Transferwise transfers to Bangkok Bank

[fusion58]

12 hours ago, john terry1001 said:

Since that upgrade there has been a "new reason for the transfer" option available in the transfer application for transfers to Thailand. It's been successful every time for me.

Ditto.

[Mike Teavee]

37 minutes ago, fusion58 said:

Ditto.

Opposite for me, since July all 4 of my transfers (including the one today) have shown up as "Intrabank" (Internal Thailand transfer), however I did not select "Funds for long term stay in Thailand" (Last/10th Option), I didn't read further down than "General Monthly Living Expenses" (2nd Option) as that sums up what the money was for.  

 

 

Will try the correct option next time. 

[john terry1001]

25 minutes ago, Mike Teavee said:

Opposite for me, since July all 4 of my transfers (including the one today) have shown up as "Intrabank" (Internal Thailand transfer), however I did not select "Funds for long term stay in Thailand" (Last/10th Option), I didn't read further down than "General Monthly Living Expenses" (2nd Option) as that sums up what the money was for.  

 

 

Will try the correct option next time. 

What Thai bank do you use?

 

Have you also contacted TW by phone to ask that they tag your Thai bank where you have your account as your preferred direct route preference?

 

When you make a transfer is your tagged bank/account definitely the same one as you have you chosen to transfer to in your actual transfer application on TW?

Edited September 16, 2019 by john terry1001

[Mike Teavee]

Just now, john terry1001 said:

What Thai bank do you use?

 

Have you also contacted TW by phone to ask that they tag your Thai bank where you have your account as your preferred direct route preference?

 

When you make a transfer is your tagged bank/account definitely the same one as you have you chosen to transfer to in your actual transfer application on TW?

Bangkok Bank, but I've never contacted TW to ask them to tag the account so will do this as well as selecting the other option next time & see what happens.

 

 

[john terry1001]

2 minutes ago, Mike Teavee said:

Bangkok Bank, but I've never contacted TW to ask them to tag the account so will do this as well as selecting the other option next time & see what happens.

 

 

That should cure your problems. I don't know of anybody else who's had the wrong code when using those guidelines that TW have issued.

 

They actually advised me to tag my account last January when the new transfer rules came into force and every transfer was correct until June when, as I said, their new software upgrade was installed. From that point they were advising people to re-tag their preferred transfer route and bank account details with their next transfer to confirm continuity. You obviously missed the posted that were floating about at that time.

 

God luck anyway.

[john terry1001]

1 hour ago, Max69xl said:

At the moment it doesn't matter how many bank letter/statements you get from your bank,if every transfer in the bankbook doesn't show up as a foreign transfer. It might change when Immigration learns how transfers actually work.

It will hopefully change for the better when both Immigration AND THE CONFUSED AND STUBBORN EXPATS take time out to learn and understand how the international transfer system works.????

[CaptainNemo]

Why is this even a thing? What is the concern about?

[OJAS]

8 hours ago, john terry1001 said:

TW have obviously explained the system to me in much more detail than you have posted on here. You either didn't ask for the detail or they did explain but you have chosen to omit most of it in your post.

 

1. you should contact TW by phone and, even if you have more than one Thai bank account listed on your TW account, you need to tell them what your preferred Thai account is and they will tag that as the primary bank for them to use for all of your transfers.

2. When making a transfer,  make sure you highlight the "Funds for long term stay in Thailand" option and choose your preferred Thai Bank Account. This is information to tell/inform TW's finance department of your preferred routing preference (which should already tagged on your account) and (if at all possible) they will transfer directly to your chosen Thai Bank. Under normal circumstances this will insure a correct transfer, but it's always impossible to guarantee. It's NOT dismissive  "information only" statement with no added detail that you've implied. 

3. Should a (rare-their words) banking problem occur, to avoid any delay in the transfer, they will route it via one of their partner Thai banks. 

4. They ARE aware that this rogue transfer will create an incorrect transfer code so, during setting up this latest system, they have had discussions and agreements with those three banks that they will provide a Credit Advice Receipt for every rogue transfer to ensure everybody has proof of all foreign transfers.

 

So, if for example, you bank with BKKB and your transfer gets routed via Kasikorn bank, you go to Kasikorn bank and they will supply the Credit Advice Receipt.

