Transfering 800k bhat via Transferwise--not a good experience

[blorg]

@JimGant Bangkok Bank New York is going away. They keep shifting the turn off date forward but they have repeatedly said they will be rejecting domestic ACH payments so it's not an option any more for most people.

 

The cheapest method for larger amounts right now, I think is actually Transferwise but sending USD and having Bangkok Bank convert it. You ACH (for free) into TW, TW charge a little over $4 for the transfer, it is sent by SWIFT and then Bangkok Bank convert it. It works basically exactly the same as a Bangkok Bank New York transfer except TW's $4 fee is lower than Bangkok Bank New York's fee was.

[Tuvoc]

I haven't read this entire thread, but I've also had issues with transferring large amounts via Transferwise. I use conventional means now, but I send GBP and let the Thai bank convert it. The Thai bank's rate is always better than the UK bank. 

[LivinLOS]

1 hour ago, JimGant said:

Lop, at these lower numbers TW is indeed the best option -- for most. However, if you have a free domestic wire option with your bank, as I do, a $2000 transfer by domestic wire via Bangkok Bank NY would cost $5 plus 200 baht ($7-), for a total of $12. A similar TW transaction would cost $19.30. Free FTT encoding with wire transfer. Also, my last domestic wire thru BB NY took only 18 hours to arrive in country.

 

Yeah, most don't have free domestic wire options. But probably more than realize, as I didn't know I'd been granted that option 'til I initiated my first domestic wire. Check it out.

Its not the wire fee, its that TW offers better FX rates than the domestic banks TT rate (or it does for me with euros and GBP).

 

Secondly, because the FX is clear and visible you get the rate you know, when sending TT inbounds I have a strong suspicion you get the worst rate of the day, and nothing can be done about proving it either way. 

[JusticeGB]

I have an actual transferwise account in the UK. My Bangkok Bank Account shows transfers from the UK as International Transfers. They arrive at about 2pm the day after I transfer them from the UK. I transfer £ which automatically get converted to baht at the rate given by transferwise the day before. It is the best way to transfer money. Large sums can be held up in Thailand because of money laundering regulations. 

[blorg]

This depends on the currency. Most currencies including EUR and particularly GBP TransferWise ususally works out best. even for relatively large sums, up to the maximum. The GBP rates in particular offered by Thai banks are not great.

 

USD getting Bangkok Bank to do it is usually the cheapest above a few thousand. Where the cutoff is depends on what your home bank charges for an international wire. As TransferWise will now do a USD SWIFT transfer for only a little over $4, this is likely now the cheapest option for USD, better than SWIFT from your own bank (unless they have an international wire fee under $4), better than Bangkok Bank New York ($10-20) and better than getting TransferWise to convert it.

 

I haven't had any real issue with the quoted TT rates, I always get whatever rate Bangkok Bank have on their site at the time it comes in.

[GalaxyMan]

I don't understand why you need/want the 800K to show up as coming from a foreign bank. It's not necessary for the 800K in the bank method, only for the 65K monthly.

[thinktoomuch]

1 hour ago, scubascuba3 said:

I used Starling Bank for a test transfer and it didn't go well, it took a week to settle and didn't settle as foreign, plus the rate wasn't the best available plus charges added at the thai bank account

Yikes! Not what I wanted to hear. How long ago was this and which Thai bank was it going to?

 

Isn't the exchange rate set when you send?

 

Starling say they use SWIFT for payments to Thailand.  Charges are expected but since you say it didn't settle as foreign I think there may have been a correspondent bank in Thailand.

 

 

[skorts]

It seems as though different people have a different experience with Transferwise and money transferred from overseas not being shown as a Foreign Transfer. 

I have a UK bank account which I have made payments to my Bangkok Bank account from using Transferwise for several years. Up until a few months ago these were all shown as ‘International Transfer’. Recently this has been changed to show ‘Transfer from Account at Other Bank’. 

I am using the same accounts as I always have. 

Transferwise do create a PDF Receipt which contains full details of where the money has come from and is going to supporting that it is an International Transfer. A full history is kept on the system covering all transfers and can be accessed at anytime. 

