TransferWise and Bangkok Bank

[jesimps]

Today I received my monthly transfer of 65,000 baht from TransferWise to BBL, and like many others on here, it was sent via Kasikorn and is recorded as "Interbank Transfer via SMART. The five other transfers since I opened the account in February came direct as International Transfers. Fortunately, I have a Thai wife and have over 400,000 in the bank, therefore I can go the marriage extension route. TransferWise said that I could phone them before each transfer to request it's sent direct to BBL, however I don't want to have to do that every month and anyway, it still only needs one to fail and that's your whole extension application up the chute. There're times, not many ???? when I'm glad that I'm married. 
I do have a TransferWise PDF Transfer Confirmation which says "Sent to (me) at Bangkok bank (with account number)" but underneath it says "Paid out from Banking Partner, Kasikorn, Local Bank Transfer". I guess, as far as TI is concerned, I may as well wipe my aris on it.
It's a pity, because I've been doing retirement extensions for 12 years using the embassy letter and don't fancy the marriage extension route, but I guess that's what it has to be. I'll be extending in September, so I'd better stick a new black ink cartridge in the printer and start making the photocopies right away, or I won't get them finished ????

[pontious]

I have used TW for a long time. They are aware of the problems expats in Thailand are experiencing here but so far have shown no concern. I am not suggesting they should - immigration requirements are no concern of there's. I though will use Swift UK bank to Thailand until they do. Up to them. The loss overall is minimal compared to the hassle if you get the SMT code.

[mtls2005]

What does the Credit Advice/Receipt from BBL show?

 

I'd ask them (BBL) if they'll include this most recent credit in their Immigration summary letter (listing funds credited from outside of Thailand)?

 

 

[Matzzon]

Just use swift transfer instead and you will all get an FTT code in Bangkok Bank. That´s as easy as it can be. No hassle and everything clear.

[sniggie]

12 hours ago, pontious said:

I have used TW for a long time. They are aware of the problems expats in Thailand are experiencing here but so far have shown no concern. I am not suggesting they should - immigration requirements are no concern of there's. I though will use Swift UK bank to Thailand until they do. Up to them. The loss overall is minimal compared to the hassle if you get the SMT code.

I too will be using the Swift system for the time being having been hit with a transfer into Bangkok Bank that was not FTT this month. I do disagree with your suggestion that the loss is minimal. I did a Swift transfer following on from my Transferwise transfer as soon as I knew. I am fortunate n that I had the funds to do that for this month but not for every month that Transferwise uses another bank. I did check the difference by getting a quote from Transferwise at the same time as sorting the Swift transfer.  The difference (worse exchange rate, bank fees etc.) was around 60 GBP, So over 700 GBP per year.

 

It is indeed galling that events are not only making life difficult for those of us unable to get embassy letters (uncaring embassies, uncertainty as to Immigration requirements for the 65K transfers in future) but now we are being forced to use the most expensive transfer system 12 times a year.    

[sumrit]

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Quote

 

Today I received my monthly transfer of 65,000 baht from TransferWise to BBL, and like many others on here, it was sent via Kasikorn and is recorded as "Interbank Transfer via SMART. The five other transfers since I opened the account in February came direct as International Transfers.

 

Did you contact TW directly to request that all transfers be sent directly via their BKKB partner bank?

[Expat2014]

I transferred 80k on Tuesday via TW and it came up as Interbank via SMART rather than International.

 

I contacted TW as I had already placed a tag to make sure it went through Bangkok bank as a transfer to show as international.

(If they use Kasikorn partner it then shows as Interbank as local transfer)

 

They stated they cannot guarantee it is shown as International even if tagged.

 

I sent another 40k yesterday after they said they would try to send via Bangkok Bank - that has arrived today again as Interbank via SMART.

 

TW are not interested in helping today saying they use the most efficient / cheapest way of transferring money for customers and that at the moment Kasikorn is being used.

 

In other words need to find an alternative solution :-(

[jacko45k]

20 hours ago, jesimps said:

I guess, as far as TI is concerned, I may as well wipe my aris on it.

Don't touch that aris.....   some IOs are accepting corroborating evidence.

[wgdanson]

6 hours ago, mtls2005 said:

What does the Credit Advice/Receipt from BBL show?

 

I'd ask them (BBL) if they'll include this most recent credit in their Immigration summary letter (listing funds credited from outside of Thailand)?

 

 

I did ask, and they said yes they will put it on the letter as coming from abroad. 

[JAS21]

As transfers are going via Kasikorn bank should we not open an account there ... then we will get FTT in the bank book?

[jacko45k]

15 minutes ago, JAS21 said:

As transfers are going via Kasikorn bank should we not open an account there ... then we will get FTT in the bank book?

Well actually people opened Bangkok Bank accounts for that very reason!

