Transferwise international transfers heads up

[OJAS]

8 hours ago, joebrown said:

I have been in contact with Transferwise several times over the last 2 months about the FET letter Bangkok Bank issue.  I bank with TMB , but have asked TW whether it would be better to move to Bangkok Bank. They told me that even if I did so I would still need to contact them by 'Callback'  for every future transaction to confirm I wanted the transfer to be made by Bangkok Bank, even though I might hold an account there. This was after they said they had put a 'tag' on my account to remind them to use Bangkok Bank for the transfer! Finally, has anyone got a copy of the FET letter, or has any idea where I can find a copy?

Maybe no need for you to move to Bangkok Bank when and if TransferWise get their act together since TMB are also an agency bank which they use for transfers to Thai accounts (in addition to Bangkok Bank and Kasikorn).

 

@oxmermaid - I have just sent you a PM on another related issue.

Edited June 29, 2019 by OJAS

[sometimewoodworker]

9 hours ago, Henryford said:

Even though i bank with Krungsri i opened a Bangkok Bank account purely to do my monthly 65k transfers with Tranferswise. So far have the FTT on all transfers. Bit of a pain though as every month i have to withdraw 65k in cash from BKK and deposit it at Krungsri.

Why? Don't you have online banking? Both banks have good online banking either via the web or with apps.

[billd766]

1 hour ago, BritTim said:

Interesting. I have not used TransferWise a lot, but the two transfers from the UK I used them for both completed within 24 hours.

Since the beginning of the year I have transferred 17 times from TW to my BBL bank account and it has been paid within 24 hours unless the payment to TW is on a Friday as my state pension is or if there is a Thai public Holiday (s) such as Songkran.

 

I use TW 3 times per month. Immigration are looking for a minimum of 40,000 or 65,000 baht per month and not just 12 payments into the account.

[sometimewoodworker]

I find it amusing that so many people are getting their nickers in a twist over TransferWise. Thinking that because they want something that is not advertised they should get it. 

 

They have always stated that the transfers are domestic both from you foreign account and to your Thai account, that is one of the reasons why the fees are so low, there has been the luck that transfers into Bangkok Bank accounts often/usually show as FTT. Then the r/EntitledPeople get pissed off when the cheap transfer works as advertised, as a domestic transfer.

 

When and if TransferWise starts advertising international transfers into Thailand (probably at extra cost) then you will have a legitimate complaint if they don't show as FTT.

 

If you want a guaranteed international transfer then use SWIFT from your overseas account to your Thai bank account. 

Edited June 29, 2019 by sometimewoodworker

[Dene16]

8 hours ago, Genericnic said:

One thing to note about Transferwise is that they raised their fee between this transfer and the prior one. For about the same US$ transfer amount, the fee increased from US$18.73 to US$22.60. 

In the UK the fee also went up 3 pence per £250.  I don't think anyone is going to get too worried about it

[mosan]

1 hour ago, sometimewoodworker said:

I find it amusing that so many people are getting their nickers in a twist over TransferWise. Thinking that because they want something that is not advertised they should get it. 

 

They have always stated that the transfers are domestic both from you foreign account and to your Thai account, that is one of the reasons why the fees are so low, there has been the luck that transfers into Bangkok Bank accounts often/usually show as FTT. Then the r/EntitledPeople get pissed off when the cheap transfer works as advertised, as a domestic transfer.

 

When and if TransferWise starts advertising international transfers into Thailand (probably at extra cost) then you will have a legitimate complaint if they don't show as FTT.

 

If you want a guaranteed international transfer then use SWIFT from your overseas account to your Thai bank account. 

Therein lies the rub.  Some people (such as myself) can't initiate a SWIFT transfer from Thailand even if they want to.  My home bank will only accept walk-in service--meaning you physically have to walk into a branch to initiate the transfer.  On the other hand, I have the option of several family members that can do transfers for me, and I've already pre-arranged this in the event TransferWise fails at some point in the future.  But SWIFT transfers are expensive, so I'll stick with TW until I can't.

 

Everyone should try to have a plan B... 

[sometimewoodworker]

35 minutes ago, mosan said:

Therein lies the rub.  Some people (such as myself) can't initiate a SWIFT transfer from Thailand even if they want to.  My home bank will only accept walk-in service--meaning you physically have to walk into a branch to initiate the transfer.  On the other hand, I have the option of several family members that can do transfers for me, and I've already pre-arranged this in the event TransferWise fails at some point in the future.  But SWIFT transfers are expensive, so I'll stick with TW until I can't.

 

Everyone should try to have a plan B... 

Good for you if it works, and you have a plan B available if it doesn't.

 

I've nothing against using TW if it happens that the transfer gets coded in a way that works for you, and you are prepared for a month/s when it doesn't. 

