Transferwise.. No Guarantee

[sumrit]

On 7/11/2019 at 10:01 AM, sumrit said:

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.

OK, as an update, I transferred my pensions from the UK at 6:50am this morning using TW in the normal way and received an email confirming the money had been sent about one hour later, with the transfer receipt confirming it is going directly to my Bangkok Bank account. It will be in my bank at 2:00pm this afternoon so everything (hopefully) is back to normal.

 

And a transfer time of around seven hours in total.

[AAArdvark]

14 minutes ago, sumrit said:

And a transfer time of around seven hours in total.

BUT was the transfer coded as FTT which used to be the norm until they changed things.

[AAArdvark]

2 hours ago, bprhodes said:

We can not vilify Transferwise

Yes we can.  The issues with coding are a direct result of TW changing the way they do the transfers.  They have admitted that they changed things this month and that they are aware of the issues that these changes could cause.  There only answer was that they want to make transfers "easier and cheaper".  I am very sure that the changes benefited TW and not us.

[bprhodes]

Yes we can.  The issues with coding are a direct result of TW changing the way they do the transfers.  They have admitted that they changed things this month and that they are aware of the issues that these changes could cause.  There only answer was that they want to make transfers "easier and cheaper".  I am very sure that the changes benefited TW and not us.

 

This is a business decision on their part. Transfers to retirees are most likely a minuscule part of their global revenue. Do you really expect them to stick to a less efficient model just to help us out? We can vote with our feet, but unfortunately, there aren’t any better places to run to.

[tonyevans]

Response received from Transferwise this morning to my request that they tag my account to only use Bangkok Bank

 

Greetings from TransferWise!

Unfortunately, there is no way we can guarantee that the payment can/will be sent out via Bangkok Bank.

In cases where we can't send the transfer via Bangkok Bank, our system will automatically route it via another available partner, to avoid any delays.

As this is a automated process, we can't stop the transfer from going out.

Thanks for your understanding p- Do let us know if you have any further questions, we are happy to help.

Have a great day!

[ThaiBunny]

5 minutes ago, tonyevans said:

"Thanks for your understanding p- Do let us know if you have any further questions, we are happy to help."

An answer that can be easily rephrased as "Thanks for your understanding that we can't help you and likewise if there's anything else where we can't help you by all means waste our time by contacting us"

[sumrit]

1 minute ago, AAArdvark said:

BUT was the transfer coded as FTT which used to be the norm until they changed things.

Yes it will. 

 

All transfers that show the BKK as the partner bank on the TW confirmation receipt go directly into my account and have always shown as FTT on mt statement/bank book. 

 

It is only when the partner bank is Kasikorn/TMB that the coding on the BKK account is shown as 'interbank transfer via SMART'. 

 

Quote

The issues with coding are a direct result of TW changing the way they do the transfers.  They have admitted that they changed things this month and that they are aware of the issues that these changes could cause.  There only answer was that they want to make transfers "easier and cheaper".  I am very sure that the changes benefited TW and not us.

Both TW and BKK told me the problems occured during a TW software upgrade which should be completed now. 

[Bubbha]

On 7/9/2019 at 12:15 PM, Bubbha said:

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. 

To follow-up on my transfer this week - initiated on Monday (ACH push) and funds arrived on Thursday (yesterday) afternoon as expected - like clockwork. However, the arrival code was Interbank Transfer via SMART - rather than FTT. 

 

I need these fund transfers for living expenses - and not for visa support at Immigration, so the transfer coding at Bangkok Bank is not a significant issue for me. However, I don't like that I was not notified of this change, as I had previously requested that my Transferwise account be marked to use only Bangkok Bank.

 

Overall, Transferwise still works well for what I need -- although I am unhappy with the recent turbulence and lack of coordinated customer service communication about changes to their systems and how these changes will impact their customers in Thailand. In fact, Transferwise should still consider a communications outreach effort to their Thailand based customers rather than just leaving staff to react to frustrated customers via phone calls and email. Not impressive.... 

 

 

[VBF]

5 hours ago, bprhodes said:

 

This is a business decision on their part. Transfers to retirees are most likely a minuscule part of their global revenue. Do you really expect them to stick to a less efficient model just to help us out? We can vote with our feet, but unfortunately, there aren’t any better places to run to.

Well said. 

