided information to Kasikorn so my letter of credit could be processed.

Since my account with BBL is at the headquarters branch then my account 'should' be coded at FTT because this is where the 'source' information is based on what you say.  However, my code is SMT like everyone else.  And that code isn't even in my bank passbook.

Either the three 'partnering' banks should resolve this issue for the benefit of us expat retirees or TravelWise should insure the 'tagging' of the transfer to the correct bank. 

11 minutes ago, Tanoshi said:

This is where I disagree with your understanding and theory.

TransferWise notify each partner bank that it was a 'wire' transfer from xx Country.

Bangkok partner branch 'tag' the payment as such to your local BKK account, hence the FTT code.

TMB and KK do not 'tag' the payment as an International wire receipt, therefore regardless of which bank or local branch they transfer to, it will only appear as an interbank transfer (SMT).

With all due respect Tanoshi, what you relate here is not what has been communicated to me by TravelWise or Bangkok Bank.   It is TravelWise that has the ability and responsibility to 'tag' the deposit to a specific bank -- and it could even be outside the three banks who are partners.

1 hour ago, Henryford said:

SMT

If you read through the threads on this post you will learn that the problem rests with TravelWise not Bangkok Bank.  If you have internet banking the transfer code will say 'interbank transfer via SMART'.  If you go to immigration, you have two choices: 1) Use the receipt for the transaction on the TravelWise website and hope the IO accepts it, or 2) go to a Kasikorn Branch and get a certificate of international transfer - but check your receipt to make sure the Kasikorn was, in fact, the intermediary bank.

31 minutes ago, Henryford said:

I have just done a transfer into my Bangkok Bank using TW. Can confirm that they no longer use the FTT prefix, so using BB is useless for immigration purposes. I will close mine.

What was the code?

5 hours ago, Tanoshi said:

It was obviously paid from one of TW's partners to your BKK account.

KK or TMB don't notify the source of the transfer, not even to their own local branches.

 

Log into your TW account and you'll see a list of completed transactions.

Click on the July transfer, then click on View Transfer Details.

Opens a new window with basic transfer details - Click on Get pdf Receipt

Opens new window and on page 3 and at the very bottom of the transfer details you will see the Banking Partner involved in the transfer (in your case it will be KK or TMB), then across from it the Banking Partner reference number.

 

Print of the pdf receipt and take it to your BKK branch who may be able to assist with obtaining the required evidence of a foreign transfer from either KK or TMB, or alternatively you may have to go the bank partner in question and obtain a credit receipt for the foreign telex transfer.

I received an email from TransferWise this morning about the errant transfer to Kasikorn Bank and I also discussed the transfer with a Bangkok Bank customer service representative.  Both advised that I get the proper documentation for Thai Immigration from Kasikorn. 

I went to Kasikorn Bank around noon and the first person I talked to attempted to send me to the BBL branch where I opened my account.  I then called the BBL CSR I spoke to and let the two attempt to sort things out between them.  After over an hour, the Kasikorn CSR told me to go the 'International Trade Center' with a reference number that I assume she received from BBL where I waited for another hour for things to get sorted out.

I finally filled out a form for the necessary letter I needed for Thai Immigration and the cost was 200 baht.  BUT, I could not pay in cash.  I was told I could get a cashier's check or open a Kasikorn Bank account.  I decided that opening a Kasikorn Bank account was the lesser of two evils - which took me another hour.  I then returned to the International Trade Center where the details of my new bank account were recorded and I was told I would be called when my letter was ready!  Probably one or two days.

With the problems that have surfaced as a result of this July fiasco, I think TransferWise is more than well aware that they had better make every effort possible to direct transfer to the proper account without the use of any intermediaries!  At least this is my sincere hope and I don't want to chase after any more letters from Kasokorn - but at least I have an account now!

25 minutes ago, Tanoshi said:

Are you transferring from a UK bank using the 'faster payments' option.

From initiating a transfer through TW, it always takes a matter of hours, not days to receive the funds.

 

It really depends how fast your bank release the funds to TW, in some cases in can take 2/3 days.

I'm transferring from the US (Hawaii) and my funds are normally released to TW within 24 hours. Three days is fine with me and much better than BBL was in the past by using their branch in New York.  However the transfer time is not the overriding issue, it's the BBL bank code when it arrives at BBL - if the transfer has been processed through an intermediary Thai bank.

14 minutes ago, berrec said:

 A couple of points of TFW authentication without regard for banking codes, you can log into your TFW account and screen print a history of your transfers in addition with every transaction you receive an email from TFW, so there are two additional sources of verification of monthly International money transfers to support any bank statements or letters for Immigration. 

I think most of us using TFW are aware of this but some Immigration Officers are loathe to accept 'foreign' documents.  One can only wait, hope, and see what happens. The best alternative is to get documents from the Thai bank that initiated the SMART inter-bank transfer.

6 minutes ago, billd766 said:

In my case as my state pension is always paid on a Friday it gets paid on the Monday unless that is a public holiday when it gets paid on the next working day.

Since using TW, I would initiate the transfer on Wednesday, noon Bangkok time and the money would arrive by Friday afternoon Bangkok time with an sms from BBL.  And this was the schedule noted my TW.

