Changes made by TransferWise transfers to Thai bank accounts

[Pib]

6 minutes ago, Tanoshi said:

Bangkok bank will actually notify Krungsri HQ of the source of transfer, but Krungsri HQ don't forward that information to your local branch. Same as KK and TMB.

Sure....but since the final leg of the "inter-bank" transfer (e.g., Bangkok Bank to Krungsri Bank) gets done by a domestic transfer system (SMART or BAHTNET) it gets coded as a domestic transfer on the passbook/ibanking. 

 

However, go get a Credit Advice and it "may" show the originating source of the funds as being international which can possibly make the immigration office happy enough the funds came from overseas....but that's only if the immigration office wants to see/accept such forms vs just wanting one letter from your Thai bank that lists the international transfers. 

 

Plus, if the final leg was via domestic transfer your receiving bank....say like Krungsri....may tell you  that you must go to the bank that relayed the funds to hem (i.e., Bangkok Bank, K-bank, or TMB) to get a Credit Advice that would reflect more upstream tracking/source of funding/initial origination point as international.

 

[pookiki]

9 minutes ago, Tanoshi said:

Bangkok bank will actually notify Krungsri HQ of the source of transfer, but Krungsri HQ don't forward that information to your local branch. Same as KK and TMB.

Tanoshi, I can tell you this after visiting Kasikorn Bank yesterday to get my letter of credit for the errant transfer that went to Kasikorn Bank as an intermediary and then on to my Bangkok Bank account at the BBL headquarters on Silom. It was quite a hassle for me to even get Kasikorn Bank to identify the transfer EVEN with the receipt I had from TravelWise that showed Kasikorn as the intermediary and a routing number.  It was BBL that finally provided information to Kasikorn so my letter of credit could be processed.

 

Since my account with BBL is at the headquarters branch then my account 'should' be coded at FTT because this is where the 'source' information is based on what you say.  However, my code is SMT like everyone else.  And that code isn't even in my bank passbook.

 

Either the three 'partnering' banks should resolve this issue for the benefit of us expat retirees or TravelWise should insure the 'tagging' of the transfer to the correct bank. 

[Tanoshi]

6 minutes ago, pookiki said:

With all due respect Tanoshi, what you relate here is not what has been communicated to me by TravelWise or Bangkok Bank.   It is TravelWise that has the ability and responsibility to 'tag' the deposit to a specific bank -- and it could even be outside the three banks who are partners.

Regardless of which TW partner account the wire transfer is paid from to your local branch, TW pass the full information of the transfer onto KK, TMB and BKK Head offices, who then transfer into your local branch account.

 

Let's take the scenario (as reported here) where the transfer goes through Kasikorn to your Bangkok account and is coded as SMT. The evidence of an FTT/International transfer must now be obtained from KK Head office in the form of a 'credit receipt' or a letter of 'International Funds ' transfer.

 

If TW did not notify KK of the transactions details, how could their HQ provide the above evidence?

 

[Pib]

1 minute ago, pookiki said:

Either the three 'partnering' banks should resolve this issue for the benefit of us expat retirees or TravelWise should insure the 'tagging' of the transfer to the correct bank. 

That's a wish upon a star.

[pookiki]

2 minutes ago, Tanoshi said:

Regardless of which TW partner account the wire transfer is paid from to your local branch, TW pass the full information of the transfer onto KK, TMB and BKK Head offices, who then transfer into your local branch account.

 

Let's take the scenario (as reported here) where the transfer goes through Kasikorn to your Bangkok account and is coded as SMT. The evidence of an FTT/International transfer must now be obtained from KK Head office in the form of a 'credit receipt' or a letter of 'International Funds ' transfer.

 

If TW did not notify KK of the transactions details, how could their HQ provide the above evidence?

 

Good luck with your theory, Tanoshi.  I've had the real world experience that goes against what you are saying.

[pookiki]

5 minutes ago, Pib said:

That's a wish upon a star.

It may very well be.  If TransferWise wants our business, they know what they have to do.

[Tanoshi]

5 minutes ago, pookiki said:

Good luck with your theory, Tanoshi.  I've had the real world experience that goes against what you are saying.

It has nothing to do with TW, but the Thai banking procedures.

 

If you had a Kasikorn account and did a direct transfer from your US bank to KK, it will still be coded as an SMT transfer at your local branch (unless your account was at the HQ).

Why is that?

Because when KK HQ make the local transfer to your local account, it is not tagged as an International transfer. Even in this situation you need to request proof of the International transfer from the HQ, such as in the attached example.

 

 

[pookiki]

4 minutes ago, Tanoshi said:

It has nothing to do with TW, but the Thai banking procedures.

 

If you had a Kasikorn account and did a direct transfer from your US bank to KK, it will still be coded as an SMT transfer at your local branch (unless your account was at the HQ).

