Alternative to Transferwise for Monthly transfers-new visa regs

[scubascuba3]

 

 

 

 A charge for transfers outside the EEA is transparent on FD's website.

 

You can't call the charges you suffer doing a First Direct Intl transfer transparent, transparent would be disclosing the £20 charge HSBC will sting you for later that month when you arrange the swift transfer.

 

Santander on the other hand are transparent, they say the charge is £25 and it is even though Barclays are the intermediary

 

[Tanoshi]

36 minutes ago, trd said:

It was established a few posts back that there are three Banks transferwise uses as correspondence Banks. If you have an account there it would show up as international. BKK, Kasikorn and TMB. When I use Krungsri it's a domestic transfer.

 

Of course it will because it was a local transfer from either BKK, TMB, or KK to Krungsri.

1.Change banks.

2. Don't use TW.

3. Get an advice receipt from the banking partner TW used.

[trd]

Of course it will because it was a local transfer from either BKK, TMB, or KK to Krungsri.
1.Change banks.
2. Don't use TW.
3. Get an advice receipt from the banking partner TW used.

I also have a KK account so I'll use that next time. But for me if I decide to use my UK pension in combo with a lump sum for my visa I would want the UK pension office to transfer it to my sterling FCD account in pounds. So transferwise would be irrelevant. Of course I would lose the yearly increases if I choose to do it that way rather than just route it from my UK bank where I maintain a UK address.

[steve73]

9 hours ago, trd said:

I'm well aware that cash isn't transferred by carrier pigeon. Transferwise does not do a swift transfer from another country to Thailand like banks do. They take the money out of your bank and they instruct their local office in Thailand to do a domestic transfer to your account. The business model relies on transferring money back and forth between local offices based on favorable exchange rates. How do you think they can offer the mid market rate to you? They have a sum of money on which they draw to make domestic transfers. A swift transfer is different. That money is electronically transferred from one country to another and exchanged to the local currency.

 

 

Actually, my first few TW transfers were done by "SWIFT", but they went via TMB to my Kasikorn and got coded as domestic transfers.  Subsequently they been noted by TW as "Local Bank Transfer", but if they used Kasikorn as their partner bank, then they were coded as International on my statement.

[steve73]

I realize that this is a little off-topic, but some financial institutions are using (or planning to use) the crypto-currency "Ripple" to make international transfers.  This is what the Ripple currency was specifically set up to be used for, although it becomes impossible if the prices are fluctuating wildly.

They buy Ripples using local currency in one country, ("send" them to another country), and then sell them for local currency there.  Clearly this is a case where there is an international "transfer" although not of either local currency, buy I'm sure that if the institution was correctly registered in each country, then there is no reason it should not be acceptable for Immigration.

 

I have done a similar thing using Bitcoin.. I bought some on a UK exchange, then sold them local in Thailand a few weeks later.  The exchange cost's were quite high (around 5% each way) but they had increased by around 15% between buying and selling so it more than covered my costs.  Obviously the proceeds from the sale was credited to my account as a domestic transfer, so would not be suitable for Immigration..

 

I have also swapped currency with friends.. I sent them GBP from my UK account to their UK account, and they send me an equivalent THB.  Again, clearly a domestic transfer, and unsuitable for immigration. but by far the cheapest method to move cash when using the 800k saving method.

[trd]

I realize that this is a little off-topic, but some financial institutions are using (or planning to use) the crypto-currency "Ripple" to make international transfers.  This is what the Ripple currency was specifically set up to be used for, although it becomes impossible if the prices are fluctuating wildly.
They buy Ripples using local currency in one country, ("send" them to another country), and then sell them for local currency there.  Clearly this is a case where there is an international "transfer" although not of either local currency, buy I'm sure that if the institution was correctly registered in each country, then there is no reason it should not be acceptable for Immigration.
 
I have done a similar thing using Bitcoin.. I bought some on a UK exchange, then sold them local in Thailand a few weeks later.  The exchange cost's were quite high (around 5% each way) but they had increased by around 15% between buying and selling so it more than covered my costs.  Obviously the proceeds from the sale was credited to my account as a domestic transfer, so would not be suitable for Immigration..
 
I have also swapped currency with friends.. I sent them GBP from my UK account to their UK account, and they send me an equivalent THB.  Again, clearly a domestic transfer, and unsuitable for immigration. but by far the cheapest method to move cash when using the 800k saving method.

