TransferWise - foiled again!

[billd766]

23 hours ago, Moonlover said:

Prove it!

I have been using TW for over a year now and they have only let me down once in the early days before I learnt from TVF about tagging the transfers too BKK Bank.

[billd766]

18 hours ago, Max69xl said:

Officially it's an overseas transfer even if TW just moves the money inside Thailand. The transfer code now depends on the reason for the transfer = "Funds for long term stay in Thailand". That reason is why the transfer shows up as foreign/international. 

All my transfers show up in my BKK Bank account as FTT.

[billd766]

7 hours ago, possum1931 said:

No, I was on both the phone and emails with Transferwise all that week, and they kept messing me about, but I know for a fact that monthly methods or income letters had nothing to do with it, they tried to put me on something else different from the last times when my transfers went through without a hitch.

My view still is Transferwise cannot be trusted.

In my view apart from one instance early on which they corrected when I spoke to them I have had no problems. I used to get my pensions sent directly to my KBank account but they took longer and went via City banks all over the place and cost much more than TW.

 

7 hours ago, Henryford said:

post deleted

 

[BritManToo]

8 minutes ago, billd766 said:

All my transfers show up in my BKK Bank account as FTT.

2 out of 3 of my transfers into my BKB account last month showed as SMT.

[billd766]

7 hours ago, Henryford said:

This is why it's useless to use the income method. You only need one minor slip up over the 12 months and bang goes your extension. I certainly wouldn't rely on IO being "reasonable" if the exact terms are not met.

Strange that. If you are only transferring the bare minimum 40,000 a month I can see that there could be a problem. If you pay in more then it is an average of 40,000 per month.

 

I used the income method only and changed from retirement to marriage at the same time. I gave them too much paperwork and about 60% was rejected and I had to go to the bank to get the IO to explain to the bank officer exactly what was required and it went fine after that.

 

This was at Khampaeng Phet in August of this year.

[billd766]

2 hours ago, possum1931 said:

Bangkok bank told me about four days after I transferred the money from my UK bank, that the money would be in my bank at 6pm. That was lies just to keep me quiet.

I get my pensions sent directly to my TW account in the UK. They send me an sms about 14:00 telling me that it has arrived. I then set up the transfer and unless it is a Friday my money arrives in my BKK Bank account 24 hours later.

 

On the morning that my transfer is due to arrive I get another sms from TW telling me that my funds are on the way. When they arrive at my BKK Bank, usually around 14:00, they in turn send me an sms telling me that the funds are in my account. They also do not charge me for the transfer, nor do they charge me when I transfer from BKK Bank to my KBank account.

[john terry1001]

1 hour ago, Kadilo said:

Once again, that was your experience. 
My personal experience and I know that of others is that when I went to KK to ask for this Credit Advice Receipt, they didn’t have a clue what i was talking about. 

You need to contact their international department, not just go to your local branch.

 

Personally, I live in Chonburi and was aware that they have an international office at their Pattaya Klang branch (near the Beach Road junction so went straight there. They knew what I needed straight away. It was very easy and cost 200 baht. I do know of several others from the Pattaya/Chonburi area who went to the same office because of the software issue in July. Otherwise, phone and ask for their International Department and they'll sort it out.

 

If you need to contact the TMB for the same Credit advice Receipt, again, phone their International department and they will know exactly what you're talking about and organise everything.

Edited November 2, 2019 by john terry1001

[john terry1001]

2 hours ago, Kadilo said:

If people are that determined to use TW for whatever reason, mainly to save a few quid, then I wish them the best of luck, but for people who are saying this option is full proof they are misleading others who may experience the same issues that I and others have. 
 

I am sure TW are doing all they can to give an excellent service but on the issue of guaranteeing International Codes they are not there, and they tell you that themselves in writing. 

I can't comment on all banks from all countries but, as far as UK banks are concerned, I assume you also realise that they don't guarantee an international coding either. Checking from personal transfers in the past I have have had occasional transfers sent via HSBC and Nationwide arrive in my Thai bank with a local transfer code. No bank guarantees international coding 100%. 

[john terry1001]

1 hour ago, BritManToo said:

2 out of 3 of my transfers into my BKB account last month showed as SMT.

I assume those transfers were made from the UK using TW?

 

Have you had your BKB account tagged as your preferred account and chosen that account in the applications?

 

And have you also chosen "Funds for long term stay in Thailand" as the reason for the transfer with every transfer you've made?

Edited November 2, 2019 by john terry1001

[WillyPlatt]

On 11/1/2019 at 8:58 AM, 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 use 3 banks in Thailand for the internal transfer, so i would think if you bank with them that would help.

They are trying to increase transfer times on an ongoing basis.

