BK Bank example of Monthly Income for Retirement Extension

[MartinKal]

30 minutes ago, vukovar77 said:

Well,maybe they will consider that as a pension.Problem about this can  be taxation on a pension here in Thailand if there is not agreement about exempt double taxation between Your country and Thailand???Need to check out all.It is easy to check out on internet.

Taxation starts at 1.5m annual. Below that no need to file a tax return. So i am told. Correct me if I'm wrong

[KiChakayan]

5 minutes ago, MartinKal said:

Taxation starts at 1.5m annual. Below that no need to file a tax return. So i am told. Correct me if I'm wrong

Wrong. It is 150000 Bahts. Actually I have always thought that the Thai authorities were aiming at levying income tax. Anyhow and for the time being all citizens of countries, without taxation treaties, who don't pay income tax at the source of earnings should use the "money in the bank" route for their extensions.

[jacko45k]

20 minutes ago, Spidey said:

I send the money in GBP and get a very similar exchange rate to TransferWise. I have heard reports that TransferWise transfers don't always show up as international transfers, whereas my transfers from Halifax have always shown up as FTT.

Are you sure about this?

When I SWIFT transfer in GBP to Bangkok Bank I get that bank's TT exchange rate on the day of arrival. It is by far poorer than what TW themselves offer, and their rate is fixed at the time of transfer. I would expect all the Thai banks to offer similar rates.  I just looked now and TW offer 41.69, whereas my bank is 41.32. Consistently TW are approx 0.4 baht/£ better. (+1 %)

My UK/Offshore bank does not make any charge for a SWIFT transfer, but the TW better rate, and the 500 baht the Bangkok Bank take, make it somewhat more expensive. 

Edited May 2, 2019 by jacko45k

[stephenterry]

5 minutes ago, Spidey said:

The Halifax charges me £9.50 for international transfers. Pretty much the same as TransferWise. I send the money in GBP and get a very similar exchange rate to TransferWise. I have heard reports that TransferWise transfers don't always show up as international transfers, whereas my transfers from Halifax have always shown up as FTT.

 

I did consider TransferWise but as the costs are very similar, I would prefer to transfer my monies directly from my bank in the UK to my bank in Thailand, without using an intermediary.

No it's not pretty much the same as TransferWise, sorry. Today TW would charge me £10.44 in fees to transfer £1,700 (£6.81 for £1,000) at a guaranteed ex-rate of 41.715 which beats every Thai bank TT rate  today - Krung Thai are the best at 08.40 - at 41.37. An overall cost saving of c.£13. (586 baht) And there are no Thai bank charges, either. All my transactions are coded FTT.

[Jack Mountain]

Can't you use the  Tranferwise transfer statements for immigration?

[stephenterry]

4 minutes ago, jacko45k said:

Are you sure about this?

When I SWIFT transfer in GBP to Bangkok Bank I get that bank's TT exchange rate on the day of arrival. It is by far poorer than what TW themselves offer, and their rate is fixed at the time of transfer. I would expect all the Thai banks to offer similar rates.  I just looked now and TW offer 41.69, whereas my bank is 41.32. Consistently TW are approx 0.4 baht/£ better. (+1 %)

My UK/Offshore bank does not make any charge for a SWIFT transfer, but the TW better rate, and the 500 baht the Bangkok Bank take, make it somewhat more expensive. 

That's why I use TW - the higher exchange rate difference plus no BKK bank charge.

[stephenterry]

5 minutes ago, Jack Mountain said:

Can't you use the  Tranferwise transfer statements for immigration?

If you show these to an visa agent, I'm pretty sure he or she would accept it as genuine, and that's why I now use an agent to smooth out the process of renewing my extension of stay with the IO. 

 

As to offering these directly to an IO, it's a bit like playing roulette - an unknown risk.

[gk10002000]

42 minutes ago, mtls2005 said:

 

What you are sure of hardly matters.

 

Thai Imm. is looking for "pension, or other income" in the form of past qualifying transfers, or a lump-sum. Period.

 

For that, they grant an extension of stay of 12 months. Period.

 

 

 

 

 

haha. My my.  Aren't you a nasty little person. Here we are trying to have a conversation with details and perspectives and you start with being crass.    What you assert about Thi imm is far from proven and definitely not what the original policies had in mind.  And it is not clear at the moment how many past qualifying transfers they are looking for.  Some offices have already asked for more months than others.