[Dianne Margaret]

On 7/24/2019 at 9:05 PM, pontious said:

I have used TW for a long time. They are aware of the problems expats in Thailand are experiencing here but so far have shown no concern. I am not suggesting they should - immigration requirements are no concern of there's. I though will use Swift UK bank to Thailand until they do. Up to them. The loss overall is minimal compared to the hassle if you get the SMT code.

There is no guarantee that a SWIFT transfer will result in your transfer of funds being correctly coded as an international transfer in your Thai Bank book. In May I transfered the equivalent of 65K from my Australian Bank to my Bangkok Bank account using a SWIFT code. Because my Australian Bank does not have a relationship with Bangkok Bank they used Citibank in Bangkok as at intermediary bank and so my SWIFT transfer from Australia ended up being coded as a domestic transfer. The Bangkok Bank manager was adamant that this will not fulfil the criteria for immigration and advised me to use Tranferwise in future!

[JAS21]

5 hours ago, jacko45k said:

Well actually people opened Bangkok Bank accounts for that very reason!

So it seems ... I have had my BBL account since 2005 ... so far this year all my TW transfers have been coded FTT. And yes my account was tagged to send to BBL ... now as everyone else I contact them before I pay the transfer amount to them ...

[pontious]

9 hours ago, Dianne Margaret said:

There is no guarantee that a SWIFT transfer will result in your transfer of funds being correctly coded as an international transfer in your Thai Bank book. In May I transfered the equivalent of 65K from my Australian Bank to my Bangkok Bank account using a SWIFT code. Because my Australian Bank does not have a relationship with Bangkok Bank they used Citibank in Bangkok as at intermediary bank and so my SWIFT transfer from Australia ended up being coded as a domestic transfer. The Bangkok Bank manager was adamant that this will not fulfil the criteria for immigration and advised me to use Tranferwise in future!

I checked with my UK bank before using SWIFT that there was no intermediary bank involvement. As they said no - mine will always arrive as international.

[pontious]

9 hours ago, JAS21 said:

So it seems ... I have had my BBL account since 2005 ... so far this year all my TW transfers have been coded FTT. And yes my account was tagged to send to BBL ... now as everyone else I contact them before I pay the transfer amount to them ...

You have been lucky. TW have repeatedly said in there emails if there is a technical problem with BB it will automatically use KB or TMB. That is automatic with no humans involved. Phoning, tagging, makes no difference at all. 

[a977]

I to have the same problem with TransferWise so Tuesday I contacted their Australian office only to be told by the operator she was in Florida USA so after 50 mins of BullSh##ing each other I got nowhere. Wednesday contacted TransferWise via email and received a reply stating that they were having difficulties with their new banking partner (Kasikorn) and that she too would put a flag on my account to state money must go direct to Bangkok Bank.

In the process of talking to Florida I did learn that there is a summary page on your account that could be useful in discussions with Thai Immigration in that it shows exactly where the funds originated from and where they went, so here's hoping. Bloody Immigration I wish they would get their shit together.

[sumrit]

51 minutes ago, pontious said:

You have been lucky. TW have repeatedly said in there emails if there is a technical problem with BB it will automatically use KB or TMB. That is automatic with no humans involved. Phoning, tagging, makes no difference at all.

As will the UK Banks, using Swift, use an intermediary if required due to technical issues.

[BritManToo]

Me Too!

Previously all my 40k TWs came to my Bangkok Bank account as FTT.

Start of this month SMT, did another 40k yesterday, another SMT.

[JohnOFphon]

I got an email from Tw on the 13th of this month, saying

"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."

I did another transfer a week later, without a call, and it came straight to Bangkok Bank as FTT.

Will this work next time??? I hope so....but...

 

[mosan]

1 hour ago, a977 said:

I to have the same problem with TransferWise so Tuesday I contacted their Australian office only to be told by the operator she was in Florida USA so after 50 mins of BullSh##ing each other I got nowhere. Wednesday contacted TransferWise via email and received a reply stating that they were having difficulties with their new banking partner (Kasikorn) and that she too would put a flag on my account to state money must go direct to Bangkok Bank.

In the process of talking to Florida I did learn that there is a summary page on your account that could be useful in discussions with Thai Immigration in that it shows exactly where the funds originated from and where they went, so here's hoping. Bloody Immigration I wish they would get their shit together.

Ok so what did you learn about how to obtain this summary page?

[sumrit]

58 minutes ago, BritManToo said:

Me Too!

Previously all my 40k TWs came to my Bangkok Bank account as FTT.

Start of this month SMT, did another 40k yesterday, another SMT.

Did you phone/email TW again to request your account was re-tagged to send your transfer via your preferred route before your transfer yesterday? 

 

Likewise, since the beginning of the year and, after I'd requested all transfers be routed via BKKB, they all were (FTT) until the beginning of July. After I had an SMT on 2-7-19 I phoned BKKB and TW and was told by both of them that a software update by TW was the reason for the problem. I was advised by both that I would need to contact TW when I did my next transfer to re-insert the tag on my account requesting again that all future transfers were routed via the BKKB. I have made two transfers since, one on the 11th when I did phone TW first (they told me the tag was highlighted permanently so I wouldn't need to phone each time, but future 'technical issues' might still mean the odd transfer could be routed via Kasikorn/TMB). The transfer arrived 'FTT'. I did a second transfer on the 13th without phoning and that transfer also arrived 'FTT'.

