65000 Baht Wire Transfer for Thai Retirement Visa (Failure and Scam)

[jacko45k]

12 hours ago, pontious said:

As long as your money was in the bank 2 months before applying you should be fine.

And even that may not qualify in some Immigration Offices who still require 3 for renewals. 

[Acharn]

8 hours ago, treetops said:

Another one who hasn't read the current thread discussing Transferwise's change in procedures which means this can no longer be guaranteed for now.

Yes, the only thread I saw was about their problem with two banks I don't use. Well, if it can't be guaranteed I think we'll muddle through somehow. My experience with Immigration has been a lot more positive than most of the posters here, although I notice they haven't been deported yet. Lots of fear, uncertainty, and doubt.

[Acharn]

6 hours ago, gk10002000 said:

Etrade will also NOT do any sort of automatic recurring transfer.  You must call them or submit the transfer forms every time you want to make the transfer.  Crazy that in this day and age of electronic payments, domestic auto pay, etc.

Well, that's true of Transferwise, too. The only thing is I can do it on my computer, and I hate telephones. Actually I've come to prefer this, because there are differences in when the money arrives in my US account depending on what day of the week the 1st is. My Social Security is supposed to come on the 3rd, but usually arrives on the 1st or even the 31st of the previous month. So sometimes I can request the transfer on the 31st and this month I had to wait until the 2nd.

Edited July 4, 2019 by Acharn

[Henryford]

The answer is to use Transferwise. They give a good, fixed rate when you initiate the transfer. The money is in your bank within 1 day. Their fees and rate are clearly set out. My transfers to Bangkok Bank have the FTT prefix.

[pontious]

5 minutes ago, Henryford said:

The answer is to use Transferwise. They give a good, fixed rate when you initiate the transfer. The money is in your bank within 1 day. Their fees and rate are clearly set out. My transfers to Bangkok Bank have the FTT prefix.

I suggest you read the other thread regarding Transferwise.

[gk10002000]

35 minutes ago, Acharn said:

Well, that's true of Transferwise, too. The only thing is I can do it on my computer, and I hate telephones. Actually I've come to prefer this, because there are differences in when the money arrives in my US account depending on what day of the week the 1st is. My Social Security is supposed to come on the 3rd, but usually arrives on the 1st or even the 31st of the previous month. So sometimes I can request the transfer on the 31st and this month I had to wait until the 2nd.

Yeah, I understand if one has to wait for their social or pension and the dates can move around.  In my case I will be using an account that has plenty of money in it and I would just prefer to transfer the money out say on the 15th of each month to be sure it gets into Thailand each and every month, assuming the current monthly transfer requirements stay as they are.  I have dividends and interest and can easily keep the USA end of the account topped up quarterly.  And in the near future I will have social security coming in also.  In any case, I won't have to sweat money arrival times.

[ubonjoe]

1 hour ago, Acharn said:

My Social Security is supposed to come on the 3rd, but usually arrives on the 1st or even the 31st of the previous month.

Mine normally comes in on the 3rd unless it falls on a weekend which means I get it on the 1st or 2nd of the month.

The only time it ever came in on 31st was last year for my September payment when Labor day was on the 3rd.

[Pib]

12 hours ago, TallGuyJohninBKK said:

 

Pib, I'm not on SS yet, so that's news to me...

 

Thus, what does that mean about the ability (or inability) of SS direct deposit transfers to meet Immigration's requirement for foreign transfers into a Thai bank?

 

If the bank book doesn't show a foreign transfer coding, that sounds potentially problematic...

 

I wonder if the receiving Thai bank of such a SS deposit is going to be willing to issue their standard foreign bank transfer deposit letter to give to Immigration, based on transfers that come into their systems at BTN...

TG,

   Just because a SWIFT transfer may use BahtNet for the final leg of the transfer does not mean the coding still does not show it was a foreign transfer. 