Swapping currency with your friends is the Transferwise business model.

[steve73]

3 minutes ago, trd said:

7 minutes ago, steve73 said:

I realize that this is a little off-topic, but some financial institutions are using (or planning to use) the crypto-currency "Ripple" to make international transfers.  This is what the Ripple currency was specifically set up to be used for, although it becomes impossible if the prices are fluctuating wildly.
They buy Ripples using local currency in one country, ("send" them to another country), and then sell them for local currency there.  Clearly this is a case where there is an international "transfer" although not of either local currency, buy I'm sure that if the institution was correctly registered in each country, then there is no reason it should not be acceptable for Immigration.
 
I have done a similar thing using Bitcoin.. I bought some on a UK exchange, then sold them local in Thailand a few weeks later.  The exchange cost's were quite high (around 5% each way) but they had increased by around 15% between buying and selling so it more than covered my costs.  Obviously the proceeds from the sale was credited to my account as a domestic transfer, so would not be suitable for Immigration..
 
I have also swapped currency with friends.. I sent them GBP from my UK account to their UK account, and they send me an equivalent THB.  Again, clearly a domestic transfer, and unsuitable for immigration. but by far the cheapest method to move cash when using the 800k saving method.

Swapping currency with your friends is the Transferwise business model.

It was originally.. nowadays I suspect it's more like the former method (especially since you cannot send from T/L)

[Mansell]

I read on the British website that the government would make a direct transfer of social security to Thailand. Does anybody have experience of this?

[jacko45k]

15 hours ago, trd said:

I also have a KK account so I'll use that next time.

You have no control over which bank Transferwise may chose to use. Yes it may seem sensible to route via KK if the final destination is KK, but it doesn't always happen.

[scubascuba3]

You have no control over which bank Transferwise may chose to use. Yes it may seem sensible to route via KK if the final destination is KK, but it doesn't always happen.

someone has already suggested an email procedure where before payment you email transferwise amd select the local partner

[Tanoshi]

12 minutes ago, jacko45k said:

You have no control over which bank Transferwise may chose to use. Yes it may seem sensible to route via KK if the final destination is KK, but it doesn't always happen.

You do now!

TW are working to resolve this issue, but have offered a temporary solution to the problem.

 

Of course this will only work if you bank with BKK, TMB, or KK.

[jacko45k]

9 minutes ago, scubascuba3 said:

13 minutes ago, jacko45k said:

You have no control over which bank Transferwise may chose to use. Yes it may seem sensible to route via KK if the final destination is KK, but it doesn't always happen.

someone has already suggested an email procedure where before payment you email transferwise amd select the local partner

Well it sounds suitable and very convenient that TW should adapt their procedures to suit without any expense to the customer. 

[scubascuba3]

Well it sounds suitable and very convenient that TW should adapt their procedures to suit without any expense to the customer. 

I'd like to hear from anyone trying this new procedure with Kasikorn

[mfd101]

6 minutes ago, jacko45k said:

Well it sounds suitable and very convenient that TW should adapt their procedures to suit without any expense to the customer. 

Not really. Their reward is that they don't lose customers they already have, and continue to get more.

[jacko45k]

2 minutes ago, mfd101 said:

Not really. Their reward is that they don't lose customers they already have, and continue to get more.

To be honest I was a little perplexed when they sent one of my transfers via TMB, then to my BB account. Doesn't seem expedient..... oh, by the way, that one was much more expedient, arriving the same day rather than the next, go figure!

[Dania2019]

I have used Krungthai Bank in 12 years. After years, I don`t know how many,  they don`t take money 200 for transfer  

[Sheryl]

I asked TW about selecting which bank in an email and they replied no can do.

 

Apparently they batch multiple transactions together each day. They aren't handled individually.

 

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

 

 

 

 

[Tanoshi]

13 minutes ago, Sheryl said:

I asked TW about selecting which bank in an email and they replied no can do.

 

Apparently they batch multiple transactions together each day. They aren't handled individually.

 

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

That's changed now Sheryl as they're aware of the issues in Thailand now.

They are working towards a permanent solution for Thailand transfers, but have offered a temporary solution meanwhile, ensuring if your with BKK, KK, or TMB, they'll ensure the payment is made from their corresponding accounts with the bank concerned.

