OFX.com Wire Transfer - Any Reviews?

[Pib]

Based on my OFX experience so far below nerdwallet.com review probably best describes the speed of OFX transfers....and I expect below two to four business days delivery time is based on you "pushing" money to them and them not needing to do an ACH Direct Debit to "pull" the funds where OFX then adds on a 3 day hold time. 

 

https://www.nerdwallet.com/blog/banking/ofx-money-transfer-review/

 

Quote

 

Speed offerings

    

4.0 / 5.0

Transfers take on average two to four business days. This breaks down to one to two business days for the company to receive funds from your bank account, plus one to two days for delivery to your recipient.

Speed is not a competitive advantage for OFX, considering that some other providers deliver money internationally within minutes (though it costs more).

 

 

[Pib]

OFX transfer status as of today/Saturday on my transfer after getting the ACH Direct Debit issue fixed....completion status moved to the 3rd dot position which means they direct debited the funds from my US bank via ACH although nothing shows on my US ibanking yet  But hey, the same thing happened with using direct debit to fund my Transferwise transfers....I usually had the money posted in my Thai bank account before the debit posted to my US bank account. I expect below OFX transfer status will now set where it's for the 3 day holding/clearing period mentioned earlier....that is, where OFX wants the ACH transaction to fully settle/clear to ensure they got the money. 

 

[Pib]

On 3/22/2019 at 10:24 AM, SooKee said:

Very strange.  I might mail them at some stage.  I only recently registered with OFX and used my Thai address and provided account info to them (IIRC) to a UK bank account.  No mention anywhere of free transfers for me either.  As it stands for me at the moment I wouldn't even consider OFX as an option at the moment given that even a bank SWIFT would be better value.

I think the sending fee you are seeing is due to which address you "originally" registered with.  If registering with a UK or US address there is no sending fee....I originally registered with a US address but later switched to a Thailand address but I got to retain the US fee structure...they apparently just transferred account control from USForex (old name for OFX in the US) to OzForex (old name for OFX in Oz)....that's how I understood it from the OFX rep when I called with a variety of curiosity questions on my first transfer problem...a problem that is now apparently resolved.  The sending fee structure for a US account is zero unless sending less than $150; below $150 a $5 sending fee applies.

 

At the bottom are a couple of quotes from the OFX Q&A section regarding transfer fees for some of the 6 countries OFX has an office in....and I guess each office is responsible for different parts of the world.  I'm fairly sure the Sydney AU office is responsible for Thailand registered addresses although the AU fee structure may not apply...depends on how originally signed up....which OFX office you signed up with. 

 

But with your sending fee quote being 6.81 GBP which equates to approx 12.50 AUD that don't match up to either the UK or Oz address fee structure.  Maybe there is a special one for Thailand...maybe I unknowingly got some special signup deal....maybe the Q&A below are outdated.....hurts my head trying to understand it. 

 

But I do know if OFX started charging a transfer fee I wouldn't consider them either "from a transfer cost standpoint" in comparison to Transferwise.  But even with a small transfer fee with the OFX transfer arriving via SWIFT and hopefully ensuring "international transfer" coding on any Thai bank account this would be a positive for those folks shifting to the immigration monthly income method....especially for US folks who US banks want to charge an arm and a leg and/or make it hard to do a SWIFT transfer.  And I guess it don't hurt to have a second money transfer service in case your primary money transfer service stops working for you one day for whatever known or unknown reason. 

 

UK Registered Address

At OFX UK we have no transfer fees if you register with our UK legal entity. 

 

US Registered Address

Our flat rate transfer fee is now a thing of the past. Our customers can enjoy international money transfers with zero OFX transfer fees. No gimmicks, no catch.

 

AU Registered Address

At OFX we have one standard fee of AUD 15 if you’re transferring under AUD 10,000. If you’re transferring

more than AUD 10,000, we won’t charge you a transfer fee. (Yes, it’s that simple!)

 

CA Registered Address

At OFX we have one standard fee of CAD 15 if you’re transferring under CAD 10,000. If you’re transferring more than CAD 10,000, we won’t charge you a transfer fee. (Yes, it’s that simple!)