 

   Whatever govt or bank/money transfer service sent the money to you via SWIFT may decide to route the funds through an intermediary financial institution using a BahtNet SWIFT code like the Bank of Thailand BahtNet SWIFT code shown at the bottom.  

 

    And when BOT relays that money to your Thai bank in the coding is their Bahtnet SWIFT code which your Thai bank picks up on for coding/description purposes.  Your bank knows it's an international transfer  because the coding contains a SWIFT code....SWIFT codes are only used for "international" transfers.   Your Thai bank would be able to see it was an international transfer in the "underlying" coding....underlying coding not necessarily that will show in your passbook/ibanking but you can see if you get a Credit Advice.

 

    Although BahtNet is routinely thought of as a domestic transfer system it also directly interfaces with the SWIFT system for international transfers.    However, since it can also be used for a domestic transfer (and that is in predominate use)....like you paying my back the $10 worth of baht you owe me by you going to your Thai bank and  transferring me the money via the BahtNet to my Thai bank.  Now that would purely be a "domestic" BahtNet transfer with no underlying international coding.   

 

   Unfortunately "domestic" BahtNet transfers are probably what most Thai bank reps are use to seeing everyday (Thai businesses use BahtNet a lot) and automatically assume your BahtNet transfer sent by Uncle Sam of SSA was not an international transfer... and then the frontline bank rep tells you your transfer was not an international transfer and can't include it on the monthly income letter for immigration. 

 

   That's when the frontline rep (which may have little experience) needs to be politely told you don't thing that is correct....let's talk to a supervisor/a senior rep.  Then the supervisor/a senior reps looks in their computer systems to confirm it "was an international transfer" and educates the frontline rep that some BahtNet transfers can be the last leg of an international transfer.  Now the rep include that transfer on your monthly income letter for immigration and hopefully the next farang will not experience what your experienced with the frontline rep.

 

   With all the possible variations in coding possible with transfers because of different transfer systems and different Thai banks using different coding/descriptions I can understand why immigration offices don't want to see Credit Advances or foreign transfer documents with all the banker geek language and codes......and foreign languages....the immigration office just want a simple letter from your Thai bank which lists/validates the international transfers and then stamps/signs the letter.

 

[Pib]

59 minutes ago, ubonjoe said:

Mine normally comes in on the 3rd unless it falls on a weekend which means I get it on the 1st or 2nd of the month.

The only time it ever came in on 31st was last year for my September payment when Labor day was on the 3rd.

Yeap...for 2018 the 3 Sep payment occurred the last day of Aug...got two payments in Aug and none for Sep.  This will occur again in the future but not in 2019 or 2020 per below SSA weblink that shows scheduled payment dates for 2018-2020 which takes in consideration weekends and US holidays.

https://www.ssa.gov/pubs/calendar.htm

 

Now for US folks receiving military retirement pay form DFAS where the normal payment date is the 1st of the month the doubling up of payments in one month followed by no payment in the following month is a common event each and every year.  Take a look at the DFAS payment chart below under the Retired Pay Date.  Just hope a person's immigration office isn't anal about expecting to see a transfer in each and every month.

 

 

[TheThai]

I can't speak to anyone else's situation but as of JUNE 19th .. my last transfer, ALL of my transferwise transactions from the U.S. to Bangkok Bank state FTT.   I just had my bank book updated July 1st to keep it current.   I will continue to use them until I see otherwise.

It appears the problem with Transferwise is with banks OTHER than Bangkok bank. 

Edited July 4, 2019 by TheThai

[Lemonltr]

Please let us know what actually happens when you apply at Jomtien. 

[TallGuyJohninBKK]

37 minutes ago, Pib said:

TG,

   Just because a SWIFT transfer may use BahtNet for the final leg of the transfer does not mean the coding still does not show it was a foreign transfer. 

 

The issue is what's Immigration going to want to see and insist on, in evaluating monthly foreign transfer-based extensions. And thus far, AFAIR, I don't think there have been a lot of posts here that clearly have addressed the details of that.

