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Transferwise

Badrabbit
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Badrabbit Gold Member

Badrabbit

Posted
  • Author
Posted

Cheers, I want to use it for transfer of Pension into my Thai bank account, I keep 800k in the bank permanently for extension purpose, using Western Union so want a cheaper option.

OK..since you a search challenged just go look at below thread especially if wanting to use TW for immigration extension of stay purposes. Otherwise there are many threads/posts in ThaiVisa talking use of TW....just do a search within Thaivisa or Google it...many links will come up.

https://forum.thaivisa.com/index.php?/topic/1109887-Transferwise..-No-Guarantee&do=findComment&comment=14311742



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Pib Star Member

Pib

Posted
Posted

Then TW will work great for you as you will not be possibly impacted by TW coding not possibly indicating your transfer was an International transfer...that is end up appearing a a domestic transfer.

Now if needing the transfer to absolutely 100% for sure to be coded an International transfer on the Thai bank end do not use TW.

I also use the Bt800K deposit method for my annual extension of stay renewal as I can afford to dedicate the money to that purpose, do not spend anything close to Bt65K/month in cash driving a need for monthly transfers, and the Bt800K deposit method does not have the current extension of stay renewal "what-ifs" associated with the monthly transfer method.

  • Like 1
wgdanson Silver Member

wgdanson

Posted
Posted
30 minutes ago, Badrabbit said:

Thanks mate, any problems to mention?

 


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If you are using it for Immigration 65k per month, make sure they send it directly to YOUR bank, Bkk or Kasikorn, or it will show as a domestic transfer, not FTT.

lopburi3 Legendary Member

lopburi3

Posted
Posted
6 minutes ago, wgdanson said:

If you are using it for Immigration 65k per month, make sure they send it directly to YOUR bank, Bkk or Kasikorn, or it will show as a domestic transfer, not FTT.

It will end up as looking domestic no matter how sent now it seems - internal transfer by SMART is the new system they use.

wgdanson Silver Member

wgdanson

Posted
Posted
1 minute ago, lopburi3 said:

It will end up as looking domestic no matter how sent now it seems - internal transfer by SMART is the new system they use.

I think I shall try say a £100 transfer next week to see how it arrives. And phone T'wise first to ask that it goes directly to Bkk Bank. If not, do it via SWIFT, more expensive but an FTT for sure.

lopburi3 Legendary Member

lopburi3

Posted
Posted
24 minutes ago, wgdanson said:

If not, do it via SWIFT, more expensive but an FTT for sure.

And a PIA to do as most banks do not allow online transfer and long phone calls during their business hours often required repeating all the information each and every time and hope they get it right and they not have conditions that prevent doing at all from overseas.  

Image result for age of the dinosaurs

  • Confused 1
wgdanson Silver Member

wgdanson

Posted
Posted
13 minutes ago, lopburi3 said:

And a PIA to do as most banks do not allow online transfer and long phone calls during their business hours often required repeating all the information each and every time and hope they get it right and they not have conditions that prevent doing at all from overseas.  

Image result for age of the dinosaurs

Both First Direct and Nationwide allow one to do SWIFT transfers online, from Thailand. And if not, use a VPN.

Pib Star Member

Pib

Posted
Posted (edited)
52 minutes ago, wgdanson said:

I think I shall try say a £100 transfer next week to see how it arrives. And phone T'wise first to ask that it goes directly to Bkk Bank. If not, do it via SWIFT, more expensive but an FTT for sure.

More and more now days with all the various transfer systems and new ways of money around, even using SWIFT is not a sure thing as it will depend on the intermediary bank routing used by the sending bank.....intermediary bank routing you may have no control over.    

 

For example: if you use the OFX money transfer service they use SWIFT to get money into Thailand (I've done two transfers with them to my Bangkok Bank acct), but they route the transfer thru the Bank of Thailand Bahtnet Payment System SWIFT code which causes the final leg of that SWIFT transfer to be code as a BTN/Bahtnet transfer on the receiving bank's end.   That intermediary bank routing they use is what causes the BTN/Bahtnet coding....they probably use that routing because it's the cheapest for them and you still get your money.

 

Ditto for US folks using the new International Direct Deposit (IDD) for social security and veterans administration monthly pension payments which are also sent via SWIFT but once again the final leg of the SWIFT transfer is thru the Bank of Thailand Bahtnet Payment System SWIFT code which results in BTN/Bahtnet coding on the receiving bank end.   Once again, it's the intermediary routing used and selected by the sending US Federal Reserve Bank.   I think the same thing happens for some Aussies when their govt payments go to Thai banks.

 

In both cases the Advice Credit will show the funds originated from outside Thailand but on the receiving bank's passbook/ibanking the coding/description will be BTN/Bahtnet instead of the coding/description that clearly shows it was an international transfer like FTT/International Transfer.   

 

And I've read numerous ThaiVisa posts over the years where people sending via SWIFT "from their home country bank" resulted in the international transfer not being coded as such on the passbook because of how the final leg of the transfer was handled.  Even SWIFTing from a person's home country bank does not guarantee international coding on the passbook....however, the Credit Advice will show it's an international transfer.