[SunsetT]

2 hours ago, Exploring Thailand said:

 

 

How much commission do you get when people use your affiliate code?

Check the Transferwise website to find out and see the details of their referral scheme open to all who use it. I have done quite well from it.

 

And dont forget.....use my link when u register to get your 1st £500 (or equivalent) FREE and then u too can earn from their referral scheme.....lol.....????:     

 

 

transferwise.com/u/terencep15

Edited November 2, 2019 by SunsetT

[Kadilo]

52 minutes ago, john terry1001 said:

You need to contact their international department, not just go to your local branch.

 

Personally, I live in Chonburi and was aware that they have an international office at their Pattaya Klang branch (near the Beach Road junction so went straight there. They knew what I needed straight away. It was very easy and cost 200 baht. I do know of several others from the Pattaya/Chonburi area who went to the same office because of the software issue in July. Otherwise, phone and ask for their International Department and they'll sort it out.

 

If you need to contact the TMB for the same Credit advice Receipt, again, phone their International department and they will know exactly what you're talking about and organise everything.

Thank for the advice but tbh I would rather pay the extra SWIFT charge, not have the hassle and have the peace of mind. 

Each to their own. 

[garyk]

I am amazed at the people that do this. One of the all time greatest scams of all times. Having to transfer money into a Thai bank to live there. Just amazing and I am so amazed that how many people have no problem with it.

[jacko45k]

5 hours ago, garyk said:

I am amazed at the people that do this. One of the all time greatest scams of all times. Having to transfer money into a Thai bank to live there. Just amazing and I am so amazed that how many people have no problem with it.

And how do you suggest people live in Thailand without any local money?

I am amazed people use foreign ATM cards in Thailand!

[steve73]

I've been using TW to send GBP to my Kasikorn account for almost 3 years (usually 2 or 3 transfers per month).

 

In the early days if TW used KK as their local partner, it was coded as Intl on arrival in my account, otherwise it arrived as coming from a "dummy account", but it was pot luck which local partner they used. 

 

About a year ago, TW started suggesting that you "tag" each transfer and request which local partner they should use.  For me it would always arrive via KK and coded as Intl.

 

Then earlier this year after they introduced the "funds for long stay" option, my transfer have always gone via the KK local partner, but are now coded coming from "dummy account" with a MCL00001 code.  (I have seen some reference either here on TV or on the FB TW page, that this code is acknowledged by KK bank as an international transfer when issuing the letter, although I personally have NOT tried to confirm this with my KK branch).

 

In summary, as far a I can establish, using the "long stay" option SHOULD usually result in an Intl coding only when sending to a BBK account.   Sending to other banks MAY result in an Intl coding, and acceptance of such (if supported with other documentation) may depend entirely on your local Imm. officer.

 

Personally, I don't actually need to show my transfers as Intl since I keep the necessary funds in Thailand, but I have been keeping a close watch on the unfolding situation as my circumstances may change in the future.  IMO for GBP-THB transfers TW is significantly cheaper overall than any other methods available, and this is the main reason I use them. 

 

FWIW, I have just opened a "Borderless account" with TW, and can now feed it with GBP, convert it to THB at any time the rate looks favourable, and then hold the THB until the appropriate time of the month to send it to my KK account.  As yet, I'm unsure how this THB transfer will be coded on arrival......

[JAS21]

12 hours ago, Exploring Thailand said:

 

 

How much commission do you get when people use your affiliate code?

If you get three people to join TW via 'your' link they give you £50 towards your next transfer ... the provisor is that they actually do one transfer of more than £500.

 

I have had two people join via me but won't hold my breath for a third ....

[john terry1001]

11 hours ago, Kadilo said:

Thank for the advice but tbh I would rather pay the extra SWIFT charge, not have the hassle and have the peace of mind. 

Each to their own. 

As you say, each to his own.

 

Where is "the hassle"?

TW have set up a process that is quicker, easier, cheaper and LESS hassle to transfer than your average High St banks have, plus, unlike the banks, they guarantee the higher exchange rate they offer from the start of the transfer. The banks don't offer it at any time. You must first wait until your transfer has arrived then work out the exchange rate. At least I KNOW my transfer will cover the income requirements AT THE START of making a transfer.

Swift transfers have at least as much chance of arriving as a rogue local transfer but, unlike TW, the banks have not organised a system to obtain a CAR to satisfy TI in the event of that rogue transfer, with the banks you're out on your own.

 

It amazes me how many people spend time coming on here to complain yet, haven't bothered to set up and use the simple process necessary to complete a successful international transfer. It's actually quicker to set up the transfer process than it is to come on Thai Visa and type out a (preventable) complaint.

 

Personally, I would rather have my 'TW hassle' than your 'Swift hassle'. But, as you say, "Each to his own".

