Money transfer

[alfieconn]

3 hours ago, taiping said:

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."

 

 

To be fair TW are not going to care and beside's it's not them who would issue an FET form, it would be a Thai bank.

 Anyway, so your basicly saying that you have bought money into the country but no one will give you confirmation of this ? so what happens if you wanted to repatriate all the funds (and you would need to prove that you bought the funds into the country) you have bought in the country through TW ?

 

When someone in Thailand requires an FET form it's because they want proof  you have bought money into the country.

 

By giving TW your home currency and withdrawing the equivalent out of your Thai bank.

A. You have completed a Foreign Exchange Transaction.

B. You have bought money into the country

So you either require an FET form or something similar from a  Thai bank that confirm's that you have bought money into the country more fool anyway who doesn't chase up written confirmation from a Thai Bank.

 

Like i have already said, you can obtain a Credit Advice form from your Thai bank confirming that the Thai baht credited to your account has been paid from another Thai bank, perhaps that will suffice as a confirmation but i doubt it, or as i have previously mentioned ask the Thai  Bank who paid  the funds to your Thai bank if they could  confirm why they are paying you the money, which was on instruction from TW  in respect of  a Foreign Exchange Transaction.

 

Incidently, supposing the Thai authorities looked into your account and queried all these credit's to your account from another Thai bank, what documentation would you show them ?

 

Anyway i'm out of here now as it's all getting a bit boring !!

Edited June 27, 2018 by alfieconn

[taiping]

11 hours ago, alfieconn said:

To be fair TW are not going to care and beside's it's not them who would issue an FET form, it would be a Thai bank.

 Anyway, so your basicly saying that you have bought money into the country but no one will give you confirmation of this ? so what happens if you wanted to repatriate all the funds (and you would need to prove that you bought the funds into the country) you have bought in the country through TW ?

 

When someone in Thailand requires an FET form it's because they want proof  you have bought money into the country.

 

By giving TW your home currency and withdrawing the equivalent out of your Thai bank.

A. You have completed a Foreign Exchange Transaction.

B. You have bought money into the country

So you either require an FET form or something similar from a  Thai bank that confirm's that you have bought money into the country more fool anyway who doesn't chase up written confirmation from a Thai Bank.

 

Like i have already said, you can obtain a Credit Advice form from your Thai bank confirming that the Thai baht credited to your account has been paid from another Thai bank, perhaps that will suffice as a confirmation but i doubt it, or as i have previously mentioned ask the Thai  Bank who paid  the funds to your Thai bank if they could  confirm why they are paying you the money, which was on instruction from TW  in respect of  a Foreign Exchange Transaction.

 

Incidently, supposing the Thai authorities looked into your account and queried all these credit's to your account from another Thai bank, what documentation would you show them ?

 

Anyway i'm out of here now as it's all getting a bit boring !!

Obviously, the take away is do not use Transferwise if you require a FET, but use a normal bank tranfer instead. It's not rocket science.

[alfieconn]

3 hours ago, taiping said:

Obviously, the take away is do not use Transferwise if you require a FET, but use a normal bank tranfer instead. It's not rocket science.

Some people might not always know that they will need an FET in the future, take a scenario of living comfortably in Thailand for 5 years, circumstances change and you need to re-locate back to your home country, how are you going re-repatriate any of the funds you've bought over for the last 5 years ? 

[scubascuba3]

Some people might not always know that they will need an FET in the future, take a scenario of living comfortably in Thailand for 5 years, circumstances change and you need to re-locate back to your home country, how are you going re-repatriate any of the funds you've bought over for the last 5 years ? 

You can't. They should have known that. Unless you have a large suitcase

[taiping]

6 hours ago, alfieconn said:

Some people might not always know that they will need an FET in the future, take a scenario of living comfortably in Thailand for 5 years, circumstances change and you need to re-locate back to your home country, how are you going re-repatriate any of the funds you've bought over for the last 5 years ? 

Did anyone say life was fair? Should have thought of that before.

[OJAS]

On 6/28/2018 at 9:05 AM, alfieconn said:

Some people might not always know that they will need an FET in the future, take a scenario of living comfortably in Thailand for 5 years, circumstances change and you need to re-locate back to your home country, how are you going re-repatriate any of the funds you've bought over for the last 5 years ? 

My wife has provided me with such invaluable assistance in spending the funds I've brought over to LOS over the past 5 years that the question of repatriating any of said funds would not arise in my case!?

[Bang Bang]

Did three transactions with TW in the past couple of weeks after finding out about them early in this thread. Two transfers from my US ac. to my ac. here in Bkk, one from the US to an Indian entity.

 

Eezy, peezy, go to their website, click, click, chant the secret spell, and bingo your money's moved like Kim shot it in a rocket. Highly recommended.

Edited June 29, 2018 by Bang Bang

[KhunBENQ]

I got a newsletter email from transferwise.

It's about a change of fees for EUR to THB transactions.

So far the fees were: 2 EUR + 0.7%.

From July 5, 2018 the fees change to 3 EUR + 0.5%.

So transactions of less then 500 EUR will become slightly more expensive while above 500 EUR the fees will go down.

 

[scubascuba3]

 

 

 

I got a newsletter email from transferwise.

It's about a change of fees for EUR to THB transactions.

So far the fees were: 2 EUR + 0.7%.

From July 5, 2018 the fees change to 3 EUR + 0.5%.

So transactions of less then 500 EUR will become slightly more expensive while above 500 EUR the fees will go down.

 

 

Transferwise should really have tiered fees, their scale means transfers over 2000 euros are best avoided. What muppet will transfer a million euro and pay a 4000 euro fee

 

[chris2004]

19 hours ago, scubascuba3 said:

 

 

 

 

 

Transferwise should really have tiered fees, their scale means transfers over 2000 euros are best avoided. What muppet will transfer a million euro and pay a 4000 euro fee

 

If using TW gets you an extra 0.4 baht on the exchange rate then the million euros saves you 400,000 baht which more than covers the 4000 euro fee. Currently TW offer a rate of 38.57, Krungsri Bank offer 38.17 on TTs.

Edited July 1, 2018 by chris2004

[Jip99]

7 minutes ago, chris2004 said:

If using TW gets you an extra 0.5 baht on the exchange rate then the million euros saves you 500,000 baht which more than covers the 4000 euro fee.

 

 

Agree 100% with that theory. The fee is irrelevant if you receive more Baht overall.

 

 

The only issue is the 2,000,000 Baht transfer limit on TW.

 

 

 

You send

 

 

 

• 1,000,000 EUR
   

•  
  fee
• 5,905.75 EUR Our fee
• - 5,905.75 EUR Total fees

  ---

• 994,094.25 EUR Amount we'll convert
• 38.57904 
•  
• •  
  Maximum is 2,000,000 THB

   
   

  Should arrive by Jul 4

• Maximum is 2,000,000 THB

   
   

  Should arrive by Jul 4

   
   

   

 

Edited July 1, 2018 by Jip99

[scubascuba3]

If using TW gets you an extra 0.4 baht on the exchange rate then the million euros saves you 400,000 baht which more than covers the 4000 euro fee. Currently TW offer a rate of 38.57, Krungsri Bank offer 38.17 on TTs.

Always tricky comparing as the rate you get a few days later won't be the 38.17 in your example. Need to transfer when the rate is trending up

[NoshowJones]

No problem at all, great service.