Best way to transfer funds to meet visa requirements

[ADS1]

Having at last arrived in Thailand in the last few days, I today opened a Thai bank account and am now ready to transfer funds from my UK bank (Halifax) to my Thai account. I am currently on SETV and intend to change to O visa in a month or so. I notice that one of the requirements for this is proof of foreign currency transfer. If I use Transferwise for the funds transfer, will this show the necessary proof, or would I be better to transfer direct from my UK bank?

[pbrock]

I don't know.

 

What I do know is using transferwise the transfer is going to look like coming from a local Thai bank account. transferwise is a niche service. Not too many people know about it or understand it.

 

Please keep us posted how it went!

[jollyhangmon]

 

We have yet to read from someone who really got the required form from Transferwise or the likes, so far the last bit is a domestic transaction not suitable to your needs. But yes, you could ask them specifically about that 'problem' ...

 

Standard transfer from your UK account into your local one is perfect in that regard but will give you a rather bad rate.

 

Cash declaration see here, that form works fine too as i can confirm:

 

... best rates at Superrich or Supermoneyed (some places in the north):

 

https://www.superrichthailand.com/#!/en/exchange#rate-section

 

http://www.supermoneyed.com/

 

Good night

[simoh1490]

A transfer using TW will show up in your passbook as being an International transfer but that wording is put there by TW and is not necessarily supported by the receiving bank so be careful with that, Bangkok Bank for one has a disclaimer on that wording and others probably do also. 

 

The cheapest and best route I have found over the years is HSBC UK which charges four Pounds to send the funds as GB Pounds, plus a receiving fee of up to THB 500 by your bank in Thailand. The variables in that include the exchange rate of the day, which determines what the value of that THB 500 receiving fee is, and, the amount that you choose to send at one time. If the amount sent is small there is no chance to negotiate a rate with the receiving bank. Plus, the sending and receiving fees as a percentage of small transfers can look huge.

[Maestro]

ADS1, I recommend a SWIFT transfer in GBP from your UK bank to your Thai bank. After the arrival of the money in your Thai account, ask the bank for a printout of the credit receipt or whatever your bank calls it.

[tutsiwarrior]

I recently transferred GBP7000 from my UK bank to my Kasikorn bank account to season for my new extension of stay in December using my UK bank's usual transfer mechanism...your thai bank will give you a pass book when you open your new account and when the transfer is received it can be recorded in the passbook, Kasikorn bank has a machine for purposes of updating balances in passbooks or you can take it inside and they will do it there...nothing more should be required by anyone to verify that you have the required funds in your thai bank account...

 

Transferwise sounds troublesome...

 

 

Edited September 27, 2018 by tutsiwarrior

[Jip99]

9 minutes ago, tutsiwarrior said:

I recently transferred GBP7000 from my UK bank to my Kasikorn bank account to season for my new extension of stay in December using my UK bank's usual transfer mechanism...your thai bank will give you a pass book when you open your new account and when the transfer is received it can be recorded in the passbook, Kasikorn bank has a machine for purposes of updating balances in passbooks or you can take it inside and they will do it there...nothing more should be required by anyone to verify that you have the required funds in your thai bank account...

 

Transferwise sounds troublesome...

 

 

 

 

I do the same same as you....... except viaTransferwise.

 

Troublesome, it is not - cost-effective it is.

 

You will have thrown away 800 Baht to Kasikorn on your transfer, let alone the exchange rate differential.

Edited September 27, 2018 by Jip99

[tutsiwarrior]

22 minutes ago, Jip99 said:

 

 

I do the same same as you....... except viaTransferwise.

 

Troublesome, it is not - cost-effective it is.

 

I use the internet banking with my UK account and their transfer charge is zero, 6 months ago they still had the flat GBP25 charge before international transfers were allowed on their internet banking, useta havta call them up to make a transfer...there may be intermediary bank charges that I'm not aware of but the received amount looks good when compared with the immediate exchange rate from the Kasikorn exchange rate webpage, funds sent in GBP...Kasikorn bank sends an SMS when the funds are credited to my local account...

 

different strokes, etc...

 

 

Edited September 27, 2018 by tutsiwarrior

[Jip99]

8 minutes ago, tutsiwarrior said:

 

I use the internet banking with my UK account and their transfer charge is zero...there may be intermediary bank charges that I'm not aware of but the received amount looks good when compared with the immediate exchange rate...Kasikorn bank sends an SMS when the funds are credited to my local account...

 

different strokes, etc...

 

 

 

 

I have transferred to Kasikorn for 12 years.

 

From HSBC (where I worked) for free, Halifax and TW.

 

TW wins hands down - in your case I accept that you save the TW transfer charge of £39 but that is outweighed by the exchange rate difference + the 800 Baht KBank charge. You would have saved circa 1,200 Baht with TW..... and still got your sms ????

[tutsiwarrior]

32 minutes ago, Jip99 said:

 

 

I have transferred to Kasikorn for 12 years.

 

From HSBC (where I worked) for free, Halifax and TW.

