Transferwise.. No Guarantee

[geoffbezoz]

10 hours ago, Moonlover said:

Might I suggest that we all call a halt to all this wild speculation and instead await developments as they unfold.

 

I suggest this because we are reaching the time when the last embassy letters to be issued will be expiring and applicants will soon be attending for renewals using this new method of proving income.

 

And I'll be one of them. I'll be there on the 25th with a mixed bag of T/W transfers and direct deposits of UK pensions.

 

I shall, of course let everyone know how it goes and make any recommendations that may come to light. And I'm sure we will be hearing from others in the near future.

Excellent idea, specific feedback from "boots on the ground" is always better then speculation or unfounded hypothesis.

[JohnOFphon]

13 hours ago, keithcresswell said:

Below is an email I received today from Transferwise. 

Dont shoot me I'm just the messenger,

 

 

Anastassija J (TransferWise)

Jul 4, 22:18 CEST

Hello Keith, 

Thank you for your email. 

Currently 2 of our Thai banking partners are capable of showing your transfer as a foreign transfer in your bank statement. 

If you wish to route your transfers through the banking partner that shows your transfer as a foreign transfer please let us know. However, there is still a small chance that your transfer will go through the third partner. 

If you need proof for the local authorities that this is a foreign transfer, please follow these steps: 

You will need to reach out to Bangkok Bank branch where the recipient account is maintained and provide the following documents: 

1. Bangkok Bank Savings Passbook or Statement showing the specific transaction
2. Your Passport
3. Agreement of the purchase of Condominium (for purchasing accommodation purposes) if your transfers are for this reason.

By following the above steps, Bangkok Bank will provide " Confirmation Letter of International Funds Transfer"  or what we usually known as "FET" to you which you will be able to use to show it as a proof to the local authorities.  There is an administration fee of 100 THB to produce this official document which will be payable to Bangkok Bank.

Should you have any more questions, feel free to contact us anytime. We're always here to help.

Kind regards,
Anastassija

That won't work. Bangkok Bank can not give a letter of International Funds Transfer if....the money came to them via another bank...Ie...Smart transfer!!

[jacko45k]

Just now, ThaiBunny said:

The usual American crap when what she means is "contact". I reached out to a gogo dancer entertainer recently but someone slapped my hand away

Don't take the wife next time.

[lopburi3]

10 hours ago, Moonlover said:

Might I suggest that we all call a halt to all this wild speculation and instead await developments as they unfold.

Speculation is all we have at this point and airing this in a forum that immigration undoubtedly reads can alert them of the issues and hopefully result in a more understanding outcome for those treading this quagmire and help them develop uniform enforcement - retirement stay should not be a crapshoot - we have enough other issues as we fade away.  

[JohnOFphon]

Ok, same thing happened to me. Many transfer via TW to my BKB coded as FTT.

Yesterday...smart transfer..

Really going to make things unsure when July next year rolls around.(my next extension)

I printed out my home bank account register, the receipt from TW and record of deposit in BKB.

Way too early to know if that will work., but what else can I do?

 

Now...what are other ways to transfer and have to correct code?

I saw where a couple of guys used BKK NY this week and it worked.

I ok with going back to that method if it will work.

[pmarlin]

Like the OP I have been using transfer wise for six months to Bangkok Bank , but in small amounts each month, didn't trust them. This month arrived as a SMART transfer. All the other months were FTT. Worthless to me so goodbye transfer wise.  Good thing I did my large Monthly transfer using SWIFT. Plus Using IDD.

[sniggie]

Likewise.  All had been going well with Bangkok bank this year until the July transfer using TransferWise with FTT as the transaction code. This month it's SMT.  So plan B has to come into play. I am fortunate in having sufficient funds in the UK to make a second transfer, this time using SWIFT from my UK bank. It's no big deal, we spend around 100k baht a month.  I had been transferring exactly 65k on the first of the month to avoid any ambiguity and then topping up later in the month so we'll get through this second 65k in a couple of months. The extra cost of the SWIFT transfer vis a vis Transferwise (checked at the same time)? Over 60 GBP. That's a lot of money over a year! No wonder we were all hoping that TransferWise would work for us.

