Transferwise.. No Guarantee

[sumrit]

1 hour ago, cassde said:

My transfer dated 2nd July was forwarded by TW via Kasikorn Bank to Bangkok Bank by way of a local, SMART, transfer. I have today written to Kasikorn Head Office requesting a document, whether Letter or Advice note, confirming the transfer from London was received and then forwarded by them to my Bangkok Bank account.

OK, like you my 2nd July transfer also arrived via the Kasikorn 'SMART interbank transfer system. Today I contacted the BKK call centre to clarify exactly what that system meant. They said it was reserved just for third party transfers that chose to use Kasikorn (or in the case of TW, also TMB) purely as an intermediary bank in the chain that ends at the BKK Account. They were of the TW system, the problems that have occured and that TW were updating their system over the last few days.

 

Although it won't show up directly as an International Transfer on any BKK bank statements or letters, They told me that if I went to my own branch of the BANGKOK BANK (not Kasikorn) they will give me a letter confirming the origination of the transfer. You must request this letter within six months of the original SMART transfer.

 

When requesting a letter to show internal transfers for our extension renewals the Smart Transfers will NOT show up as international transfers on their own but the letter they provided will be acceptable proof that it's an international transfer.

 

Hopefully I'll go to my BKK branch on Wednesday to see what happens. I'll also contact TW to request that all transfers go directly to BKK before doing another transfer on Friday.

Edited July 8, 2019 by sumrit

[tonyevans]

Today, I made two further transfers using TW, rang them before paying them the cash, and they messaged me saying both transactions had been tagged in favour of Bangkok Bank; also, that for future transfers my profile had been tagged in favour of Bangkok Bank, but that I should still call them before payment, confirming the tag will be applied. Both transfers will be paid tomorrow after 2pm. I will update tomorrow and when I get a reply from Kasikorn Bank

 

Sorry to trouble you but what phone number should I use to call them ( London?) to confirm tagging has been actioned I do not see any phone numbers on their internet information.

 

Many thanks

 

Tony Evans

[gmmarvin]

I am a victim of TW new transfer system.  What bank due you request the Credit Advice letter from?  The home bank (BKK Bank) or the intermediate bank (K-Bank)?

[jacko45k]

15 hours ago, sumrit said:

It seems everybody who has contacted them in the same way in the past has, like me, had no problems until this month.

Sorry to belabour this, but are you now saying there is a recent spate of Transfers being more likely to be indirect, despite past ones to BB being very likely to be OK, AND even those specifically requesting direct transfers via email are not working too?

 

It would seem a simple change to TW software to add a check box specifically to Thailand to request direct to target transfers if possible.

 

Also have Transferwise dropped TMB from their list of banks they use, and we now have only Kasikorn and BB? 

 

 

[DepDavid]

OK, like you my 2nd July transfer also arrived via the Kasikorn 'SMART interbank transfer system. Today I contacted the BKK call centre to clarify exactly what that system meant. They said it was reserved just for third party transfers that chose to use Kasikorn (or in the case of TW, also TMB) purely as an intermediary bank in the chain that ends at the BKK Account. They were of the TW system, the problems that have occured and that TW were updating their system over the last few days.
 
Although it won't show up directly as an International Transfer on any BKK bank statements or letters, They told me that if I went to my own branch of the BANGKOK BANK (not Kasikorn) they will give me a letter confirming the origination of the transfer. You must request this letter within six months of the original SMART transfer.
 
When requesting a letter to show internal transfers for our extension renewals the Smart Transfers will NOT show up as international transfers on their own but the letter they provided will be acceptable proof that it's an international transfer.
 
Hopefully I'll go to my BKK branch on Wednesday to see what happens. I'll also contact TW to request that all transfers go directly to BKK before doing another transfer on Friday.

However, I would check with your immigration office to see if they will accept this because I have read elsewhere that they will NOT.


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[Bubbha]

20 hours ago, Pib said:

My TW recipients were tagged to use Bangkok Bank as the partner bank back in early March.  TW also said I didn't have to ask again...it was like a permanent tag until I requested it be removed.  The last transfer to my Bangkok Bank acct on 30 May arrived with FTT/International Transfer coding and Bangkok Bank was the partner bank used.  All good.

 

Out of curiosity I just initiated a transfer to my Bangkok Bank account to see what coding it receives...will report back when it arrives which should be a day or two from now. It's funded via ACH Pull so it takes around a day just for that funding process to complete....and then TW sends the baht.

This is my circumstance, exactly.

 

Yesterday (Monday), I initiated a a transfer using push ACH to my Transferwise borderless account. If initiated on a Monday with no holidays in Thailand and the US, the funds have consistently arrived at my Bangkok Bank account on Thursday afternoon between 2-3 pm.  I will report back soon after. 