Edited November 3, 2019 by john terry1001

[billd766]

16 hours ago, BritManToo said:

2 out of 3 of my transfers into my BKB account last month showed as SMT.

Have you called TW to check the routing of your transfers and to get them to tag BKK Bank?

 

Do you have a borderless account with TW?

[billd766]

12 hours ago, garyk said:

I am amazed at the people that do this. One of the all time greatest scams of all times. Having to transfer money into a Thai bank to live there. Just amazing and I am so amazed that how many people have no problem with it.

Where is the scam?

 

Unless I live in the UK I will have to transfer money to live on. If you live in a country outside of the UK how do you get your money into the country that you live in?

 

I reckon that every expat living in Thailand and unless they are working and paid in Thai baht has to transfer money to live on.

 

If you know of a magical way of getting my money to Thailand without a bank transfer please tell me how to do it, especially as it has to show up in my account as an FTT.

[Kadilo]

5 hours ago, john terry1001 said:

As you say, each to his own.

 

Where is "the hassle"?

TW have set up a process that is quicker, easier, cheaper and LESS hassle to transfer than your average High St banks have, plus, unlike the banks, they guarantee the higher exchange rate they offer from the start of the transfer. The banks don't offer it at any time. You must first wait until your transfer has arrived then work out the exchange rate. At least I KNOW my transfer will cover the income requirements AT THE START of making a transfer.

Swift transfers have at least as much chance of arriving as a rogue local transfer but, unlike TW, the banks have not organised a system to obtain a CAR to satisfy TI in the event of that rogue transfer, with the banks you're out on your own.

 

It amazes me how many people spend time coming on here to complain yet, haven't bothered to set up and use the simple process necessary to complete a successful international transfer. It's actually quicker to set up the transfer process than it is to come on Thai Visa and type out a (preventable) complaint.

 

Personally, I would rather have my 'TW hassle' than your 'Swift hassle'. But, as you say, "Each to his own".

In summary once again, I’ve done all the set up process TW ask your to do but it’s still not guaranteed to give you an International coding because in fact the money does not get transferred from one country to another, it’s done internally in Thailand. Their words not mine. So the hassle is the possibility of having to retrospectively obtain a credit note from the International department of the bank which I’ve already found out personally is a load of unnecessary hassle, if indeed you end up managing to get one in the event of a rogue transfer. 
 

Use a SWIFT transfer from my U.K. BANK, 100% guaranteed International Code because it does in fact result in money being transferred from one country to another. No rogue transfers and no chance of the same happening as TW due to that reason. 
 

Not complaining just pointing out the options people have instead of painting a rosy picture of TW like a salesperson would. When it’s as important as getting your next extension, people need to know both sides. 

Edited November 3, 2019 by Kadilo

[SunsetT]

16 hours ago, Kadilo said:

Thank for the advice but tbh I would rather pay the extra SWIFT charge, not have the hassle and have the peace of mind. 

Each to their own. 

Peace of mind knowing that you could be hit by your bank with extra retrospective charges weeks later as I twice was some years ago?

[Kadilo]

7 minutes ago, SunsetT said:

Peace of mind knowing that you could be hit by your bank with extra retrospective charges weeks later as I twice was some years ago?

The charges are clear and up front from my bank. One off payment, no extras. 
More expensive than TW yes, for the same exchange rate, but for me a price worth paying for the peace of mind and guaranteed success required for a future extension. 
 

[Max69xl]

33 minutes ago, Kadilo said:

In summary once again, I’ve done all the set up process TW ask your to do but it’s still not guaranteed to give you an International coding because in fact the money does not get transferred from one country to another, it’s done internally in Thailand. Their words not mine. So the hassle is the possibility of having to retrospectively obtain a credit note from the International department of the bank which I’ve already found out personally is a load of unnecessary hassle, if indeed you end up managing to get one in the event of a rogue transfer. 
 

Use a SWIFT transfer from my U.K. BANK, 100% guaranteed International Code because it does in fact result in money being transferred from one country to another. No rogue transfers and no chance of the same happening as TW due to that reason. 
 

Not complaining just pointing out the options people have instead of painting a rosy picture of TW like a salesperson would. When it’s as important as getting your next extension, people need to know both sides. 

As several posters have written, TW has 3 partner banks in Thailand, Bangkok Bank, Kasikorn Bank and Thai Military Bank. I'm banking with BB and transfer money monthly using TW. My transfers always arrives on time or even faster sometime, and they are coded as foreign/international.

I have read several posts where people are complaining about not receiving the transfers as foreign, BUT after a few questions they admit chosing the wrong "reason of transfer". Chosing correct reason and banking with one of the 3 partner banks and the transfers will be coded as foreign. Like everything else in life, it can go wrong. What guarantees do you have? If the transfer code is important,then use swift but stop complaining about TW when you're not doing it the correct way. 

