Changes made by TransferWise transfers to Thai bank accounts

[Tanoshi]

2 hours ago, billd766 said:

I sent TW an email last Thursday and got my reply this morning.

 

Since December 2018 I have been using TransferWise to send my pensions to my Bangkok bank account here in Thailand.. It has been fine until July 2019 when BBL changed the code from FTT for foreign Telex transfer to SMT.

Is this something to do with TW or Bangkok Bank?

Regards

Bill

It was obviously paid from one of TW's partners to your BKK account.

KK or TMB don't notify the source of the transfer, not even to their own local branches.

 

Log into your TW account and you'll see a list of completed transactions.

Click on the July transfer, then click on View Transfer Details.

Opens a new window with basic transfer details - Click on Get pdf Receipt

Opens new window and on page 3 and at the very bottom of the transfer details you will see the Banking Partner involved in the transfer (in your case it will be KK or TMB), then across from it the Banking Partner reference number.

 

Print of the pdf receipt and take it to your BKK branch who may be able to assist with obtaining the required evidence of a foreign transfer from either KK or TMB, or alternatively you may have to go the bank partner in question and obtain a credit receipt for the foreign telex transfer.

[pontious]

4 hours ago, billd766 said:

I sent TW an email last Thursday and got my reply this morning.

 

Since December 2018 I have been using TransferWise to send my pensions to my Bangkok bank account here in Thailand.. It has been fine until July 2019 when BBL changed the code from FTT for foreign Telex transfer to SMT.

Is this something to do with TW or Bangkok Bank?

Regards

Bill

 

Their reply

 

Izzat (TransferWise)

Jul 15, 04:29 CEST

Hey William,

Thanks for reaching out to us. Hope this email finds you well.

We've added a tag to your bank account indicated in the recipient list. Adding this tag will allow the system to as much as possible to route the payment only via Bangkok Bank.

However please take note that this doesn't guarantee that the payment will always go through via Bangkok Bank!

There are unforeseen scenarios where a certain partner might be facing a technical issue and the system will route the payment via another available partner to ensure same day delivery.

I hope this clarifies. Please feel free to reach out to us for anything else - we're here to help! 
Best regards,
Izzat

I do not know why things seemed to change in July. I have reverted to swift from my UK bank to Bangkok bank to guarantee an FTT arrival. It costs a bit more but using TW for immigration income is just too difficult and it appears they have no intention of helping with our situation. 

[Tanoshi]

43 minutes ago, pontious said:

I do not know why things seemed to change in July. I have reverted to swift from my UK bank to Bangkok bank to guarantee an FTT arrival. It costs a bit more but using TW for immigration income is just too difficult and it appears they have no intention of helping with our situation. 

Firstly you need to understand how the banking systems operate in Thailand.

Unless you bank with the HQ of a branch, then all transfers are effectively local to other bank branches.

 

There was a recent technical issue that prevented transfers going through their BKK account, so in order to prevent a delay in receiving the funds, TW had to use the other KK and TMB accounts.

TW's priority is to deliver a fast transaction service as soon as they receive your deposit.

 

You can 'tag' your account to instruct TW which of their branches to use, avoiding the unnecessary requirement to contact them on each transaction. You need to e-mail them requesting that every transaction from your foreign account should be routed through their BKK/TMB/KK accounts to your Thai account. (This is what I did in January and so far had 7/7 FTT transfers)

TW will do their utmost to comply, but cannot guarantee 100% that they can follow your instructions due to technical issues beyond their control. In that situation they have to use a different partner bank until any technical issues are resolved, otherwise your transaction would/could be delayed.

 

TW transfer the funds to the HQ of the relevant bank (SWIFTCODE), then the HQ transfer the funds to your local account using the account number, which also identifies the branch.

They advise the all HQ's of the source of transfer, in this case a foreign telex transfer.

In the case of BKK the HQ tag the source of the transfer to your local branch, hence the FTT in a Passbook.

The HQ's of KK and TMB do not tag the source of the transfer to your local branch so it appears as a locally coded transfer.