 

As a previous poster has written, we will have to wait and see how individual offices (or officers) will interpret the new regulations and to what level of detail. For the moment all we can do is to ensure that we cross the 't's and dot the 'i's and watch this forum to see what transpires. For those individuals suggesting that we should use agents. Thanks, but no thanks. I'm sure that there are agents that work in a scrupulously legal manner ???? but I wouldn't mind betting that there are some that don't.      

[tonyevans]

Me also. Transferred using Transferwise for about 9 months no problem . July 1 /2 also for me a local transfer via Kasikorn. I then made a Swift transfer costing 2,200 baht more in charges so I am not happy with this.

 

Has anyone tried to send funds back from their Thai bank to their originating Bank in the UK. I have looked on internet and it appears you can only send funds if you work here and have paid taxes. The exception is if you sell your condominium you can return those funds I believe

[scubascuba3]

Me also. Transferred using Transferwise for about 9 months no problem . July 1 /2 also for me a local transfer via Kasikorn. I then made a Swift transfer costing 2,200 baht more in charges so I am not happy with this.
 
Has anyone tried to send funds back from their Thai bank to their originating Bank in the UK. I have looked on internet and it appears you can only send funds if you work here and have paid taxes. The exception is if you sell your condominium you can return those funds I believe

People use deemoney

[billd766]

On 7/4/2019 at 5:29 PM, scubascuba3 said:

Previously you could email them and request a local partner of choice, they emailed me to say they can't do that, i don't blame them as its a manual process.

 

It's good you posted your experience, some people are convinced they will all be Intl if Bangkok Bank is used

 

When I set my TW account up they asked me which bank and which account to send the transfer to.

 

I chose my Kbank single account and the KBank joint account second.

 

KBank did not show it was an international transfer so I opened a single account at BBL which does show up as a FTT.

 

When I have done my transfers since January TW asks me on each transaction where to send the money to. I choose my BBL account every time and that is where my transfer goes to.

 

I taught my 14 year old son yesterday to do the TW leg to my BBL bank and when he comes home from school on Monday I will teach him the BBL to KBank leg.

 

When he has done that a few times he can teach his mother.

[scubascuba3]

When I set my TW account up they asked me which bank and which account to send the transfer to.

 

I chose my Kbank single account and the KBank joint account second.

 

KBank did not show it was an international transfer so I opened a single account at BBL which does show up as a FTT.

 

When I have done my transfers since January TW asks me on each transaction where to send the money to. I choose my BBL account every time and that is where my transfer goes to.

 

I taught my 14 year old son yesterday to do the TW leg to my BBL bank and when he comes home from school on Monday I will teach him the BBL to KBank leg.

 

When he has done that a few times he can teach his mother.

But people are saying the process has changed now and not being shown as FTT

 

[tonyevans]

2 hours ago, tonyevans said:

Me also. Transferred using Transferwise for about 9 months no problem . July 1 /2 also for me a local transfer via Kasikorn. I then made a Swift transfer costing 2,200 baht more in charges so I am not happy with this.
 
Has anyone tried to send funds back from their Thai bank to their originating Bank in the UK. I have looked on internet and it appears you can only send funds if you work here and have paid taxes. The exception is if you sell your condominium you can return those funds I believe

People use deemoney

 

I checked Deemoney but they seem to have had a problem with the UK and Europe and are now looking for a new partner so currently not available

[myjawe]

They always are domestic transfers.

 

 

[Rama]

Yea, I got zinged this month, on July 4th. Instead of showing as an FTT in the bank, it showed as a SMART deposit. Checked w bank, they won't certify as a int'l transfer. No more Transferwise. Straight SWIFT from now on. Corporate greed took over.

[jacko45k]

This was all very much discussed 'ad nauseam' early this year when the 65,000 / month to a Thai bank was announced as an accommodation to those losing the Embassy letters. People were insisting to continue using Transferwise to avoid higher costs of alternatives. 'I am not doing that'..... etc etc. I can only suggest that, in the one or two cases where the transfer arrives as SMT, try submitting the Transferwise receipt as well, to tie the two together and appease immigration. 