 

However, if the funds do arrive with the desired FTT designation, I will be uncertain if that's because my account has been marked to use only Bangkok Bank - or just a random occurrence.

 

I am not sure that I like having to call or email to tag Bangkok Bank as my recipient bank each time I make a transfer. This seems like a step backward from having my account marked to use only Bangkok Bank. 

 

I actually don't need the FTT designation for immigration purposes - but would still like to have this if I ever need to prove that the money I am transferring in is from overseas -rather than a transfer that is coded (at least on the surface) as domestic.

 

[sumrit]

7 hours ago, gmmarvin said:

I am a victim of TW new transfer system.  What bank due you request the Credit Advice letter from?  The home bank (BKK Bank) or the intermediate bank (K-Bank)?

The supervisor at the BKK call centre told me to contact my own BKK branch so I'll try that later this week

 

 

 

6 hours ago, jacko45k said:

Sorry to belabour this, but are you now saying there is a recent spate of Transfers being more likely to be indirect, despite past ones to BB being very likely to be OK, AND even those specifically requesting direct transfers via email are not working too?

 

It would seem a simple change to TW software to add a check box specifically to Thailand to request direct to target transfers if possible.

 

Also have Transferwise dropped TMB from their list of banks they use, and we now have only Kasikorn and BB?

I, along with others who originally requested TW to tag our transfers directly to the BKK earlier in the year have had no problems until the beginning of this month (July). However since then several (all?) of us have had our transfers sent to our BKK accounts via the Kasikorn bank, with a SMART (SMT) code showing for the transfers. 

 

The BKK Call centre Supervisor told me that they are aware that TW are in the process of updating their software system and that, during that time, transfers could arrive via an intermediary bank (Kasikorn, TMB). He further advised that when we make another/future transfer we should also contact TW again (as in the past) to request our TW account is again tagged to ask that all future transfers transfers are sent directly to our BKK accounts. 

 

He also confirmed that our local BKK Branch could supply a letter to confirm the details of any/all Smart transfers that originated from outside Thailand to satisfy Immigration. 

[soalbundy]

On 7/7/2019 at 7:55 PM, mosan said:

It stands for Foreign Telex Transfer

 

Today I went to BKK bank to get a new bank book as my old one was full up. I used this opportunity to talk with the clerk about Transferwise, she had never heard of them which didn't surprise me. While talking about the fact that the june deposit from my German bank didn't show FTT I noticed for the first time that my small British pension sent direct to BKK bank also showed an inland transfer, at that point I gave up all hope of using a letter from the bank and will now rely on the embassy letter from the German embassy. I will take all my Transferwise receipts just in case. Fortunately the IO's I deal with are a friendly bunch and there isn't a large amount of business there.   

[soalbundy]

9 minutes ago, sumrit said:

The supervisor at the BKK call centre told me to contact my own BKK branch so I'll try that later this week

 

 

 

I, along with others who originally requested TW to tag our transfers directly to the BKK earlier in the year have had no problems until the beginning of this month (July). However since then several (all?) of us have had our transfers sent to our BKK accounts via the Kasikorn bank, with a SMART (SMT) code showing for the transfers. 

 

The BKK Call centre Supervisor told me that they are aware that TW are in the process of updating their software system and that, during that time, transfers could arrive via an intermediary bank (Kasikorn, TMB). He further advised that when we make another/future transfer we should also contact TW again (as in the past) to request our TW account is again tagged to ask that all future transfers transfers are sent directly to our BKK accounts. 

 

He also confirmed that our local BKK Branch could supply a letter to confirm the details of any/all Smart transfers that originated from outside Thailand to satisfy Immigration. 

I also sent them an email on Friday, haven't received a reply yet.

[sumrit]

11 minutes ago, soalbundy said:

I also sent them an email on Friday, haven't received a reply yet.

I phoned the BKK call centre direct. When the operator said he would have to speak to his supervisor about different queries I was asking I asked if I could speak to the supervisor direct as this would save time and would be easier.

[Pib]

My TW recipients were tagged to use Bangkok Bank as the partner bank back in early March.  TW also said I didn't have to ask again...it was like a permanent tag until I requested it be removed.  The last transfer to my Bangkok Bank acct on 30 May arrived with FTT/International Transfer coding and Bangkok Bank was the partner bank used.  All good.
 
Out of curiosity I just initiated a transfer to my Bangkok Bank account to see what coding it receives...will report back when it arrives which should be a day or two from now. It's funded via ACH Pull so it takes around a day just for that funding process to complete....and then TW sends the baht.