[mtls2005]

6 minutes ago, gk10002000 said:

What you assert about Thi imm is far from proven and definitely not what the original policies had in mind. 

 

Please feel free to expand upon "the original policies" that Thai Imm "had in mind".

 

My assertion was simply a quote of the current police orders which has been posted here dozens, if not hundreds, of times.

 

For some reason, you seem intent on dragging the conversation down to your level re: your interpretation of Thai Immigration's "intent" re: monthly qualifying foreign transfers.

 

I was simply re-correcting the narrative, from your misdirection.

 

The solution to my dilemma re: your posts is simple.

 

 

 

 

 

 

[Spidey]

23 minutes ago, stephenterry said:

No it's not pretty much the same as TransferWise, sorry. Today TW would charge me £10.44 in fees to transfer £1,700 (£6.81 for £1,000) at a guaranteed ex-rate of 41.715 which beats every Thai bank TT rate  today - Krung Thai are the best at 08.40 - at 41.37. An overall cost saving of c.£13. (586 baht) And there are no Thai bank charges, either. All my transactions are coded FTT.

My Bangkok Bank book shows no fees extracted for transfer. It could be that the fee is extracted from the amount paid in as a FTT, but that would seem unusual.

[Spidey]

57 minutes ago, mtls2005 said:

 

What you are sure of hardly matters.

 

Thai Imm. is looking for "pension, or other income" in the form of past qualifying transfers, or a lump-sum. Period.

 

For that, they grant an extension of stay of 12 months. Period.

 

 

 

 

 

Are your periods regular? Sounds like you might have a problem.

[jacko45k]

1 minute ago, Spidey said:

My Bangkok Bank book shows no fees extracted for transfer. It could be that the fee is extracted from the amount paid in as a FTT, but that would seem unusual.

I think that is only apparent when you get an SMS notification. It is spelled out that jacko sent  xxx pounds at a rate of xxx minus 500 baht.

[Pib]

2 hours ago, Thailand said:

Bangkok Bank have given me copies of credit notes for a pension credit and an income credit. Each of them shows amounts and source of funds being overseas and specific senders including UK gov pension as the sender on one credit note.And then the amount actually deposited to my bank book after intermediary bank charges.

However, because they are showing as Bahtnet in my bank book as they enter via intermediary banks Bangkok Bank say they will not provide a letter saying the pension/ income are transfers from overseas.

Despite the credit notes showing source and final destination funds Bangkok Bank say  I have to contact the intermediary banks to get them to provide letters of confirmation the funds are from overseas!

Crazy.

 

2 hours ago, bkk6060 said:

?

I transfer from a US bank to BKK bank and it always says "international transfer".

This has been sufficient for immigration.

 

@ bkk6060,

     But when the final leg of an international transfer is done via BahtNet your Bangkok Bank ibanking Description and Passbook Code will not reflect International Transfer and FTT, respectively.  Instead Bahtnet is shown as the description and BTN as the passbook code.

 

[mtls2005]

9 minutes ago, Spidey said:

My Bangkok Bank book shows no fees extracted for transfer. It could be that the fee is extracted from the amount paid in as a FTT, but that would seem unusual.

They lift the 200 baht (minimum) fee prior to crediting your account, for traditional SWIFT transfers. I don't think they do this with TransferWise credits? Their fee structure slides (0.25%), based on the amount up to a max. of 500 baht.

 

This would be detailed in the confirming SMS you may elect to receive (foreign currency amount, rate, fee, net in baht)? It is also detailed on the Credit Advice/Receipt as LESS PROCESSING FEE -200 baht.

 

 

 

 

 

Edited May 2, 2019 by mtls2005

[Pib]

7 minutes ago, Spidey said:

My Bangkok Bank book shows no fees extracted for transfer. It could be that the fee is extracted from the amount paid in as a FTT, but that would seem unusual.

When Bangkok Bank applies an international transfer receiving fee like for a SWIFT or ACH transfer....that is, the 0.25% (Bt200 min, Bt500 max) fee that fee is applied "before posting to your account."  You will not see any record of the fee in your ibanking or passbook.  But if receiving the free SMS Remittance Text it will show the fee in that text.

[stephenterry]

3 minutes ago, Spidey said:

My Bangkok Bank book shows no fees extracted for transfer. It could be that the fee is extracted from the amount paid in as a FTT, but that would seem unusual.

Same here, which could mean in the future BKK will close the no fee loophole for FTT. With TW they state the exact amount that would be paid into the bank account and BKK credited me with the same exact amount with no deductions. 

