Transferwise - Bad luck US citizens

[SailingHome]

I called transferwise because I could not make work in any way. Why? WellsFargo will not transfer outside of USA [and of course, banks here in Thailand no longer take regular interbank transfers any more.] The only way Transferwise can help is to have me deposit in their own USA Wells Fargo accout - but the money would never leave USA [They try to never transfer money, they just use their bank in the country you are sending to into your local account. No international fees for them, lower prices for us users.] They would transfer my payment from a Thai bank so it just looks like a regular Thailand deposit, not international.

 

Other countries the laws are open and no problem getting a foreign transfer.

 

NOTE, this only applies to USA.

 

I wonder if having my Social Security change from Wells Fargo deposit and instead deposit in my BKB account here. Or is another thing banks here are not allowing?

Edited December 17, 2019 by SailingHome
Question at the end

[ubonjoe]

From what understand you have to give transferwise you account information and authorize "a pull" from your account. Perhaps look for that info on their site or app.

You can have your SSA payments direct deposited to a special direct deposit account at Bangkok Bank via the New York branch. For it to be shown as IAT transfer your address for the SSA must be for here.

See: https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/Transfer-money-from-US-to-Thailand-via-Bangkok-Bank-NewYork-branch

You can also have the SSA direct deposit your payments to your account here. It will transferred as baht. It may not show as a international transfer. SSA form is here: https://www.ssa.gov/forms/ssa-1199-op107.pdf

[SailingHome]

I will try to answer in order,

From what understand you have to give transferwise you account information and authorize "a pull" 

I did that. Zero issue there.

 

https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/Transfer-money-from-US-to-Thailand-via-Bangkok-Bank-NewYork-branch

Is not that what thailand is no longer accepting. I was just doing an interbank transfer before this. I added my thailand account to the list of accounts at Wells fargo and did the same kind of transfer as I would do to my savings accout - NYC branch of course, however we all know Thailand will not take those transfers any more.

 

The URL you sent is awesome - is so fun how BKB Web and advertising stay up for months until someone decides to change.

 

I am asking is my SSDI check be deposited into the NYC branch a method BKB will allow?

[glegolo]

I am sad for you americans if you have that amount of problems just to transfer money.... In Europe, we just authorize a withdraw from our account into a Transferwise-account in the very same country. 

 

And then the money shows up about 6-10 minutes later in our thaibank-account..

Good luck....

 

glegolo

[ubonjoe]

41 minutes ago, SailingHome said:

https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/Transfer-money-from-US-to-Thailand-via-Bangkok-Bank-NewYork-branch

Is not that what thailand is no longer accepting. I was just doing an interbank transfer before this. I added my thailand account to the list of accounts at Wells fargo and did the same kind of transfer as I would do to my savings accout - NYC branch of course, however we all know Thailand will not take those transfers any more.

I am still getting my SSA payments doing it. The SSA does them in the IAT format and evidently that code was being done for sometime for my transfers.

If you click this on that page you will find what you need to know.

[digibum]

Not sure I'm following.  Transferwise has never worked the way you are describing. 

 

You set up two accounts at Transferwise, your US account (ACH) and your Thai bank account (SWIFT).  Transferwise debits your US account via ACH and once they receive the money they transfer money via SWIFT to your Thai bank account. 

 

It's not immediate, for sure.  Then again, ACH is not an instant payment method even within the US.  ACH commonly is handled in nightly batches and processed once per day.  It's also commonly referred to as eChecks or eChecking on some eCommerce sites because it is an extension of the system banks use when processing physical checks. 

 

Even if you are transferring money between two US accounts, this is the way it usually happens (unless you are wiring money).  That's why they will commonly tell you that it takes 3 - 5 business days, though these days, it's typically overnight and they are just giving themselves some wiggle room. 

[SailingHome]

Thanks, but 3 times I called transferwise and they cannot do it because it must be in IAT format for them to get it here. Also that since the funds never leave the USA because they use Thai bank to fund it, it will not look international.

 

They walked me through every step. 

 

I found this email here on TV that talks about getting Social Security payments to Thailand. It has some hope.

 

 

[john thom]

I had to change from my Credit Union to Wells Fargo, because my CR wouldn't transfer overseas. Wells Fargo said it doesn't either. I have to wire my monthly income from Wells Fargo to my thai bank account. takes about 2 days and cost $45. Not sure if that's the best way, but that's what I'm forced to do.

[SailingHome]

7 minutes ago, john thom said:

I had to change from my Credit Union to Wells Fargo, because my CR wouldn't transfer overseas. Wells Fargo said it doesn't either. I have to wire my monthly income from Wells Fargo to my thai bank account. takes about 2 days and cost $45. Not sure if that's the best way, but that's what I'm forced to do.

Is't that what Thailand's new law is about? They will in April  cut off every transfer type but IAT formatted payments.

[mojaco]

I have set up Transferwise to PULL funds from my Wells Fargo account and deposit directly into my Bangkok Bank account here in Thailand (not through Bangkok Bank New York). 

 

Bangkok Bank shows those deposits as FTT (international) deposits because they know that the origin of the funds were foreign.  I do always choose the "reason" being for "Thai Immigration" that Transferwise set for all of us.  But it is not absolutely certain every transfer will be properly shown as FTT.  If not I am prepared to do a second transfer.  I can always use the extra funds.

[ubonjoe]

22 minutes ago, SailingHome said:

Is't that what Thailand's new law is about? They will in April  cut off every transfer type but IAT formatted payments.

It is a US law that requires ACH international transfers to be done in the IAT format.

