Money transfer

[alfieconn]

24 minutes ago, topt said:

You seem to be missing the point. There is no direct transfer of your home currency to your account so no chance you will be able to get one. As I actually experienced this when I purchased THB some years ago, when using a well known Forex trading company, I suggest that my experience may possibly trump your "theory".

 

The proof of the pudding will be if anyone has actually been able to get a FET for such a transaction and I have yet to see that reported............

 

 

Please explain what you mean, home currency to account where ?

[topt]

3 minutes ago, alfieconn said:

Please explain what you mean, home currency to account where ?

Whatever you are transferring - $, £, Euro etc, in that currency into your Thai baht account.

Edited June 25, 2018 by topt

[alfieconn]

9 minutes ago, topt said:

Whatever you are transferring - $, £, Euro etc, in that currency into your Thai baht account.

Of course there is no way you can transfer your home currency into a thai bank account.

[rhodie]

1 minute ago, alfieconn said:

Of course there is no way you can transfer your home currency into a thai bank account.

Really? I think you better investigate. You can have your money delivered to your foreign currency bank account. You have to do this to obtain an FET. TransferWise can't help you there.

[topt]

1 minute ago, alfieconn said:

Of course there is no way you can transfer your home currency into a thai bank account.

You are either being very pedantic, trolling or...........

[alfieconn]

Regarding the FET, in theory you should be able to ask your Thai bank receiving the funds to ask Transferwise paying bank to where the funds have come from ? and they would then reply "that they are in respect of a Foreign Exchange Transaction carried out with Transferwise against stg, dollar etc."

[alfieconn]

6 minutes ago, rhodie said:

Really? I think you better investigate. You can have your money delivered to your foreign currency bank account. You have to do this to obtain an FET. TransferWise can't help you there.

Sorry i meant Thai baht account.

 

[rhodie]

1 minute ago, alfieconn said:

Regarding the FET, in theory you should be able to ask your Thai bank receiving the funds to ask Transferwise paying bank to where the funds have come from ? and they would then reply "that they are in respect of a Foreign Exchange Transaction carried out with Transferwise against stg, dollar etc."

Mate, you are trolling. Please go and search the topic. TW do an internal transfer of Thai Baht to your account. For an FET your account has to be credited with foreign currency and converted by the Thai bank into Baht. Otherwise no FET.

[rhodie]

3 minutes ago, alfieconn said:

Sorry i meant Thai baht account.

 

So, if you are sending money from Australia, you have to open an AUD$ account at your Thai bank and it arrives as AUD$. The bank converts it at your request. You can get an FET for those funds. You cannot with a TW transfer.

[alfieconn]

Just now, rhodie said:

Mate, you are trolling. Please go and search the topic. TW do an internal transfer of Thai Baht to your account. For an FET your account has to be credited with foreign currency and converted by the Thai bank into Baht. Otherwise no FET.

Read what it ses on their website which i have posted before, what is an internal transfer ? please explain !!!

 

[rhodie]

1 minute ago, alfieconn said:

Read what it ses on their website which i have posted before, what is an internal transfer ? please explain !!!

 

It means that the money originates in a Thai bank. Same as if you transfer Baht from your Thai Baht account to another Thai bank account. Baht to Baht. To get an FET the money has to arrive in the Thai bank into a foreign currency account. So you receive AUD$50,000 for eg. The bank then allows an FET as the money arrived from overseas in an overseas currency. TW do not do this.

 

Mate, I am trying to spell it out to you as simply as possible. Maybe someone else can explain it so you understand.

[alfieconn]

4 minutes ago, rhodie said:

So, if you are sending money from Australia, you have to open an AUD$ account at your Thai bank and it arrives as AUD$. The bank converts it at your request. You can get an FET for those funds. You cannot with a TW transfer.

So with a Tw transfer into your Thai bank account has the money come from a Foreign Exchange transaction ? if yes just ask Transferwise Thai bank for confirmation of this, there you go easy !!!!! 

[alfieconn]

1 minute ago, rhodie said:

It means that the money originates in a Thai bank. Same as if you transfer Baht from your Thai Baht account to another Thai bank account. Baht to Baht. To get an FET the money has to arrive in the Thai bank into a foreign currency account. So you receive AUD$50,000 for eg. The bank then allows an FET as the money arrived from overseas in an overseas currency. TW do not do this.

 

Mate, I am trying to spell it out to you as simply as possible. Maybe someone else can explain it so you understand.

Of course TW don't do it because it has to be the Thai bank that's why you need to ask for confirmation from them.

[rhodie]

1 minute ago, alfieconn said:

So with a Tw transfer into your Thai bank account has the money come from a Foreign Exchange transaction ? if yes just ask Transferwise Thai bank for confirmation of this, there you go easy !!!!! 

No, it has not. That is why TW is a borderless transaction. The money is received from a local account. 

[jackdd]

4 minutes ago, alfieconn said:

So with a Tw transfer into your Thai bank account has the money come from a Foreign Exchange transaction ?

According to what you quoted yourself before from the Transferwise website: no

[alfieconn]

1 minute ago, rhodie said:

No, it has not. That is why TW is a borderless transaction. The money is received from a local account. 

Haaa,  of course it is, where do you think it comes from ?

[alfieconn]

4 minutes ago, rhodie said:

No, it has not. That is why TW is a borderless transaction. The money is received from a local account. 

So the thai baht that TW pay into your account, how do you pay them for  it ?