 

TW wins hands down - in your case I accept that you save the TW transfer charge of £39 but that is outweighed by the exchange rate difference + the 800 Baht KBank charge. You would have saved circa 1,200 Baht with TW..... and still got your sms ????

 

so yer sayin' that any exchange rate difference between Kbank and TW and any Kbank charges are included in the Kbank webpage conversion which would result in a lower amount (reduced by thb1200) deposited into my local account than with TW? my UK bank is an HSBC affiliate...

 

sneaky devils...and I was quite pleased when international transfers were offered on the internet banking with zero UK bank charges...

 

where do I sign up for TW? and I shall take this issue to the BOT for justice! but maybe no good as TW sounds subversive...

 

so it's funds from the UK bank to TW then TW to Kbank for the savings? I could get a couple of liters of Gilbeys vodka and a pack of smokes for thb1200...anything that will help with the daily expenses...

 

sorry to be off topic...

 

 

Edited September 27, 2018 by tutsiwarrior

[a977]

3 hours ago, Jip99 said:

 

 

I do the same same as you....... except viaTransferwise.

 

Troublesome, it is not - cost-effective it is.

 

You will have thrown away 800 Baht to Kasikorn on your transfer, let alone the exchange rate differential.

Have been using TransferWise for the past 12 months no problems you do your thing on computer they tell you when they take money out of your, in my case Australian bank account, and they tell you when they are processing it and when to expect the money in your Thai bank account usually within 7 hours of me hitting the go button. You get a set rate when they take money from your account, they keep you informed of the transaction during the whole process.  If you worried about where the money came from don't be because Immigration only worried you have enough money in Thai account to cover seasoning period  

[a977]

38 minutes ago, a977 said:

Have been using TransferWise for the past 12 months no problems you do your thing on computer they tell you when they take money out of your, in my case Australian bank account, and they tell you when they are processing it and when to expect the money in your Thai bank account usually within 7 hours of me hitting the go button. You get a set rate when they take money from your account, they keep you informed of the transaction during the whole process.  If you worried about where the money came from don't be because Immigration only worried you have enough money in Thai account to cover seasoning period  

Have this morning at 6.52am authorised transfer of aud 1,000 to my account here, was given a guarantee rate of 23.36978 (overnight rate at Kasikorn was 22.64.) Time 6.54am have just been informed by TransferWise they have received my money are starting to process. Me thinks pretty good service. Will let you know tomorrow what time money arrived here at Kasikorn.

[sometimewoodworker]

5 hours ago, tutsiwarrior said:

I recently transferred GBP7000 from my UK bank to my Kasikorn bank account to season for my new extension of stay in December using my UK bank's usual transfer mechanism...your thai bank will give you a pass book when you open your new account and when the transfer is received it can be recorded in the passbook, Kasikorn bank has a machine for purposes of updating balances in passbooks or you can take it inside and they will do it there...nothing more should be required by anyone to verify that you have the required funds in your thai bank account...

 

Transferwise sounds troublesome...

 

 

Your transfer will work for any visa/extension of stay.

 

There is only one problem for the OP as far as I know. For him he has to show that the funds came from outside Thailand to change his visa from a SETV to a Non-O inside Thailand. So your method will work but TransferWise may not be accepted.

 

The rules are different AFIK for the change of visa (no seasoning required but from outside Thailand)

[simoh1490]

5 hours ago, Jip99 said:

 

 

I have transferred to Kasikorn for 12 years.

 

From HSBC (where I worked) for free, Halifax and TW.

 

TW wins hands down - in your case I accept that you save the TW transfer charge of £39 but that is outweighed by the exchange rate difference + the 800 Baht KBank charge. You would have saved circa 1,200 Baht with TW..... and still got your sms ????

TW is OK for small amounts, not so good for larger amounts because there's no FET!

[steve73]

As far as I know, the funds for your "Visa extension" do not need to originate from outside of Thailand (although some Imm offices apparently do question the source).

 

Transferwise do issue a .pdf Transfer Confirmation Report with every transfer, which can be printed if necessary..... This details the source of the funds, etc. and SHOULD provide sufficient proof that the funds arriving at your Thai bank were sent (albeit indirectly) from overseas. 

[4MyEgo]

2 hours ago, a977 said:

Have this morning at 6.52am authorised transfer of aud 1,000 to my account here, was given a guarantee rate of 23.36978 (overnight rate at Kasikorn was 22.64.) Time 6.54am have just been informed by TransferWise they have received my money are starting to process. Me thinks pretty good service. Will let you know tomorrow what time money arrived here at Kasikorn.

Yeh, I'm with you on Transferwise, only started using their service since 12 September, did 3 transfers from Oz account and always in my Thai bank account within 24 hours, and they advise you when they get it and when its on its way, and as you say, they give you the set rate which is guaranteed and you couldn't ask for more.

 

I haven't found anyone giving a better rate than them, even after they have taken out their fee.

 

To the original poster immigration will want a letter from your bank stating that the funds have been in your account for x amount of time, and I believe, but don't quote me, it has to be in there for 3 months before you apply, although this might be after the original application when you are renewing your extension of stay, simple call to them should confirm which way it is.