 

Yeap...with all the various ways and systems (and ever increasing) used to move money around now days the final coding/description on a person's passbook for an international transfer may not indicate it was an international transfer without going to the Thai bank and getting additional proof like a Credit Advice.  That Credit Advice also serves as "Thai bank documentation" versus foreign documentation.  And then hoping that Credit Advice provides the proof desired to whoever you need to prove it to.

 

Edited by Pib
  • Thanks 1
OJAS Ruby Member

OJAS

Posted
Posted
5 hours ago, wgdanson said:

If not, do it via SWIFT, more expensive but an FTT for sure.

Also possible for us Brits with Bangkok Bank accounts to be guaranteed the coveted FTT coding through using their London branch facility - provided that the GBP-to-THB conversion is performed in Bangkok, rather than London. More expensive than TransferWise but definitely cheaper than SWIFT.

 

The major downside for those who haven't used this service before, though, is that registering for it these days is a right PITA.

wgdanson Silver Member

wgdanson

Posted
Posted (edited)
48 minutes ago, OJAS said:

Also possible for us Brits with Bangkok Bank accounts to be guaranteed the coveted FTT coding through using their London branch facility - provided that the GBP-to-THB conversion is performed in Bangkok, rather than London. More expensive than TransferWise but definitely cheaper than SWIFT.

 

The major downside for those who haven't used this service before, though, is that registering for it these days is a right PITA.

 

Yes, just been onto the Bkk Bank London website, and can see it is almost impossible to do it from this end.

Edited by wgdanson
lopburi3 Legendary Member

lopburi3

Posted
Posted
2 minutes ago, Badrabbit said:

Sorry about this I'm a bit confused, my pension is sent from the UK so using Transferwise it would be sent in GBP to my Thai bank account(Siam commercial) and converted into Thai bht, is this correct?

 

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If it works like USA Transferwise sends nothing - only credit - and their local Thai bank account pays in Baht.  

  • Like 1
lopburi3 Legendary Member

lopburi3

Posted
Posted
2 minutes ago, Badrabbit said:

Okay, transferwise do not deal with thai bht so it would be in GBP then converted to Thai bht in Thailand?

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That is not what I said - transferwise will accept your local currency into an account in your home country and provide an exchange rate/transfer amount (for paying out to those converting to that currency) and send a credit to their bank in country you are sending funds to pay that amount in local currency.  

Badrabbit Gold Member

Badrabbit

Posted
  • Author
Posted
That is not what I said - transferwise will accept your local currency into an account in your home country and provide an exchange rate/transfer amount (for paying out to those converting to that currency) and send a credit to their bank in country you are sending funds to pay that amount in local currency.  
My UK pension would go into my transferwise account in GBP, when I want it it would be converted into Thai bht and deposited into my Thai account, correct? I'm either thick or my getting on in yrs is playing its part lol

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lopburi3 Legendary Member

lopburi3

Posted
Posted
5 minutes ago, Badrabbit said:

My UK pension would go into my transferwise account in GBP, when I want it it would be converted into Thai bht and deposited into my Thai account, correct? I'm either thick or my getting on in yrs is playing its part lol

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May also be my years.  As said not sure on UK process and appears you have an actual account with them rather than just transfering money?  If an account would suspect remains in home currency until transfer requested and then it would be paid by a local account in that country in the currency of that country.  No formal currency exchange involved - only done on paper by Transferwise.  

Pib Star Member

Pib

Posted
Posted
4 minutes ago, Badrabbit said:

My UK pension would go into my transferwise account in GBP, when I want it it would be converted into Thai bht and deposited into my Thai account, correct? I'm either thick or my getting on in yrs is playing its part lol

Those GBP you deposit with TW to fund the GBP-THB transfer stay with TW in the UK.   Those GBP do not start a trip across the globe maybe going thru an intermediary bank or two.

 

TW has THB accounts in Thailand with their partner banks.  When you do that transfer TW in UK takes you GBP...keeps those GBP in the UK....and then transfers baht out of one of their THB accounts with one of three Thai partner banks to your Thai bank account. 

  • Like 1
Badrabbit Gold Member

Badrabbit

Posted
  • Author
Posted

Haven't got an account yet as still waiting to be verified, I'm a bit slow when it comes to IT but think I understand now. Thanks.

May also be my years.  As said not sure on UK process and appears you have an actual account with them rather than just transfering money?  If an account would suspect remains in home currency until transfer requested and then it would be paid by a local account in that country in the currency of that country.  No formal currency exchange involved - only done on paper by Transferwise.  


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Pib Star Member

Pib

Posted
Posted
1 minute ago, Badrabbit said:

Is the GBP converted into Thai bht in the UK or converted into Thai bht in Thailand? the Thai bht exchange rate is worse in the UK so that is obviously important to know.

Sent from my SM-G610F using Thailand Forum - Thaivisa mobile app
 

When you initiate the TW transfer it tells you the exchange rate at that time....so, you get a guaranteed exchange rate when initiating the transfer.

 

You need to stop thinking a TW transfer is just like a SWIFT transfer---it's not.  

Pib Star Member

Pib

Posted
Posted

Take a look at this youtube video regarding how TW moves money. It's not transferred like how a SWIFT/ACH transfers money.   Please note around the 45 second mark where it talks receiving your money to pay for the transfer and then TW pays out from one of their many bank accounts located around the world with their partners.  Like its three Thai partner banks of Bangkok Bank, K-bank, and TMB.  

 

 

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