Proof Of Funds In Transfewrise Account?

[JayBird]

When a Thai National applies for a visa to another country (UK, EU, etc.), can they use their balance in a Transferwise account as proof of funds (instead of a traditional Thai bank account?)

 

It seems silly to convert EUR -> THB to show funds, then convert THB -> EUR to spend funds.

 

Thank you.

[globalThailand]

https://www.gov.uk/guidance/immigration-rules/immigration-rules-appendix-v-visitor-rules

 

V4.2(e) a visitor must show he/she has sufficient funds to cover the cost for the duration - Worth having a read though there but I don't see anything that specifies it must be in 'traditional' bank account.

[JayBird]

I agree.  My concern is that 'Transferwise' and other such institutions are so 'new' that the law may not have caught up in time to decide whether or not that that is a valid institution to hold the funds (and whether or not a statement from them is sufficient).

 

I'm concerned that the Embassy / Visa Processing Center, may simply deny it because they are unfamiliar with that as a valid source.  Am curious if there has been any reports one way or another.

 

Thank you.

[theoldgit]

What sort of Transferwise account would the Thai person be holding, as far as I'm aware TW don't offer traditional banking?

 

You say that it seems silly for the applicant to convert their cash from EUR to THB only to change it back again, are you saying that the applicant would receive their salary in Euros, they would need to explain the source of that income, salaries etc, and would need to explain why they are not being paid in Baht.

 

If a sponsor is providing financial support that could be in an account in a country where the funds originate, for instance my wife and I have a joint account in Jersey which is funded by GBP, when she applied for her last visa she used the bank statements from that account along with her Thai account where her salary is paid into.

[BritManToo]

12 minutes ago, theoldgit said:

What sort of Transferwise account would the Thai person be holding, as far as I'm aware TW don't offer traditional banking?

Yeah they do, and they'll even issue you with a Mastercard debit card for their bank account (delivery in EU only).

I'll give you my Transferwise sort code and account number if you want to try and make a bank transfer to me. 

Edited November 7, 2019 by BritManToo

[theoldgit]

That's not what I'd traditional banking per se, but if the Thai person the OP is talking about has Euros I suspect they originate from a sponsor, so can be held in an account in Europe, if the sponsor is funding the trip that would be acceptable to the appropriate authority..

If the applicant is paid in THB that's what the account should be in, if the account is held in Euros then there's still a conversion cost, even with TW, and it doesn't achieve anything.