However, this month, I was told the money would arrive on Monday which clearly indicated some type of procedural change by TW.  However, the money still arrived on Friday afternoon but without any sms from BBL to indicate that it was an international transfer.  Just happenstance that I checked my account balance online.  And as noted before, it was coded 'interbank transfer via SMART'.

56 minutes ago, Tanoshi said:

Read my post #13 for the underlying problem.

I did read your post and maybe I don't understand it completely.  My BBL account was opened at the BBL main office (headquarters) on Silom Rd.  There is no subsequent transfer to a 'branch'.  Given this information, is the information you are conveying still applicable to my situation?

8 minutes ago, VBF said:

Yes with many of these points already addressed.

I wish people would CHECK before starting new threads - looking at you  @pookiki

Perhaps the mods could lock one or other of these threads please (?)

For some reason I haven't been getting the same frequency of emails from TVF for news or forums. If I had seen this, I would not have started a new thread. Despite my mistake, there is a wide divergence in information on exactly what TransferWise is doing.  The only definitive answer is that TransferWise will not guarantee how you get your transfer even if you do request a 'tag'.  As such, I think the 'partnering' banks for TransferWise should establish a new code to insure that all future transfers into Thailand are noted as 'international' transfers. However, this suggestion/solution will most likely fall on deaf ears.  Sorry if I ruined your day by making a new thread.

For those expat retirees who have been relying on TransferWise to make your monthly transfers of 65.000 baht to satisfy Thai immigration requirements for extension of stays, please be advised that TransferWise has changed their 'partnering' bank in Thailand.

I started using TransferWise in November of last year and all my transfers to BBL were noted as TTL (international transfers) until this month.  I first noticed a difference in making this transfer when it was noted that the transfer would take five days as opposed to the normal three. I initiated the transfer on a Wednesday and was told the money would arrive on the following Monday. Despite this notice, the money arrived in my BBL account on Friday afternoon as usual but was noted as an 'Interbank Transfer via SMART' as opposed to an international transfer.

A TransferWise customer service representative informed me that this change was because BBL is no longer the partnering bank for TransferWise in Thailand.  I hope this change is not problematic to Thai immigration when my bank records are reviewed by Thai immigration in meeting my obligation to transfer 65,000 baht/month for my extension of stay -- especially since this is changing mid-stream.  I will be able to show my TransferWise record of tansfers but I'm wondering if others have had any problems with transfers noted as 'Interbank Transfer via SMART' transfers'?

2 hours ago, Pib said:

With DeeMoney it just gives you the option to use Direct Debit to fund the transfer if desired.   Or you can use QR code payment or one other method that I think is K-bank specific.  I just use QR payment...easy....fast....no need to give DeeMoney authorization to pull money.  You might say with the QR method you are able to "push" the money to DeeMoney instantaneously.  Or you can let DeeMoney direct debit if you authorized it with them. 

Thank you so much but I found out the my credit union isn't on their approved list of financial institutions in the US. ☹️

4 hours ago, ThaiBunny said:

Direct debits can be recurring or one-off.  "DD" simply means you don't have to intervene manually for the debit to occur.  I'd expect an "automatic debit authorization" is exactly what it describes - your bank will authorize the debit from Dee Money automatically without any intervention from you

Thank you so much but I found out the my credit union isn't on their approved list of financial institutions in the US. ☹️

Sorry but I don't have time to look through all the posts.  I use Bangkok Bank and I'm still a bit confused about the 'automatic debit authorization'.  At first glance, it is my impression this is for 'regular and recurring' debits like an electric or telephone bill.  Am I wrong in making this assumption.  I can't get a straight answer from a Dee Money representative.

3 hours ago, smedly said:

didn't forget, it is just another little detail that slips under the rug come extension renewal - what seasoning ? what 400k ?

 

when you are paying someone to overlook something - do you think there are rules exceptions or boundaries they will not cross ?

 

and it is 3 months before and 3 months after unless it is first application - seasoning has gone up to 6 months - which quite frankly is ridiculous for so many reasons

The use of agents actually create a three tier system. While TVF members tend to focus on Western expats, the agent system serves many 'customers' from neighboring countries who use a retirement visa and subsequent extensions of stays as a de facto work permit.  It will be interesting to see how this all shakes out if there is really a crack down on the agent system.  For a number of reasons, I just can see that happening. 

There was never an empirical evidence that Aussies, Brits, Yanks, or Danes were abusing the embassy letter system.  Or that other embassies do a better job that the ones who decided to cancel the issuance of the letters.  As things stand now, there is not a level playing field for expats doing their extension of stay.  And I will never understand why the four embassies caved on the issue of the letters/affidavits.  Gutless diplomacy in my view.

I predict that the agent system will remain viable for those who use it - because too much discretion is left to individual IOs. If IOs can waive the 'seasoning' requirement, they can certainly 'waive' the requirement to keep 800,000 baht in the bank for three months after the extension of stay is granted. 

And what happens if you don't meet the 'three months' requirement after the granting of an extension of stay?  Will the extension be cancelled and the person deported?

Ubon Joe,  I didn't wade through all the pages before writing this. Is a two-tier system still alive and well for those who can get embassy letters?

When someone successfully uses the 'combo' method, please report it here as soon as possible!