 

AFAIK, generally, Immigration in such cases supposedly will be looking at two things: 1: the foreign transfer entries in one's bank passbook, and 2: the foreign transfers list/letter from the Thai bank.

 

You addressed the letter issue in your post above, re the likelihood of being able to obtain such a letter even if the last leg of a foreign transfer gets handled via Bahtnet... But I don't think you made any mention of how those incoming SS direct deposit transfers via Bahtnet will end up being coded by the banks in their passbook entries. And will Immigration actually care about that.

 

[jacko45k]

23 minutes ago, TheThai said:

I can't speak to anyone else's situation but as of JUNE 19th .. my last transfer, ALL of my transferwise transactions from the U.S. to Bangkok Bank state FTT.   I just had my bank book updated July 1st to keep it current.   I will continue to use them until I see otherwise.

It appears the problem with Transferwise is with banks OTHER than Bangkok bank. 

You have been fortunate.... what do you intend to do if one transfer is sent via TMB? Hence not indicating FTT but SMT? Do an extra monthly transfer, or try to persuade immigration it is legit, or accept not qualifying for the Extension? 

I use Bangkok Bank, 2/3 transfers by TW, OK, the first one went via TMB early this year. I decided to continue with 800k on deposit. 

I thought some arrangement had been made where an email would ensure each TW transfer went directly to your bank , hence got coded FTT. Is this no longer the case?

[Pib]

9 minutes ago, TallGuyJohninBKK said:

 

The issue is what's Immigration going to want to see and insist on, in evaluating monthly foreign transfer-based extensions. And thus far, AFAIR, I don't think there have been a lot of posts here that clearly have addressed the details of that.

 

AFAIK, generally, Immigration in such cases supposedly will be looking at two things: 1: the foreign transfer entries in one's bank passbook, and 2: the foreign transfers list/letter from the Thai bank.

 

You addressed the letter issue in your post above, re the likelihood of being able to obtain such a letter even if the last leg of a foreign transfer gets handled via Bahtnet... But I don't think you made any mention of how those incoming SS direct deposit transfers via Bahtnet will end up being coded by the banks in their passbook entries. And will Immigration actually care about that.

For Bangkok Bank, SS Direct Deposits sent via IDD will appear in a person's passbook with BTN coding instead of FTT.  And the description in ibanking will be BahtNet instead of International Transfer.   Fairly sure VA IDD payments same-same since both SSA and VA IDD payment are being sent by the Federal Reserve Bank of New York....that is shown in the coding.

 

But this BTN/Bahtnet  is just "surface, top level" coding/description...layman stuff seem by the customer.  Underlying/detailed coding will show it's an international transfer which I expect is what Bangkok Bank really uses/validates to determine whether a transfer was international or domestic.

[TallGuyJohninBKK]

2 minutes ago, Pib said:

For Bangkok Bank, SS Direct Deposits sent via IDD will appear in a person's passbook with BTN coding instead of FTT.  And the description in ibanking will be BahtNet instead of International Transfer.   Fairly sure VA IDD payments same-same since both SSA and VA IDD payment are being sent by the Federal Reserve Bank of New York....that is shown in the coding.

 

But this BTN/Bahtnet  is just "surface, top level" coding/description...layman stuff seem by the customer.  Underlying/detailed coding will show it's an international transfer which I expect is what Bangkok Bank really uses/validates to determine whether a transfer was international or domestic.

 

Right, but I guess the key question is going to be, what's Immigration going to do when they get a bank letter that confirms the international transfers, but then see a bank passbook that shows the amounts but with coding that shows them as local transfers instead of international ones.

 

That's the kind of real-world report I've been hoping to see here from folks doing their monthly foreign transfer extensions.  Maybe Thai Immigration doesn't care about the codes that show up in one's passbook, or maybe they do. I wish we knew...

