Proving Income (Changing Banks)

[roger101]

I currently use Transferwise for my pensions. After reading various replies I realize that it looks like I'm going to have to go back to a Swift Transfer to guarantee the Foreign Transfer for Immigration. My bank (Nationwide) charges 20pounds per transaction and then there is TMB's charge on top.

 

So I'm looking for the best bank to change to. First Direct have the best reputation of any bank in the UK. They don't charge for the transfer but will not tell me (until I open an account) which bank here is there receiving bank so that I can find out their charges. I don't want to open an account just to answer that question. So is there anybody out there who uses Bangkok Bank or TMB who knows how much they charge for a swift transfer.

Also any suggestions on other banks or methods to bring money over monthly that meets Immigration's requirements.

[wgdanson]

I changed from Nationwide to First Direct, and may I say got a very nice pair of Bose Wireless Bluetooth headphone for doing so.

First Direct do not charge for GBP transfers, so I go from there to my Bangkok Bank Foreign Currency account where it shows as an International Transfer. There are a few pounds deducted by Bkk Bank. Then you can change those GBP online as and when you need them. Last Wednesday the difference between £1000 from Transferwise and changing that from my FCA was £3, not worth worrying about.

[Neeranam]

2 hours ago, wgdanson said:

I changed from Nationwide to First Direct, and may I say got a very nice pair of Bose Wireless Bluetooth headphone for doing so.

First Direct do not charge for GBP transfers, so I go from there to my Bangkok Bank Foreign Currency account where it shows as an International Transfer. There are a few pounds deducted by Bkk Bank. Then you can change those GBP online as and when you need them. Last Wednesday the difference between £1000 from Transferwise and changing that from my FCA was £3, not worth worrying about.

Does transfer wise give a real plastic card?

 

Would they give to some one living in Thailand?

 

 

[wgdanson]

1 minute ago, Neeranam said:

Does transfer wise give a real plastic card?

 

Would they give to some one living in Thailand?

 

 

YES. It is their Borderless Account, where you can put almost ANY currency onto it. Don't know if they will give you one if you have Thai address, I use UK address.

[Pib]

Bangkok Bank charges a receiving fee of 0.25% (Bt200 min, Bt500 max) for an incoming international transfer such as a SWIFT transfer.    All Thai banks charge a receiving fee in incoming international transfers....most use the same above mentioned fee...but some have a flat rate of say Bt350, Bt500,  etc.  But when the dust settles the receiving fee will be approx Bt200 to Bt500.

[jacko45k]

15 hours ago, roger101 said:

I currently use Transferwise for my pensions. After reading various replies I realize that it looks like I'm going to have to go back to a Swift Transfer to guarantee the Foreign Transfer for Immigration. My bank (Nationwide) charges 20pounds per transaction and then there is TMB's charge on top.

 

So I'm looking for the best bank to change to. First Direct have the best reputation of any bank in the UK. They don't charge for the transfer but will not tell me (until I open an account) which bank here is there receiving bank so that I can find out their charges. I don't want to open an account just to answer that question. So is there anybody out there who uses Bangkok Bank or TMB who knows how much they charge for a swift transfer.

Also any suggestions on other banks or methods to bring money over monthly that meets Immigration's requirements.

I use Standard Chartered (in Jersey) who do not charge for the Swift transfer and it lands directly to Bangkok Bank, so is always shown as a FTT. The Bangkok Bank charge is usually the max of 500 baht, and their conversion rate slightly less than Transferwise offer. 

If the charges at the UK end plus the Thai end and poorer rate add up, you might want to get the calculator out and if you have it, consider the 800k deposit.

[NanLaew]

Looks like First Direct is the 'low-cost-carrier' of HSBC?

 

I wonder if many of the former HSBC customers who were left in the lurch when they suddenly rewrote their T&C's, closed accounts and caused a lot of grief are customers with First Direct?

[Jaggg88]

 

First Direct is a telephone and internet-based retail bank in the United Kingdom, a division of HSBC Bank plc. First Direct has headquarters in Leeds, West Yorkshire, England, and has 1.35 million customers. They have a 24-hour call centre (great for people in different time zones) based in the UK and you speak directly to a British operator. They have been voted 'best customer service' every year since the year dot.                                                                                                                                                        When they removed their charge for Swift transfers I transferred some money in GBP to my Bangkok Bank account. I received the Bangkok Telegraphic Transfer rate of 43 THB to the GBP and Bangkok Bank did not levy any other charge - I presume BB make a profit from the conversion. My wife was so impressed she asked me to transfer some money for her, but this time First Direct would not let me send in GBP and the only option was to send in THB with a conversion rate of 41.5 THB and BB charged an international transfer fee of 1200 bht for the approx £600 I sent - so it was back to Transferwise ????  If this has changed at all recently please let me know.