 

Its the people who complain (at least 2 in this thread) when the advertised local transfer is not coded as international that are laughably entitled, complaining that they got what is in the terms and conditions on the TransferWise website.

 

I know that other, SWIFT, ways are expensive and avoiding the extra expense is a good aim, but immigration doesn't care and they are the ones we have to satisfy. 

[how241]

49 minutes ago, mosan said:

  Some people (such as myself) can't initiate a SWIFT transfer from Thailand even if they want to.  My home bank will only accept walk-in service--meaning you physically have to walk into a branch to initiate the transfer. 

Yes, I have found the same thing. Almost of the USA banks will not do  International transfer unless you come into the branch office.  As far as fees, I noticed that TW has a drop-down menu and if you select ACH it cost MORE than wire transfer.  I thought the opposite would be true. 

[Henryford]

18 hours ago, stephenterry said:

why? can't you draw what you need from BKK bank?

Because i have a MTD account at Krungsri which pays 1.3% interest. OK not much but better than BKK. I don't want to leave large sums in the BKK account not earning interest.

[Pumpuynarak]

19 hours ago, mosan said:

Actually, it doesn't matter how you send funds from your home bank to TransferWise.  I'm guessing you choose ACH in order to "pull" funds from your account into TransferWise's account.  From there they notify their Thailand account which deposits money into your Thai bank account. The sole reason for using a Bangkok Bank account is because the deposits always (at least in my case) shows up as a FTT (Foreign Telex Transfer) coded transaction.  Bottom line is use Bangkok Bank the "FINAL DESTINATION" for your transfers. Otherwise, the transfers will likely be coded as a "domestic" transfer into your SCB account as Bangkok Bank, or you personally will have to do a "domestic" transfer to get the money in to your other bank.

 

Let me know if you do not understand what I'm telling you?     

Thankyou for your post, so in essence you have to have your TW transfer go into a Bangkok bank account not SCB as in my case, so i would need to open a BB account and change my TW transfers to BB in the future.

What is ACH ?

[Pumpuynarak]

17 hours ago, billd766 said:

Immigration are looking for a minimum of 40,000 or 65,000 baht per month and not just 12 payments into the account.

Thats not what i was told at Korat Immigration, 12 monthly payments into your account and they have to be on or around the same date each month give or take a few days. Now i appreciate Thai IO's all have different enterpretations of the rules, some even make their own up lol

I also transfer a couple of times per month when i run outta dosh but i always do a minimum 65k per month on or about the same date.

Edited June 30, 2019 by Pumpuynarak

[mosan]

25 minutes ago, Pumpuynarak said:

Thankyou for your post, so in essence you have to have your TW transfer go into a Bangkok bank account not SCB as in my case, so i would need to open a BB account and change my TW transfers to BB in the future.

What is ACH ?

To be clear, you don't "need" to change anything.  I was just saying that of all the stories posted, evidence reveals that those with a Bangkok Bank account as the destination for receipt of their funds, they have had the most success.  Those with accounts at other banks have mostly reported receiving their deposits showing as "domestic transfers" because in fact they are all domestic transfers.  It's just that Bangkok Bank is most likely to get the coding right.  And, by the way, ACH is an internal mechanism used by US financial institutions to transfer funds.  TransferWise has a banking facility in the US (and other countries) that receive and then process said funds.  Whether or not you'd like to open up a Bangkok Bank account is your choice.  If it were up to me, I would do so...

Edited June 30, 2019 by mosan
Clarity

[billd766]

7 minutes ago, Pumpuynarak said:

Thats not what i was told at Korat Immigration, 12 monthly payments into your account and they have to be on or around the same date each month give or take a few days. Now i appreciate Thai IO's all have different enterpretations of the rules, some even make their own up lol

And if only 12 payments don't add up to 40,000 or 65,000 baht a month but payments from more than one pension do. What then?

 

AFAIK what is required is a total of more than 40 or 65,000 per month.

[Pumpuynarak]

3 minutes ago, mosan said:

To be clear, you don't "need" change anything.  I was just saying that of all the stories posted, evidence reveals that those with a Bangkok Bank account as the destination for receipt of their funds, they have had the most success.  Those with accounts at other banks have mostly reported receiving their deposits showing as "domestic transfers" because in fact they are all domestic transfers.  It's just that Bangkok Bank is most likely to get the coding right.  And, by the way, ACH is an internal mechanism used by US financial institutions to transfer funds.  TransferWise has a banking facility in the US (and other countries) that receive and then process said funds.  

Thanks for that. I'm a UK national so ACH does'nt apply to me. Well if i don't change anything all my transfers are showing "domestic" as they are coming from TMB into my SCB account and if i'm confronted by an IO who insists they are shown as FTT i'm stuffed, thats why i'm gonna take me TW PDP statements which show its a foreign transaction.