 

Time will tell if it's successful but what I can say is, I had one rogue payment in June, while TW were updating the software, and I went to the Kasikorn Branch in Pattaya Klang (near beach rd) and they already new all about it. I just gave them my TW PDF receipt, mine and my BKKB account details. They phoned me back 3-4 days later to pick up the CAR. Worked fine, just as described to me by TW.

 

Time will tell but I haven't heard of anybody having any problems with any transfers since June when using this process.

The $64,000 question, of course, is whether savings arising from the use of TW justifies our having to follow the time-consuming process which you have outlined each month - particularly when it comes to making potentially lengthy and expensive international phone calls to TW back in the UK for tagging purposes. In my case I have judged that it is not. 

Edited September 16, 2019 by OJAS

[elliss]

13 hours ago, theoldgit said:

"Funds for long term stay in Thailand", I can't say that even this guarantees the coding required by our friends in Immigration.

 

Funds for medical exspenses ,  is the box , i tick .

 Live in hope ...

 

 

Edited September 16, 2019 by elliss

[Max69xl]

1 hour ago, OJAS said:

The $64,000 question, of course, is whether savings arising from the use of TW justifies our having to follow the time-consuming process which you have outlined each month - particularly when it comes to making potentially lengthy and expensive international phone calls to TW back in the UK for tagging purposes. In my case I have judged that it is not. 

You don't have to call TW before every transfer. You can email them once about tagging your transfers to your Thai bank. Then when you transfer the money, you choose the correct reason of transfer, "Funds for long term stay in Thailand".

Now your money will get routed to your preferred Thai bank for a low fee and at a better exchange rate = Mid-market rate, compared to other banks. 

 

[scubascuba3]

You don't have to call TW before every transfer. You can email them once about tagging your transfers to your Thai bank. Then when you transfer the money, you choose the correct reason of transfer, "Funds for long term stay in Thailand".
Now your money will get routed to your preferred Thai bank for a low fee and at a better exchange rate = Mid-market rate, compared to other banks. 
 

The tagging relates to their partner bank they use rather than our bank, and yes their partner bank should be the same as our bank

[john terry1001]

20 hours ago, OJAS said:

The $64,000 question, of course, is whether savings arising from the use of TW justifies our having to follow the time-consuming process which you have outlined each month - particularly when it comes to making potentially lengthy and expensive international phone calls to TW back in the UK for tagging purposes. In my case I have judged that it is not.

Sorry I didn't make it clear. The set up/tagging etc is a one time process. After that everything is already set up, the only thing you have to make sure of is to select the correct Thai bank account and "funds for staying in Thailand" on the transfer application.

 

Personally, when I make a transfer, I usually do it early in the morning (at about 7:00am Thai time). I always use the bank transfer option to send the money to TW and always use the apps on my phone for the process. So I open the TW app, choose the amount I want to send and complete the application, before switching to my UK Bank app to transfer the exact amount (TW's bank details are already saved) then return to the TW app to confirm the transfer. I usually receive confirmation that the money has arrived in less than one minute. The whole process from start to finish takes me no more than TWO MINUTES. Within an hour or so I get a second email to confirm the money has been sent, with a link to access the TW PDF containing the transfer details plus proof that it's been sent directly to the Bangkok Bank so WILL have a FTT code in my account. 

 

I've found that by doing the transfer early in the morning, the transfer is in the Bangkok Bank in less than two hours and, because Bangkok Bank always update individuals accounts at around 2:pm The money is available for me to use if I want from 2:pm on the SAME day that I made the transfer. I don't even have to wait until the next day.

 

For me, that's what I call service. Only you can decide if that process is acceptable to you.

[colinchaffers]

TW have obviously explained the system to me in much more detail than you have posted on here. You either didn't ask for the detail or they did explain but you have chosen to omit most of it in your post.
 