 

[ubonjoe]

55 minutes ago, Pib said:

Yeap...for 2018 the 3 Sep payment occurred the last day of Aug...got two payments in Aug and none for Sep.

I (more likely it will be my wife) will be prepared to be questioned about the August 30th payment by immigration if they notice it when I apply for my extension later this month. Will have last years US holiday list with me.

Requested a 12 months bank statement yesterday while at Bangkok Bank moving my SS payment to another account.

I have already looked at the holiday list this for US holidays. The calendar you posted is off a little for the September receiving date. It will probably be credited to direct deposits accounts on Monday the 2nd since it will be sent on Friday August 30th.

[SooKee]

I can't speak to anyone else's situation but as of JUNE 19th .. my last transfer, ALL of my transferwise transactions from the U.S. to Bangkok Bank state FTT.   I just had my bank book updated July 1st to keep it current.   I will continue to use them until I see otherwise.

It appears the problem with Transferwise is with banks OTHER than Bangkok bank. 

I hope you're right. I'm not so sure though, it seems the latest problems arise from a procedural / systems change at TW which happened around 28 June. I've just done a test transfer to see if it still shows as FTT.

[riclag]

17 hours ago, Acharn said:

My credit union in the states told me the only way to make a wire transfer to an overseas bank was to telephone their office and set it up. This cannot be made a recurring event -- you have to call every month. I do not know why they think telephones are "more secure" than my regular connection to my account. Several government offices I have to deal with feel the same way. They want you to telephone. The nice service representative also told me I should look up "Automated Clearing House," which led me to Transferwise, which has worked fine since February. The fee is a few cents less than a wire transfer would cost, but it normally takes four or five days for the money to arrive. Oh, I use Bangkok Bank, too, and when I update my bank book the FFT code has always been there. Not many transactions yet, but I feel confident they will get it right. I can't imagine why you continue to use Wells Fargo, which has been caught cheating millions of their customers for years.

I stated on another thread the verification gods at Capital One are taking it to higher levels. I used google voice in the past,They don't consider that a legit phone system.They txt a 5 numbered code to the GV and it disappears  in a nano second,they claimed it was for security purposes. I noticed the OP mention frustration with codes through the phone. It's a blessing when they send it through a device they give you or through email.

I understand the Op's  frustration! Thailand and the USA banking system are wrecking havoc with us  ,thank you 9/11

Edited July 4, 2019 by riclag

[ThailandRick]

22 hours ago, WalkingOrders said:

I am a bit confused about what happened to you, I can only say this. I use income method my US gov retirement is direct deposited to a direct deposit account at bangkok bank using the NYC routing. I have to directly pick up these funds at the counter, no atm is associated with this account. These are US gov rules. If I want, I could put the funds in a second bangkok bank accout, but I put them into kbank, because I like kbank. I have never had a problem with immigration. I am here over 3 yrs on a retirement extension.

I can 2nd this method... For years been using this way ever since high fees were added to ATM withdrawals.  This way takes a few working days to runs it's course but works well for me.  Here is the information on bangkok bank: https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/Transfer-money-from-US-to-Thailand-via-Bangkok-Bank-NewYork-branch

 

In Basic, this is how it works for me:

1.  I transfer from my USA Bank to Bangkok Bank New York Branch via (ACH - used in the USA for Bank to Bank transfer) 

    -Many Banks in USA do not charge a fee for this type of transfer

    -NY Bangkok Bank appears as a USA Bank in the eyes of other Banks... (Seems they work as a middle man to Thailand)

 

2.  Depending on the dollar amount transferring to Thailand, Bangkok Bank New York charges a transfer fee:  

fee            amount transferred

 free          < 50usd

3.00usd      50.01 - 100.00usd

5.00usd      100.01 - 2,000.00usd

10.00usd     2,000.01 - 50,000usd

 

3.  Once it hits Bangkok Bank Thailand, there is a conversion to Baht Fee prior to deposit into your account no greater than 500b a minimum of 200b calculated by .25% of transferred amount.  I was told the conversion rate used is based on USD50 > TT Buying Rates (30.48b at time of this post) https://www.bangkokbank.com/th-TH/Personal/Other-Services/View-Rates/Foreign-Exchange-Rates#

 

Example as I understand:

transfer (2,000usd)

2,000-5usd (ny fee) =

 

(1,995usd) transfered to Thailand

 

Upon receipt Bangkok Bank Thailand, it is converted to thai baht based on TT Buying Rate.