Edited March 23, 2019 by Pib

[SooKee]

Thanks Pib for all the updated info. It sure sounds like some fun and games with them!! I mailed OFX several days ago asking about the difference in exchange rates and the imposition of fees in some cases. Yet to receive a reply. If the fee / rate that OFX use remains unchanged they'll be off my list of options, particularly now I've had my London Bangkok Bank transfer route set up by Bangkok Bank in London.

I'll stick with TW for now, for me, better rates, faster and easier. I'll keep Bangkok Bank as an option to plug any holes where a TW transfer fails to show as FTT and if that becomes regular I'll switch to the Bangkok Bank route.

[Pib]

Well, if OFX does response and maybe you end up getting better rates/no fee type transfers and since UK banks have the "Fast Payment System" which I guess makes it real easy/cheap/free to push money to someone, then OFX should be better than using the Bangkok Bank London branch and maybe be real close/same-same as using Transferwise from a cost/most baht into your Thai bank account.  Transfers should take a few business days and they are sent via SWIFT which should ensure international coding on a Thai bank account.

 

Beyond this initial glitch on my first transfer which hopefully has been fixed...will not occur again. the only real con I have with using OFX "at this time" is when funding the transfer using an ACH bank debit just that portion of the process takes 4 "business days" since they include a 3 day on-hold period within those 4 days to be absolutely sure the money clears.  Then the transfer can get going again. 

 

Basically like sfokevin mentioned earlier for a US person needing to use ACH bank debit to fund the transfer count on the transfer from start to posting to your Thai bank account taking a week.  The only way to get around this 4 day "marching in place" status would be to "push" the money to OFX and US banks only offer "international wire/SWIFT" to push money and that comes with a healthy bank fee.  

 

OFX also has the capability to do automatic reoccurring monthly transfers which Transferwise does not have but been promising for years.  But unfortunately the OFX reoccurring transfer feature is only offered on a dozen or so currencies....and Thai baht is not one of those currencies.

 

 

Edited March 25, 2019 by Pib

[Sheryl]

Following this with great interest.

I have signed up with OFX at my Thai address. When/if I finally get my SS (which at this point will be 4-5 months of back payments) I will do a transfer provided nets me more than a direct SWIFT from my bank.

Re payment can one use a credit card? My CCs are an autopay with my US bank and paid in full so I never have to pay any intetest. Would this not be just as good as debit and perhaps easier to do?

Sent from my SM-J701F using Thailand Forum - Thaivisa mobile app

[Pib]

Assuming you are funding the OFX transfer from your US bank account, you have two methods to fund: (1) via ACH bank debit...that is, you authorize them to pull the funds from your bank account, and (2) wire transfer and as you know US bank wires are pricey and with some US banks you can't even initiate a bank wire via ibanking but need to call your bank instead...or fax in a form...just requires a degree of effort/begging.

[Pib]

Sheryl,

  Below is a partial snapshot of the "funding" selection area of an OFX transfer.  As mentioned I have ACH bank debit setup with OFX so that option appears for me along with the Wire (push money) option.  If I had not setup the ACH Debit option the only funding option I would have would be a pricey wire.  No debit or credit card option like Tranferwise allows.

 

[Sheryl]

I see. Thanks. ACH it will have to be then.

Sent from my SM-J701F using Thailand Forum - Thaivisa mobile app

[SooKee]

FWIW I contacted OFX via their FB page who said they'd received no email. They gave me another address to mail to and this time got a swift reply.

Upshot is they say they have made some adjustments to my account now and the rate it now shows is much better, just a couple of baht difference to TW. The rate increased by almost 1 baht to 1 GBP so not a small amount. I've mailed again to ask if there was a glitch in my account or whether it's just down to admin adjustments. If it's not a glitch it does raise questions for me over their operating practices. Is it the case that they are in the habit of offering lower rates until a customer complains or queries it at which time the rate is more favourably adjusted? Not particularly transparent if that's the case.

[Pib]

Yeap...pretty close to each other.....OFX and Transferwise comparison of GBP-THB as of 8:10pm/27March.

 

OFX.  Since funds are sent via SWIFT subtract Bt200 from the amount below to get final amount posting to your Thai bank account.

 

Transferwise...local transfer....no additional fee adjustment required.

[SooKee]

Yep, pretty close NOW, but as per post 23, OFX only got close to TW in my case AFTER I contacted them asking why their rates were so poor for me for GBP to THB (compared to both the rate they were offering you and TW) and only after they had made adjustments to my account.