 

 

[mosan]

7 minutes ago, billd766 said:

And if only 12 payments don't add up to 40,000 or 65,000 baht a month but payments from more than one pension do. What then?

 

AFAIK what is required is a total of more than 40 or 65,000 per month.

Having multiple deposits into your account to equal the 40K or 65K per month requires one to do math to ensure you're in compliance.  Considering everybody has to use a calculator for simple addition and subtraction (not to mention division) I'd suggest you have your multiple sources deposit into your home bank and then bring your 40K or 65K into Thailand with one transfer a month at approximately the same time...

[Pumpuynarak]

7 minutes ago, billd766 said:

And if only 12 payments don't add up to 40,000 or 65,000 baht a month but payments from more than one pension do. What then?

 

AFAIK what is required is a total of more than 40 or 65,000 per month.

Bloody good question, i've no doubt what you say is correct as it makes sense but that was what i was told by the Korat IO that did my retirement extension in January.

I've no doubt that common sense will prevail at the end of the day and that IO's up and down the country will become more familiar as time goes on, well i can always wish lol

[mosan]

6 minutes ago, Pumpuynarak said:

Thanks for that. I'm a UK national so ACH does'nt apply to me. Well if i don't change anything all my transfers are showing "domestic" as they are coming from TMB into my SCB account and if i'm confronted by an IO who insists they are shown as FTT i'm stuffed, thats why i'm gonna take me TW PDP statements which show its a foreign transaction.

 

 

Just between me and you, I don't think Immigrations will care to see your TW PDP statements. What they really want is your bank book and a printed statement from your local Thai bank detailing your transactions on the last 12 months or whatever period is covered since your last extension.  Go to your bank and request a printed statement for the last 3 to 6 months and see what it shows for transactions--you can do this immediately.  As some individuals have reported that their bank book doesn't show international transfers, but their printed bank statements do in fact show the transfers as originating from their home country.  

The suggestion to open a Bangkok Bank account is still a sound one.

[Pumpuynarak]

8 minutes ago, mosan said:

I'd suggest you have your multiple sources deposit into your home bank and then bring your 40K or 65K into Thailand with one transfer a month at approximately the same time...

Yes that is what i do.

[steve73]

32 minutes ago, Pumpuynarak said:

Thats not what i was told at Korat Immigration, 12 monthly payments into your account and they have to be on or around the same date each month give or take a few days. Now i appreciate Thai IO's all have different enterpretations of the rules, some even make their own up lol

I also transfer a couple of times per month when i run outta dosh but i always do a minimum 65k per month on or about the same date.

 

"...and they have to be on or around the same date each month give or take a few days."

 

This could be a real problem for those who have their pensions, etc, sent directly into a Thai bank account if they're credited every 2 or 4 weeks, rather than monthly (as I understand the UK & Oz pensions are paid).

 

For people in receipt of such, you would need to have the payment into your own national account and then initiate a SWIFT transfer on approximately the same date every month.

 

If you are unable to open a new national account, or cannot initiate a SWIFT transfer without being "in person", then an alternative may be to open a TW borderless account, and have your pension deposited there.  You can then to make a transfer from there at "around the same day every month", but this would only work providing TW are able to ensure the payments always go via their local banking partner to match the account holder, and even this seems to have failed to generate the international coding recently.

 

Still very much a "work-in-progress" unfortunately...  

[Pumpuynarak]

9 minutes ago, mosan said:

Just between me and you, I don't think Immigrations will care to see your TW PDP statements. What they really want is your bank book and a printed statement from your local Thai bank detailing your transactions on the last 12 months or whatever period is covered since your last extension.  Go to your bank and request a printed statement for the last 3 to 6 months and see what it shows for transactions--you can do this immediately.  As some individuals have reported that their bank book doesn't show international transfers, but their printed bank statements do in fact show the transfers as originating from their home country.  

The suggestion to open a Bangkok Bank account is still a sound one.

I was only going to take my TW PDF statements to show i have proof of the FTT if they request it.

I fully intend to get a statement letter from SCB showing the credit transactions throughout the year coupled with my updated bank book (i have'nt had it updated for something like 5/6 years) when i do my next extension

 

Thanks for the suggestion to obtain a 3/6 month statement now but i fail to see how it can be any different to what i see on my online statements which state X1 (SCB) domestic transfer as the transfer is coming from TMB but ya never know....

I really don't want to open a BB account unless i really have to.

[ubonjoe]

9 minutes ago, steve73 said:

"...and they have to be on or around the same date each month give or take a few days."

 

This could be a real problem for those who have their pensions, etc, sent directly into a Thai bank account if they're credited every 2 or 4 weeks, rather than monthly (as I understand the UK & Oz pensions are paid).

 

There is nothing in the police order that they have to be on the same date every month.

It states this for extensions based upon retirement. 

 

It could be one or more transfers per month as long as they total to 65k baht a month.