[AAArdvark]

On 1/18/2019 at 7:36 AM, wgdanson said:

YES. It is their Borderless Account, where you can put almost ANY currency onto it. Don't know if they will give you one if you have Thai address, I use UK address.

They have a small list of countries for their debit card.  You can check but I don't thing Thailand is one of them.

[wgdanson]

14 hours ago, Jaggg88 said:

 

First Direct is a telephone and internet-based retail bank in the United Kingdom, a division of HSBC Bank plc. First Direct has headquarters in Leeds, West Yorkshire, England, and has 1.35 million customers. They have a 24-hour call centre (great for people in different time zones) based in the UK and you speak directly to a British operator. They have been voted 'best customer service' every year since the year dot.                                                                                                                                                        When they removed their charge for Swift transfers I transferred some money in GBP to my Bangkok Bank account. I received the Bangkok Telegraphic Transfer rate of 43 THB to the GBP and Bangkok Bank did not levy any other charge - I presume BB make a profit from the conversion. My wife was so impressed she asked me to transfer some money for her, but this time First Direct would not let me send in GBP and the only option was to send in THB with a conversion rate of 41.5 THB and BB charged an international transfer fee of 1200 bht for the approx £600 I sent - so it was back to Transferwise ????  If this has changed at all recently please let me know.

I have transferred both GBP to my Foreign Currency Account free of charge, and THB to my Bangkok Savings Account with a reduced exchange rate. There's never been more than about Bht500 difference. Don't Worry, Be Happy.

[onera1961]

On 1/18/2019 at 6:36 AM, wgdanson said:

YES. It is their Borderless Account, where you can put almost ANY currency onto it. Don't know if they will give you one if you have Thai address, I use UK address.

Debit card not available for US addresses. I can put any currency (e.g. Baht) after converting from USD and hold into their account for future transfer. It just guarantees the rate for future transfer. Not sure I will like to do it for a large amount though.

Edited January 20, 2019 by onera1961

[Isaanman]

On 1/19/2019 at 8:37 AM, jacko45k said:

I use Standard Chartered (in Jersey) who do not charge for the Swift transfer and it lands directly to Bangkok Bank, so is always shown as a FTT. The Bangkok Bank charge is usually the max of 500 baht, and their conversion rate slightly less than Transferwise offer. 

If the charges at the UK end plus the Thai end and poorer rate add up, you might want to get the calculator out and if you have it, consider the 800k deposit.

If the said Bangkok Bank passbook records the charge as FTT (i.e. "Foreign Telegraphic Transfer"), as my BB passbook always does, is this not in itself sufficient to verify the deposit into a Thai bank account as a foreign transaction? What more would be needed? 

[jacko45k]

1 minute ago, Isaanman said:

If the said Bangkok Bank passbook records the charge as FTT (i.e. "Foreign Telegraphic Transfer"), as my BB passbook always does, is this not in itself sufficient to verify the deposit into a Thai bank account as a foreign transaction? What more would be needed? 

One of them every month for 12 months, all over or equal to 65,000, for a retirement based extension.

My point really was if SWIFT txfers are obligated, and a person has to pay for it, along with a poorer rate and a Bangkok Bank charge to convert it, 12 times per year, how much is that costing? Is that cost comparable to what one makes on 800k each year, on deposit in home country. 

[roger101]

Thanks for the information its given me a lot to think about.

While I'm here, for information I checked my old TMB bank books (before Travelwise) and my monthly deposit (swift)) shows up as a local transfer no sign in the book of being an international transfer at all.

[Pib]

39 minutes ago, roger101 said:

Thanks for the information its given me a lot to think about.

While I'm here, for information I checked my old TMB bank books (before Travelwise) and my monthly deposit (swift)) shows up as a local transfer no sign in the book of being an international transfer at all.

Keep in mind passbook frquently just display a code like in a Bangkok Bank passbook the code "FTT" means Foreign Telegraphic Transfer (i.e., International Transfer).    You may will not see any description like International Transfer.  But look at my accont via "ibanking' and it displays International Transfer but no FTT code.  

 

Each bank uses different codes to represent the type of transaction....it might be a 2 digit code, 3 digit, or maybe even 5 digits like I've seen in my wife KrungThai Bank passbook.