Transferwise.. No Guarantee

[Pib]

3 hours ago, pontious said:

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

 

52 minutes ago, gmmarvin said:

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

 

 

My Bangkok Bank branch, which is the Head Office branch in the HQ Bangkok Bank building, told me providing a Credit Advice no problem for an international transfer not coded with FTT/International Transfer.....like maybe a SWIFT/ACH transfer where the final leg of the the transfer was routed thru the Bahtnet system.  

 

Told me this just last week when I went to get a Credit Advice for an international transfer that ended up being coded BTN/Bahtnet since the "last leg" of the SWIFT transfer was routed thru the Bank of Thailand Bahtnet Payments Systems using the BOT's Bahtnet SWIFT code.   

 

Seems the data retrievals that Bangkok Bank needs to do to look up your international transfers only keys in on the FTT code which mean Foreign Telegraphic Transfer....but if the final leg of that international SWIFT/ACH transfer was via Bahtnet or SMART you don't get that FTT coding.   I expect they only want to do the quick data retrieval and not pull individual Credit Advices which would show the transfer came from outside Thailand but it just the last leg within Thailand got sent via BahtNet or SMART.

[JAS21]

41 minutes ago, racyrick said:

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.

Seems that they do ... you could try XendPay ... I used them before TW ... I think you can get one transfer of 1000GBP free.

 

Please test and see if you get FTT printed in your bank book ... a back up or me ????

 

Out of interest I just checked

TW ... receiving 65,100thb cost £1706.19

Xend..receiving 65,100thb cost £1708.27

 

Just a little more complicated as they give you a different payment reference number each time.

 

But this is a bit creepy ... when I went back to look at XendPay ...this was showing

How do they know that I have an iPhone .... lucky guess?  I have only just changed from android ...

 

Edited July 10, 2019 by JAS21

[dabhand]

16 minutes ago, racyrick said:

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.

That is scary. Particularly if you are in need of the funds arriving on the initially advised rate, never mind any FTT/SMT issues.

 

My recent TW transfers from UK have taken two days (last week and this week). Other posters have mentioned similar recent delays. Now your comments are giving some doubt as to what is really happening behind the scenes at TW. I know they had a computer problem a couple of weeks back when their whole system went down for about 15 hours. Maybe their systems are struggling to cope with their increase in business, or other reasons that they would prefer not to admit to......

 

Anyway, looks like time to look around and also rethink Immigration strategy. Don't really want to, but the 800k in the bank method is looking like a far less stressful way forward than the current monthly transfers saga.

[JAS21]

9 minutes ago, dabhand said:

That is scary. Particularly if you are in need of the funds arriving on the initially advised rate, never mind any FTT/SMT issues.

 

My recent TW transfers from UK have taken two days (last week and this week). Other posters have mentioned similar recent delays. Now your comments are giving some doubt as to what is really happening behind the scenes at TW. I know they had a computer problem a couple of weeks back when their whole system went down for about 15 hours. Maybe their systems are struggling to cope with their increase in business, or other reasons that they would prefer not to admit to......

 

Anyway, looks like time to look around and also rethink Immigration strategy. Don't really want to, but the 800k in the bank method is looking like a far less stressful way forward than the current monthly transfers saga.

I ordered 65,100thb on the evening of the Wednesday 3rd July (thai time) ...as usual it showed in my BB account around 3pm on the 4th and as FTT .....

[edwinchester]

Did a TW transfer from the UK last week, the 2nd, and it was in my Thai account 1 and a half hours later. Quickest so far as it's usually next working day.

[pontious]

TW have obviously received many emails and phone calls, one poster even contacted the CEO on twitter. In my case my account has been tagged Bangkok bank only,  after I set up the last transfer I phoned before I sent the money to them to confirm. It came SMT.! I cannot see why TW when they send the instructions to the Thai agents just add something like 'At customer request use XXXX bank for routing.' DO NOT use any other routing just for speed of transfer. 

They appear to be doing one thing. -NOTHING.

Edited July 11, 2019 by pontious

[Pumpuynarak]

20 hours ago, Pumpuynarak said:

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.  

Well would you believe i did my swift transfer at circa 10am Thai time and at 2pm it was in my SCB account !!! the amount was 3473.75 bht, this amount was obviously including their fee and awful exchange rate, no where was the fee shown separatley, clever ehh...

 

BUT the most important issue was that it showed as a FRC1 (Foreign Remittance/settlement) on my bank statement so it is the way forward for me to go.

 

Does anyone know the fees charged by SCB for swift transfers before i contact them ? i find their call center rarely has the answer and they have to call me back which sometimes does'nt happen. I reckon i was charged something like 300bht for 100gbp, i would think the more you transfer the charge will reduce.

[lopburi3]

3 minutes ago, Pumpuynarak said:

Well would you believe i did my swift transfer at circa 10am Thai time and at 2pm it was in my SCB account !!! the amount was 3473.75 bht, this amount was obviously including their fee and awful exchange rate, no where was the fee shown separatley, clever ehh...