 

Can't quite work out the exact process/arrangement that accommodates transfers of baht within Thailand (if that is the case) but using the FTT code as the source of funds.   

[mtls2005]

4 minutes ago, stephenterry said:

Same here, which could mean in the future BKK will close the no fee loophole for FTT. 

 

Not a loophole, just deducted prior to credit.

 

 

 

 

What fees are payable to receive funds from abroad?

The fee is 0.25% of the total amount (minimum fee of 200 baht and a maximum fee of 500 baht). However, an intermediary bank (between the sending bank and Bangkok Bank) may also deduct an additional handling fee before sending funds to us.

 

https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/FAQs

[peebee2]

Do the funds have to be transferred to a Thai bank? Will proof of income in USA suffice?

 

[mtls2005]

3 minutes ago, peebee2 said:

Do the funds have to be transferred to a Thai bank? Will proof of income in USA suffice?

 

Yes.

 

No.

[Pib]

9 minutes ago, stephenterry said:

Same here, which could mean in the future BKK will close the no fee loophole for FTT. With TW they state the exact amount that would be paid into the bank account and BKK credited me with the same exact amount with no deductions. 

 

Can't quite work out the exact process/arrangement that accommodates transfers of baht within Thailand (if that is the case) but using the FTT code as the source of funds.   

And that's because the final leg of the Transferwise transfer was from its account with its partner bank of Bangkok Bank over to account with Bangkok Bank.  It's actually a domestic transfer but Bangkok Bank is still allowing the International Transfer/FTT coding to be used with no receiving fee....it's just a special arrangement between Transferwise and its partner bank of Bangkok Bank.

 

Transferwise also has two other partner banks of Kaiskorn Bank and Thai Military Bank (TMB).  From numerous posts I've read, when a person has their account at K-bank and Transferwise use K-bank as its partner bank for that transfer then K-bank also uses its international coding.  Once again, no receiving fee.

 

Don't know how it works coding wise for someone with a TMB account and Transferwise uses TMB for its partner bank...probably been some posts of this but I just haven't seen them or remember them.   I do not from my own experience that if TMB is used as the partner bank which relays it to another Thai bank that domestic coding is used....and no fee.

 

Now when Transferwise say uses Bangkok Bank for the final leg of a transfer to say K-bank, SCB, TMB, just any Thai bank then the coding the receiving bank will use is just domestic coding.  Ditto if K-bank or TMB was used.   While you can contact Transferwise to have your tranfers "tagged"...that is, always use a certain partner bank such as Bankgok Bank that will definitely ensure future transfers to your Bangkok Bank account will receive the international coding....but doesn't help when relayed to another Thai bank account.  But just because Bangkok Bank is one of Transferwise's partner banks today does not mean they will be in the future...ditto of K-bank and TMB.

 

 

[Henryford]

1 hour ago, Spidey said:

The Halifax charges me £9.50 for international transfers. Pretty much the same as TransferWise. I send the money in GBP and get a very similar exchange rate to TransferWise. I have heard reports that TransferWise transfers don't always show up as international transfers, whereas my transfers from Halifax have always shown up as FTT.

 

I did consider TransferWise but as the costs are very similar, I would prefer to transfer my monies directly from my bank in the UK to my bank in Thailand, without using an intermediary.

This is definately NOT the case. The fee charged by Halifax might be similar (for 1600 GBP) but the exchange rate will be far worse than TW, and you will get charged by the receiving bank. Currently TW are quoting 41.70 vs a Bank rate of about 41.30. You gain over 1000 baht using TW.

Edited May 2, 2019 by Henryford

[stephenterry]

16 minutes ago, mtls2005 said:

They lift the 200 baht (minimum) fee prior to crediting your account, for traditional SWIFT transfers. I don't think they do this with TransferWise credits? Their fee structure slides (0.25%), based on the amount up to a max. of 500 baht.

 

This would be detailed in the confirming SMS you may elect to receive (foreign currency amount, rate, fee, net in baht)? It is also detailed on the Credit Advice/Receipt as LESS PROCESSING FEE -200 baht.

 

 

 

 

 

They don't charge any fee with Transferwise. It's shown on my SMS as an exact amount that TW sent plus a minus sign of a zero fee.

[Pib]

6 minutes ago, peebee2 said:

Do the funds have to be transferred to a Thai bank? Will proof of income in USA suffice?

 

Yes, must be transferred to a Thai bank. Proof of income in the USA will not suffice.