[HHTel]

I've not read the complete thread.  Albeit to say that the problem the OP has does not happen with UK transfers.  I've used TW for some time now, the latest being for 25K pounds just a couple of weeks ago.  The cash has always arrived in a few hours and is always tagged at FT (Bangkok Bank).

 

As others have said, it seems to be a US problem.

[Balance]

I don't understand. What is wrong with simply transferring the money directly from your bank to your account in Thailand. My social security check is transferred from the social security administration to Bangkok Bank in New York and is instantly available at my branch in Chiang Mai.

[john terry1001]

3 minutes ago, Balance said:

I don't understand. What is wrong with simply transferring the money directly from your bank to your account in Thailand. My social security check is transferred from the social security administration to Bangkok Bank in New York and is instantly available at my branch in Chiang Mai.

I guess the bank charges and lower exchange rates using your method have something to do with it.

[HHTel]

It's down to exchange rates and bank charges.

[Suradit69]

21 hours ago, BritManToo said:

Americans always seem to have more problems than Europeans.

I guess it's your country being 'money laundering' difficult.

Some Americans have more problems doing the simplest things than do other Americans. The level of moaning on TV is not a good measure of what problems some nationalities experience compared to others.

 

it was the British embassy that first announced the end of income verification letters for those doing extensions of stay and Non-Americans who seem to feel hard done by when it comes to government pension equality with residents in their home country. 

 

I'm American and know other Americans who haven't faced significant, insurmountable problems with banking services. 

 

 

[Martyp]

13 minutes ago, Balance said:

I don't understand. What is wrong with simply transferring the money directly from your bank to your account in Thailand. My social security check is transferred from the social security administration to Bangkok Bank in New York and is instantly available at my branch in Chiang Mai.

Nothing wrong with what you are doing just that some people have money in a savings account that they want to transfer to Thailand. 

[lopburi3]

26 minutes ago, Balance said:

I don't understand. What is wrong with simply transferring the money directly from your bank to your account in Thailand. My social security check is transferred from the social security administration to Bangkok Bank in New York and is instantly available at my branch in Chiang Mai.

Bangkok Bank New York will no longer set up transfers unless in international ACH format which US banks do not do for normal accounts.  And those are are now allowed will not be for much longer.  Direct payment from SS can be made in international format but not normal bank account transfers.  Some people are trying to be ahead of the curve and Transferwise is a good fit for many.

[BritManToo]

35 minutes ago, Balance said:

I don't understand. What is wrong with simply transferring the money directly from your bank to your account in Thailand. My social security check is transferred from the social security administration to Bangkok Bank in New York and is instantly available at my branch in Chiang Mai.

Because direct payments of foreign income into Thailand are liable for Thai income tax.

And one day soon .......... they will start collecting it.

Maybe!

Edited October 30, 2019 by BritManToo

[lopburi3]

1 minute ago, BritManToo said:

Because direct payments of income are liable for Thai income tax.

And one day soon .......... they will be collecting it.

US SS is treaty exempt.  We pay in USA.

[DogNo1]

This was mentioned in a thread some time ago but I think it bears repeating for the benefit of Americans who have an account with Fidelity.  Bank wires from your cash management account to Bangkok Bank are free but you must have a written standing order with Fidelity and must telephone each month to have the wire sent.  The signature on the standing order can be a problem.  It must be certified by a bank IN AMERICA.  Also, if you are using monthly transfers to fulfill the requirements, now is a good time to increase your dollar amount so that you are not left short of 65,000 by the falling number of baht that you get for your dollar.

[Unify]

It's my understanding that immigration doesn't need to see the 800,000 coded as a foreign transfer. That's only for the income method.

[scubascuba3]

1 hour ago, thinktoomuch said:

Yikes! Not what I wanted to hear. How long ago was this and which Thai bank was it going to?

 

Isn't the exchange rate set when you send?

 

Starling say they use SWIFT for payments to Thailand.  Charges are expected but since you say it didn't settle as foreign I think there may have been a correspondent bank in Thailand.