1,995 x 30.48 = (60,807.6baht)

 

calculate conversion fee:

60,807.6baht x .25% = (152b) (pushed up to 200b minimum)

 

60,807.6 - 200b(conversion fee)=

 

60,607.6baht net after transfer... 

-----------------------------

after all fees and conversion, the effective rate of this example is 30.30b to 1 dollar.

 

This is what I have been using for some time now...  It has been as quick as 1 day up to 5 days in my experience.  I hope this helps!

 

Edited July 4, 2019 by ThailandRick

[Acharn]

6 hours ago, ubonjoe said:

Mine normally comes in on the 3rd unless it falls on a weekend which means I get it on the 1st or 2nd of the month.

The only time it ever came in on 31st was last year for my September payment when Labor day was on the 3rd.

I may have been wrong about the 31st. My memory used to be reliable, but seems to have gotten old.

[Carolina Reaper]

1 hour ago, ThailandRick said:

I can 2nd this method... For years been using this way ever since high fees were added to ATM withdrawals.  This way takes a few working days to runs it's course but works well for me.  Here is the information on bangkok bank: https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/Transfer-money-from-US-to-Thailand-via-Bangkok-Bank-NewYork-branch

 

In Basic, this is how it works for me:

1.  I transfer from my USA Bank to Bangkok Bank New York Branch via (ACH - used in the USA for Bank to Bank transfer) 

    -Many Banks in USA do not charge a fee for this type of transfer

    -NY Bangkok Bank appears as a USA Bank in the eyes of other Banks... (Seems they work as a middle man to Thailand)

 

2.  Depending on the dollar amount transferring to Thailand, Bangkok Bank New York charges a transfer fee:  

fee            amount transferred

 free          < 50usd

3.00usd      50.01 - 100.00usd

5.00usd      100.01 - 2,000.00usd

10.00usd     2,000.01 - 50,000usd

 

3.  Once it hits Bangkok Bank Thailand, there is a conversion to Baht Fee prior to deposit into your account no greater than 500b a minimum of 200b calculated by .25% of transferred amount.  I was told the conversion rate used is based on USD50 > TT Buying Rates (30.48b at time of this post) https://www.bangkokbank.com/th-TH/Personal/Other-Services/View-Rates/Foreign-Exchange-Rates#

I've been doing this for a few years, too. But that party will be over soon. Read the fine print at the bottom of https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/Transfer-money-from-US-to-Thailand-via-Bangkok-Bank-NewYork-branch. "With effective from April 1, 2019, New York branch only process ACH with appropriate IAT format and all non-IAT transactions will be returned." No U.S. based bank allows regular consumer accountholders to do the necessary IAT-flavored (international) ACH transactions. BKKB has extended their grace period, though, as folks are reporting that their transfers (done as you've so nicely described) are still working. But FINCEN and the U.S. banking regulators have forced Bangkok Bank to put a stop to the current standard ACH practice. 

 

Edited July 4, 2019 by Carolina Reaper
Typo

[Maestro]

6 hours ago, TallGuyJohninBKK said:

 

Right, but I guess the key question is going to be, what's Immigration going to do when they get a bank letter that confirms the international transfers, but then see a bank passbook that shows the amounts but with coding that shows them as local transfers instead of international ones…

The bank book does not use the words "local" or "international" but instead uses cryptic codes. What matters is that the bank letter identifies all these inward foreign remittances as having come from abroad.