Edited July 26, 2019 by sumrit

[sumrit]

8 minutes ago, mosan said:

Ok so what did you learn about how to obtain this summary page?

I assume they would be referring to the PDF we all get a link to in the 'transfer sent' confirmation email. That contains all the relevant information.

[mfd101]

My approach is (1) to do a TW transfer (which I originate from Citibank in Oz) & ring each time to confirm I want it direct to BKK Bank here. This means some delay because they do the transfer MANUALLY rather than on auto.

 

(2) IN ADDITION I have an extra 70K at the ready for a Swifty from Citibank in case the TW transfer does not show up as FTT ... Better safe than sorry.

[mosan]

6 minutes ago, sumrit said:

I assume they would be referring to the PDF we all get a link to in the 'transfer sent' confirmation email. That contains all the relevant information.

Ok, thanks for that...for a moment, I thought you were talking about some other document I wasn't aware of.  Still, good info for others.

 

[sumrit]

3 minutes ago, mfd101 said:

(2) IN ADDITION I have an extra 70K at the ready for a Swifty from Citibank in case the TW transfer does not show up as FTT ... Better safe than sorry.

I might be wrong, but I'm sure I read elsewhere recently that Citibank in Oz didn't have a direct 'partnership' with BKKB and they used an intermediary bank so all transfers arrived SMT.

[mfd101]

18 minutes ago, sumrit said:

I might be wrong, but I'm sure I read elsewhere recently that Citibank in Oz didn't have a direct 'partnership' with BKKB and they used an intermediary bank so all transfers arrived SMT.

All Swifties I've ever done from Citibank to BKK Bank - going back 4 years - have shown as FTT. I have them all in my BKKBk book to prove it. Latest one I did was earlier this month (just to prove to myself that it still works) and, as a result, I have no need this month to do a TW transfer.

 

PS Citibank have a branch in Asoke so not sure what that does to how they get funds to BKKBk. Apart from all that, easily the CHEAPEST way to transfer cash to Thailand is Citibank atm in Asoke; 2nd cheapest use your local bank atm (BKKBk for me here in Surin) & pay 220 baht fee.

Edited July 26, 2019 by mfd101

[sumrit]

2 minutes ago, mfd101 said:

All Swifties I've ever done from Citibank to BKK Bank - going back 4 years - have shown as FTT. I have them all in my BKKBk book to prove it. Latest one I did was earlier this month (just to prove to myself that it still works) and, as a result, I have no need this month to do a TW transfer.

OK, sorry I must have mis-read the article I was reading.

[JDGRUEN]

Okay Folks... 

What does the SMART code designation mean... or signify? 

 

Is the SMART transfer designation used by other financial institutions?

 

Or is the SMART code designation used only by Transfer Wise?

 

Thank you in advance 

[OJAS]

23 hours ago, sniggie said:

I too will be using the Swift system for the time being having been hit with a transfer into Bangkok Bank that was not FTT this month. I do disagree with your suggestion that the loss is minimal. I did a Swift transfer following on from my Transferwise transfer as soon as I knew. I am fortunate n that I had the funds to do that for this month but not for every month that Transferwise uses another bank. I did check the difference by getting a quote from Transferwise at the same time as sorting the Swift transfer.  The difference (worse exchange rate, bank fees etc.) was around 60 GBP, So over 700 GBP per year.

 

It is indeed galling that events are not only making life difficult for those of us unable to get embassy letters (uncaring embassies, uncertainty as to Immigration requirements for the 65K transfers in future) but now we are being forced to use the most expensive transfer system 12 times a year.    

While SWIFT transfers might, indeed, be the only practical solution to the coding issues with TransferWise in the short term, I really do wonder whether it might be worth your (and other Brits’ with BKKB accounts) while exploring the possibility of eventually switching to making your 65k+ monthly transfers via BKKB’s London branch, despite the formidable bureaucratic hurdles which need to be surmounted in enrolling for this service nowadays:-

 

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

 

I have personally found the BKKB London branch service to be about half the cost of SWIFT and around double the cost of TransferWise, based on a number of transfers using all 3 methods which I have performed. And the coveted FTT coding is always guaranteed with the GBP-to-THB-conversion-in-Bangkok option in my experience.

 

[OJAS]

13 minutes ago, JDGRUEN said:

What does the SMART code designation mean... or signify? 

14 minutes ago, JDGRUEN said:

Is the SMART transfer designation used by other financial institutions?

Yes, it was, for example, used fairly recently by Bangkok Bank in coding a credit to my account with them of refunds which I had asked Lazada to transfer from my wallet with them - which, needless to say, didn't have any whiff of a foreign transfer about it!