1. you should contact TW by phone and, even if you have more than one Thai bank account listed on your TW account, you need to tell them what your preferred Thai account is and they will tag that as the primary bank for them to use for all of your transfers.
2. When making a transfer,  make sure you highlight the "Funds for long term stay in Thailand" option and choose your preferred Thai Bank Account. This is information to tell/inform TW's finance department of your preferred routing preference (which should already tagged on your account) and (if at all possible) they will transfer directly to your chosen Thai Bank. Under normal circumstances this will insure a correct transfer, but it's always impossible to guarantee. It's NOT dismissive  "information only" statement with no added detail that you've implied. 
3. Should a (rare-their words) banking problem occur, to avoid any delay in the transfer, they will route it via one of their partner Thai banks. 
4. They ARE aware that this rogue transfer will create an incorrect transfer code so, during setting up this latest system, they have had discussions and agreements with those three banks that they will provide a Credit Advice Receipt for every rogue transfer to ensure everybody has proof of all foreign transfers.
 
So, if for example, you bank with BKKB and your transfer gets routed via Kasikorn bank, you go to Kasikorn bank and they will supply the Credit Advice Receipt.
 
Time will tell if it's successful but what I can say is, I had one rogue payment in June, while TW were updating the software, and I went to the Kasikorn Branch in Pattaya Klang (near beach rd) and they already new all about it. I just gave them my TW PDF receipt, mine and my BKKB account details. They phoned me back 3-4 days later to pick up the CAR. Worked fine, just as described to me by TW.
 
Time will tell but I haven't heard of anybody having any problems with any transfers since June when using this process.

I've communicated several times regarding UK Thai transfers and agree with what you say, other than they cannot guarantee that thier process is robust, attached is there latest reply.

Sent from my SM-G935F using Thailand Forum - Thaivisa mobile app

[john terry1001]

51 minutes ago, colinchaffers said:

I've communicated several times regarding UK Thai transfers and agree with what you say, other than they cannot guarantee that thier process is robust, attached is there latest reply.

And I agree with you, no banking system can guarantee their process will work correctly 100% of the time. But, should the process fail at any time, TW  have tried to set up a back up system that will satisfy Thai Immigration. Should any transfer be routed through the wrong partner bank, TW have already discussed and arranged with their partners that, if asked, the "incorrect" bank that initially received the transfer will provide a 'credit advice receipt' to show that the transfer came from abroad.

 

I have already tested the process (when a lot of the June transfers went via the incorrect route during TW's software upgrade) and Kasikorn in Pattaya knew exactly what I was talking about and supplied the said receipt.

Edited September 18, 2019 by john terry1001

[CaptainNemo]

I still don't understand any of this tagging malarky.

[Mike Teavee]

24 minutes ago, CaptainNemo said:

I still don't understand any of this tagging malarky.

When you do a transfer with Transferwise you are asked to select the reason why you're transferring the funds (this is what is meant by tagging the transaction), recommendation is to use the last option "Funds for Long term Stay in Thailand"

 

Edit to add screenshot 

Edited September 18, 2019 by Mike Teavee
Add screenshot

[john terry1001]

18 minutes ago, CaptainNemo said:

I still don't understand any of this tagging malarky.

When you arrange with TW to 'tag' your TW account they will highlight it so show their finance department that all your transfers should (wherever possible) be routed directly to your Thai bank where you hold your account, PROVIDING:

 

1. your designated Thai account is at one of the three partner banks TW use (Bangkok bank, Kasikorn bank and TMB)

 

2. you designate that account as the receiving Thai account on your transfer applications and

 

3. you choose the "long term stay in Thailand" option in the reason for transfer in your transfer applications.

 

That Tag only needs to be initiated once, NOT every time you make a transfer.

 

If your Thai account is NOT with one of the three partner banks TW WILL still route your transfer via one of those three banks, to be forwarded (immediately) to your own account. But, because the final leg of the transfer is between two Thai banks the code shown in your own bank account will be a "local transfer" code and NOT an International Transfer.

[Max69xl]

On 9/17/2019 at 5:32 AM, scubascuba3 said:

On 9/17/2019 at 12:00 AM, Max69xl said:

You don't have to call TW before every transfer. You can email them once about tagging your transfers to your Thai bank. Then when you transfer the money, you choose the correct reason of transfer, "Funds for long term stay in Thailand".
Now your money will get routed to your preferred Thai bank for a low fee and at a better exchange rate = Mid-market rate, compared to other banks. 
 