Why is that?

Because when KK HQ make the local transfer to your local account, it is not tagged as an International transfer. Even in this situation you need to request proof of the International transfer from the HQ, such as in the attached example.

 

 

If what you are saying is true, no one using BBL would have ever had an FTT code for any international transfer.  No offense, but you really seem obsessed about the 'branch' issue.

[Tanoshi]

4 minutes ago, pookiki said:

It may very well be.  If TransferWise wants our business, they know what they have to do.

TW can't do anymore than notify the relevant bank of the source of transfer.

If the Thai banks don't want to relay that information when transferring to local accounts, that is beyond TW's control.

 

If you want a guarantee of a coded International transfer, without requesting further proof, make sure you bank with Bangkok Bank and make direct transfers from your US bank account.

[Pib]

Just now, pookiki said:

It may very well be.  If TransferWise wants our business, they know what they have to do.

I expect a lot is out of Transferwise's control as they can only ask their partner banks for so much.  Their Thai partner bank must still comply with Bank of Thailand/transfer system rules and information allowed in transfer systems.   

 

While partner banks have more control over "in-house/intra" branch transfers when it comes to inter-bank transfer they now must comply with the rules of that transfer system. 

 

Plus, just because Bangkok Bk, K-bank, and TMB are Transferwise's partner banks today does mean they always will be.  Transferwise could drop one or two tomorrow....maybe replace any they drop with another Thai bank....maybe like SCB or Krungsri or ????.  I expect that will occur over time.  And any new banks once again must comply with domestic SMART/BAHTNET transfer system rules/policies...especially inter-bank transfers. 

 

Transferwise may ask/desire during contract negotiations with a new partner bank "can you code our transfers this way?" and the bank reply, "can-not" because of SMART/BAHTNET transfer system rules.  Transferwise then says, OK, I needed to ask if it was possible due to how some of my Thailand-based customers need/want to see certain coding.  Bbut since it isn't lets finalize and sign our new partnering contract arrangement as my (Transferwise) core objective is just to get money transferred to a person's Thai bank...not guarantee a certain type of coding/description that varies from Thai bank to Thai bank.

 

[pookiki]

4 minutes ago, Tanoshi said:

TW can't do anymore than notify the relevant bank of the source of transfer.

If the Thai banks don't want to relay that information when transferring to local accounts, that is beyond TW's control.

 

If you want a guarantee of a coded International transfer, without requesting further proof, make sure you bank with Bangkok Bank and make direct transfers from your US bank account.

Yes, but it is within TW purview to see which bank receives the funds -- right? I think all of us here on this thread would be elated just to have TW transfer to the bank which we designated when we initiated the transfer.  Getting a letter of credit advice from our 'home' bank is much easier that trying to get one from multiple banks.

[pookiki]

2 minutes ago, Pib said:

I expect a lot is out of Transferwise's control as they can only ask their partner banks for so much.  Their Thai partner bank must still comply with Bank of Thailand/transfer system rules and information allowed in transfer systems.   

 

While partner banks have more control over "in-house/intra" branch transfers when it comes to inter-bank transfer they now must comply with the rules of that transfer system. 

 

Plus, just because Bangkok Bk, K-bank, and TMB are Transferwise's partner banks today does mean they always will be.  Transferwise could drop one or two tomorrow....maybe replace any they drop with another Thai bank....maybe like SCB or Krungsri or ????.  I expect that will occur over time.  And any new banks once again must comply with domestic SMART/BAHTNET transfer system rules/policies...especially inter-bank transfers. 

 

Transferwise may ask/desire during contract negotiations with a new partner bank "can you code our transfers this way?" and the bank reply, "can-not" because of SMART/BAHTNET transfer system rules.  Transferwise then says, OK, I needed to ask if it was possible due to how some of my Thailand-based customers need/want to see certain coding.  Bbut since it isn't lets finalize and sign our new partnering contract arrangement as my (Transferwise) core objective is just to get money transferred to a person's Thai bank...not guarantee a certain type of coding/description that varies from Thai bank to Thai bank.

 

This is probably the best explanation on this whole thread.  Thank you.  It is my hope that BBL will find a way to reinstate the transfer service from it's NYC branch so as to avoid the scenario I faced this month, again.  I guess it's time to use a wire transfer, again.

[Tanoshi]

1 minute ago, pookiki said:

If what you are saying is true, no one using BBL would have ever had an FTT code for any international transfer.  No offense, but you really seem obsessed about the 'branch' issue.

Your recent TW transaction went through KK to your Bangkok bank account.

The fact your BKK account is at the HQ office is immaterial.

KK made a local transfer to your BKK account without notification of the source of transfer.

 

KK have the details of the International wire transfer, because they can provide that evidence if so requested, but they don't pass this information on, even to their own branches.

 

TW cannot guarantee every transfer can be made through your preferred banking partner.