[SooKee]

I hope you're right. I'm not so sure though, it seems the latest problems arise from a procedural / systems change at TW which happened around 28 June. I've just done a test transfer to see if it still shows as FTT.

Transfer showed up within 6 hours today into my Bangkok Bank account. Still shows on the app as International Transfer.

[EricTh]

On 7/3/2019 at 6:48 PM, Pacific Traveler said:

I most certainly will.  Another concern is the 90 day reporting.  I'm in and out of Thailand since getting the O Visa never stayed up to the 90 days where reporting would be required.  It was my understanding that my re-entry was the same as reporting and 90 day clock started over at each entry.  Hopefully my information was correct and this too does not come back to bite me. 

Yes, you're correct. I never had any problems in the past.

 

Reporting only starts again at each entry and anyway, we still have to report ourselves with 24 hours everytime we come in which is a pain in the ass.

Edited July 4, 2019 by EricTh

[TallGuyJohninBKK]

6 hours ago, ThailandRick said:

I can 2nd this method... For years been using this way ever since high fees were added to ATM withdrawals.  This way takes a few working days to runs it's course but works well for me.  Here is the information on bangkok bank: https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/Transfer-money-from-US-to-Thailand-via-Bangkok-Bank-NewYork-branch

 

In Basic, this is how it works for me:

1.  I transfer from my USA Bank to Bangkok Bank New York Branch via (ACH - used in the USA for Bank to Bank transfer) 

    -Many Banks in USA do not charge a fee for this type of transfer

    -NY Bangkok Bank appears as a USA Bank in the eyes of other Banks... (Seems they work as a middle man to Thailand)

 

2.  Depending on the dollar amount transferring to Thailand, Bangkok Bank New York charges a transfer fee:  

fee            amount transferred

 free          < 50usd

3.00usd      50.01 - 100.00usd

5.00usd      100.01 - 2,000.00usd

10.00usd     2,000.01 - 50,000usd

 

3.  Once it hits Bangkok Bank Thailand, there is a conversion to Baht Fee prior to deposit into your account no greater than 500b a minimum of 200b calculated by .25% of transferred amount.  I was told the conversion rate used is based on USD50 > TT Buying Rates (30.48b at time of this post) https://www.bangkokbank.com/th-TH/Personal/Other-Services/View-Rates/Foreign-Exchange-Rates#

 

Example as I understand:

transfer (2,000usd)

2,000-5usd (ny fee) =

 

(1,995usd) transfered to Thailand

 

Upon receipt Bangkok Bank Thailand, it is converted to thai baht based on TT Buying Rate.

1,995 x 30.48 = (60,807.6baht)

 

calculate conversion fee:

60,807.6baht x .25% = (152b) (pushed up to 200b minimum)

 

60,807.6 - 200b(conversion fee)=

 

60,607.6baht net after transfer... 

-----------------------------

after all fees and conversion, the effective rate of this example is 30.30b to 1 dollar.

 

This is what I have been using for some time now...  It has been as quick as 1 day up to 5 days in my experience.  I hope this helps!

 

 

Perhaps you missed the news that's been part of thousands of posts here and numerous threads over the past months to wit....

 

BKKB NY is going to be ending its ACH transfer route for consumers from the U.S. to Thailand sometime in the near future -- unless you/your bank can send a specially coded transfer called an IAT (International ACH Transaction), something that no known U.S. entity provides to its consumer customers.

 

The U.S. government sent direct deposit payments thru the NY branch should be able to continue, either entirely or for the most part, unaffected, because the feds and their payroll systems can provide the required extra info. But as a private sender, everyone here is likely to be S.O.L. in the near future.

[TallGuyJohninBKK]

5 hours ago, Carolina Reaper said:

"With effective from April 1, 2019, New York branch only process ACH with appropriate IAT format and all non-IAT transactions will be returned."

 

Yep, that's the language still showing on the BKKB website, last time I checked...

