TransferWise - foiled again!

[sniggie]

Following the July problems with TransferWise payments into some Bankok bank accounts not showing as international transfers I have been using SWIFT transfers through my UK bank. For November, as I had ample funds in my UK account to cover any problems and anyway I needed more than usual to cover a one-off expense, I thought it worth trying Transferwise again. I needed some of the money this weekend so I waited until this morning (31st Oct.) to start the transfer. I was informed that the money would be with me on 1st November. Perfect. In the right month and before the weekend. About midday I was horrified to receive an email from TransferWise advising me that the money would be with me today! Brilliant service of course but of absolutely no use to me regarding next year's retirement extension!

 

From my working experience I am well aware of the principle of 'under promise and over achieve' but, on this occasion, sticking to the original time scale would have been optimal. Sure enough, there was a nice new 65k international transfer into my account this afternoon dated 31 October to match the one dated 2 October.  So I will have to do a SWIFT transfer as well in November after all as sod's law states that a second TransferWise transfer woudn't come through as an international payment.

 

Of course, this isn't really a rant at TransferWise.  In most situations a payment a day early would be neither here nor there but the current attitude of Thailand Immigration would raise the question of how much leeway will be extended to those applying for retirement extensions.  next April I don't want to be the first retiree sent home with a perfect 12 x 65k+ record but with one 12 hours early! Trust them I do not.       

[ubonjoe]

If you have consistent transfer coming in every month and one was to come in a day early I don't think immigration would make a problem.

When I applied for my extension I had one transfer out of 13 shown in the statements I gave them that came in a day early and they did not even ask me about it. I also had a bank book showing 25 months of transfers they could see.

[jackdd]

Initiate the transfer on the first and you can be sure that it won't arrive too early

[sniggie]

1 minute ago, jackdd said:

Initiate the transfer on the first and you can be sure that it won't arrive too early

Thanks, but as I explained I wanted the money on the 1st as the following two days were a weekend. Normally I do as you suggest.

[sniggie]

7 minutes ago, ubonjoe said:

If you have consistent transfer coming in every month and one was to come in a day early I don't think immigration would make a problem.

When I applied for my extension I had one transfer out of 13 shown in the statements I gave them that came in a day early and they did not even ask me about it. I also had a bank book showing 25 months of transfers they could see.

Thanks, Ubonjoe. I'm glad that you had no trouble with one early payment. I'm probably fussing unnecessarily but I would be happier with a few more members coming forward with examples of minor leniency being demonstrated by IOs. 

[WillyPlatt]

Transferwise UK to Kaskihorn Bank took 20 mins a few days ago.

Can be upto 6 hours in my experience.

The interface is simple, user friendly and excellent.

[acenase]

Best thing to do is use ACH Debit. You get the funds into your bank account the next day.

[treetops]

7 minutes ago, acenase said:

Best thing to do is use ACH Debit. You get the funds into your bank account the next day.

Please explain how the OP would be able to use that process?

[billsmart]

I've quit using Transferwise for any transfers I need to show up as international transfers. My transfers via Transferwise always show up as a domestic transfer from Thai Military Bank. I bank at Krungsri (Ayudhaya) Bank.

In the US, our retirement funds aren't paid on a certain date, like the 5th of each month. They're paid on a certain day. Mine are paid on the 2nd Wednesday of the month, so that could be anywhere from the 8th to the 14th, so having deposits coming in always on the same date is impossible.

Edited November 1, 2019 by billsmart

[justin case]

why immigration needs the funds to come from overseas?

 

should be none of their beeswax, but TIT

 

you think a company here would pay 65.000 baht and not want proof of payment or get you the right work permit ?

 

 

[chilly07]

Blame it on Boris!

TW believed him and cleared the decks for Brexit -silly people!

I did a TW transfer from the UK yesterday and it arrived today as promised.

On the FTT issue TW set me up with a specific recipient tagged as BB via BB and it has worked 17 times as an International Transfer so I don't see what the problem is? Don't think TI would have any issue with 1 day but as I say tell them Boris spreads chaos.

[Jumbo1968]

I did a transfer yesterday, TW said it would be in my BB Account  in 13 minutes, in fact it was in after 5 minutes.

TW must have changed their system as up until a few weeks ago the funds never arrived in my account until after 14.00 the following day in fact on the odd occasion it was 2 days.

[Peter Denis]

24 minutes ago, justin case said:

why immigration needs the funds to come from overseas?