The TW transfer just posted to my Bangkok Bank acct. Checked my ibanking and it says International Transfer...I'm sure when I update my passbook it will have the FTT code. And the SMS from Bangkok Bank said the transfer was "from abroad."

[pontious]

Just received another email from TW  - even though they have tagged me for Bangkok bank only and even if I phone between requesting and sending money to them there is no guarantee it will happen. I am just going back to UK bank SWIFT. 

[wgdanson]

16 hours ago, tonyevans said:

Today, I made two further transfers using TW, rang them before paying them the cash, and they messaged me saying both transactions had been tagged in favour of Bangkok Bank; also, that for future transfers my profile had been tagged in favour of Bangkok Bank, but that I should still call them before payment, confirming the tag will be applied. Both transfers will be paid tomorrow after 2pm. I will update tomorrow and when I get a reply from Kasikorn Bank

 

Sorry to trouble you but what phone number should I use to call them ( London?) to confirm tagging has been actioned I do not see any phone numbers on their internet information.

 

Many thanks

 

Tony Evans

+44 203 695 0999 got me thru to them.

 

[tonyevans]

11 minutes ago, wgdanson said:

+44 203 695 0999 got me thru to them.

 

Thanks for info  worked for me too only 3 minute wait not bad

[wgdanson]

11 minutes ago, tonyevans said:

Thanks for info  worked for me too only 3 minute wait not bad

And has your account been tagged so that ALL future transfers will go to the required bank?

[JAS21]

So far all mine have gone direct to Bangkok Bank...I have had e-mail correspondence with TW ... the last one I attach below ... I think the way to go forward is ...Do the Deal but don't pay ... contact TW and advise them you want this deal to go direct to your bank ... then pay when they have attached the note .... 

 

That was the way I did it originally until they set up an auto system for me ....

..............................................................

Anneli Lepik (TransferWise) Jul 9, 13:39 CEST Dear .................... Hope this message finds you well and apologies for the late reply. I got information from our team and they advised the following: - When you set up a transfer on TransferWise and you wish it to be sent out through a specific partner (in your case Bangkok Bank) please give us a call informing us about it.  This way our customer support could add a note to the transfer order and notify our relevant team and the transfer would be sent out through that channel.  Indeed, previously there was an option where we added a relevant tag to your account and this way the process was automatic and you didn't need to contact us every time separately.  Unfortunately this system didn't prove to be totally reliable and that's why - as you mentioned, it hasn't been working that well. Unfortunately, even when contacting us to send the payment out through a certain partner, we will do our best to do so, but we cannot still guarantee this 100%. This is due to the fact that there may be factors out of our control (e.g. a certain partner might be facing a technical or other issue and the system will route the payment via another available partner to ensure same day delivery).  When requesting the payment to be sent out through a specific partner, it may also take a bit longer for the transfer to go through.  I understand this is not a fully satisfying answer and I understand if you want to consider other options.  I can assure you though that our team is working hard on trying to find a better solution for this situation but at the moment, notifying us after you set up the transfer is the best way.  I hope this helped and if you have any further questions, please do get back in touch.    Kind regards,  Anneli TransferWise

[pontious]

I got the same sort of email today. If they cannot guarantee the payment it is worthless. Why can't they say we can guarantee it but it may be a 1 or 2 day delay to overcome the technical problem. Up to them of course but I will stick to UK bank SWIFT until they can find a solution. If they are even concerned. They do not appear to be. Up to them.

[OJAS]

On 7/8/2019 at 10:03 PM, tonyevans said:

also, that for future transfers my profile had been tagged in favour of Bangkok Bank, but that I should still call them before payment, confirming the tag will be applied.

Makes me seriously wonder whether there is, in fact, any financial advantage to using TransferWise over SWIFT when the costs of monthly international calls are included in the reckoning.

[Pib]

24 minutes ago, OJAS said:

Makes me seriously wonder whether there is, in fact, any financial advantage to using TransferWise over SWIFT when the costs of monthly international calls are included in the reckoning.

And if a person can put a cost on stress incurred, wondering if the transfer will really be coded as international even after the call, etc., then the cost analysis results can shift away from using a certain money transfer service/method.  The cost of "Piece of Mind" will receive a different value in each person's evaluation.

[Pib]

13 hours ago, JAS21 said:

Unfortunately, even when contacting us to send the payment out through a certain partner, we will do our best to do so, but we cannot still guarantee this 100%.

Above statement pretty much offsets all the warm-fuzzy statements in their reply.