What's not clear, and it's a question they seem to be avoiding answering (despite being asked twice), is whether the rate I was being initially offered in their app / website (around 1 baht to £1 less than they show me now) was down to a glitch in the system or whether it was an initial 'try it on' rate which got adjusted only after I'd contacted them to query it.

So it might be worth checking when comparing rates, and if the OFX rates you get offered seem to be worse than competitors, especially TW, whether there is an issue with regard to how they've set your OFX account up.

[Pib]

I can now complete the final chapter of my first OFX transfer as it deposited to my Thai bank account today.   You can read my previous chapters by rereading my earlier posts in this thread.  

 

But to summarize those previous chapters my transfer of a couple hundred USD to THB started on the 18th (a Monday) right after I got ACH Direct Debit setup on my OFX account in order to fund my transfers.  I'm now ready to initiated my first transfer.  OK, I initiated the transfer....all indications on my OFX account and in OFX email updates indicates all is going fine.  They are pulling the money from my US bank to fund the transfer, etc. 

 

However, on the 22nd (Friday) I get an OFX email basically saying they have "not" received my funding money yet...am I going to send it?   So, I call them...ask what the heck?....I have ACH Direct Debit setup on my account....your system says the money is already being pulled...I got emails from you saying the money is being pulled....all is fine....what the heck?  But as it turns out OFX had not "fully" setup the ACH Direct Debit on my account...money had not been pulled.  A "whoops" on their part.  So, they fixed the issue during that call and within hours I get updates the money is being pulled....and this time it really was.

 

During that call the OFX rep said with ACH Direct Debit it will take four business days to clear with them....one day to pull the money and then letting it set in hold status for three business days to ensure it clears.  This would apply not just to the first ACH funded transfer but all/future ACH funded transfers.  And then another business day to get the baht sent to me which for USD-THB is routed thru London to Thailand they said.  So from that Friday, four business days reaches out to Thursday (28th) which is today and five business days out to Friday/tomorrow/29th.

 

I got an email early, early today/28th saying the funding money that been received (i.e., guess that really meant the money had finished its on-hold status...had cleared) and is going to be remitted to my Thai bank.  A little after 11am today I get another email saying the money "had been remitted."  And then at 12:25pm (a little after high noon) I get a SMS from Bangkok Bank that a transfer from OzForex (the Australian division of OFX) had been deposited to my account minus a Bt100 fee.    

 

So, if I really just count from last Friday after getting the ACH Direct Debit issue fixed...getting the transfer relaunched,  the transfer took 4 business days with basically the great bulk of those hours being the ACH withdrawal/clearing time....or really the OFX policy of having a 3 day on-hold/clearing time for an ACH funding transaction.  Looks like if a person could "push" the money to OFX real time then OFX can then complete the rest of the transfer fast.   But the only two ways on my account to get money to OFX is via ACH Direct Debit or "Wiring" (pushing) funds....wiring funds from a US bank is pricey and sometimes requires calling your bank so that's a no-go with me....ACH Direct Debit is free.

 

Now OFX in other parts of the world, like the UK where the Faster Payment System (FPS) exists and completes transfers within minutes/hours/same day "maybe, repeat, maybe OFX accounts registered with a UK address can use the FPS to push money to OFX fast...get the funding money delivered to OFX with minutes/hours/same day.  I don't know....just guessing.  And maybe in other countries there are systems like the FPS that can get the money to OFX fast.  Just saying different folks in different countries may have different options to push money to OFX quickly.

 

OK, as I mentioned in my other chapters OFX had told me money being sent to Thailand will be via SWIFT.  When the money posted to my Bangkok Bank account it did "not" have their  "FTT" passbook code which means Foreign Telegraphic Transfer nor did my ibanking have a "International Transfer" description.  Instead, the passbook code was "BTN" which means BahtNet and the ibanking description was BahtNet.   

 

BahtNet is primarily a Thailand domestic transfer system but also interfaces with the SWIFT system.  The Bangkok Bank SMS below says the transfer was "from abroad" so I expect it arrived via SWIFT to a Thai "processor" bank OFX uses and then that processor bank relayed the funds to my bank account via Bahtnet.   A "processor" bank is not to be confused with "partner" bank like Transferwise uses as a processor bank relays SWIFT transfers where Transferwise's partner banks don't actually receive funds from aboard but just transfer funds from a Transferwise account with their bank---a peer-to-peer type transfer.