Because - at least for OA Visa holders - it's linked to your Non Imm OA extension, which prohibits you from working in Thailand.  So the money should come from income/pension abroad.

Another reason is that when thai transfers would be allowed, it would be very easy to withdraw the money after having transfered it in month X, and simply transfer it back again in next month Y while the intention is that it is a steady income stream which you are using for your cost of living.

 

 

[JAS21]

Yesterday at 9pm Thai Time...I ordered and paid for 65,100thb...from the UK...rate about 39.03. It arrived in my BBL account today at 14:01 Thai Time and labelled International Transfer....

[JAS21]

21 hours ago, jackdd said:

Initiate the transfer on the first and you can be sure that it won't arrive too early

Earliest time to initiate a transfer is last day of the month AFTER bank closing time in Thailand....

[Brunolem]

11 minutes ago, Jumbo1968 said:

I did a transfer yesterday, TW said it would be in my BB Account  in 13 minutes, in fact it was in after 5 minutes.

TW must have changed their system as up until a few weeks ago the funds never arrived in my account until after 14.00 the following day in fact on the odd occasion it was 2 days.

They have... since early October. 

 

As you say, it used to be the next day in the early afternoon, but now it is 15 minutes after initiating the transfer... faster than Western Union and way much cheaper... 

 

Yet, it seems that Transferwise hasn't yet adjusted its messaging to this new speed... not only it keeps saying that the transfer will arrive the next day, but its confirmation message that the transfer is in progress arrives AFTER the money! 

 

[Unify]

Transferwise doesn't work the same way a wire transfer would. They have bank accounts all over the world. You transfer money into their account in your bank's home country (The UK, let's say). Transferwise then takes money out of their bank in Thailand, and sends it to your account in Thailand.

 

There is no transfer of funds across borders. The transfer would likely show up as a domestic transfer, for that reason, unless some special arrangement were made, or transferwise decided to code it that way.

[john terry1001]

21 hours ago, sniggie said:

Thanks, but as I explained I wanted the money on the 1st as the following two days were a weekend. Normally I do as you suggest.

This works every time when transferring from the UK

 

If you initiate a transfer before 8:00am Thailand time it will normally arrive in your Thai account the same day. It could still arrive the same day if sending it later in the morning.

 

If you want it to arrive the next day initiate the transfer after midday.

[NoshowJones]

20 hours ago, WillyPlatt said:

Transferwise UK to Kaskihorn Bank took 20 mins a few days ago.

Can be upto 6 hours in my experience.

The interface is simple, user friendly and excellent.

Just a simple transfer from my UK bank to my Bangkok bank took exactly 7 days.

Transferwise are not as reliable as what people think.

[Moonlover]

1 hour ago, billsmart said:

I've quit using Transferwise for any transfers I need to show up as international transfers. My transfers via Transferwise always show up as a domestic transfer from Thai Military Bank. I bank at Krungsri (Ayudhaya) Bank.

In the US, our retirement funds aren't paid on a certain date, like the 5th of each month. They're paid on a certain day. Mine are paid on the 2nd Wednesday of the month, so that could be anywhere from the 8th to the 14th, so having deposits coming in always on the same date is impossible.

It is not necessary to have these, much coveted international transfer codes. I received my extension recently without a single one. Krungsri, in common with most, if not all banks other than BBK show a domestic code only.

 

I simply presented the IO with the T/W transaction slips as evidence. He knew all about TransferWise. 

[Bangkok Barry]

45 minutes ago, Jumbo1968 said:

I did a transfer yesterday, TW said it would be in my BB Account  in 13 minutes, in fact it was in after 5 minutes.

TW must have changed their system as up until a few weeks ago the funds never arrived in my account until after 14.00 the following day in fact on the odd occasion it was 2 days.

 

I found the same today. I received an email at 11.06 that TW had received my funds, and it was received in my Bangkok Bank account at 11.09. Stunning, really, especially as it had to go through a 'third party' and shows as a domestic (IB Interbank) transfer.

 

I have noticed that at the end of the drop down list, where TW requires you to reveal the reason for the transfer, you can indicate it is a payment for long-stay requirements. I wonder where that info goes to, as it suggests that would be all the proof you need that it came from overseas and why.

