TransferWise Beneficiary's bank name

[lucky2008]

Are any of you using TransferWise to send money into Thailand?

 

I'm trying to set up an account with them and they are asking me to enter the beneficiary's bank name. 

 

Is it alright if I just type in Bangkok Bank or do I need to state the city as well?  

 

 

 

 

[Chivas]

Cant recall what I put in in my case for certain but it was certainly no more than the name Siam Commercial and certainly no address given by me.

 

[Chivas]

Out of interest below my response was an advert from Ria Money transfer. Dear oh dear and thats being polite when I put dummy figures in as an example

The equivalent of 721 Baht less than TW as a bottom line cost over a £1000 transfer

[wgdanson]

Your Bangkok Bank account number tells them which branch. I put MY name as beneficiary. Works 100% well.

Can't do any harm to put in the Branch name if you know it

Edited January 20, 2019 by wgdanson

[Pib]

When you start typing in the bank's name like Bangkok Bank, TMB, Kaiskorn, etc., a list should start appearing right below it.....select the bank name from that list.  You are just entering the "bank" name; not the "branch" name like the branch in Nakhon Nowhere.

[VBF]

For my TW setup, I set up a Recipient and provided:

 

An email address - not the one I'm using to send though - my choice to keep them separated and I use a different email for online banks anyway.

Beneficiary's Bank Name - I put Siam Commercial Bank 

Account Number - if the number has dashes and spaces just enter ALL the figures without spaces. (TW in UK advised me on that)

Works perfectly.

 

A SCB account number tells the system everything it needs to know. If you're thinking of British banks, there are no sort codes in Thailand. Therefore I guess the same applies with Bangkok Bank as @wgdanson implied above.

 

[lucky2008]

13 hours ago, Pib said:

When you start typing in the bank's name like Bangkok Bank, TMB, Kaiskorn, etc., a list should start appearing right below it.....select the bank name from that list.  You are just entering the "bank" name; not the "branch" name like the branch in Nakhon Nowhere.

It does not auto generate nor did I get a pop-down list when I tried. 

 

I just typed in Bangkok Bank and it let me proceed to the next screen. When all was said and done it registered the bank code as 002. 

 

The transfer is now on its way so let's see what happens in the next few days. 

 

I've also been reading numerous bad reviews about TransferWise. People being shut down and accounts being cancelled. 

 

Is there a safer platform that I can use when sending money from the US? 

[lucky2008]

Below is a screen shot of from my TW Activity page. The first sceeenshot shows the pop-up which appears when I click View Transfer Details. 

 

As you can see the Beneficiary's bank name defaulted to 002.

 

But when I click on the PDF link, it shows Bangkok Bangkok along with my account number. Second screenshot 

 

For those of you sending from the US do you also have the 002 showing? 

[Pib]

Yes, mine shows the same way after the transfer is initiated/completed but "during" the setup of the transfer when entering the the bank name it shows the bank actual name name...not a number like 002. 

 

Like were you earlier talked about a pull down list not appearing for you, like I get below, when entering the beneficiary bank name.....like were I start off just entering the first three letters of "Ban" Bangkok Bank a list of suggested banks start appearing right below the "Ban" entry....I then select Bangkok Bank. 

 

Yes, mine shows the same after the transfer is launched.  The 002 representing Bangkok Bank on your first snapshot above is more for Transferwise internal use...as you see on the more detailed receipt it specifies the actual bank name.

 

[lucky2008]

27 minutes ago, Pib said:

Yes, mine shows the same way after the transfer is initiated/completed but "during" the setup of the transfer when entering the the bank name it shows the bank actual name name...not a number like 002. 

 

Like were you earlier talked about a pull down list not appearing for you, like I get below, when entering the beneficiary bank name.....like were I start off just entering the first three letters of "Ban" Bangkok Bank a list of suggested banks start appearing right below the "Ban" entry....I then select Bangkok Bank. 

 

Yes, mine shows the same after the transfer is launched.  The 002 representing Bangkok Bank on your first snapshot above is more for Transferwise internal use...as you see on the more detailed receipt it specifies the actual bank name.

 

 Thanks Pin! 

 

I just did tried to enter a new recipient and yes you're 100% right the pull down does appear. Thanks for the confirmation as well with the 002. 

 

Can you please tell what other money transfer platform you would use if Transferwise did not exist, and you still needed to show out of country deposits coming into your bank on monthly basis? 

 

 

[Pib]

OFX might be one to consider....their exchange rate is not at good as Transferwise but their fees are lower...however, when the "exchange rate and fees" fully considered Transferwise still comes out on top.  Now if you got to the OFX public website they only show the mid-market rate "and not their actual customers rate" which you can only get once you have registered with them.   

 

Below is a partial snapshot of a larger spreadsheet comparison I did for rates on 3 Aug 18...it uses OFX "customer rates."   As you will see Transferwise beat OFX for all the amounts compared.