[geoffbezoz]

13 hours ago, pontious said:

I got the same sort of email today. If they cannot guarantee the payment it is worthless. Why can't they say we can guarantee it but it may be a 1 or 2 day delay to overcome the technical problem. Up to them of course but I will stick to UK bank SWIFT until they can find a solution. If they are even concerned. They do not appear to be. Up to them.

Same for me to

[sumrit]

2 hours ago, OJAS said:

Makes me seriously wonder whether there is, in fact, any financial advantage to using TransferWise over SWIFT when the costs of monthly international calls are included in the reckoning.

I use Skype when phoning from Thailand. At 4 pence (about 1.5 baht) per minute the phone call might be an inconvenience but it's hardly international call rates.

 

When you also consider TW's charges are lower than my UK bank, my Thai bank doesn't charge for receiving/converting via TW but does using Swift, I know exactly what exchange rate I will get using TW but don't using Swift and the exchange rate TW gives me is better than the Swift rate I would get, financially, for me, TW is a much better option.

And the fact that the transfer arrives in my Thai Bank on the same/next day using TW instead of the five day average it takes for a Swift transfer to arrive is just the icing on the cake.

[pontious]

1 hour ago, sumrit said:

I use Skype when phoning from Thailand. At 4 pence (about 1.5 baht) per minute the phone call might be an inconvenience but it's hardly international call rates.

 

When you also consider TW's charges are lower than my UK bank, my Thai bank doesn't charge for receiving/converting via TW but does using Swift, I know exactly what exchange rate I will get using TW but don't using Swift and the exchange rate TW gives me is better than the Swift rate I would get, financially, for me, TW is a much better option.

And the fact that the transfer arrives in my Thai Bank on the same/next day using TW instead of the five day average it takes for a Swift transfer to arrive is just the icing on the cake.

All true but if you are waiting for it to arrive 'international' for immigration purposes and it arrives domestic  it is useless. I take it you do not  need it for immigration.

 

[gmmarvin]

I just received the same form letter from TW.  Since i use these transfers for immigration purposes, I may have to revert to Swift transfers.

[Pumpuynarak]

14 minutes ago, gmmarvin said:

I may have to revert to Swift transfers.

Me too but i also understand that there maybe a problem with Swift transfers showing as "international" if your bank is using an intermediary. I've just done a small tester of 100gbp from HSBC to SCB to check it out, will report back when i eventually receive the money.  

[sumrit]

3 hours ago, pontious said:

All true but if you are waiting for it to arrive 'international' for immigration purposes and it arrives domestic  it is useless. I take it you do not  need it for immigration.

I do my extension (marriage) using the monthly income method so, yes, I do need the transfers to show an international transfer.

 

I received a transfer last week showing a 'smart' coding on my statement (every other one has been FTT) and contacted thr BKK Call centre for clarification. They confirmed that if I go to my local BKK Branch can supply me with a letter for Immigration to confirm the transfer originated from outside Thailand.

 

See post 127 on page 9 of this thread.

Edited July 10, 2019 by sumrit

[cassde]

Just to update you, a reply from Kasikorn Bank is still awaited, as is the two payments that should have arrived at 2pm on 9th July. After a 9 minute telephone call to TW in the UK today (10th), my activity file has been updated with receipt of payment showing as tomorrow evening. I won't hold my breath!

This will be the last time I use TW because their payments team cannot be trusted to fulfill transfers as told to me by their Customer Service team. Instead, I shall use the HSBC International transfer method from the UK and / or Remitly a similar company to TW in the UK, whose transfers are immediate, if paying by Debit card for a fee of £12.99 (free for the first time of use). Fee comparison between the two is TW is cheaper by 456 baht for an £800 transfer. I shall make a test transfer on 1st August.

[pontious]

47 minutes ago, sumrit said:

I do my extension (marriage) using the monthly income method so, yes, I do need the transfers to show an international transfer.

 

I received a transfer last week showing a 'smart' coding on my statement (every other one has been FTT) and contacted thr BKK Call centre for clarification. They confirmed that if I go to my local BKK Branch can supply me with a letter for Immigration to confirm the transfer originated from outside Thailand.

 

See post 127 on page 9 of this thread.

Good luck with that - most posters report they have been told by Bangkok bank they will have to contact the intermediary bank.

Edited July 10, 2019 by pontious

[gmmarvin]

Bangkok bank told  me the same.  Contact the intermediate bank (T-Bank) for credit advice letter.

 

[racyrick]

Something crazy going on with TW now.

1- Did a transfer last night and called to have it tagged. Was to arrive today, then tomorrow and now Friday.

2- Did another transfer just now and called to have it tagged. Was to arrive Friday and now next Wednesday.

They must have serious issues. Not happy.