IMO, a large percentage of TW customers (myself included) don't care how their money gets from UK to Thailand and long as it appears in their Thai bank promptly and that the amounts are correct. People discovered that the codes that were being used were helpful with Immigration issues and seized on that. However TW never promised that. 

What they DID promise was to get the right money to the right place as fast as possible.

I am, of course, sympathetic to those who are affected but IMO the routing is of no significance to TW's main customer base hence they're making best efforts to assist but not promising what they are uncertain of delivering.

I actually find that a far better approach than making promises that they can't keep. When I worked in Customer Service, I always followed the principle of promising the customer less than I thought I could deliver, that way customers were usually pleasantly surprised, rather than feeling let down. Seems to me, this is what TW are doing.

Edited July 12, 2019 by VBF

[MeowBundit]

2 hours ago, VBF said:

TW's main customer base

We don't know how big their real base. The fact is, 2 pensioners and 1 married expat will bring $1000 US profit / year to TW. Just 3 people. And there is probably thousands of them

If I the owner of TW and someone tell me the 10-20++k people will bring me xxxx $$$$ just if I implement specific transfer route, then my dev team will work 24hrs to implement this. TW actually have 3 different transfer methods, not just "send and forget"...

[VBF]

10 minutes ago, MeowBundit said:

We don't know how big their real base. The fact is, 2 pensioners and 1 married expat will bring $1000 US profit / year to TW. Just 3 people. And there is probably thousands of them

If I the owner of TW and someone tell me the 10-20++k people will bring me xxxx $$$$ just if I implement specific transfer route, then my dev team will work 24hrs to implement this. TW actually have 3 different transfer methods, not just "send and forget"...

I don't know how you get to your profit figure but you may know something I don't - fair enough. If (as I assume) you're simply extrapolating the fees that pertain to the Immigration requirements then again, fair enough as an estimate.

 

I do get what you say though - it might be possible for TW to offer yet another method in which they say something like "Your transfer will take a little longer but will definitely be routed as you request"

I have no idea whether TW can even do this but a suggestion to those people who require this might be to formally request it of TW.

Possibly they might agree for an increase on the fee.

Edited July 12, 2019 by VBF

[bprhodes]

.The fact is, 2 pensioners and 1 married expat will bring $1000 US profit / year to TW. Just 3 people. And there is probably thousands of them

That’s $1000 in revenue. Their margin is probably very small. Maybe they get $100 profit, if that.

[billd766]

10 hours ago, JohnOFphon said:

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??

I disagree with you.

 

How do you know that most agree that TW sucks and can't be trusted?

 

Since I started using the system last December my transfers have always come on time and I know in advance how much the transfer will cost, what the forex rate will be, I know that I can track and print out every transaction from beginning to the end.

 

When I used the old system I knew when I would get my payment (between 3 and 5 days and sometimes more), I had no idea how much it would cost, what the forex rate would be and had no way of tracking the transaction.

 

For the transaction to show up as an FTT depends upon the receiving bank and not on TW.

 

If you want to chase around looking for a better deal, please be my guest.

 

I am happy at TW and I am staying here. 

[JohnOFphon]

Just in today after 3 or more emails to TW complaining, suggesting and ....

Andres Salas (TransferWise) Jul 12, 22:50 CEST Hey there J... Thanks for your patience. We have updated your recipients so that we will use Bangkok bank in the future. You should not need to give us a call to do this in the future. Please keep in mind that this is automated and if Bangkok Bank does run into any technical issues the payment may go through a different partner. This should solve the issue. If you have any questions please let me know. Best, Andres TransferWise   Really...Hey there... No phone calls, just mail back and forth.

[jacko45k]

9 minutes ago, JohnOFphon said:

Really...Hey there...

No phone calls, just mail back and forth.

And to be honest no actual commitment. Only blame Bangkok Bank if it does happen.

[lopburi3]

Just now, jacko45k said:

And to be honest no actual commitment. Only blame Bangkok Bank if it does happen.

But at least a hope and more positive response than most recently.  That said no need to phone is much more positive.

[soalbundy]

On 7/7/2019 at 7:00 PM, rexall said:

How do you do that????  Tks.

I've been told that telephoning your country TW office is the best way, emails aren't so sure. You can email TW for the country office. I'm going to try this at the end of this month. The method is (according to TW) is this, initiate the transfer but before you send it to their account telephone them and specifically ask them to route it through Bangkok bank manuely once they say yes then send the money. Here's hoping. 