 

In the event the transfer could not be processed through their BKK partner branch, then they advise the following remedial action as proof of International transactions;

In the case of KK they advise TW that their clients should request the issue of a 'Foreign Transaction Form', (which I'm guessing is a credit advice receipt from the HQ), or a 'Confirmation letter of International Funds Transfers' again from HQ, but can be requested at branches.

 

In the case of TMB, they offer no forms or instructions to TW, other than their clients should make enquires at their local branches.

Edited July 15, 2019 by Tanoshi

[Bill97]

....a credit receipt for the foreign telex transfer.

There is no foreign telex transfer for most of the transactions. They just give you Thai baht they already have in Thailand usually.



Sent from my iPhone using Thailand Forum - Thaivisa mobile app

[billd766]

3 hours ago, Tanoshi said:

It was obviously paid from one of TW's partners to your BKK account.

KK or TMB don't notify the source of the transfer, not even to their own local branches.

 

Log into your TW account and you'll see a list of completed transactions.

Click on the July transfer, then click on View Transfer Details.

Opens a new window with basic transfer details - Click on Get pdf Receipt

Opens new window and on page 3 and at the very bottom of the transfer details you will see the Banking Partner involved in the transfer (in your case it will be KK or TMB), then across from it the Banking Partner reference number.

 

Print of the pdf receipt and take it to your BKK branch who may be able to assist with obtaining the required evidence of a foreign transfer from either KK or TMB, or alternatively you may have to go the bank partner in question and obtain a credit receipt for the foreign telex transfer.

Thank you for the information. It went via KBank which is ironic as when I first went with TW I used my KBank account and it went via BBL bank.

 

I have just done a transfer to my BBL account and called TW as they suggested to find out if my account was tagged and the money should be in my BBL account Tuesday or Wednesday. In reality it will probably be Thursday as Tuesday and Wednesday Thai banks are closed Due to Tuesday being Asaiha Bucha day.

 

BTWW if you talk to TW and get put on hold the hold music is very boring.

[Harry2]

I tried TW a couple of times but requesting it be tagged with BBL seemed to throw the system & it then took a couple of days longer. I have also reverted back to using the Halifax to be absolutely sure it gets to BBL on the date I want & is clearly an international transfer. It costs slightly more but I want certainty & not spending my day chasing round TW offices in Asia & Europe trying to find out when my money arrives.

[lopburi3]

58 minutes ago, billd766 said:

In reality it will probably be Thursday as Tuesday and Wednesday Thai banks are closed Due to Tuesday being Asaiha Bucha day.

Only the 16th is a bank holiday.  They should be open Wednesday. 

https://www.bot.or.th/English/FinancialInstitutions/FIholiday/Pages/2019.aspx

Edited July 15, 2019 by lopburi3

[billd766]

32 minutes ago, lopburi3 said:

Only the 16th is a bank holiday.  They should be open Wednesday. 

https://www.bot.or.th/English/FinancialInstitutions/FIholiday/Pages/2019.aspx

Thank you for that information.

 

I found this on Google as well.

 

https://www.bangkokbank.com/en/About-Us/Bangkok-Bank-Today/Bank-Holidays

[pookiki]

5 hours ago, Tanoshi said:

It was obviously paid from one of TW's partners to your BKK account.

KK or TMB don't notify the source of the transfer, not even to their own local branches.

 

Log into your TW account and you'll see a list of completed transactions.

Click on the July transfer, then click on View Transfer Details.

Opens a new window with basic transfer details - Click on Get pdf Receipt

Opens new window and on page 3 and at the very bottom of the transfer details you will see the Banking Partner involved in the transfer (in your case it will be KK or TMB), then across from it the Banking Partner reference number.

 

Print of the pdf receipt and take it to your BKK branch who may be able to assist with obtaining the required evidence of a foreign transfer from either KK or TMB, or alternatively you may have to go the bank partner in question and obtain a credit receipt for the foreign telex transfer.

I received an email from TransferWise this morning about the errant transfer to Kasikorn Bank and I also discussed the transfer with a Bangkok Bank customer service representative.  Both advised that I get the proper documentation for Thai Immigration from Kasikorn. 