 

BUT the most important issue was that it showed as a FRC1 (Foreign Remittance/settlement) on my bank statement so it is the way forward for me to go.

 

Does anyone know the fees charged by SCB for swift transfers before i contact them ? i find their call center rarely has the answer and they have to call me back which sometimes does'nt happen. I reckon i was charged something like 300bht for 100gbp, i would think the more you transfer the charge will reduce.

Should not be any fee in Thailand for SWIFT transfer - but most banks have a .25% conversion from foreign currency to baht fee in range of 200-500 baht.  There can be a fee at the transfer bank used as well as foreign source bank.

[Pib]

Just now, lopburi3 said:

Should not be any fee in Thailand for SWIFT transfer - but most banks have a .25% conversion from foreign currency to baht fee in range of 200-500 baht.  There can be a fee at the transfer bank used as well as foreign source bank.

I not a "conversion" fee; it's a "receiving" fee for an international transfer and the fee applies regardless of currency received....USD, EUR, GBP, Martian dollars, or even Baht. 

[lopburi3]

13 hours ago, JAS21 said:

I ordered 65,100thb on the evening of the Wednesday 3rd July (thai time) ...as usual it showed in my BB account around 3pm on the 4th and as FTT .....

How was this funded?  My ACH draws in USA are taking much longer than previously (Monday getting Thursday now).

[lopburi3]

Just now, Pib said:

I not a "conversion" fee; it's a "receiving" fee for an international transfer and the fee applies regardless of currency received....USD, EUR, GBP, Martian dollars, or even Baht. 

Believe you right on that but now we have the new international/domestic fudge factor - it will not appear on those.  Getting to be you need a PhD to send money.????

[Pib]

1 minute ago, lopburi3 said:

How was this funded?  My ACH draws in USA are taking much longer than previously (Monday getting Thursday now).

No rhythm or reason to their transfer times....this Monday I initiated a TW transfer....ACH Pull funded....funds posted to my Thai bank next day (Tuesday).

[sumrit]

14 hours ago, racyrick said:

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.

As everybody (now) knows, there have been problems because TW have been updating their software. On Tuesday (9th) the BKK call centre advised me to contact TW again to make sure they still have BKK tagged as my preferred transfer route. I called them straight away and sent £200 to test the system now. The TW  operator spent five minutes updating my account before I completed the transfer. I would normally expect the transfer to complete on Wednesday but the 'money received' email said it wouldn't arrive until today (Thursday 11th) and the confirmation email arrived this morning showing it is going direct to my BKK account.

 

I'll send my pensions over tomorrow (Friday 12th) as soon as they arrive in my UK bank. I normally complete this before 8:00am Thai time and the money is in my BKK account at 2:00pm the same day. We'll see what happens tomorrow.

Edited July 11, 2019 by sumrit

[ThaiBunny]

13 hours ago, edwinchester said:

Did a TW transfer from the UK last week, the 2nd, and it was in my Thai account 1 and a half hours later. Quickest so far as it's usually next working day.

I did two T/W transfers last week and a third yesterday - straight through, no hitch, no problem

[AAArdvark]

1 hour ago, ThaiBunny said:

I did two T/W transfers last week and a third yesterday - straight through, no hitch, no problem

And were they coded at FTT?

[billd766]

On 7/7/2019 at 12:56 PM, billd766 said:

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.

I updated my BBL passbook this morning and sure enough it has changed from FTT to SMT. I have just emailed TW and I will get on to BBL tomorrow.

 

Whit I will do when I go for a marriage extension next month is print out my TW statements as well as the BBL passbook and the letter from the BBL bank.

[lopburi3]

8 hours ago, lopburi3 said:

How was this funded?  My ACH draws in USA are taking much longer than previously (Monday getting Thursday now).

Actually got the transfer Wednesday (but SMART so no foreign transfer SMS).  Have made 3 transfers to Bangkok Bank using Transferwise this month and all were SMART. 

[DepDavid]

I guess the bottom line is if you want to be sure your transfer is coded properly, don’t use transferwise. Should’ve posted this months ago.......oh wait!!!


Sent from my iPhone using Thaivisa Connect

[MeowBundit]

Dear XXXXXX 

I hope my message finds you well. 

I've tried to call you to inform that a technical issue was causing the delay to your transfer. I am happy to confirm, that the issue has been solved and we will be able to pay out the transfer as soon you confirm that you accept the fact that the transfer might be paid out with different bank than the BBL. Our payment team has received your request the transfer to be paid out with BBL. Even though we do our best to fulfill your request, we can not guarantee, that it will be done. 


FORGET ABOUT TW! 

[geoffbezoz]

11 minutes ago, MeowBundit said:

Dear XXXXXX 

I hope my message finds you well. 