 

They blew past their original April 1 cutoff date (no joke!!!)...  And then apparently blew past a second declared cutoff date in June... So now things are a bit in limbo as we await either a new proclaimed cutoff date or the current transfer capability simply ends at some point.

 

BTW, another thing to note is...back earlier this spring, even though BKKB was actually allowing existing transfer setups to ccontinue, they actually did impose an end to any new ACH transfer setups thru the NY branch. So if someone today tried to establish a new ACH link between their U.S. bank and the BKKB NY branch using trial deposits, it would be rejected.

 

So all in all....absent some unexpected reversal, the BKKB NY branch route is not a likely option to be advising folks to plan on using for their future U.S. to Thailand banking transfers.

 

 

Edited July 4, 2019 by TallGuyJohninBKK

[ThailandRick]

16 minutes ago, TallGuyJohninBKK said:

 

Perhaps you missed the news that's been part of thousands of posts here and numerous threads over the past months to wit....

 

BKKB NY is going to be ending its ACH transfer route for consumers from the U.S. to Thailand sometime in the near future -- unless you/your bank can send a specially coded transfer called an IAT (International ACH Transaction), something that no known U.S. entity provides to its consumer customers.

 

The U.S. government sent direct deposit payments thru the NY branch should be able to continue, either entirely or for the most part, unaffected, because the feds and their payroll systems can provide the required extra info. But as a private sender, everyone here is likely to be S.O.L. in the near future.

Thanks... been reading into this one after reading a response earlier... I am awaiting to hear back from my bank if they are going to use or using the IAT format.  If it is like many government programs, they put the cart before the horse and many will be SOL.  However, they may give endless extensions til they figure it all out... I think they want to implement this structure throughout the states... wishful thinking... Will try to figure out an alternative just-n-case of a rainy day.  I started reading into Citibank, but it seems quite expensive for what you get.

 

Thanks...

Edited July 4, 2019 by ThailandRick

[TallGuyJohninBKK]

4 minutes ago, ThailandRick said:

Thanks... been reading into this one after reading a response earlier... I am awaiting to hear back from my bank if they are going to use or using the IAT format.  If it is like many government programs, they put the cart before the horse and many will be SOL.  However, they may give endless extensions til they figure it all out... I think they want to implement this structure throughout the states... wishful thinking... Will try to figure out an alternative just-n-case of a rainy day.  I started reading into Citibank, but it seems quite expensive for what you get.

 

Thanks...

 

The IAT system has been around in the U.S. for about 10 years, so it's hardly new. It's just never been used in/spread to the consumer banking sector. And instead, high priced international wire transfers have been banks' answer to people who want to send money abroad. There's little sign that's changing anywhere AFAIK.

 

[TheThai]

14 hours ago, jacko45k said:

You have been fortunate.... what do you intend to do if one transfer is sent via TMB? Hence not indicating FTT but SMT? Do an extra monthly transfer, or try to persuade immigration it is legit, or accept not qualifying for the Extension? 

I use Bangkok Bank, 2/3 transfers by TW, OK, the first one went via TMB early this year. I decided to continue with 800k on deposit. 

I thought some arrangement had been made where an email would ensure each TW transfer went directly to your bank , hence got coded FTT. Is this no longer the case?

IF I see a transaction has other than FTT, I will deal with it at that point in time.  Until then I will continue to use Transferwise.  If you see post #85, the poster states he just did a Transferwise transfer and it appeared as FTT. 

As I previously stated I believe it can be a combination of reasons a transfer shows as other than FTT.  So far, for me tho,  transferring from my bank in the U.S. to Bangkok Bank using Transferwise for the past year ALL were assigned the FTT code.

[ChouDoufu]

you should be able to select the correspondent bank, not leave it up to the wells fargo.  pick one of the bigger banks like jpm.  not sure, but they may charge $10 to act as correspondent.

 

you can also leave instructions to send us$ with no currency conversion.