[john terry1001]

22 minutes ago, Unify said:

There is no transfer of funds across borders. The transfer would likely show up as a domestic transfer, for that reason, unless some special arrangement were made, or transferwise decided to code it that way

TW use three different banks in Thailand (Bangkok, Kasikorn, TMB). To have it show as an international transfer you basically need an account in one of those banks then tell TW to send the transfer directly to that account PLUS select the "funds for long term stay in Thailand" as the reason for the transfer. It will then arrive in your account as an international transfer. Fail to do this and TW could send your transfer via any of those three baanks and it will show as a domestic transfer.

 

7 minutes ago, possum1931 said:

Just a simple transfer from my UK bank to my Bangkok bank took exactly 7 days.

Transferwise are not as reliable as what people think.

When did this happen???? I've never had that sort of delay from the UK, or heard of others having that sort of delay. Not more than one day is the norm.

[Bangkok Barry]

2 minutes ago, Moonlover said:

I simply presented the IO with the T/W transaction slips as evidence. He knew all about TransferWise. 

 

That is such a simple solution that I wonder why I haven't seen anyone else mention it. TW provides you with a receipt available for view/download. I haven't looked at one as I don't need it for my monthly transfers, but it would indeed seem to provide a solution to the problem.

[Moonlover]

2 minutes ago, Bangkok Barry said:

I have noticed that at the end of the drop down list, where TW requires you to reveal the reason for the transfer, you can indicate it is a payment for long-stay requirements. I wonder where that info goes to, as it suggests that would be all the proof you need that it came from overseas and why.

This information is not a T/W requirement. They are required to collect this information by the financial services watchdogs in connection with money laundering and other such crimes. If I was to do a SWIFT transfer from my UK bank I would have to declare the same information.

[NoshowJones]

4 minutes ago, john terry1001 said:

TW use three different banks in Thailand (Bangkok, Kasikorn, TMB). To have it show as an international transfer you basically need an account in one of those banks then tell TW to send the transfer directly to that account PLUS select the "funds for long term stay in Thailand" as the reason for the transfer. It will then arrive in your account as an international transfer. Fail to do this and TW could send your transfer via any of those three baanks and it will show as a domestic transfer.

 

When did this happen???? I've never had that sort of delay from the UK, or heard of others having that sort of delay. Not more than one day is the norm.

It would have been about 8 months ago, I have not used them since, I just don't trust them anymore.

[john terry1001]

2 hours ago, billsmart said:

I've quit using Transferwise for any transfers I need to show up as international transfers. My transfers via Transferwise always show up as a domestic transfer from Thai Military Bank. I bank at Krungsri (Ayudhaya) Bank.

In the US, our retirement funds aren't paid on a certain date, like the 5th of each month. They're paid on a certain day. Mine are paid on the 2nd Wednesday of the month, so that could be anywhere from the 8th to the 14th, so having deposits coming in always on the same date is impossible.

Your problem is the US banking system, not TW.

 

Two of my pensions are paid four weekly, on a Thursday and Friday, with a third paid on the 1st of the month, so they're never all paid on the same date. According to Immigration it doesn't have to arrive on the SAME date.

[Moonlover]

3 minutes ago, Bangkok Barry said:

 

That is such a simple solution that I wonder why I haven't seen anyone else mention it. TW provides you with a receipt available for view/download. I haven't looked at one as I don't need it for my monthly transfers, but it would indeed seem to provide a solution to the problem.

I've been saying this, repeatedly for the last year at least! But no one would listen until I actually went and proved that it would work. Of course it's the obvious solution.

[Maestro]

13 minutes ago, Moonlover said:

It is not necessary to have these, much coveted international transfer codes. I received my extension recently without a single one. Krungsri, in common with most, if not all banks other than BBK show a domestic code only.

 

I simply presented the IO with the T/W transaction slips as evidence. He knew all about TransferWise. 

 

Are you saying that you did not need a bank letter?i

[john terry1001]

2 minutes ago, possum1931 said:

It would have been about 8 months ago, I have not used them since, I just don't trust them anymore.

I've been using them for over two years without any problem. And, with the new income method TI now require TW have improved thing even more and are now very reliable, providing you use the process correctly of course.

 

 

[Bangkok Barry]

4 minutes ago, Moonlover said:

I've been saying this, repeatedly for the last year at least! But no one would listen until I actually went and proved that it would work. Of course it's the obvious solution.

 

Maybe you should start a new topic with that as the theme. That would get noticed much more than a mention within a thread ????. Sometimes here, among all the inane remarks, there appears something that is genuinely useful. Well done.