Posted by a Thai member.

Quote

Hello David,

Thank you for your email and I hope you’re doing well.

Sorry for the delayed response due to high email volumes at this time.

You’re right, we have been receiving an increasing amount of contacts with regards to getting proof of an international transfer.

It is possible for us to route a transfer to be sent out via Bangkok Bank. However, this will need to be manually done at this time.

Once the transfer has been created, you’ll need to reach out to TransferWise and share the transfer number with us. We’ll then tag the transfer and notify our payment team to ensure that it gets sent out via Bangkok Bank.

To prevent the transfer from progressing before we are able to identify and tag it, it is best that you do not send us the deposit until we confirm that the transfer has been tagged.

I understand that this is tedious and are working on making things more automated.

We also recently received an update from Bangkok Bank that they can issue a Confirmation Letter of International Funds Transfer from Bangkok Bank for the purpose of purchasing a condominium or getting a retirement Visa.

Once the funds have been delivered successfully, you’ll need to reach out to Bangkok Bank branch where your account is maintained and provide the following documents:

• Bangkok Bank savings passbook or statement showing fund transferred transactions

• Passport of the recipient

*For non- Bangkok Bank recipients, you’ll will need to, contact Bangkok Bank head office to issue A Confirmation Letter of International Funds Transfer. (Instead of a Bangkok Bank savings passbook / statement you’ll need to provide the credit receipt of your bank)

Please note that there is an administration fee of 100 THB to produce the document.

Please feel free to reach out to us again should you require further assistance.

There isn't a specific contact person or email you should reach out to. You can simply send us an email with the transfer number to [email protected] the request to route via Bangkok Bank. Any customer support representative will be able to highlight the transfer to our payment team.

 

 

Although the member has a BKK account, the same applies for a TMB, or KK account.

Edited March 11, 2019 by Tanoshi

[skatewash]

16 minutes ago, Sheryl said:

I asked TW about selecting which bank in an email and they replied no can do.

 

Apparently they batch multiple transactions together each day. They aren't handled individually.

 

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

 

 

 

 

That was the current state of things with TW until someone got a response explaining how to request a particular TW partner bank in Thailand.  It's not an effortless process but it is possible now for those willing to go through it.  Also, there's the promise of TW streamlining this process in the future in order to keep and attract customers who are in the situation of having to prove international transfer to Thai Immigration.  

https://forum.thaivisa.com/topic/1088490-alternative-to-transferwise-for-monthly-transfers-new-visa-regs/?do=findComment&comment=13920503

 

 

The very next post in the above thread links to another topic that goes into further detail.

Edited March 11, 2019 by skatewash
As Tanoshi explains in the post above this one ;-)

[steve73]

Provided TW can ensure the payment goes via Kasikorn head office on its way to my personal account, and turns up coded as International, I wouldn't mind if it took a few days longer to arrive.

 

It's very rarely important than the cash arrives within 24 hours - but getting it coded correctly as International will be critical if used for the purpose of getting your next extension.

 

(The first time I used a similar FX service, I sent the day before the Brexit referendum but it took over 2 weeks to arrive (partly due to me giving my account number with two of the digits transposed).. but no problem, since I got the rate that had been agreed on the day it was sent.) 

[scubascuba3]

 
(The first time I used a similar FX service, I sent the day before the Brexit referendum but it took over 2 weeks to arrive (partly due to me giving my account number with two of the digits transposed).. but no problem, since I got the rate that had been agreed on the day it was sent.) 

I would have thought the delay was totally because you gave the wrong account number

[steve73]

2 minutes ago, scubascuba3 said:

I would have thought the delay was totally because you gave the wrong account number

 

LOL.. yes, in this first case, but it usually took around a week even after.... which was another reason I moved to TW...(mainly for the better rate). 

[jacko45k]

1 hour ago, steve73 said:

I sent the day before the Brexit referendum

Boy I got stupid about that time, not thinking to do a transfer beforehand!

[thetefldon]

Readers may find this email from Transferwise useful.

 

Received this morning  and for me at least quite reassuring.

 

Quote

 

Hey Michael!

I hope you’re having a good day.

I’m sorry, my previous email did not fully address your queries – I apologise for the lack of clarity.