They will make every attempt to do so, but will not hold a transaction up because of technical glitch with one of the systems.

 

 

[Pib]

 

26 minutes ago, Tanoshi said:

It has nothing to do with TW, but the Thai banking procedures.

 

If you had a Kasikorn account and did a direct transfer from your US bank to KK, it will still be coded as an SMT transfer at your local branch (unless your account was at the HQ).

Why is that?

Because when KK HQ make the local transfer to your local account, it is not tagged as an International transfer. Even in this situation you need to request proof of the International transfer from the HQ, such as in the attached example.

 

 

Correct me if I'm wrong but this example is not even an example of a Transferwise transfer.  It's a bank to bank SWIFT transfer.   

 

Plus, assuming your went to your local K-bank branch to get the Credit Advice they were able to ask for the Credit Advice in-house from HQ K-bank.  All done within the K-bank system.   Did not get referred to Bangkok Bank or TMB for the Credit Advice since K-bank only received the funds via a domestic system relay/final leg.

 

 

 

 

 

 

Edited July 16, 2019 by Pib

[Tanoshi]

13 minutes ago, pookiki said:

Yes, but it is within TW purview to see which bank receives the funds -- right? I think all of us here on this thread would be elated just to have TW transfer to the bank which we designated when we initiated the transfer. 

And if you were with KK or TMB, they will never be coded as FTT at your local branch.

 

15 minutes ago, pookiki said:

Getting a letter of credit advice from our 'home' bank is much easier that trying to get one from multiple banks.

Immigration want the proof of transaction from a Thai bank, not a foreign source.

[pookiki]

4 minutes ago, Tanoshi said:

Your recent TW transaction went through KK to your Bangkok bank account.

The fact your BKK account is at the HQ office is immaterial.

KK made a local transfer to your BKK account without notification of the source of transfer.

 

KK have the details of the International wire transfer, because they can provide that evidence if so requested, but they don't pass this information on, even to their own branches.

 

TW cannot guarantee every transfer can be made through your preferred banking partner.

They will make every attempt to do so, but will not hold a transaction up because of technical glitch with one of the systems.

 

 

It's very strange that you say this when it was BBL that had to inform Kasikorn how to track my transfer so I could get my letter of advice.  May I ask if you have ever done what I had to do yesterday?  That is to involve two different banks to get a letter of advice?

[pookiki]

1 minute ago, Tanoshi said:

And if you were with KK or TMB, they will never be coded as FTT at your local branch.

 

Immigration want the proof of transaction from a Thai bank, not a foreign source.

When I said 'home' bank, I was referring to our 'home' bank in Thailand.

[Tanoshi]

5 minutes ago, Pib said:

 

Correct me if I'm wrong but this example is not even an example of a Transferwise transfer.  It's a bank to bank SWIFT transfer.   

 

Plus, assuming your went to your local K-bank branch to get the Credit Advice they were able to ask for the Credit Advice in-house from HQ K-bank.  All done within the K-bank system.   Did not get referred to Bangkok Bank or TMB for the Credit Advice since K-bank only received the funds via a domestic system relay/final leg.

Correct.

I clearly stated direct foreign bank transfer to Kasikorn account, as evidence to Pookiki that even when not using TW, depending on the Thai bank, they can still be coded as SMT at local branches and addition evidence still has to be requested from the HQ's.

[Pumpuynarak]

39 minutes ago, Tanoshi said:

If you want a guarantee of a coded International transfer, without requesting further proof, make sure you bank with Bangkok Bank and make direct transfers from your US bank account.

Correct Sir, i bank with SCB and because of this issue with TW i now have gone back to doing Swift direct transfers from HSBC in the UK, all coded with FRC (foreign transfers)

[Tanoshi]

5 minutes ago, pookiki said:

It's very strange that you say this when it was BBL that had to inform Kasikorn how to track my transfer so I could get my letter of advice.  May I ask if you have ever done what I had to do yesterday?  That is to involve two different banks to get a letter of advice?

Yes, I have on behalf of some senior expat who suffer with dementia issue.

 

I have to sort another erroneous payment (tomorrow) on behalf of an expat due to the technical issue at the beginning of July causing a TW transfer to be made through the KK office to his BKK account and being coded as SMT. 

 

But I can sympathise with your experience. Staff seem to be trained on a need to know basis and the local KK branch didn't have a clue of the procedure or that their HQ could even provide such information of an International transaction. I had to speak to their customer services and it took about 2 hours to resolve the situation. Since then, they understand exactly what I'm after and the process takes 15/20 minutes.

[luckyluke]

3 minutes ago, Pumpuynarak said:

i now have gone back to doing Swift direct transfers

What's the difference in costs and time please? 

[PhonThong]

On 7/13/2019 at 1:01 PM, Tanoshi said:

The problem and simple solution you refer to is due to the third world Thai bank processing procedures of International transfers into the Country.

