jacko45k Posted January 21, 2019 Share Posted January 21, 2019 (edited) 7 minutes ago, steve73 said: (which they appear to from what I've read.) You need to read some more, mine wasn't, it came via TMB! If one in 12 does that, your extension is potentially rejected. Edited January 21, 2019 by jacko45k 1 Link to comment Share on other sites More sharing options...
steve73 Posted January 21, 2019 Share Posted January 21, 2019 2 minutes ago, jacko45k said: You need to read some more, mine wasn't, it came via TMB! If one in 12 does that, your extension is potentially rejected. I'll admit I don't read every post on every TV thread... and apols if I'd missed your statement on this thread... Link to comment Share on other sites More sharing options...
Spidey Posted January 21, 2019 Share Posted January 21, 2019 9 minutes ago, steve73 said: TW Fx currently 40.89418. Total Fee on 1723 GBP sent is 10.92 GBP for 70,014 Bt. A little over a third of the cost your SWIFT transfer... and you know EXACTLY how many baht you'll receive. Provided BBL statements clearly show it is an international payment (which they appear to from what I've read.) UK bank charged £9.50 fee for SWIFT transfer. BKK bank 200 baht (£5). I'm sure that I read on a website that TransferWise rate is the same as the TT rate, which was 40.5 when I checked. Link to comment Share on other sites More sharing options...
Kadilo Posted January 21, 2019 Share Posted January 21, 2019 38 minutes ago, Spidey said: Have just checked a couple of websites, including excellent site provided by @jacko45k which is now a shortcut on my desktop. Current rate with Mastercard = 40.85. Current buying rate with BKK bank/ TT = 40.5 Close enough for me. On my standard 70k baht transfer that gives me a difference of £15 or 600 baht. In total this method will cost me an extra £15+£9.50+ 200 baht (£5) = £29.50 (1200 baht) per month. x12= 14.300 baht per annum. Almost identical to paying an agent to sort it all out for you. Great info. Cheers. Almost a mirror of what of what I need to do this week albeit with Kasikorn. Link to comment Share on other sites More sharing options...
Spidey Posted January 21, 2019 Share Posted January 21, 2019 2 minutes ago, Kadilo said: Great info. Cheers. Almost a mirror of what of what I need to do this week albeit with Kasikorn. I don't know if Kasikorn will show it as an international transfer. Others may be able to advise on this. Link to comment Share on other sites More sharing options...
Kadilo Posted January 21, 2019 Share Posted January 21, 2019 4 minutes ago, Spidey said: I don't know if Kasikorn will show it as an international transfer. Others may be able to advise on this. I’ve heard and read mixed hence why I’m giving it a bash. It seems a safer place to start than using TW. If this fails it’s either opening up a. BKK account of going for the credit advice slips which Sheryl has been posting about. 1 Link to comment Share on other sites More sharing options...
jacko45k Posted January 21, 2019 Share Posted January 21, 2019 (edited) 17 minutes ago, Spidey said: I'm sure that I read on a website that TransferWise rate is the same as the TT rate, which was 40.5 when I checked. I have seen 0.1 baht/GBP more with TW mostly, but sometimes better still, and you can lock the TW rate in . No control with the Swift to BB, I have had it drop overnight and cost me... sod's law! Edited January 21, 2019 by jacko45k Link to comment Share on other sites More sharing options...
steve73 Posted January 21, 2019 Share Posted January 21, 2019 10 minutes ago, Spidey said: UK bank charged £9.50 fee for SWIFT transfer. BKK bank 200 baht (£5). I'm sure that I read on a website that TransferWise rate is the same as the TT rate, which was 40.5 when I checked. No.. TW rate is usually (close to) the MMR (Mid market rate). Each Thai bank choses it's own TT rates (both buy & sell), and changes it at will. If you check the FX rate's page I posted earlier, you'll see that BBL's TT buy rate is 40.5 (updated at 4:09), but eg. Thanachart Bank is only 40.32 (updated 04:13). Other days BBL may be offering the lowest rate... It always pays to check. 1 Link to comment Share on other sites More sharing options...
steve73 Posted January 21, 2019 Share Posted January 21, 2019 FWIW, I used to use SWIFT from Nationwide to Kasikorn, usually once per year, around 10-20k GBP each time. NW's SWIFT fee was one of the higher one at 20quid, but my main complaint was that it usually seemed to take around 5-7 days for my KBank to credit the THB, and it always seemed as if I received the lowest TT rate that they were offering during the period that I was waiting (less a further 500 bt). On a 10k GBP transfer I estimated I was sometimes losing over 200 GBP due to rate fluctuations. I only occasionally checked how the transfers were being recorded, and they were always International. I started using Xendpay (first time on the day of the referendum, and managed to lock in 52.6, despite it taking 2 weeks to arrive due to my cock-up!), only switching to TW a year or so later since it offered slightly better rates, and also that once set up as a payee for NW I could reuse the details. (With Xendpay I had to create a new payee every time, with the inherent risk of making a mistake). I'm lucky that I don't need to show my transfers as coming in from overseas, since I use the 800k savings, and the flexibility allows me to send only when the rates look good. Some months I send 2-3 times, others (such as the last 3 months, I don't bother) TW is great for this. If they can only sort out how their transfers are recorded on arrival it would be of use to a wider audience. 2 Link to comment Share on other sites More sharing options...