 

I went to Kasikorn Bank around noon and the first person I talked to attempted to send me to the BBL branch where I opened my account.  I then called the BBL CSR I spoke to and let the two attempt to sort things out between them.  After over an hour, the Kasikorn CSR told me to go the 'International Trade Center' with a reference number that I assume she received from BBL where I waited for another hour for things to get sorted out.

 

I finally filled out a form for the necessary letter I needed for Thai Immigration and the cost was 200 baht.  BUT, I could not pay in cash.  I was told I could get a cashier's check or open a Kasikorn Bank account.  I decided that opening a Kasikorn Bank account was the lesser of two evils - which took me another hour.  I then returned to the International Trade Center where the details of my new bank account were recorded and I was told I would be called when my letter was ready!  Probably one or two days.

 

With the problems that have surfaced as a result of this July fiasco, I think TransferWise is more than well aware that they had better make every effort possible to direct transfer to the proper account without the use of any intermediaries!  At least this is my sincere hope and I don't want to chase after any more letters from Kasokorn - but at least I have an account now!

[pontious]

3 hours ago, Tanoshi said:

Firstly you need to understand how the banking systems operate in Thailand.

Unless you bank with the HQ of a branch, then all transfers are effectively local to other bank branches.

 

There was a recent technical issue that prevented transfers going through their BKK account, so in order to prevent a delay in receiving the funds, TW had to use the other KK and TMB accounts.

TW's priority is to deliver a fast transaction service as soon as they receive your deposit.

 

You can 'tag' your account to instruct TW which of their branches to use, avoiding the unnecessary requirement to contact them on each transaction. You need to e-mail them requesting that every transaction from your foreign account should be routed through their BKK/TMB/KK accounts to your Thai account. (This is what I did in January and so far had 7/7 FTT transfers)

TW will do their utmost to comply, but cannot guarantee 100% that they can follow your instructions due to technical issues beyond their control. In that situation they have to use a different partner bank until any technical issues are resolved, otherwise your transaction would/could be delayed.

 

TW transfer the funds to the HQ of the relevant bank (SWIFTCODE), then the HQ transfer the funds to your local account using the account number, which also identifies the branch.

They advise the all HQ's of the source of transfer, in this case a foreign telex transfer.

In the case of BKK the HQ tag the source of the transfer to your local branch, hence the FTT in a Passbook.

The HQ's of KK and TMB do not tag the source of the transfer to your local branch so it appears as a locally coded transfer.

 

In the event the transfer could not be processed through their BKK partner branch, then they advise the following remedial action as proof of International transactions;

In the case of KK they advise TW that their clients should request the issue of a 'Foreign Transaction Form', (which I'm guessing is a credit advice receipt from the HQ), or a 'Confirmation letter of International Funds Transfers' again from HQ, but can be requested at branches.

 

In the case of TMB, they offer no forms or instructions to TW, other than their clients should make enquires at their local branches.

I do not need to know how Thai banks operate. TW cannot guarantee it will arrive FTT - no problem, until and if they ever do I will not use them.  Look at post 69 - do you think people have the willpower or whatever to do this every month. I think Lopburi 3 said it right. You should not need a Phd just to transfer money how you want it. TW has shown no concern, which is there choice . I have made mine.

[Tanoshi]

1 hour ago, pontious said:

I do not need to know how Thai banks operate. TW cannot guarantee it will arrive FTT - no problem, until and if they ever do I will not use them.  Look at post 69 - do you think people have the willpower or whatever to do this every month. I think Lopburi 3 said it right. You should not need a Phd just to transfer money how you want it. TW has shown no concern, which is there choice . I have made mine.

Entirely your decision, whatever method your happy with.

 

But, look at it from a different prospective, if all the Thai banks notified the branches of the source of the transfer, then we wouldn't have a problem with coding's.

[Henryford]

On 7/13/2019 at 12:47 PM, Tanoshi said:

Since when?

I just confirmed with a friend who I know makes a transfer on 8th of each month.

His July 8th transfer is coded as FTT in his BKK passbook, the transferring partner was BKK on his TW transfer receipt.