 

Over the next week I'll go get a Credit Advice from Bangkok Bank to see if it shows which foreign bank sent the funds....did it come from Lloyds in London or maybe from some Oz or US bank.  Regardless and as mentioned I expect OFX has a "processor" bank in Thailand that they route their SWIFT transfer to and then that processor bank relays them to the recipient's bank....and in the case of my transfer relayed via Bahtnet.  

 

And instead of the typical 0.25% (Bt200 min, Bt500max) fee for an incoming international transfer I was charged a Bahtnet Bt100 receiving fee.  I looked at a couple Thai bank fees structures (Bangkok Bank and Krungsri Bank) and it seems Bt100 is the fee they charge the recipient for a Bahtnet transfer....see 2nd snapshot below.    

 

Since my first OFX transfer ran into a glitch slowing it down (just like my first Transferwise transfer), I'm going to do another OFX transfer pretty soon to see how long it takes....but I expect it will take 4 or 5 business days with most of that time being the ACH Direct Debit on-hold/clearing time that OFX implements.  

 

Disregarding the 1st transfer glitch, other than the 4 to 5 business day transfer time caused by the ACH clearing time I'm happy with OFX.  Their transfer system is simple & easy to use and you can be talking to an OFX customer service rep within minutes 24/7 if something goes awry.   

 

 

 

 

 

 

 

[SooKee]

I'll probably test a UK one soon. My account is registered with a Thai address but using my UK bank account. I guess with the FPS, as with TransferWise, the money will arrive at OFX within minutes.

 

Even though their rates on my account have now been improved I am still getting a £7 transfer fee showing do to get the amount they show for a 1,000 GBP transfer I'd need to pay £7 so that also needs to be factored in to the effective exchange rate. TW also take their fee but take it from the transferred amount, giving you the rate for the balance that will be transferred. For OFX it's the amount you will transfer plus you have to add on their tx fee.

 

At this time that works out as:

 

TW £1,000 will transfer 41,292 after taking their tx fee of £6.81

 

OFX £973 will transfer 40,200, on to that you need to add their £7 fee. On top of that the Thai bank will take approx 200 in fees so you will actually get 40,0000 from OFX Vs 41,292 from OFX, a difference of 1,300 baht.

 

Other than seeing how long it takes, testing with OFX achieves little other than to see how quickly it all works in the event of a TW transaction going rogue and not showing up as foreign. That said, if the OFX transfer STILL doesn't show up as FTT, or at least in a way that you can be certain the bank will list is as a foreign transfer, it's kinda pointless, as well as expensive.

 

Now I have my Bangkok Bank (London) transfer option set up (back mailed me the details last week) I'll try to calculate how that will work out. From what I can see at the moment, given I've not used it before (and working on the basis of the same £1,000 cost of transfer)

 

Bangkok Bank need a £20 fee to send GBP to Thailand so that will effectively mean sending £980. For that, at mid market rate you will receive 40,740 into your bank from which the Thai bank will take 200. So, 40,540, 500 baht better than OFX.

 

Assuming I've got all that right, in order of preference for sending GBP if you have / open a Bangkok Bank London remit service (they say they can send to any bank but I'm not sure if they will open the service from here unless you have a Bangkok Bank account) would be:

 

TransferWise (41,292)

Bangkok Bank (40,500)

OFX (40,000)

 

Thinking about it, I'd probably be more interested in testing the Bangkok Bank option than OFX.

 

 

 

 

[Pib]

Yeap, for some reason OFX does not give a good GBP-THB rate.  However, for USD-THB they do.  Like for sending $1,000 at this millisecond in time Transferwise would put 8 more baht into your account....and put it there faster.  See below.

 

OFX 31,581.90 minus 100 Bahtnet receiving fee = Bt31,481.90 posting to Thai bank account

 

Transferwise Bt31,489.36 posting to Thai bank account

[Pib]

Since we have also talked Transferwise along with Thai bank coding, I contacted Transferwise about if it was possible to have my transfers all be routed thru their partner bank of Bangkok Bank versus their other two partner banks bank of K-bank and TMB.  I had seen other ThaiVisa posts saying this was doeable.  I explained that when using Bangkok Bank as their partner bank when sending transfer to a person's account at Bangkok Bank that the coding would always end-up as International Transfer; however, if it got routed thru their K-bank or TMB partner bank the coding did not always end-up as international coding.   