Kadilo Posted January 21, 2019 Share Posted January 21, 2019 6 minutes ago, steve73 said: . If they can only sort out how their transfers are recorded on arrival it would be of use to a wider audience. From previous posts it appears it’s something they are looking into. Link to comment Share on other sites More sharing options...
jacko45k Posted January 21, 2019 Share Posted January 21, 2019 (edited) 45 minutes ago, steve73 said: If they can only sort out how their transfers are recorded on arrival it would be of use to a wider audience. More readily, and without knowing the mechanics of TW, if they just made sure their partner bank in Thailand, matched up with the target bank, it would make them more attractive to many. (IE Avoided a domestic transfer in Thailand, if at all possible) Edited January 21, 2019 by jacko45k 1 Link to comment Share on other sites More sharing options...
Spidey Posted January 21, 2019 Share Posted January 21, 2019 What are the average timescales of TransferWise? How long to move from your account to TransferWise account? How long to move from your TransferWise account to your Thai bank account? Link to comment Share on other sites More sharing options...
steve73 Posted January 21, 2019 Share Posted January 21, 2019 4 minutes ago, jacko45k said: More readily, and without knowing the mechanics of TW, if they just made sure their partner bank in Thailand, matched up with the target bank, it would make them more attractive to many. (IE Avoided a domestic transfer in Thailand, if at all possible) One of my most recent transfers (oct) used Kbank as the banking partner to my Kbank account, but it was still registered as a domestic receipt, yet a few months previously the same routing was recorded as international. There appears little consistency.. 1 Link to comment Share on other sites More sharing options...
steve73 Posted January 21, 2019 Share Posted January 21, 2019 2 minutes ago, Spidey said: What are the average timescales of TransferWise? How long to move from your account to TransferWise account? How long to move from your TransferWise account to your Thai bank account? Once you've set up your account with TW (copies of passport, etc), which may take a few days/week, you go into their website, and ask for a quote. If you're happy to proceed, you go to your bank and make a transfer, and then let TW know. If your bank uses "faster payments" the money is received by TW immediately (and you get a confirmation e-mail within a few minutes). Cash arrives in your Thai bank the next WORKING day, usually late pm. (i.e. around 24 hours, unless sent on a Fri/Sat, or if Mondat is a Thai bank Hol) 1 Link to comment Share on other sites More sharing options...
jacko45k Posted January 21, 2019 Share Posted January 21, 2019 5 minutes ago, steve73 said: If your bank uses "faster payments" the money is received by TW immediately (and you get a confirmation e-mail within a few minutes). Cash arrives in your Thai bank the next WORKING day, usually late pm. (i.e. around 24 hours, unless sent on a Fri/Sat, or if Mondat is a Thai bank Hol) If you use a debit card, Transferwise get the money almost immediately, then some minutes later they send it on to Thailand, and in my case it took 6 hours to go from TMB to BKK. If it had come to BKK directly, likely the whole process would have been under an hour. 1 Link to comment Share on other sites More sharing options...
Spidey Posted January 21, 2019 Share Posted January 21, 2019 8 minutes ago, steve73 said: Once you've set up your account with TW (copies of passport, etc), which may take a few days/week, you go into their website, and ask for a quote. If you're happy to proceed, you go to your bank and make a transfer, and then let TW know. If your bank uses "faster payments" the money is received by TW immediately (and you get a confirmation e-mail within a few minutes). Cash arrives in your Thai bank the next WORKING day, usually late pm. (i.e. around 24 hours, unless sent on a Fri/Sat, or if Mondat is a Thai bank Hol) Struggling with providing them with a copy of my passport. Link to comment Share on other sites More sharing options...
Spidey Posted January 21, 2019 Share Posted January 21, 2019 4 minutes ago, jacko45k said: If you use a debit card, Transferwise get the money almost immediately, then some minutes later they send it on to Thailand, and in my case it took 6 hours to go from TMB to BKK. If it had come to BKK directly, likely the whole process would have been under an hour. UK bank debit card? Link to comment Share on other sites More sharing options...
steve73 Posted January 21, 2019 Share Posted January 21, 2019 7 minutes ago, jacko45k said: If you use a debit card, Transferwise get the money almost immediately, then some minutes later they send it on to Thailand, and in my case it took 6 hours to go from TMB to BKK. If it had come to BKK directly, likely the whole process would have been under an hour. I thought there was a small additional charge to use a debit card...? I always use a UK bank transfer - which is equally immediate, but I've never received the THB any earlier than the next working day, irrespective of the routing used. (I suspect Kbank is the slow point). Link to comment Share on other sites More sharing options...