 

Other than money transfer services like Transferwise you are pretty much left with using SWIFT from your US bank and none of them use ACH "IAT" format for retail accounts.  As you know come 1 Apr 19 the Bangkok Bank ACH method will no longer work for transfers thru their NY branch due to their ACH IAT that goes fully into effect 1 Apr 19.

 

But if you are just looking for a way to get money into Thailand cheaply and don't care about it appearing as an international transfer on your bank account, "then using no foreign transaction fee debit cards" that reimburse ATM fees....or doing a counter withdrawal with those no foreign transaction fee cards is the best way to go. 

 

While most US debit cards are limited $1000 per day (or even less), at least one...the Cap1 debit card...allows $5K per day at a counter plus another $1K at an ATM.    Using a Cap1 debit card to do a $5K counter withdrawal with zero fees is hard to beat.  In fact if I had posted the entire spreadsheet comparing those things shown in its title vs the partial partial one below, the using a no foreign transaction fee Visa/Mastercard debit card for a counter withdrawal ended up giving you the most baht at the least cost....and you definitely get the baht faster (immediately) using that method.  

 

[lucky2008]

Thanks Pib

 

If using OFX sending from the US, will Bangkok Bangkok still show it as coming from overseas? I need this for immigration purposes. 

 

 

[Pib]

3 hours ago, lucky2008 said:

Thanks Pib

 

If using OFX sending from the US, will Bangkok Bangkok still show it as coming from overseas? I need this for immigration purposes. 

 

 

Don't know....never actually did a transfer once I got my account....didn't do a transfer because Transferwise was a better deal.  Plus on weekends OFX didn't give update USD-THB rates...basically THB udpates only occurred Mon-Fri.  Several things just turned me off about using OFX after I got an account.  Maybe in the future.

[wgdanson]

7 hours ago, lucky2008 said:

Below is a screen shot of from my TW Activity page. The first sceeenshot shows the pop-up which appears when I click View Transfer Details. 

 

As you can see the Beneficiary's bank name defaulted to 002.

 

But when I click on the PDF link, it shows Bangkok Bangkok along with my account number. Second screenshot 

 

For those of you sending from the US do you also have the 002 showing? 

$2.15 to send £20 is over 10%.

[lucky2008]

55 minutes ago, wgdanson said:

$2.15 to send £20 is over 10%.

Yeah that's true, but basically I did this amount as a "test run". 

 

I have read so many good things about TW, and so many bad things as well. 

 

Supposedly they have shut people down without any notice or explanation. The people who had this happen to them weren't able to get any type of support, and their money now is forever gone. 

 

This new change scares me a bit. Using ACH NY Bangkok for the past year felt really secure. 

[wgdanson]

3 minutes ago, lucky2008 said:

Yeah that's true, but basically I did this amount as a "test run". 

 

I have read so many good things about TW, and so many bad things as well. 

 

Supposedly they have shut people down without any notice or explanation. The people who had this happen to them weren't able to get any type of support, and their money now is forever gone. 

 

This new change scares me a bit. Using ACH NY Bangkok for the past year felt really secure. 

I only do UK to Bkk Bank so had no problems yet. 

[fcgprg]

6 minutes ago, wgdanson said:

I only do UK to Bkk Bank so had no problems yet. 

Same UK to Bkk Bank no problems in 15 months of transfers.

 

[Pib]

21 minutes ago, lucky2008 said:

Yeah that's true, but basically I did this amount as a "test run". 

 

I have read so many good things about TW, and so many bad things as well. 

 

Supposedly they have shut people down without any notice or explanation. The people who had this happen to them weren't able to get any type of support, and their money now is forever gone. 

 

This new change scares me a bit. Using ACH NY Bangkok for the past year felt really secure. 

You can indeed google and find posts where folks says their account was deactivated/shutdown without explanation as if they are saints.  But I'm sure there is more to the story like TW later discovered the person's Identity doc(s) were possibly fake, incoming payment to the person's borderless account or outgoing payment were suspect/violating TW rules, or even a person using another friends bank account to attempt the funding of a transfer. Yes, I saw one complaint where the person who got shutdown said that is the reason but could't understand what's wrong with that since the friend allowed him/helped him to do it.

 

And I'm sure no one's money was lost forever....on hold for a while yes, but not loss forever.  I've read posts where some people were abruptly shutdown, they still have money in their borderless account, but in approx 2 months they received those funds back after TW did more checking to ensure the funds were given back to the real TW account owner.   

 

And for those cases where a person account was shutdown "during" a transfer...funds pulled from the person's bank account or debit/credit card....those funds also made their way back to the bank/card they were pulled from. 

 

Some of these "saints" getting their accounts deactivated have actually committed a sin somewhere but they usually don't mention that in their bitch about TW.

[lucky2008]

16 minutes ago, wgdanson said:

I only do UK to Bkk Bank so had no problems yet. 