 

Anyway, I emailed Transferwise....got a positive response back....said they needed to know the Recipients I was sending to so they could code them to use Bangkok Bank as the partner bank.  I then emailed Transferwise a snapshot of the two recipients I had setup (both to me) in my Transferwise account which go to a Bangkok Bank account and to another Thai bank account.   Transferwise responded back they will forward my request to another Transferwise seciton...and a day later I got a reply from that section it was setup to route my payments via Bangkok Bank...below is a partial quote of Transferwise reply saying such. 

 

 

Now, this should ensure anytime I send a payment to myself at my Bangkok Bank account that Transferwise will ensure Bangkok Bank is used as the partner bank which means I should always get the transfer coded as International Transfer. 

 

Now whether it works that way when I send to my other Thai bank I'm not so sure....I will need to do a test....see how the coding ends-up because coding is determined by both the relaying bank and receiving bank.  Even if the relaying bank including international transfer descriptive data that don't mean the receiving bank will use it.   So, Monday I plan to initiate a Transferwise transfer to my other Thai bank and see what happens.  The last time I did a transfer to that other Thai bank Trasnferwise used TMB as the partner bank and the coding ended up as just any ol' domestic transfer.

 

[sfokevin]

16 hours ago, Pib said:

OK, as I mentioned in my other chapters OFX had told me money being sent to Thailand will be via SWIFT.  When the money posted to my Bangkok Bank account it did "not" have their  "FTT" passbook code which means Foreign Telegraphic Transfer nor did my ibanking have a "International Transfer" description.  Instead, the passbook code was "BTN" which means BahtNet and the ibanking description was BahtNet.

OFX also told me via email that it would always be a Swift transfer from thier Loyds bank in London for my US transfer?... My transfer was from a US based account and was coded as Swift/foreign by BKBank (see post before)... I wonder if yours was done differently because of the relatiely small amount of the transfer that the cost of the Swift method would have made the transfer rate undesirable?...

[sfokevin]

11 minutes ago, Pib said:

Anyway, I emailed Transferwise...

Could you post the email address you sent to at TransferWise and a redacted sample letter we could use to request the same routing?

 

This would make for a great new thread (you might start :-)).. As many of us would like to have a more reliable TransferWise option setup 

Edited March 29, 2019 by sfokevin

[Pib]

5 minutes ago, sfokevin said:

Could you post the email address you sent to at TransferWise and a redacted sample letter we could use to request the same routing?

 

This would make for a great new thread (you might start :-)).. As many of us would like to have a more reliable TransferWise option setup 

I just generated the initial email from within my Transferwise account.  I didn't send no letter....I just sent a short paragraph talking the Tranferswise partner bank coding issue. Then they responded to that email thru regular email...coming from their [email protected] email address.  I replied to that email with the info they requested.   Then they replied from thru regular email from above [email protected] email address.

 

Since I find it hard to find the Transferwise email/phone number contact once already logged onto my account....I feel like I'm searching for a needle in a haystack.  But I've found by going to below link and then logging on it takes me right to the below pictured area where I can generate an email to Transferwise from within my account versus creating a regular email and sending to [email protected].  I figure an email generated to them from within your account gets a faster answer.

 

https://transferwise.com/contact

 

[SooKee]

The Transferwise 'tag' option is very interesting.  I've just messaged them via Twitter (the option I normally use to contact them (very fast responses normally but take into account business hours). Will see what they say.  Be interesting if they can also 'tag' payments to my Kasikorn account to always go via Kasikorn.

 

Up until about a year or two ago my preferred option was using HSBC, as a Premier customer you got £4 flat transfer rates on international transfers.  That was excellent.  Then, they changed their business partnerships arrangements and while the £4 flat transfer rate is still there it's no longer £4 flat in any way shape or form!  HSBC now use Intermediaries for transfers to Thailand so your funds will get mugged en route, and significantly mugged too!!!  When I was testing this out with sending to various accounts here HSBCs chums were taking £14 or so on a £100 transfer.  Buddy of mine got caught with a £1,000 test transfer for around £40.  So I no longer use 'The World's Local Bank' (unless you live in Thailand that is!!!) 'Flat (not) £4' transfer!