[JohnOFphon]

Everyone that has a problem with the TW smart transfer this month..should write an email to TW and complain. I did.

They may or may NOT care...but it's free to send them a note.

I don't know if 10 or 10,000 depositors are worried about this, but they are taking my money so I can complain.....

[sniggie]

5 hours ago, jacko45k said:

This was all very much discussed 'ad nauseam' early this year when the 65,000 / month to a Thai bank was announced as an accommodation to those losing the Embassy letters. People were insisting to continue using Transferwise to avoid higher costs of alternatives. 'I am not doing that'..... etc etc. I can only suggest that, in the one or two cases where the transfer arrives as SMT, try submitting the Transferwise receipt as well, to tie the two together and appease immigration. 

None of us know what Immigration offices will accept come next year. Ideally they should be satisfied just with 65k into one's bank account as it is. After all where else is a retiree going to get that sort of money other than from abroad? I don't think there are many jobs (including cooking chicken!) here that pay that sort of money and the vast majority of us are far too old and decrepit to have any chance down Boys Town. But, hey ho, we will have to fit in with an individual IO's requirements.

[billd766]

16 hours ago, scubascuba3 said:

But people are saying the process has changed now and not being shown as FTT

 

I will find out Monday if it shows as an FTT when I am doing my TW transfer from BBL to KBank. If not it will later in the week as the BBL is in Khampaeng Phet 65 km away.

[AAArdvark]

5 hours ago, jacko45k said:

in the one or two cases

Unfortunately, they will all be done "wrong" from now on.

[kimchibob]

Initiated a transfer with TransferWise from my U.S. credit union account to my Bangkok Bank account on 2 July.  Transfer arrived on 3 July coded as "International Transfer" on my account Internet banking page and "FTT" in my updated passbook.  Maybe I was just lucky. 

[rexall]

On 7/5/2019 at 3:46 PM, misterphil said:

When i use Transferwise from the UK to my Kasikorn statement says DUMMY BRANCH with a 3 letter and 5 number code MCL12345 for example.

 

You can print a PDF receipt from the Transferwise app and it shows the money came from a UK account and has been sent to my Kasikorn account with the account number. 

 

It also says it was delivered via a local bank transfer and the partner bank is TMB (THB)

 

On 7/5/2019 at 3:45 PM, featography said:

I just did my 9th transfer thru TransferWise and every one of them posts as a FTT. I have had conversations  before with TW personnel and can share that they have always used 3 banks in Thailand, Bangkok Bank, TMB and BBL. Everyone that I have interacted with in Thailand that has transfers post as in country transfers were using TMB or BBL banks. For those folks as well as us Bangkok Bank account holders, can go on to TW site and print every transaction done, and with a printout of home bank deposits and transfers, I am confident it will fly. I extend my visa in November, so I will be putting this to the test. 

Cross-referencing actual TW receipts with items on you bank statement theoretically "should" work. However, I think being "confident" is hardly called for. If this is new to the I/O and if he or she is confused by what you are describing in any way, it is likely to be questioned.  Maybe it will fly and maybe it won't.  The safest way for an I/O to cover his or her ass is to simply reject anything that seems irregular.  Sigh!

[rexall]

On 7/5/2019 at 4:18 PM, Moonlover said:

What damage. None of my T/W deposits to Krungsri show up as foreign remittances.

 

Simple answer. Download the T/W transaction slip and staple to bank statement. Absolute proof of a deposit from abroad.

It is "absolute proof" in your mind. That doesn't mean it will be absolute proof in the mind of the I/O.  And, please gawd, I hope you are correct. I will want to hear how well this works before I place any confidence in it. 

The unfortunate thing is that there is nothing "shady" going on here. All we are trying to do is comply with Imm requirements  to demonstrate deposits of offshrore income without having spend $40-$50 on wire transfers. Sigh!