 

9 minutes ago, fcgprg said:

Same UK to Bkk Bank no problems in 15 months of transfers.

 

So I've heard and I am tying it out.  What bothers me is the research I've done online.  Go to Google and type in 'Transferwise Consumer Affairs'  then open the link.

 

It really sucks when you cant believe anything you see or read anymore online.  So many companies writing their own third party reviews, and trashing their competitors at the same time. 

 

Online marketing warfare at it's finest.   Luckily we can still count on ThaiVisa to provide real up to date information. 

[lucky2008]

28 minutes ago, Pib said:

You can indeed google and find posts where folks says their account was deactivated/shutdown without explanation as if they are saints.  But I'm sure there is more to the story like TW later discovered the person's Identity doc(s) were possibly fake, incoming payment to the person's borderless account or outgoing payment were suspect/violating TW rules, or even a person using another friends bank account to attempt the funding of a transfer. Yes, I saw one complaint where the person who got shutdown said that is the reason but could't understand what's wrong with that since the friend allowed him/helped him to do it.

 

And I'm sure no one's money was lost forever....on hold for a while yes, but not loss forever.  I've read posts where some people were abruptly shutdown, they still have money in their borderless account, but in approx 2 months they received those funds back after TW did more checking to ensure the funds were given back to the real TW account owner.   

 

And for those cases where a person account was shutdown "during" a transfer...funds pulled from the person's bank account or debit/credit card....those funds also made their way back to the bank/card they were pulled from. 

 

Some of these "saints" getting their accounts deactivated have actually committed a sin somewhere but they usually don't mention that in their bitch about TW.

61 reviews as of 1/1/2019 and 52 of those being 1 star is disturbing. But as I mentioned maybe the Consumer Affairs Site is making their own reviews in order to get TransferWise to participate in their "accreditation program." Anyways, I'm trying it out regardless as per your advise. You were the one that turned me on to the ACH NY Bangkok Bank, so I know what your talking about is always the real deal.   

Edited January 21, 2019 by lucky2008
sentence correction

[wgdanson]

9 minutes ago, lucky2008 said:

61 reviews as of 1/1/2019 and 52 of those being 1 star is disturbing. But as I mentioned maybe the Consumer Affairs Site is making their own reviews in order to get TransferWise to participate in their "accreditation program." Anyways, I'm trying it out regardless as per your advise. You were the one that turned me on to the ACH NY Bangkok Bank, so I know what your talking about is always the real deal.   

Just looked. There are too many ONE * reviews for them all to be true. And on other review sites, many 4 & 5 * reviews. I would give them 5. Never any problems, very fast GBP to THB.

[Pib]

But go to Truspilot and over 56K reviews give Transferwise a 5 of 5 star rating.  Only 3% of the reviews on TW are poor or bad.  

 

https://www.trustpilot.com/review/transferwise.com

[lucky2008]

27 minutes ago, Pib said:

But go to Truspilot and over 56K reviews give Transferwise a 5 of 5 star rating.  Only 3% of the reviews on TW are poor or bad.  

 

https://www.trustpilot.com/review/transferwise.com

Yeah I saw that as well.  The company I used to work for had an account with TrustPilot. Let's just say a company can use this site to their advantage as well

if they "know their way around" cyber world.  Call me a pessimist, but it's hard for me to believe the majority of reviews online-but sometimes I just can't help noticing them.  

 

This goes for sites such as TrustPilot, Amazon, TripAdvisor, Consumer Affairs, and a whole whole bunch more.

For those of you that know the power of a content management system software application, you know exactly what I'm talking about.  

 

This is why I rather get first hand experiences from people such as you Pib and the other members on this forum.  

Edited January 21, 2019 by lucky2008

[lucky2008]

22 minutes ago, wgdanson said:

Just looked. There are too many ONE * reviews for them all to be true. And on other review sites, many 4 & 5 * reviews. I would give them 5. Never any problems, very fast GBP to THB.

I'm telling you wgdanson it just so hard to believe things nowadays with some of these sites.  

 

I really hope things work out. 

[baansgr]

9 hours ago, lucky2008 said:

Below is a screen shot of from my TW Activity page. The first sceeenshot shows the pop-up which appears when I click View Transfer Details. 

 

As you can see the Beneficiary's bank name defaulted to 002.

 

But when I click on the PDF link, it shows Bangkok Bangkok along with my account number. Second screenshot 

 

For those of you sending from the US do you also have the 002 showing? 

I use TW as its cheap, wow you have been charged over 10%....you should get better value somewhere else surely

[lucky2008]

15 minutes ago, baansgr said:

I use TW as its cheap, wow you have been charged over 10%....you should get better value somewhere else surely

This was just a test run I did with a debit. 

 

Normally I'll be sending 3k per month so the fee will be about 32 usd. 

 

Much better than 45 USD++ doing SWIFT