 

[rhodie]

3 minutes ago, alfieconn said:

Haaa,  of course it is, where do you think it comes from ?

Obviously a troll. Maybe that''s how you got 8000+ posts. 

[rhodie]

1 minute ago, alfieconn said:

So the thai baht that TW pay into your account, how do you pay them for  it ?

 

OK, one last time. You have a mate in OZ. He has an account in Thailand with some Baht. He wants some AUD$. You give him AUD$1000 in the pub and he pops onto his Thai bank app and transfers the Thai Baht equivalent into your Thai account. Try getting an FET for that deposit. You won't.

 

TW is your mate in OZ. There is no international transfer.

[alfieconn]

It's not rocket science, a FET is just confirmation of whereby you have done a FX transaction and had the thai baht paid into your thai account.

 

for TW customer's :

First of all you can get a Credit advice from you Thai bank which confirms which Thai bank paid the money into your account and in theory the Thai bank paying the money should be able to confirm from  where the money came from and details  i.e.in respect of Fx transaction carried out with TW.

[alfieconn]

13 minutes ago, rhodie said:

OK, one last time. You have a mate in OZ. He has an account in Thailand with some Baht. He wants some AUD$. You give him AUD$1000 in the pub and he pops onto his Thai bank app and transfers the Thai Baht equivalent into your Thai account. Try getting an FET for that deposit. You won't.

 

TW is your mate in OZ. There is no international transfer.

My Fx company doesn't use a International transfer,  i pay sterling into my Fx company English bank account and they instruct their thai bank to pay my Thai bank, where's the International Transfer there ?

Edited June 25, 2018 by alfieconn

[taiping]

9 hours ago, alfieconn said:

It's not rocket science, a FET is just confirmation of whereby you have done a FX transaction and had the thai baht paid into your thai account.

 

for TW customer's :

First of all you can get a Credit advice from you Thai bank which confirms which Thai bank paid the money into your account and in theory the Thai bank paying the money should be able to confirm from  where the money came from and details  i.e.in respect of Fx transaction carried out with TW.

Never mind about your "theory." Has anyone actually obtained a FET using Transferwise? Highly doubt it because as stated by others the baht transfer is a local transaction and Transferwise probably settle their baht account in a bulk transaction every week or whatever. Therefore difficult to extricate an individual transaction to get a FET from the bulk transaction.

[alfieconn]

7 minutes ago, taiping said:

Never mind about your "theory." Has anyone actually obtained a FET using Transferwise? Highly doubt it because as stated by others the baht transfer is a local transaction and Transferwise probably settle their baht account in a bulk transaction every week or whatever. Therefore difficult to extricate an individual transaction to get a FET from the bulk transaction.

Listen i understand why Tranferwise or their paying bank don't want to create a FET form as it would create more work for them but that doesn't make it impossible.

 

An individual payment is made from TW's  bank account to the customer's Thai bank account as it ses on their website of which i have posted already.

                                                                                                  Money is locally delivered

Your recipient gets ฿ directly from TransferWise’s Thai bank account.

 

[chris2004]

Just out of interest has anyone tried to use Transferwise to move money from Thailand abroad, to say the UK.  As no money actually leaves Thailand i presume there would be no issue in repatriating funds.

[KhunBENQ]

47 minutes ago, chris2004 said:

Just out of interest has anyone tried to use Transferwise to move money from Thailand abroad, to say the UK.  As no money actually leaves Thailand i presume there would be no issue in repatriating funds.

No way. Not possible.

You can't select Thai Baht to be sent.

[alfieconn]

19 minutes ago, KhunBENQ said:

No way. Not possible.

You can't select Thai Baht to be sent.

Strange that, as Transferwise claim to be a Peer to Peer service where they have customers on both sides.

[chris2004]

21 hours ago, KhunBENQ said:

No way. Not possible.

You can't select Thai Baht to be sent.

 

21 hours ago, alfieconn said:

Strange that, as Transferwise claim to be a Peer to Peer service where they have customers on both sides. 

Yes that seems odd. When you transfer Sterling to Thailand they pay baht into your thai account. Why can't they pay Sterling into your UK account the other way. It would reduce their net transfers to Thailand.

[seajae]

have been using them for a few years, all I do is transfer my money from my aussie bank account to their aussie bank account, the money does not leave Australia. They then transfer the amount in thai baht from their Thailand Bank account into my Thailand bank account, this is why they can keep their fees down, they are not paying any extra out for cross border transfers. Their service is excellent and quick, I highly recommend them

 

[scubascuba3]

Yes that seems odd. When you transfer Sterling to Thailand they pay baht into your thai account. Why can't they pay Sterling into your UK account the other way. It would reduce their net transfers to Thailand.

Probably a big money laundering risk, and not allowed

[taiping]

On 6/26/2018 at 9:33 AM, alfieconn said:

Listen i understand why Tranferwise or their paying bank don't want to create a FET form as it would create more work for them but that doesn't make it impossible.

 

An individual payment is made from TW's  bank account to the customer's Thai bank account as it ses on their website of which i have posted already.

                                                                                                  Money is locally delivered

Your recipient gets ฿ directly from TransferWise’s Thai bank account.

 

I asked Transferwise about a FET form. 

This is what they said (which is what we have been trying to tell you) . . .

 

"Since we pay out the money from a local account based in Thailand, it is a domestic payment so our banking partner doesn’t generate Foreign Exchange Transaction forms. That said, we always offer transfer receipt for each completed payment in a form of a PDF file available to download once you log in on our platform."