Edited March 29, 2019 by SooKee

[Pib]

4 hours ago, sfokevin said:

OFX also told me via email that it would always be a Swift transfer from thier Loyds bank in London for my US transfer?... My transfer was from a US based account and was coded as Swift/foreign by BKBank (see post before)... I wonder if yours was done differently because of the relatiely small amount of the transfer that the cost of the Swift method would have made the transfer rate undesirable?...

Yeap, OFX told me the same thing about the routing via Lloyds in London.  

 

However, today I went to Bangkok Bank and got a Credit Advice for the transfer.  It shows the BahtNet transfer come from Bank of Thailand by order of OzForex (a.k.a., OFX) in Sydney AU.  BahtNet interfaces with the SWIFT system.   

 

Apparently in my case OFX routed the funds to my Bangkok Bank account by routing it thru the BOT Bahtnet system....using it like a intermediary bank for the SWIFT transfer.    BOT has a SWIFT code of BOTHTHBP which represents the BOT Bahtnet System (see below) and appears on the credit advice.  No mention of Lloyds in London anywhere on the Credit Advice.

 

[sfokevin]

4 hours ago, Pib said:

It shows the BahtNet transfer come from Bank of Thailand by order of OzForex (a.k.a., OFX) in Sydney AU.  BahtNet interfaces with the SWIFT system.   

I recall you mentioned your account was set up in Australia (Mine is set up in US) so the rioting must be a function of ones country of setup...

[TallGuyJohninBKK]

On 3/29/2019 at 12:39 PM, Pib said:

Anyway, I emailed Transferwise....got a positive response back....said they needed to know the Recipients I was sending to so they could code them to use Bangkok Bank as the partner bank.  I then emailed Transferwise a snapshot of the two recipients I had setup (both to me) in my Transferwise account which go to a Bangkok Bank account and to another Thai bank account.   Transferwise responded back they will forward my request to another Transferwise seciton...and a day later I got a reply from that section it was setup to route my payments via Bangkok Bank...below is a partial quote of Transferwise reply saying such. 

 

 

 

That's great news, Pib!

 

It would seem to mean that Transferwise has moved beyond the original workaround solution that was previously detailed here, of having to advance contact them each and every time you're preparing to send a transfer in order to assure BKKB routing.

 

Now, based on your description above, it sounds like they now have a "contact us once" for a standing order system in place, and all future transfers beyond that point will be routed to BKKB until and unless the accountholder requests a change from that.

 

That's a great improvement, especially for the Immigration monthly foreign transfers crowd.

 

[Pib]

This coming week I'm going to do a Transferwise test by sending some funds to one of my other Thai banks...not Bangkok Bank that I normally send to.  See if the tagging appears to be in place.  When the funds post see if the coding reflects an international transfer.   

 

As mentioned before the coding that ultimately appears on a person's account depends on the coding contained within the transfer "and" how/if the receiving bank reflects that coding on your ibanking/passbook....as we've seen in numerous posts in related funds transfer threads different Thai banks reflect international coding with different descriptions and coding.   

 

I previously did one Transferwise transfer to my other Thai bank....and for that transfer Transferwise used TMB as the partner bank.  The coding on my bank account for that transfer ended up as just any other ol' domestic transfer.   Now that may occur again even if Transferwise does use Bangkok Bank as the partner bank for my transfer...will not know until I do the test.  I will be able to confirm if Transferwise does use Bangkok Bank as the partner bank from the Transferwise PDF Receive which has an area showing the partner bank used for the transfer. 

 

But hey, even if Bangkok Bank is used is that really because Transferwise tagged my account to always use Bangkok Bank as the partner bank for my transfers or was it really luck of the draw in that Transferwise just happened to use Bangkok Bank for the transfer instead of one of their other two Thai partner banks....maybe there is a 1 our of 3 change Bangkok Bank would get used even without tagging.

 

I'm also going to do another OFX transfer....see how it goes since my first transfer had some delay issues  that should not appear on the the 2nd and subsequent transfers....like a call from OFX to confirm I really initiated the transfer and the ACH Debit issue which was fixed.

 

[sfokevin]

I am working via email with TransferWise right now to effect the permanent BK Bank tagging that Pib has done... In the long run I will use both TW & OFX bimonthly to keep two transfer methods available to me... In case one shuts down or cancels a transfer or my account...