[rexall]

On 7/5/2019 at 4:26 PM, chilly07 said:

TransferWise will set up a specific recipient only using Bangkok Bank if you ask them which always shows as a FTT and then Bangkok Bank will give you a Credit Advice confirming this. Has worked for me for the last 12 transfers. But you need to ask them to specifically set up the recipient for you.

How do you do that????  Tks.

[Pib]

For you folks who are now getting the SMT instead of FTT code when sending to your Bangkok Bank account had you previously contacted TW to have them "tag" your transfers to always use Bangkok Bank as the partner bank for the transfer?

 

Maybe the SMT thing is only happening to those folks who have "not" had their accounts tagged either permanently or contacting TW on each transfer?

 

Like back in March I emailed/asked TW to tag my transfers to always got thru partner bank Bangkok Bank.   I needed to identity each recipient I wanted tagged...you know the Recipient(s) you setup in your TW account....I had two Recipients setup.  I did that and below is their answer from  early March.

 

Quote

 

Hello,

Hope your day is going great!

Please note that the payment for your recipients will be routed to Bangkok bank until you notifies us otherwise.

We hope that this clarifies. If you need more help on this, do get back to us and we’re happy to help.

Best Wishes!

 

 

Now I haven't done any TW transfers since 30 May (which rec'd FTT coding) so I can't speak to whether I would get a SMT vs FTT code if transferring to my Bangkok Bank account today.  

 

Edit: and please note if TW tags your transfer to use partner bank Bangkok Bank that will not help you to get international coding if not sending to your Bangkok Bank account...like sending to another Thai bank.

Edited July 7, 2019 by Pib

[rexall]

On 7/5/2019 at 4:52 PM, wgdanson said:

My Transferwise two days ago was sent to Bangkok Bank via Kasikorn and shows as a SMT transfer as opposed to FTT as previous six transfers.

Just been into Phitsanulok Immigration and showed them the papers from T'wise, money leaving UK on 3rd and 65k into my Bkk Bank on 4th. They said all OK, accepted.

Thanks for that!  Of course, it is only one Imm office and one incident, but it is encouraging.  Looking forward to hearing more reports from others.

[soalbundy]

On 7/5/2019 at 3:45 PM, featography said:

I just did my 9th transfer thru TransferWise and every one of them posts as a FTT. I have had conversations  before with TW personnel and can share that they have always used 3 banks in Thailand, Bangkok Bank, TMB and BBL. Everyone that I have interacted with in Thailand that has transfers post as in country transfers were using TMB or BBL banks. For those folks as well as us Bangkok Bank account holders, can go on to TW site and print every transaction done, and with a printout of home bank deposits and transfers, I am confident it will fly. I extend my visa in November, so I will be putting this to the test. 

Same here but my last transfer shows domestic transfer all the others, 9 I think, show international transfers. 

[rexall]

6 hours ago, sniggie said:

None of us know what Immigration offices will accept come next year. Ideally they should be satisfied just with 65k into one's bank account as it is. After all where else is a retiree going to get that sort of money other than from abroad? I don't think there are many jobs (including cooking chicken!) here that pay that sort of money and the vast majority of us are far too old and decrepit to have any chance down Boys Town. But, hey ho, we will have to fit in with an individual IO's requirements.

That's clever, but clever may not cut it during a renewal. An appeal to logic will not be received well if the mindset of the I/O is that deposits must show on the bankbook/statement is "international transfers." Maybe your logic will appeal to them, maybe it won't. But there is no reason on gawd's green earth to believe that it will or that is has to. 

[scubascuba3]

Cross-referencing actual TW receipts with items on you bank statement theoretically "should" work. However, I think being "confident" is hardly called for. If this is new to the I/O and if he or she is confused by what you are describing in any way, it is likely to be questioned.  Maybe it will fly and maybe it won't.  The safest way for an I/O to cover his or her ass is to simply reject anything that seems irregular.  Sigh!

Also bare in mind some IOs are looking for ways to reject so people are pushed to agents

[Isaanbiker]

Thanks for posting! 

[mosan]

On 7/5/2019 at 5:33 PM, possum1931 said:

What is FTT? You are sending posts to a forum, not making text messages.

It stands for Foreign Telex Transfer