 

Bank usually charge 200 baht for the letter, and on the day you go to the ATM and get a balance print out, i.e. I withdraw 1,000 baht and it will show them the balance when you give them the ATM print out with the letter, also photocopy bank book after updating it to the same day as the letter.

 

Cannot go past Transferwise works like a charm and top rate after fees taken out.

Edited September 28, 2018 by 4MyEgo

[baansgr]

Western Union, 2.90 fee and very good XE. You need to do the usual money laundering docs on line to open an account and its maximum 15,000 Sterling transfer each time.

[Phulublub]

OP - you have a HAlifax account.  If you also have a Halifax Clarity Card, you can preload it using online banking and then go to Kasikorn withdraw the cash, then immediately deposit in your account.  You will get the best FX rate, and will not incur ANY charges - check the Clarity CArd T & C yourself as likely some will come here to disagree. 

 

I have been doing this for two yaers without problem and always get about 0.25 baht better rate than the best rates on the street - TW is good, but a no-charge CC is better.

 

P

[rwill]

I have given the Thai bank a check from my US bank for deposit.  With SCB it took about 3 weeks to clear.  With KTB about 6 weeks to clear.

I also send money to my sister and have her wire it for me.  It clears within 24 hours everytime.

 

Before you use transferwise, like so many suggest, you need to pay attention to their fee.  You can see it easily on their site.  For me they show a $423.40 fee to send $50,000 US.  

[simoh1490]

1 hour ago, steve73 said:

As far as I know, the funds for your "Visa extension" do not need to originate from outside of Thailand (although some Imm offices apparently do question the source).

 

Transferwise do issue a .pdf Transfer Confirmation Report with every transfer, which can be printed if necessary..... This details the source of the funds, etc. and SHOULD provide sufficient proof that the funds arriving at your Thai bank were sent (albeit indirectly) from overseas. 

The .pdf from TW is not likely to be acceptable by Thai Immigration, they want confirmation from a Thai bank.

[Jip99]

2 hours ago, simoh1490 said:

TW is OK for small amounts, not so good for larger amounts because there's no FET!

 

Agree, for something like property purchase but FET not required for extension funds.

[ubonjoe]

8 minutes ago, Jip99 said:

 

Agree, for something like property purchase but FET not required for extension funds.

Correct it is not required for an extension of stay application.

But it is required to apply for a non immigrant visa at immigration which is what the OP will be applying for.

From immigration website. https://www.immigration.go.th/content/service_80

"5. 5.1 A guarantee letter from the bank in Thailand in Thai language (Attention: Immigration Commissioner)*
   5.2 A copy  of all entries of the applicant’s passbook showing that the applicant has a savings or fixed deposit account  of not less than         Baht 800,000* (all documents must be in the Applicant’s name). 
 5.3 Evidence of foreign currency fund transferred to Thailand"

[Jip99]

1 hour ago, baansgr said:

Western Union, 2.90 fee and very good XE. You need to do the usual money laundering docs on line to open an account and its maximum 15,000 Sterling transfer each time.

 

 

Are you sure the WU exchange rate is good ?

[Jip99]

19 minutes ago, ubonjoe said:

Correct it is not required for an extension of stay application.

But it is required to apply for a non immigrant visa at immigration which is what the OP will be applying for.

From immigration website. https://www.immigration.go.th/content/service_80

"5. 5.1 A guarantee letter from the bank in Thailand in Thai language (Attention: Immigration Commissioner)*
   5.2 A copy  of all entries of the applicant’s passbook showing that the applicant has a savings or fixed deposit account  of not less than         Baht 800,000* (all documents must be in the Applicant’s name). 
 5.3 Evidence of foreign currency fund transferred to Thailand"

 

 

Does that evidence have to be a FET - or can it be the remittance statement.

[simoh1490]

8 minutes ago, Jip99 said:

 

 

Are you sure the WU exchange rate is good ?

The rate is good but the fees are almost 3%.

[simoh1490]

4 minutes ago, Jip99 said:

 

 

Does that evidence have to be a FET - or can it be the remittance statement.

There is no transfer statement with TW, the passbook wording "international transfer" is put there by TW and is not supported by the Thai banks.

[ubonjoe]

3 minutes ago, Jip99 said:

Does that evidence have to be a FET - or can it be the remittance statement.

It just has to be a letter or some document from the receiving bank confirming it came from abroad.

[Jip99]

1 minute ago, simoh1490 said:

The rate is good but the fees are almost 3%.

 

I just did a quick rate comparison and WU was 42.196 for GBP versus TW 42.369.

 

As you say, the charges kill it anyway so I don’t understand why anyone would use WU.

[Jip99]

7 minutes ago, simoh1490 said:

There is no transfer statement with TW, the passbook wording "international transfer" is put there by TW and is not supported by the Thai banks.

 

 

The transfer details screen evidences the name, amount and Thai bank details.

[simoh1490]

5 minutes ago, Jip99 said:

 

 

The transfer details screen evidences the name, amount and Thai bank details.

As said earlier, that information needs to be confirmed by a Thai bank, not a TW screen grab!