steve73 Posted January 21, 2019 Share Posted January 21, 2019 8 minutes ago, Spidey said: Struggling with providing them with a copy of my passport. Required for setting-up almost any financial transaction nowadays... Anti-money laundering rules and "know your customer". Scan copy is fine, or even photo, and you can always stamp "copy" across it if you're worried. 1 1 Link to comment Share on other sites More sharing options...
jacko45k Posted January 21, 2019 Share Posted January 21, 2019 8 minutes ago, Spidey said: UK bank debit card? Jersey Bank. Link to comment Share on other sites More sharing options...
jacko45k Posted January 21, 2019 Share Posted January 21, 2019 5 minutes ago, steve73 said: I thought there was a small additional charge to use a debit card...? I always use a UK bank transfer - which is equally immediate, but I've never received the THB any earlier than the next working day, irrespective of the routing used. (I suspect Kbank is the slow point). Well I missed it if there was, but I wouldn't have expected one. As I said, 6 hours for mine, so I too suspect KBank. Link to comment Share on other sites More sharing options...
steve73 Posted January 21, 2019 Share Posted January 21, 2019 4 minutes ago, jacko45k said: Well I missed it if there was, but I wouldn't have expected one. As I said, 6 hours for mine, so I too suspect KBank. Just checked.. 75p extra for using a UK debit Card, or 1.7% for CC for 10k max. (but 1.7% for both Debit & credit card if paying in Euros) "Every little helps" 1 Link to comment Share on other sites More sharing options...
jacko45k Posted January 21, 2019 Share Posted January 21, 2019 1 minute ago, steve73 said: Just checked.. 75p extra for using a UK debit Card, or 1.7% for CC for 10k max. (but 1.7% for both Debit & credit card if paying in Euros) "Every little helps" My issue was DD to Transferwise was regarded as a cash withdrawal so hit a cash limit I wasn't expecting. Covered 65k baht easily though. Link to comment Share on other sites More sharing options...
Spaniel Posted January 21, 2019 Share Posted January 21, 2019 When you use the B800,000 in the bank method to extend the 1 year retirement visa must the 800,000 bhat be transfered from abroad to your account? My friend claims it does not thae to be. Also when you get the bank letter must you use it the same day or is it valid for several days? Link to comment Share on other sites More sharing options...
jacko45k Posted January 21, 2019 Share Posted January 21, 2019 9 minutes ago, Spaniel said: When you use the B800,000 in the bank method to extend the 1 year retirement visa must the 800,000 bhat be transfered from abroad to your account? My friend claims it does not thae to be. Also when you get the bank letter must you use it the same day or is it valid for several days? No, it is not specified. Validity of letter I believe 1 week is acceptable but personally I do same day. It can vary by region. Link to comment Share on other sites More sharing options...
scubascuba3 Posted January 21, 2019 Share Posted January 21, 2019 Just checked.. 75p extra for using a UK debit Card, or 1.7% for CC for 10k max. (but 1.7% for both Debit & credit card if paying in Euros) "Every little helps"Using a debit card is usually a good thing as you can use "chargeback" if necessary, this applies to buying goods and services, not sure if it includes money transfers but for 75p its worth it plus prevents any scams not transferring from bank account direct Link to comment Share on other sites More sharing options...
scubascuba3 Posted January 21, 2019 Share Posted January 21, 2019 No, it is not specified. Validity of letter I believe 1 week is acceptable but personally I do same day. It can vary by region.on another thread I'm pretty sure the 800k needs to come from abroad if applying for non-im O, if applying for extension it doesn't need to be from abroad. Daft i know Link to comment Share on other sites More sharing options...
jacko45k Posted January 21, 2019 Share Posted January 21, 2019 3 minutes ago, scubascuba3 said: 6 minutes ago, jacko45k said: No, it is not specified. Validity of letter I believe 1 week is acceptable but personally I do same day. It can vary by region. on another thread I'm pretty sure the 800k needs to come from abroad if applying for non-im O, if applying for extension it doesn't need to be from abroad. Daft i know Well the post I responded to was an extension. If applying to convert a TV or Visa waiver entry to a non-Imm entry, yes you do have to show the money came from abroad. But there is no seasoning requirement of course. Link to comment Share on other sites More sharing options...
Kadilo Posted January 21, 2019 Share Posted January 21, 2019 1 hour ago, Spidey said: What are the average timescales of TransferWise? How long to move from your account to TransferWise account? How long to move from your TransferWise account to your Thai bank account? When I transfer the money from UK accounts the money is usually in my KK within 2-3 working days. 1 Link to comment Share on other sites More sharing options...
Spidey Posted January 21, 2019 Share Posted January 21, 2019 6 minutes ago, Kadilo said: When I transfer the money from UK accounts the money is usually in my KK within 2-3 working days. 3 - 5 days for me using SWIFT transfers. Thought that I'd give TransferWise a try but sign up is being a real bitch. Link to comment Share on other sites More sharing options...
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