 

 

It was 6 months ago using Kasikorn Bank. The rate was fixed, just not as good as Transferwise. Being swift you'd think it would arrive as foreign but it didn't. Starling are also very secretive about how they work, unlike Transferwise who are happy to share who their local partners are. I wouldn't use Starling Bank again for transfers, staff were clueless too as a separate company does intl transfers

[berybert]

If you do the 800,000 baht in the bank method for your yearly extension of stay you don't need to show where the money comes from.

Edited October 30, 2019 by berybert

[bkk6060]

34 minutes ago, BritManToo said:

Because direct payments of foreign income into Thailand are liable for Thai income tax.

And one day soon .......... they will start collecting it.

Maybe!

False and untrue.

But maybe it applies to UK.  Not US...

Edited October 30, 2019 by bkk6060

[Letseng]

Reading the small print does help.

[JimGant]

2 hours ago, lopburi3 said:

Actually your figures do not make TW more expensive even with your free wire - you got an exchange rate of 30.215 from TW yesterday when TW made - todays rate from Bangkok Bank would be 30.05 for money received today.

Total baht into account 59,846 using TW

Total baht into account 59,749 using BBL

Right. At this low level of money movement, it's pretty much a toss up. Kind of a gift to those without free domestic wire transfers.

[jesimps]

22 hours ago, Jip99 said:

 

 

Americans certainly have more issues with Thai banks. I opend an account at a rural branch of Bangkok Bank and the manager popped to ask if I was American. I replied that I wasn't and he said "That's OK then......... we don't like Americans"..

 

I was slightly taken aback but was aware that Thais can be direct (to the point of racist) at times.

It's because Thais don't do PC. Just like the western world not so long ago before we became brainwashed.

[IsaanAussie]

I recently responded to a Transferwise survey after moving some money over here. I mentioned the fact that previous transactions had not been coded as international transfers. Much to my surprise I quickly received back a response that they had looked into my transfer history and would attempt to get it corrected for the future. 

 

[JimGant]

13 minutes ago, bkk6060 said:

False and untrue.

But maybe it applies to UK.  Not US...

Huh? Except for government pensions and social security, other forms of US pension payments, to include Traditional IRAs, that are paid into Thailand in year distributed are subject to priority Thai taxation. Should they ever take advantage of this, you the Yank will be subject to the same overall taxation as if the Thais hadn't taken advantage of this treaty language (unless, somehow, you're in a higher Thai tax bracket than US....). Accomplished, of course, by giving tax credits against US tax obligations.

 

But, Thailand apparently implemented this "not in year earned" option as a bonus to hi so Thais, with earnings abroad. But in the unlikely scenario that this should change, why would you, the Yank, care? You'll pay the same amount in taxes -- but now some of those taxes will help your country of residence, not some food stamp recipient in the States.

[blorg]

2 hours ago, Balance said:

I don't understand. What is wrong with simply transferring the money directly from your bank to your account in Thailand. My social security check is transferred from the social security administration to Bangkok Bank in New York and is instantly available at my branch in Chiang Mai.

Has it ever entered your brain that maybe everyone here isn't in receipt of social security from the United States government?

Here's something that will blow your mind even further- some us aren't even American!

Edited October 30, 2019 by blorg

[blorg]

1 hour ago, jesimps said:

It's because Thais don't do PC. Just like the western world not so long ago before we became brainwashed.

It's because of FACTA reporting requirements. The US taxes its non-resident citizens and strongarms other countries into reporting on them if they want to interact with the US financial system. Even non-Americans have to sign a form for the US IRS swearing they are not Americans before they can open a bank account here.

[Gilltom]

On 10/29/2019 at 6:49 PM, OZinPattaya said:

You're correct, I did not. I'm not sure if it would mean anything anyway. The mere fact that the first transfer shows as FT doesn't mean any of the others will, a point I explicitly brought up to Transferwise and they confirmed.

Can.t u do online banking.we do this from uk bank to thai bank then do a print off from your account