[Pib]

Here's how a redacted Bangkok Bank free SMS Remittance text will look for a SWIFT/ACH/US govt pension transfer or a Transferwise/OFX (i.e, money transfer service) transfer.

 

First one is a SWIFT/ACH transfer....it shows Thai baht amount posted to your account based on the USD amount received which is exchanged using the bank's TT Buying Rate exchange rate and the deduction of the 0.25% (Bt200 min, Bt500 max) receiving fee.  That fee is not reported on your ibanking or passbook.

 

The second one is a Transferwise transfer...Thai baht received...and exchange rate of 1.00 (a.k.a., no exchange accomplished since it's really just Thai baht being relayed between two Thai bank accounts and no fee since the final leg of the transfer was not really international although Bangkok Bank codes it as an international transfer.

 

 

 

Edited May 2, 2019 by Pib

[stephenterry]

46 minutes ago, mtls2005 said:

 

Not a loophole, just deducted prior to credit.

 

 

 

 

What fees are payable to receive funds from abroad?

The fee is 0.25% of the total amount (minimum fee of 200 baht and a maximum fee of 500 baht). However, an intermediary bank (between the sending bank and Bangkok Bank) may also deduct an additional handling fee before sending funds to us.

 

https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/FAQs

Not with TW. There is no bank fee - in my case with BKK bank as they are a partner with TW.

[mtls2005]

3 minutes ago, stephenterry said:

Not with TW. There is no bank fee - in my case with BKK bank as they are a partner with TW.

Understood, I was referring to traditional foreign remittances via SWIFT, and that Bangkok Bank does charge a sliding scale fee on those, which is not reflected in a passbook, or iBanking statement/view, as they are deducted BEFORE crediting to the BBL account.

 

Based on dozens of reports here, BBL does not charge any fee on TransferWise transfers.

[hargri]

2 hours ago, jesimps said:

My December TW transfer was sent via TMB, the last four have been sent direct to BBL so maybe TW have sorted it out. It pays to keep a close eye on statements.

I read in December that TransferWise credits would show as foreign transactions if sent to a Bangkok Bank account so I switched transfers to that bank from SCB. Subsequently 2 out of 6 showed as SWIFT, the other 4 were fine. The last one was done the morning after I sent the attached email and that showed as foreign.

 

It would appear from this lady's mail that the important factor is the account they send it from rather than the bank they send it to. I didn't ask whether it would show as foreign if sent to any Thai bank. I can only suggest that people contact the company to ensure transfers arrive as required by Thai immigration. 

[Changoverandout]

All my U.K. state pensions are coded BTN (Bahtnet) and private pensions I send ad hoc via Transferwise to Bangkok bank are coded FTT.

Will BTN be accepted with a letter from DWP U.K. stating I receive 4 weekly pension directly into my Thai bank?

 

Anyone had any experience of BTN code accepted as foreign transfers with accompanying proof?

Edited May 2, 2019 by Changoverandout
Additional text

[Pib]

I have my Transferwise transfers tagged to always use Bangkok Bank as the partner bank.  I have recipients set up at Bangkok Bank and Krungsri Bank.  

 

Transfers sent to the Bangkok Bank recipient are coded as international transfers and the Transferwise PDF Receipt show Bangkok Bank was used as the partner bank.   Bangkok Bank as the partner bank is both the bank managing the final leg of the transfer and also the receiving bank....they have total control of the coding since it's all internal to them.

 

But for transfers sent to the Krungsri Bank recipient the Tranferwise receipt shows Bangkok Bank was used as the partner bank but the transfers post to the Krungsri account "not" as international transfer but as a domestic transfer.   

 

While you can get/ask Transferwise to tag your transfers that does not mean your transfer going to any Thai bank will be coded as international.   If recipient  account is at Bangkok Bank and you get Transferwise to tag that as always using Bangkok Bank as the partner bank then you transfers will be coded as international.  Probably ditto if you have a K-bank recipient and get Transferwise to tag the transfer to use K-bank as the partner bank.....the final leg of the transfer is all under K-bank's control and coding.   Not sure about TMB....but it may work the same way as with Bangkok Bank and K-bank.

 

But if your recipient account is not at Bangkok Bank, K-bank, or TMB (TW's partner banks at this time) you are pretty much SOL for international transfer coding using Transferwise.

 

 

Edited May 2, 2019 by Pib

[Neeranam]

Any examples of a marriage one?