You have mentioned that all your past transfers using TransferWise have always shown as FTT. Can we kindly request you to upload your bank book or bank statement to show how it looks like? This will help us tackle the issue and find a solution for the rest of our TransferWise users in Bangkok.

We did not change our payment methods recently, so it will continue to show up as FTT in your bank account. However, we cannot guarantee that your transfer will always show up as FTT if Bangkok bank decides to change the transfer code in their system.

What we can assure you is that we will always send out your transfer via Bangkok Bank as it is working well for you, while working on a long term solution to ensure everything is in order for our customers.

I hope my explanation is clearer this time, please feel free to write back to me if you still have any questions.

Hope this clarifies, do let us know if you need further assistance. We will be more than happy to help!

Regards,
Huang Wenting

 

 

[scubascuba3]

Readers may find this email from Transferwise useful.
 
Received this morning  and for me at least quite reassuring.
 

 

Hey Michael!

I hope you’re having a good day.

I’m sorry, my previous email did not fully address your queries – I apologise for the lack of clarity.

You have mentioned that all your past transfers using TransferWise have always shown as FTT. Can we kindly request you to upload your bank book or bank statement to show how it looks like? This will help us tackle the issue and find a solution for the rest of our TransferWise users in Bangkok.

We did not change our payment methods recently, so it will continue to show up as FTT in your bank account. However, we cannot guarantee that your transfer will always show up as FTT if Bangkok bank decides to change the transfer code in their system.

What we can assure you is that we will always send out your transfer via Bangkok Bank as it is working well for you, while working on a long term solution to ensure everything is in order for our customers.

I hope my explanation is clearer this time, please feel free to write back to me if you still have any questions.

Hope this clarifies, do let us know if you need further assistance. We will be more than happy to help!

Regards,
Huang Wenting

 

 
So somehow you have Bangkok Bank set as default it seems

Maybe i can have Kasikorn set up as default, think I'll email them

[steve73]

19 minutes ago, scubascuba3 said:

 
So somehow you have Bangkok Bank set as default it seems

Maybe i can have Kasikorn set up as default, think I'll email them

I've just set-up a transfer from GBP to my Kasikorn account... and then e-mailed TW the transfer details asking that they confirm it will be routed through their Kasikorn partner bank.

 

Now, just waiting to hear back from them before sending the GBP.. 

I will let you know the outcome..  

[steve73]

Update to the above...

 

Yesterday afternoon I received a reply saying they were trying to set up a manual routing via their Kasikorn partner, and to send my funds once it was confirmed.

 

I replied later yesterday evening (UK afternoon) thanking them and giving a few more details about why it was important to me (and probably many of their other Thai based customers). 

 

A further reply from TW thanking me for my explanation, and saying they were still trying to set it up and would let me know once it was set up.

 

I have just received an e-m today asking why I haven't yet sent the funds to enable them to make a manual routing....

 

..So into my TW account, and because more than 24 hours have expired the rate has been changed, and has dropped significantly.  I'm not happy to proceed at this lower rate and have e-mailed them back accordingly.  I was waiting to hear from them before sending the funds, so I consider it their mistake.

 

I'm awaiting their reply before either sending the funds, cancelling the transfer completely, or setting up another transfer (once the rate goes back up again).. 

 

Watch this space...

[steve73]

...more on the above.

They were very apologetic that they unable to apply the previously quoted rate so I have cancelled the transfer.  I will resubmit again once the rate increases to my target.

[scubascuba3]

...more on the above.
They were very apologetic that they unable to apply the previously quoted rate so I have cancelled the transfer.  I will resubmit again once the rate increases to my target.

I just tried to do a £100 transfer, takes them up to 2 days to respond to the email....

[sumrit]

3 minutes ago, scubascuba3 said:

4 hours ago, steve73 said:

...more on the above.
They were very apologetic that they unable to apply the previously quoted rate so I have cancelled the transfer.  I will resubmit again once the rate increases to my target.

I just tried to do a £100 transfer, takes them up to 2 days to respond to the email....

So, instead of sending an email phone them on their dedicated number for your country. Verbally give your transfer number for your transaction to the operator and tell them which partner bank you would like them to use. The operator will inform the transfer department for you. 

 

At least that's what they told me to do when transferring from the UK, and it works. Don't know if it'll work from other countries though, or whether you'll have to still use email.