[Kadilo]

21 minutes ago, Max69xl said:

As several posters have written, TW has 3 partner banks in Thailand, Bangkok Bank, Kasikorn Bank and Thai Military Bank. I'm banking with BB and transfer money monthly using TW. My transfers always arrives on time or even faster sometime, and they are coded as foreign/international.

I have read several posts where people are complaining about not receiving the transfers as foreign, BUT after a few questions they admit chosing the wrong "reason of transfer". Chosing correct reason and banking with one of the 3 partner banks and the transfers will be coded as foreign. Like everything else in life, it can go wrong. What guarantees do you have? If the transfer code is important,then use swift but stop complaining about TW when you're not doing it the correct way. 

Try reading the posts before making wild assumptions. 

Personally  I’ve done all that has been asked, tagged my account and used the correct drop down reason of transfer but as I’ve said numerous times, you can do all that is asked and they still will not guarantee you will get an International Code because in fact it’s not an International transfer. Their words not mine. 

Yes, if you bank with. BKK there is a good chance it will happen, but it’s not guaranteed and COULD make the difference between getting your extension and not getting it. People have a right to know. 

It’s not complaining about TW, it’s pointing out the facts to those who may be mislead by the TW marketing gurus which appear to be a plenty on here. 

Edited November 3, 2019 by Kadilo

[garyk]

11 hours ago, jacko45k said:

And how do you suggest people live in Thailand without any local money?

I am amazed people use foreign ATM cards in Thailand!

Until just a few years ago you could go into a Thai bank and use your Debit card to transfer in money into Thailand. It was free or very cheap. I did it for years. I would bring in 50-60K baht at a time.  The banks wanted extra income so they stopped letting the banks do this, and forced the use of extravagant fees for their ATM machines. I moved to an investment bank that re-inversed the ATM fees. 

The biggest scam of all time is having to put money into a Thai bank for a retirement visa. When pensions income is easy to verify. 

You guys are just throwing money into the wind, or into the banks of Thailand. It amazes me why anyone in retirement would do this? If you are making tons of money in Thailand then it would be justified, but I very seriously doubt that is the case for most of folks living in Thailand.

Thailand never was a great place to retire, but in the last few years it has gotten to the point where it is ridiculous.

Edited November 3, 2019 by garyk

[jacko45k]

5 minutes ago, garyk said:

When pensions income is easy to verify. 

If one has pension income, I do not. Plus I like to have some money I can fall back on, so don't let it worry me, and I get more interest in Thailand. Sadly, recently, things are changing. 

[garyk]

3 minutes ago, jacko45k said:

If one has pension income, I do not. Plus I like to have some money I can fall back on, so don't let it worry me, and I get more interest in Thailand. Sadly, recently, things are changing. 

Yeah, times are a changing. I personally cannot justify the extra fees to live in Thailand. It was great while it lasted.  

[garyk]

This is the banking industry lobbying, to pass laws to be enforced in their interest. Up until a very few year ago you could go in, and draw money directly from your country. Then put it in a Thai bank. If Thailand wanted retiree's that is an easy way to verify income from your county. But, of course the banks don't want that. They want you to use the ATM or deposit in their banks. It is banks lobbying getting laws passed. It has nothing to do with immigration other than when the laws are passed they enforce. 

Personally I see it as extremely poor government regulating the industry. 

But, <deleted> happens.. haha

[Max69xl]

52 minutes ago, garyk said:

Until just a few years ago you could go into a Thai bank and use your Debit card to transfer in money into Thailand. It was free or very cheap. I did it for years. I would bring in 50-60K baht at a time.  The banks wanted extra income so they stopped letting the banks do this, and forced the use of extravagant fees for their ATM machines. I moved to an investment bank that re-inversed the ATM fees. 

The biggest scam of all time is having to put money into a Thai bank for a retirement visa. When pensions income is easy to verify. 

You guys are just throwing money into the wind, or into the banks of Thailand. It amazes me why anyone in retirement would do this? If you are making tons of money in Thailand then it would be justified, but I very seriously doubt that is the case for most of folks living in Thailand.

Thailand never was a great place to retire, but in the last few years it has gotten to the point where it is ridiculous.

I get a better interest on my money here than in the bank back home.

You're just another whiner and you  don't know what you're talking about. I guess you don't have any money to park in a bank here,anyway. 

 

[Max69xl]

46 minutes ago, garyk said:

Yeah, times are a changing. I personally cannot justify the extra fees to live in Thailand. It was great while it lasted.  

What extra fees are you thinking about?