I have just done a transfer into my Bangkok Bank using TW. Can confirm that they no longer use the FTT prefix, so using BB is useless for immigration purposes. I will close mine.

[pookiki]

31 minutes ago, Henryford said:

I have just done a transfer into my Bangkok Bank using TW. Can confirm that they no longer use the FTT prefix, so using BB is useless for immigration purposes. I will close mine.

What was the code?

[Henryford]

46 minutes ago, pookiki said:

What was the code?

SMT

[Tanoshi]

59 minutes ago, Henryford said:

SMT

Because the paying partner account was either KK or TMB.

[mfd101]

2 hours ago, Henryford said:

I have just done a transfer into my Bangkok Bank using TW. Can confirm that they no longer use the FTT prefix, so using BB is useless for immigration purposes. I will close mine.

So you're saying that BKK Bank no longer uses the FTT tag for ANY transfer of funds from overseas? whether via TW or another bank?

[wgdanson]

2 hours ago, Henryford said:

I have just done a transfer into my Bangkok Bank using TW. Can confirm that they no longer use the FTT prefix, so using BB is useless for immigration purposes. I will close mine.

What's the situation if you click on SWIFT transfer with Transferwise. I know it takes a couple more days and costs a couple more quid, but would it go directly to Bkk Bank with an FTT?

[Tanoshi]

18 hours ago, pontious said:

I do not know why things seemed to change in July. I have reverted to swift from my UK bank to Bangkok bank to guarantee an FTT arrival. It costs a bit more but using TW for immigration income is just too difficult and it appears they have no intention of helping with our situation. 

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

[lopburi3]

3 minutes ago, wgdanson said:

What's the situation if you click on SWIFT transfer with Transferwise. I know it takes a couple more days and costs a couple more quid, but would it go directly to Bkk Bank with an FTT?

Believe the SWIFT is an option to provide the money to Transferwise rather then them sending as such - but could be wrong as only dealing with USA office.

[pookiki]

1 hour ago, Henryford said:

SMT

If you read through the threads on this post you will learn that the problem rests with TravelWise not Bangkok Bank.  If you have internet banking the transfer code will say 'interbank transfer via SMART'.  If you go to immigration, you have two choices: 1) Use the receipt for the transaction on the TravelWise website and hope the IO accepts it, or 2) go to a Kasikorn Branch and get a certificate of international transfer - but check your receipt to make sure the Kasikorn was, in fact, the intermediary bank.

[Tanoshi]

21 minutes ago, wgdanson said:

What's the situation if you click on SWIFT transfer with Transferwise. I know it takes a couple more days and costs a couple more quid, but would it go directly to Bkk Bank with an FTT?

 

17 minutes ago, lopburi3 said:

Believe the SWIFT is an option to provide the money to Transferwise rather then them sending as such - but could be wrong as only dealing with USA office.

Correct.

If transferring from a UK bank you should always select the 'faster payments' service as it's almost instantaneous and free.

 

[Pib]

2 hours ago, Henryford said:

I have just done a transfer into my Bangkok Bank using TW. Can confirm that they no longer use the FTT prefix, so using BB is useless for immigration purposes. I will close mine.

 

24 minutes ago, mfd101 said:

So you're saying that BKK Bank no longer uses the FTT tag for ANY transfer of funds from overseas? whether via TW or another bank?

 

No, he's saying (or should have said)  a Transferwise transfer "may" not receive the Bangkok Bank FTT coding. 

 

What coding received depends on the partner bank Transferwise selects for the final leg of the transfer which affects the bank coding hiting your passbook/ibanking. 

 

Remember, Transferwise has three different Thai partner banks (Bkk Bk, K-bank, and TMB) to accomplish the final leg of a Transferwise transfer to whatever Thai bank you bank with such as SCB, KrungThai, Krungsre, Bkk Bk, K-bank, TMB, CIMB, etc...etc....etc.