 

Regardless of the method used to make a transfer the SWIFT code for the relevant bank must be included.

Individual branches don't have a SWIFT code, that's reserved for the HQ, so subsequently all foreign transfers go to the HQ of the bank in question, before being transferred to your local account.

 

It's the inability of most banks HQ's to forward the source of the transfer to your local branch, therefore only the transfer from their HQ to your local account is recorded. A 'local transfer' coding.

 

The information required to satisfy TI's requirements must therefore come from the HQ's database where the foreign transfer information is held.

This can be in the form of 'credit receipts' or request of statement of 'International Transfers'.

 

No money is actually transferred to Thailand. It is money that is already here. 

[Tanoshi]

2 minutes ago, PhonThong said:

No money is actually transferred to Thailand. It is money that is already here. 

Correct payments are all local, but the transfer request is wired Internationally.

[Pumpuynarak]

7 minutes ago, luckyluke said:

What's the difference in costs and time please? 

I did a transfer at 10am Thai time and it was in my SCB account at 2pm same day. The costs are difficult to work out as the fee that SCB charge is hidden in the Baht transfer amount, they just deduct from the amount. I have read somewhere in all the topics it ranges from 300-500bht according to the amount transferred and that would stack up on the amount i received, of course SCB's rate is one of the worst so you also have that to contend with but i have the foreign transaction code guaranteed as its a direct swift transfer.

 

[Tanoshi]

5 minutes ago, Pumpuynarak said:

I did a transfer at 10am Thai time and it was in my SCB account at 2pm same day. The costs are difficult to work out as the fee that SCB charge is hidden in the Baht transfer amount, they just deduct from the amount. I have read somewhere in all the topics it ranges from 300-500bht according to the amount transferred and that would stack up on the amount i received, of course SCB's rate is one of the worst so you also have that to contend with but i have the foreign transaction code guaranteed as its a direct swift transfer.

 

HSCB charge £4 for an online transfer up to £50,000.

The intermediary clearing bank will typically charge £20-£30.

You should always send in £'s and let the Thai bank convert to baht as the exchange rate is better.

Transfers typically take up to 4 working days.

 

https://www.hsbc.co.uk/1/2/!ut/p/c5/04_SB8K8xLLM9MSSzPy8xBz9CP0os3gPI08LDwMTIw__YCdjA0cz36AwS09zIwNzQ6B8pFm8s7ujh4m5j4GBQZinq4GniZOJgamvm6GBpzEB3QW5oYoAtburIA!!/

 

[pontious]

3 hours ago, Tanoshi said:

If it's a guaranteed International transfer code you seek, then I'd use the BKK London office to make the transfer rather than direct from your UK bank to your BKK account.

https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/Transfer-money-from-UK-to-Thailand-via-London-Branch

I will stick with swift UK bank to my BKK account. It takes 2 days and the Baht loss is minimal.  I do not have a year of spare time to comply with the idiotic registration procedure for BKK London.

[PhonThong]

1 hour ago, Tanoshi said:

Correct payments are all local, but the transfer request is wired Internationally.

Correct.

[Pib]

3 hours ago, pookiki said:

This is probably the best explanation on this whole thread.  Thank you.  It is my hope that BBL will find a way to reinstate the transfer service from it's NYC branch so as to avoid the scenario I faced this month, again.  I guess it's time to use a wire transfer, again.

 

Why Bangkok Bank New York branch has already developed a way for a person to continue to route transfers them.  Been available since April 2019.  See post below for details....and I expect you can still be the first one to use the alternate transfer method to get the cherished FTT coding.

 

 

[soalbundy]

4 hours ago, pookiki said:

Tanoshi, I can tell you this after visiting Kasikorn Bank yesterday to get my letter of credit for the errant transfer that went to Kasikorn Bank as an intermediary and then on to my Bangkok Bank account at the BBL headquarters on Silom. It was quite a hassle for me to even get Kasikorn Bank to identify the transfer EVEN with the receipt I had from TravelWise that showed Kasikorn as the intermediary and a routing number.  It was BBL that finally provided information to Kasikorn so my letter of credit could be processed.

 

Since my account with BBL is at the headquarters branch then my account 'should' be coded at FTT because this is where the 'source' information is based on what you say.  However, my code is SMT like everyone else.  And that code isn't even in my bank passbook.

 

Either the three 'partnering' banks should resolve this issue for the benefit of us expat retirees or TravelWise should insure the 'tagging' of the transfer to the correct bank. 

What is BBL ? do you mean BKK bank?

[Pib]

1 minute ago, soalbundy said:

What is BBL ? do you mean BKK bank?

Bangkok Bank Public Company Limited.  The Bangkok Bank employees will often refer to their bank as BBL in some conversations...or at least they have with me.