The tagging relates to their partner bank they use rather than our bank, and yes their partner bank should be the same as our bank

I don't think they prefer any bank before the other, it's more of a backup. That's why there are 3 partner banks.

[Max69xl]

1 hour ago, CaptainNemo said:

I still don't understand any of this tagging malarky.

If you're retired and transfers money monthly to Thailand using TW, and comes from the UK,US or Australia,the tagging is really important. If you don't use the >65k monthly method, then you don't have to bother.

Edited September 18, 2019 by Max69xl

[john terry1001]

1 hour ago, Max69xl said:

On 9/17/2019 at 5:32 AM, scubascuba3 said:

The tagging relates to their partner bank they use rather than our bank, and yes their partner bank should be the same as our bank

I don't think they prefer any bank before the other, it's more of a backup. That's why there are 3 partner banks.

I'm sure you probably know what you mean but, by just saying 'their, they, our, etc, it sounds confusing to others the way you've written this regarding tagging. 

 

The reason for the tagging is to tell TW's finance department which of the three Thai bank routes you would like them to use. Without a tag they can't see a preference and could use any one. The "Funds for long term stay in Thailand" box is actually the backup to confirm the tag and the chosen Thai bank account match.

 

You will have two accounts:

1. your own Transferwise account.

2. your own Thai bank account (eg:Bangkok bank) and that is logged with TW in your own TW account.

 

You want TW to transfer direct to your Bangkok bank account.

 

As a one off, you phone TW and ask that they attach a tag to your TW account requesting that all of your future transfers be routed directly to the Bangkok bank on their system.

 

When making a transfer on TW you select your Bangkok bank account as your destination account, plus select "Funds for long term stay in Thailand" in the reason for transfer section.

 

Your transfer should then arrive in your Bangkok account with a FTT code.

Edited September 18, 2019 by john terry1001

[Max69xl]

9 minutes ago, john terry1001 said:

I'm sure you probably know what you mean but, by just saying 'their, they, our, etc, it sounds confusing to others the way you've written this regarding tagging. 

 

The reason for the tagging is to tell TW's finance department which of the three Thai bank routes you would like them to use. Without a tag they can't see a preference and could use any one. The "Funds for long term stay in Thailand" box is actually the backup to confirm the tag and the chosen Thai bank account match.

 

You will have two accounts:

1. your own Transferwise account.

2. your own Thai bank account (eg:Bangkok bank) and that is logged with TW in your own TW account.

 

You want TW to transfer direct to your Bangkok bank account.

 

As a one off, you phone TW and ask that they attach a tag to your TW account requesting that all of your future transfers be routed directly to the Bangkok bank on their system.

 

When making a transfer on TW you select your Bangkok bank account as your destination account, plus select "Funds for long term stay in Thailand" in the reason for transfer section.

 

Your transfer should then arrive in your Bangkok account with a FTT code.

You should read better before replying. I have been using TW for 2,5 years,and I know exactly how it works. I answered the guy who thinks TW has a preferred bank out of their 3 partner banks in Thailand. They use 3 banks to have a backup when they have problems for some reason. This way TW can route the transfers through one of the other banks and the money will arrive in time. 

[john terry1001]

19 minutes ago, Max69xl said:

You should read better before replying. I have been using TW for 2,5 years,and I know exactly how it works. I answered the guy who thinks TW has a preferred bank out of their 3 partner banks in Thailand. They use 3 banks to have a backup when they have problems for some reason. This way TW can route the transfers through one of the other banks and the money will arrive in time. 

With respect, so should you.

 

In the very first sentence of my post I said:

Quote

I'm sure you probably know what you mean but, by just saying 'their, they, our, etc, it sounds confusing to others the way you've written this regarding tagging.

 

I wasn't referring specifically to you not understanding (after 2,5 years you should fully understand it yourself). I quoted two posts, the other one (you had replied to) regarded tagging and I was partly referring to that, but left your quote there as well because, in both quotes, all of the ''their, they, our,' references that made it sound confusing to others reading it.

 

Reading some of the other posts, both in this thread and others, with two accounts in use to complete a transfer, by just saying 'their, they, our, etc' it simply confuses people as to what account is being spoken about/tagged. Naming the accounts you're referring to would carify things much more and that was the main point of my post.