 

Bangkok Bank still uses FTT coding to reflect an international transfer it receives to a person't account with Bangkok Bank "if" the final leg of that transfer was considered/done via international means.   If the final leg is considered/done by domestic means it will not receive the FTT coding.  Like if Transferwise decided to use partner bank K-bank or TMB vs Bkk Bk for the final leg of the transfer to relay the funds to your Bankgok Bank account....with K-bank or TMB doing that final relay by the SMART system which is a domestic transfer system.

[wgdanson]

23 minutes ago, lopburi3 said:

Believe the SWIFT is an option to provide the money to Transferwise rather then them sending as such - but could be wrong as only dealing with USA office.

Yes, I now realise this.

[billd766]

2 hours ago, Henryford said:

I have just done a transfer into my Bangkok Bank using TW. Can confirm that they no longer use the FTT prefix, so using BB is useless for immigration purposes. I will close mine.

I did one yesterday and called TW to talk it through. However the Thai banks are closed for a holiday today so I expect my money to be in the BBL account tomorrow afternoon. I can track the transfer on my TW account and also on the BBL account to find out the code.

[Tanoshi]

13 minutes ago, pookiki said:

If you read through the threads on this post you will learn that the problem rests with TravelWise not Bangkok Bank. 

This is where I disagree with your understanding and theory.

TransferWise notify each partner bank that it was a 'wire' transfer from xx Country.

Bangkok partner branch 'tag' the payment as such to your local BKK account, hence the FTT code.

TMB and KK do not 'tag' the payment as an International wire receipt, therefore regardless of which bank or local branch they transfer to, it will only appear as an interbank transfer (SMT).

[Pib]

I can confirm when I send a transfer to my Krungsri Bank account where Bankgok Bank is used as the partner bank...that is, Bangkok Bank relays it over to Krungsri....that the final coding is just a domestic transfer on my Krungsri account.

 

This tells me that Bangkok Bank transmits/codes/relays the transfer as just any other domestic transfer unless they are relaying to a Bangkok Bank account....since that is an intra-Bangkok Bank transfer/book keeping exerice they decide to code it as FTT/International.

[pookiki]

11 minutes ago, Tanoshi said:

This is where I disagree with your understanding and theory.

TransferWise notify each partner bank that it was a 'wire' transfer from xx Country.

Bangkok partner branch 'tag' the payment as such to your local BKK account, hence the FTT code.

TMB and KK do not 'tag' the payment as an International wire receipt, therefore regardless of which bank or local branch they transfer to, it will only appear as an interbank transfer (SMT).

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.

[Tanoshi]

5 minutes ago, Pib said:

I can confirm when I send a transfer to my Krungsri Bank account where Bankgok Bank is used as the partner bank...that is, Bangkok Bank relays it over to Krungsri....that the final coding is just a domestic transfer on my Krungsri account.

 

This tells me that Bangkok Bank transmits/codes/relays the transfer as just any other domestic transfer unless they are relaying to a Bangkok Bank account....since that is an intra-Bangkok Bank transfer/book keeping exerice they decide to code it as FTT/International.

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.

[wgdanson]

47 minutes ago, wgdanson said:

What's the situation if you click on SWIFT transfer with Transferwise. I know it takes a couple more days and costs a couple more quid, but would it go directly to Bkk Bank with an FTT?

Sorry, I am talking BS. Not reading things properly.

[ripstanley]

On 7/12/2019 at 9:19 PM, Lenny Jones said:

I have been using Transferwise for several month and recently ran into big problems with POLI transfer choice. I then changed to Bank transfer to my same bank in Thailand - SCB. 

 

Transferwise had changed its bank details in Australia - Same bank but new account details (strange - -).

 

As a result I had to delete recipient accounts then recreate them to get the system functioning again.  Transferwise did not notify me and I found out the hard way when my transfers failed and they refunded my money back to My Aussie bank.  This created a hole in my June 65000 baht allocation and I'm yet to resolve that with local immigration (fingers crossed!)  Monies in the July transfers will show remedial activity.  I just hope Immigration accepts the variance.

 

 

 

I use Transferwise from Australia. I was sent an email from Transferwise re the new bank account. When I made my next transfer I was actually then given the new account number before I finalised the transfer.