For me (US to BK Bank) the rates are pretty much identical (And better than my old BK Bank ACH method)

[SooKee]

TransferWise sent me a lengthy mail about the various options to stipulate the use of Bangkok Bank. In my case the first option is listed basically as calling (contacting) them first with the details. The other two aren't worth going into I've mailed them back and asked why no tagging option? Maybe it's something different offices are working on and they aren't all up to speed yet. Indeed when I contacted them via Twitter initially they replied 'cannot'. After I sent them a "Huh?" reply they looked into it and said "oh yes, looks like we can, we've mailed you.".

Looks like TW are trying to devise ways to work this out, likely to avoid losing custom to OFX, or in my case, Bangkok Bank.

[sfokevin]

29 minutes ago, SooKee said:

Initially they replied 'cannot'. After I sent them a "Huh?" reply they looked into it...

They also sent me an initial no can do email and I sent them a redacted copy of Pibs “Positive Response” and they replied back that they would have see if the payment team could do the same for me... That was a Friday... we’ll see what happens... 

[Pib]

@ Sookee and sfokevin,

 

Even though you read what Transferwise told me that my future transfers would be routed thru Bangkok Bank, deep down I'm not convinced...especially when I see replies like you guys got. 

 

I expect Trasnferwise wants to keep all three of its partner banks happy versus starting to favor one of them.....and I'm sure they have an agreement/contract with each where each party has terms to comply with since large amount of funds are being dealt with....and these transfers make money for the partner banks also.

 

It's surely more than Transferwise having an account at each of its three partner banks and Transferwise being able to do whatever it wants.  And my planned test next week to one of my other Thai banks even if the transfer is routed thru Bangkok Bank that is far short of proof all my future transfers will also be routed thru Bangkok Bank.....only "numerous" tests and time could prove that and/or Transferwise giving me more info that gave me a definite warm fuzzy/totally convinced me.    But hey, I asked them if they could tag my future transfers without me having to ask each time, gave them the justification why, and they said they could and would. But as already mentioned I'm not convinced deep down.

 

Funny how no one really gave a crap about how the funds got coded as long as the money arrived "until the immigration new monthly income rules came out."  Before the rule people didn't really care or just considered it desired/nice to have if the transfers got coded as international transfers.  How things can change in a heat beat.  

 

I'm using the Bt800K deposit method for my annual extension...have for many years...I do not spend anything close to Bt65K per month since I own my residence (no rent to pay which is a big monthly bill for many) and use my no foreign transaction fee US credit cards for the majority of my day-to-day living expenses each month.  Like today the wife and I did a Sunday morning shopping run/feed our faces....stopped at several places and bought things...used our US credit cards for around 80% of the buying we did.   But someday I may want to switch to the monthly income or combo method as things can change.  

 

Best to have backup methods to flow money to Thailand as many are doing in having a second money transfer service and/or continuing to use their home country bank....have a Plan A, B, C, etc.  Preaching to the choir I know.

[SooKee]

Yep, for all the 'help' that Immigration have offered with this option it's sure a LOT more pi55ing about than it used to be. Before, you could send what you wanted, when you wanted. I'd usually send way over the 65 pm over the course of a year but when I wanted to; rates down, skip a month or two, rates up, double or triple month. No need to worry about monthly dates and no need to open new accounts to try and ensure you get that FTT audit trail, no-one cared. Now it has to be micro managed EVERY SINGLE month, something else to go on the list along with 90 day reports and re-entry permits etc. What next???

I could go the 800k route I suppose, just not really prepared to mainly due to uncertainty here and the antics of the killjoy squad, kinda decided that if they piddle about with anything else making it even more of a PITA than it already is I'll likely skip to somewhere where live is less arduous, even back to Malaysia. Anything for an easy life.

[steve73]

I use TW for sending GBP to my Kasikorn account.

After I set-up my last transfer (but before sending the funds) I e-mailed them with the transfer reference number, requesting that they send via their local Kasikorn banking partner.  As soon as they replied that it had been set up I sent the funds, which arrived on the following Monday correctly coded as an International transfer.

 

I'm still waiting to hear if any TMB account holders can get the same results, but I suspect that account holders in other than the 3 "partner" banks will be unable to get their transfer coded as International.