 

And just to say, I too have been using TW for well over 2,5 years now, have never had a problem and feel that almost all of the issues/problems people refer to are actually caused by them not understanding the system and reading badly worded descriptions.

 

[scubascuba3]

I answered the guy who thinks TW has a preferred bank out of their 3 partner banks in Thailand.

Maybe you haven't read all the threads on this but they seem to use Bangkok Bank more than the other two

[Mike Teavee]

13 hours ago, scubascuba3 said:

 

 

Maybe you haven't read all the threads on this but they seem to use Bangkok Bank more than the other two

 

My last 4 transfers to Bangkok Bank have shown up as Intrabank Transfers so either I've been very unlucky or it doesn't matter that I'm sending it to BKKB

 

As an experiment, I'll make sure to use the "Funds for Long Term Living in Thailand" reason next time, followed by getting them to "Tag" my TW account to my BKKB account & using that reason.

 

Unfortunately I've now done all the transfers I need (hope!) for the next 4-5 months so will (hopefully) be a bit of time before I report back

 

 

 

 

[Max69xl]

4 hours ago, Mike Teavee said:

My last 4 transfers to Bangkok Bank have shown up as Intrabank Transfers so either I've been very unlucky or it doesn't matter that I'm sending it to BKKB

 

As an experiment, I'll make sure to use the "Funds for Long Term Living in Thailand" reason next time, followed by getting them to "Tag" my TW account to my BKKB account & using that reason.

 

Unfortunately I've now done all the transfers I need (hope!) for the next 4-5 months so will (hopefully) be a bit of time before I report back

 

 

 

 

IF TW uses Bangkok Bank more than the other 2 banks,then it's not that surprising. Bangkok Bank is the largest bank in Thailand. But even when tagged, a transfer to a BB account can get routed through one of the other banks, and that's what TW says themselves, it can happen. 

[sumrit]

48 minutes ago, Max69xl said:

But even when tagged, a transfer to a BB account can get routed through one of the other banks, and that's what TW says themselves, it can happen.

Of course TW can't guarantee 100% that all transfers will go directly to our BKKB accounts every single time, but, what they have done is arrange with their three partner banks that, if on the rare occasion there is a 'rogue transfer' those Thai banks will provide a Credit Advice Receipt as proof of origin (and that works, I've already done it).

 

Prior to January this this year, when Immigration changed the rules, it wasn't necessary to have any transfers sent with an International code but, since January I have closely followed TW's advice when making transfers. In Total I have made EIGHTEEN transfers, with all but one arriving directly in my BKKB account and having the required FTT code in my account.

 

The one transfer that didn't was in June while TW were doing their software upgrade and it arrived via Kasikorn. TW and BKKB  both told me how to get a CAR and, when I went to Kasikorn, they knew what I needed and supplied it.

 

You say you have been using TW for a long time so I assume you have also spoken to them in great depth, as I have, and been given the same advice as me and many others. So out of curiosity, since January:

 

 Have you followed TW's advice on tagging to request they use the correct Thai bank?

How many transfers have you made since then while using their advice?

How many have gone to your BKKB account with the correct code?

How many transfers have ended up going to one of their partner banks and when were they?

Were you able to obtain a CAR to cover that/those rogue transfers by following TW/BKKB advice?

[scubascuba3]

The one transfer that didn't was in June while TW were doing their software upgrade and it arrived via Kasikorn. TW and BKKB  both told me how to get a CAR and, when I went to Kasikorn, they knew what I needed and supplied it.

Did you provide to Kasikorn your Bangkok Bank account number? or transaction details? or both? and they found it

[sumrit]

1 minute ago, scubascuba3 said:

Did you provide to Kasikorn your Bangkok Bank account number? or transaction details? or both? and they found it

Yes. I actually gave them a copy of the PDF that TW supply with each transfer we make, highlighted my BKKB account and added the branch, along with my address and phone number. Left it with them and they phoned me back a few days later to tell me I could collect the CAR from that branch anytime. Can't remember whether it cost me 100 or 200 baht.

[soalbundy]

I've had the last two transfers recorded as FTT at Bangkok bank

[scubascuba3]

I've had the last two transfers recorded as FTT at Bangkok bank

and you selected "Funds for Long Term Living in Thailand"?