I've tried to call you to inform that a technical issue was causing the delay to your transfer. I am happy to confirm, that the issue has been solved and we will be able to pay out the transfer as soon you confirm that you accept the fact that the transfer might be paid out with different bank than the BBL. Our payment team has received your request the transfer to be paid out with BBL. Even though we do our best to fulfill your request, we can not guarantee, that it will be done. 


FORGET ABOUT TW! 

Think you are right all though for just over a year we had a good run.  Perhaps the two guys from Estonia who started TW have made their fortune and customer service is of no interest to them anymore ?

Edited July 11, 2019 by geoffbezoz

[MeowBundit]

11 minutes ago, geoffbezoz said:

Think you are right all though for just over a year we had a good run.  Perhaps the two guys from Estonia who started TW have made their fortune and customer service is of no interest to them anymore ?

I just finished talk with support guy a minute ago and he seems not concerned about this at all, and they will lost $1000 in fees per year  from me and my friends.

I do the transfer as preemptive step, because my embassy still issued affidavits. Need to look for another options, as I not will to bury 400k here...

[geoffbezoz]

4 minutes ago, MeowBundit said:

I just finished talk with support guy a minute ago and he seems not concerned about this at all, and they will lost $1000 in fees per year  from me and my friends.

I do the transfer as preemptive step, because my embassy still issued affidavits. Need to look for another options, as I not will to bury 400k here...

Fortunate you are a member of a country whose embassies look after their citizens.

[billd766]

On 7/8/2019 at 2:38 PM, Pib said:

Did you contact TW before to have your TW Recipients "tagged" to always use Bangkok Bank as the partner bank? 

 

Trying to figure out here if the SMT coding is only affecting people who did not have their TW Recipients tagged. 

I just looked up my last transfer from TW to BBL bank. It went via Kasikorn Bank which is probably why it shows as an SMT code. I will get onto TW today or tomorrow. I have just spoken to them and asked if they will tag my account to always use BBL. They said that they would try but the could,t guarantee 100% that it would work. They also suggested that before I make the transfer to call them and that they would complete the transfer for me. They are well aware of the problem.

My next transfer is next week and I make 3 per month on different dates.

 

I use AIS and the number I used was 005 (AIS prefix)0044 203 695 0999

Edited July 11, 2019 by billd766
added extra text

[Shibuya1]

Has anyone gone to immigration to see if they will acceot the TW receipt, proving the funds came from overseas as the bank now shows this as a Smart transfer? 

[jacko45k]

Just now, Shibuya1 said:

Has anyone gone to immigration to see if they will acceot the TW receipt, proving the funds came from overseas as the bank now shows this as a Smart transfer? 

I think you will find that varies from office to office and individual to individual.

[PJPom]

I did my extension yesterday, I provided an official statement from SCB officially stamped with all TransferWise marked MCL0001 ,copy of relevant bank book pages, ( with all deposits marked X1 ) a printout of seven TransferWise receipts, a copy of my Australian TransferWise account details in Melbourne, an explanation of the coding MCL 0001, and an explanation of my funds source. 

It took five minutes to explain and he was happy to accept paperwork.

I advise people to contact their bank for official statement, the coding shown differs from that in bank book or online info, SCB couldn’t tell me what MCL code was but another poster got the info from Krungsri and it is correct. 

I will continue using TransferWise, they have not let me down.

Edited July 12, 2019 by PJPom
Clarification

[Longcut]

Response from Transferwise;

 

Thanks for reaching out to us.

We advise you do the following:

-  Reach out to the 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) Passport of Recipient
3) Agreement of the purchase of Condominium (for purchasing accommodation purposes)

If you do so, Bangkok Bank should be able to provide a " Confirmation Letter of International Funds Transfer"  or what is typically known as a "FET" form which you should be able to show as 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 directly.

I hope that this information is helpful, and if we can help you with anything else at all, let us know.
 

Warm Regards,

Colby Watson

[JohnOFphon]

ok. so most of us agree that TW sucks and can't be trusted.

 

So..how about alternatives??

OFX

XE.com

XENDPAY..

I tried to set up an OFX account but I need to find a second form of ID...

 

Anyone know of a better way that WILL show up as FTT...or simiiar??

[Mikisteel]

It would be good if you could print off the TW transaction PDF and attach it to the statement as a paper trail. If common sense prevailed. 

[bprhodes]

My 2 baht worth: We can not vilify Transferwise. Their business model depends on consolidating transfers using accounts they have at partner banks and then distributing the funds via local transfers. Looking at Xoom and OFX websites it looks like they operate in a similar fashion.

The solution will have to come from Thai immigration. My renewal is in March. I will apply 45 days in advance with all the paperwork I can reasonably muster, and I will be prepared to patiently explain the situation. I will have time then to obtain any additional paperwork they require and/or escalate the issue up the ladder.

I have no other option really. My credit union in the US requires my presence at a branch to do a wire transfer. Transferwise is still my best (and nearly only) option. 800k in the bank for me is impossible.