[gmmarvin]

Reply to earlier post.  TW sent my funds to Bkk Bank by way of K-Bank in Chiang Mai.  K-Bank, Chiang Mai Thapae Rd, filled out a request and a watermarked certificate to give to immigration a my next annual extension of stay. I have attached copies with redacted parts.Request&Certificate.pdfRequest&Certificate.pdfRequest&Certificate.pdf  K-Bank received this information from K-Bank Pattaya.

[sumrit]

55 minutes ago, gmmarvin said:

K-Bank, Chiang Mai Thapae Rd, filled out a request

What information did you have to give kasikorn as a reference for the transfer? 

 

When I contacted Kasikorn they said they needed a reference number but the only one I have is the TW transfer confirmation number but they said that is not the one they wanted.

[lopburi3]

17 minutes ago, sumrit said:

What information did you have to give kasikorn as a reference for the transfer? 

 

When I contacted Kasikorn they said they needed a reference number but the only one I have is the TW transfer confirmation number but they said that is not the one they wanted.

Suspect it page 2 of the TransferWist PDF -

Banking partner Kasikornbank followed by Banking Partner Reference - which for me was 5 digits point 2 digits followed by date and time (14 digits).

Edited July 15, 2019 by lopburi3

[gmmarvin]

The Information they need is in their computer showing the transfer came to them first.  The information they didn't have was the request and certificate forms.  They received these forms from K-Bank Pattaya

[sumrit]

1 minute ago, lopburi3 said:

Suspect it page 2 of the TransferWist PDF -

Banking partner Kasikornbank followed by Banking Partner Reference (which for me was 5 digits point 2 digits followed by date and time (14 digits).

No, its not that. i tried giving them that, and the TW transfer confirmation number on their PDF.

 

Kasikorn said they needed an 11(?) digit number that BKK would have. BKK call centre said they don't know what Kasikorn want.

 

4 minutes ago, gmmarvin said:

The Information they need is in their computer showing the transfer came to them first.  The information they didn't have was the request and certificate forms.  They received these forms from K-Bank Pattaya

So what information did you have to give Kasikorn CM for them to find the transfer on their computer? 

 

My main Kasikorn bank in Chonburi didn't know what I was talking about and put me through to somebody at head office who said he couldn't do anything unless I gave him this (11?) digit reference number.

[gmmarvin]

I didn't give K-Bank any number except what is on the TW pdf receipt.  They were making phone calls to Bkk bank San Sai and Bangkok Main office.  Before we left the office she told my wife, that she sees the transfer on her computer.  The only info she didn't have were the form letters from K-Bank that she received from Pattaya.  I will check with K-Bank on the 11 digit code.

[gmmarvin]

Can't get ahold of K-Bank Chiang Mai.  The only things I gave the lady was TW pdf receipt and Bkk Bank book.  The transfer she found herself on the computer while talking on the phone to other banks.

[sumrit]

2 minutes ago, gmmarvin said:

Can't get ahold of K-Bank Chiang Mai.  The only things I gave the lady was TW pdf receipt and Bkk Bank book.  The transfer she found herself on the computer while talking on the phone to other banks.

Thanks. I'm in the village for a few days. When I get back home I think I'll take a drive down to the main Kaikorn  branch in Pattaya and talk to them to see if I can get more joy that way.

[TallGuyJohninBKK]

Although much of the discussion here has focused on the CODING of people's incoming transfers, I think the equally important issue from an Immigration financials perspective is what kind of documentation/proof is Immigration going to require/demand.

 

As far as I understand it, basically, Immigration is supposed to be generally looking for two things in terms of foreign monthly transfers.

 

1. the Thai bank book entries monthly showing the required amounts incoming.

 

2. a letter from the recipient Thai bank confirming and listing the various transfers as international.

 

It strikes me that a potentially bigger sticking point is going to be that the Thai banks won't be willing to issue the foreign transfer confirmation letter for transfers that show up as Bahtnet... even if they're willing to issue credit advice letters for those same transfers.

 

I'm pretty sure it was @Pib in the other main thread of this subject who reported from his visit to BKKB HQ that yes, the bank could issue credit advice letters for Bahtnet transfers, but that no, those same transfers would not be listed on the foreign transfers letter the bank would issue for Immigration.