[Pumpuynarak]

1 minute ago, ubonjoe said:

There is nothing in the police order that they have to be on the same date every month.

It states this for extensions based upon retirement. 

 

It could be one or more transfers per month as long as they total to 65k baht a month.

I fully agree with what you say UJ but as you know Thai IO's make up the rules as they go along, what i have posted is what i was told by a Korat IO when they did my retirement extension in January.

If i was to be pedantic which i'm not the police order says money transfer not money transfer(s) lol

[billd766]

28 minutes ago, steve73 said:

 

"...and they have to be on or around the same date each month give or take a few days."

 

This could be a real problem for those who have their pensions, etc, sent directly into a Thai bank account if they're credited every 2 or 4 weeks, rather than monthly (as I understand the UK & Oz pensions are paid).

 

For people in receipt of such, you would need to have the payment into your own national account and then initiate a SWIFT transfer on approximately the same date every month.

 

If you are unable to open a new national account, or cannot initiate a SWIFT transfer without being "in person", then an alternative may be to open a TW borderless account, and have your pension deposited there.  You can then to make a transfer from there at "around the same day every month", but this would only work providing TW are able to ensure the payments always go via their local banking partner to match the account holder, and even this seems to have failed to generate the international coding recently.

 

Still very much a "work-in-progress" unfortunately...  

I use my TW Borderless account to get my pensions paid into and then transfer them to my BBL bank account in Thailand. I have just looked at my bankbook and each TW transfer shows up as an FTT.

[graeme72]

I sent money from Aus. on the 28th and it appeared as Dummy Branch.

[Chivas]

On 6/29/2019 at 6:45 AM, Genericnic said:

One thing to note about Transferwise is that they raised their fee between this transfer and the prior one. For about the same US$ transfer amount, the fee increased from US$18.73 to US$22.60. 

 

Sterling fees have increased as well

[steve73]

21 minutes ago, Pumpuynarak said:

29 minutes ago, ubonjoe said:

There is nothing in the police order that they have to be on the same date every month.

It states this for extensions based upon retirement. 

 

It could be one or more transfers per month as long as they total to 65k baht a month.

I fully agree with what you say UJ but as you know Thai IO's make up the rules as they go along, what i have posted is what i was told by a Korat IO when they did my retirement extension in January.

If i was to be pedantic which i'm not the police order says money transfer not money transfer(s) lol

Ditto that.. When I asked about doing monthly transfer for a possible combo method for my next extension, (at Rayong, in Feb), I was told they would all need to be "around the same day of the month".

I told them I was still too young for any pension, but simply brought over savings as and when the Fx rate was favourable, but always at least once per month, and was clearly told they had to be "around" the same day, with no reference to them not being a "pension".

Edited June 30, 2019 by steve73

[racyrick]

8 minutes ago, graeme72 said:

I sent money from Aus. on the 28th and it appeared as Dummy Branch.

What bank was it sent to?

[steve73]

19 minutes ago, billd766 said:

I use my TW Borderless account to get my pensions paid into and then transfer them to my BBL bank account in Thailand. I have just looked at my bankbook and each TW transfer shows up as an FTT.

I suspect that unless you have specifically requested TW to manually route your payments via their BBL local banking partner (LBP) to suit your receiving account then you have just been lucky, since they use any one of 3 LBP's (although BBL does seem to be the more usual default).

 

Also, it seems from reports here (myself included) that TW have made some very recent (i.e just the past week) changes to their systems, and that even when payments are routed via the same LBP as the receiving account, that they are NOT being coded as international.

 

Hence my reference to it still being a "work-in-progress".

[Delight]

On 6/29/2019 at 1:41 PM, Rama said:

When you setup your transferwise transfer, it gives you 2 options, whether to do it as a SWIFT transfer or not. I choose SWIFT. Are you sure your transferwise transfer is setup correctly? They usually charge a few dollars more for the SWIFT.

 The benefit of using transferwise ,as i see it is to avoid SWIFT.

Stage 1 I simply transfer money from my UK account to their UK account-i.e an internal transfer

Stage 2 They transfer money from their Thai bank account to my Thai bank account -i.e. an internal transfer

 Internal transfers do not attract charges.

SWIFT transfers attract fees at the Thai end.

Given this -what is the benefit of using transferwise and SWIFT ?

[potless]

On 6/29/2019 at 9:28 AM, Henryford said:

Even though i bank with Krungsri i opened a Bangkok Bank account purely to do my monthly 65k transfers with Tranferswise. So far have the FTT on all transfers. Bit of a pain though as every month i have to withdraw 65k in cash from BKK and deposit it at Krungsri.

Edited yesterday at 09:29 AM by Henryford

Is there any particular reason that you dont send money directly to Krungsri bank instead, FCD account? it will show up as SWF on your statement.