That date in April was for this year. They delayed it until September of this year and now if you do a ACH transfer to Bangkok Bank in New York from a bank in the states it will be returned by them. 

As I wrote before the SSA is doing  them in the  IAT format.

[Pib]

Salinghome,

Quote

I called transferwise because I could not make work in any way. Why? WellsFargo will not transfer outside of USA [and of course, banks here in Thailand no longer take regular interbank transfers any more.] 

SalingHome,

   Based on this thread and your related thread on same subject, you have made several comments regarding your problem that convince me you are simply doing something wrong in the Transferwise transfer...misunderstanding the transfer process.  I know you said you talked to Transferwise but I expect there was major misunderstanding in that conversation.   Gosh, probably thousands of Americans send money to Thailand using Transferwise (like me)....like mojaco above, etc.   It's easy...it simply works.

 

   Where you say above Wells Fargo will not transfer outside use ACH to transfer outside the US anymore.  Well, that's always been true because they were really transferring to Bangkok Bank "New York" who is a licensed US bank and then Bangkok Bank NY relayed those funds to your in-Thailand Bangkok Bank acct (and just as fyi they use SWIFT to do that).   But that is history now....you can no longer use the old method of routing your ACH transfer thru the Bangkok Bank NY branch unless in ACH "IAT" format....must move on to using a different transfer method.

 

   Back to Transferwsie, if you fund your Transferwise transfer from your Well Fargo bank acct using a Transferwise "Bank Debit (ACH)"---Transferwise's fancy name for an "ACH debit/pull"--well, Wells Fargo will honor that ACH pull....they simply transfer the funds to a Transferwise US bank acct which will either be at the Community Federal Savings Bank or Wells Fargo Bank simply because that's the two banks Transferwise uses as it's partner's in the US banking system.  Read this Transferwise web page regarding their US banking partners.https://transferwise.com/help/23/data-and-security/2932700/how-is-transferwise-regulated-in-the-us

 

    Once Transferwise receives your funds to fund the transfer you initiated then Transferwsie does a "peer-to-peer transfer" with their bank partners in Thailand which happen to be Bangkok Bank, K-Bank, and TMB the last time I looked.  And in turn these bank's will relay the funds to "any" bank in Thailand....SCB, Krungsri, just any Thai bank.   A peer-to-peer transfer is where Transferwise requests one of it's Thai partner banks to transfer X-amount of baht out of Transferwise's acct at that bank over to your bank acct at Thai bank XYZ.    

 

    You are correct no funds actually get transmitted across the ocean as in a SWIFT or ACH transfer....it's simply a peer-to-peer intra-Thailand domestic transfer.  HOWEVER, BUT, if you are transferring to a Bangkok Bank acct like you have and select the Transferwise reason to transfer is for visa purposes (I forget the exact words) then Transferwise does its best to ensure it uses Bangkok Bank as its partner bank (vs K-bank or TMB) which in turn will almost 100% ensure Bangkok Bank codes that peer-to-peer transfer as an International Transfer....FTT coding....exact same coding as if doing a SWIFT or ACH transfer.

 

    No Thai law change that's forcing Bangkok Bank "NY" from only accepting ACH "IAT" format transfers if wanting to relay the money to your in-Thailand Bangkok Bank acct.  Instead, it's simply U.S. Treasury Dept enforcing/tightening up current transfer regulations regarding any US bank/financial entity using ACH to transfer funds out of the US.  No problem in transferring via ACH if sent in ACT "International ACH Transaction" format which few (if any) banks/credit unions/brokerage/etc., offer/use for a retail customer such as you or me....instead they use SWIFT (i.e., International Wire).   

 

  You are simply doing something wrong in your Transferwise transfer based on your description of the problems you are having.   Maybe what you are really trying to say is you can not complete the "funding process" for some reason....that is, accomplishing the Bank Debit (ACH).....if so, then once again, you are doing something wrong/misunderstanding how it's done.   When funding using Wells Fargo acct is Transferwise asking you to log-on to your Wells Fargo acct from within the Transferwise interface or are they asking your to set a transfer link using trial deposits?   Which method Transferwise asks you to use depends on the US bank your are using....both methods work fine....which method Transferwise requires you to use for that particular bank will vary.   I expect Wells Fargo is one of the banks were you need to logon your acct thru the Transferwise interface at least for the first or couple transfers; after that a logon may not be required as Transferwise has validated/remember your transfer authorization from your Wells Fargo acct.

 

   Sorry if this post sounds harsh.

 

Pib

 

 

 

 

 

 

 

 

[MeePeeMai]

1 hour ago, SailingHome said:

Thanks, but 3 times I called transferwise and they cannot do it because it must be in IAT format for them to get it here. Also that since the funds never leave the USA because they use Thai bank to fund it, it will not look international.

 

I don't really understand why you are having a problem with TransferWise.  I am an American citizen and my government pension (not SS) is deposited every month into my credit union in the USA.  From there I simply send money to my BKK bank account (here in Thailand) every month via TransferWise. 

 

Just like I spelled it out in the last thread that you started, if you select the reason as "Funds for long term stay in Thailand"  it will show up as a foreign transfer or FTT in your Bangkok Bank account here in Thailand.  I suspect that the problems you are having may be resulting from you using an account at Bangkok Bank in New York. 

 

Here's how I did it (and how I transfer money here every month).

 

When you set up your TransferWise account you will specify your bank detail in the USA (your name, your banks name and address, checking or savings, routing number and account number). 

 

After setting up your account, log on and click on "add recipient".  This recipient would again be you (your name as specified on your BKK Bank account here in Thailand) and then add your Bank Account info here in Thailand (name, branch, SWIFT and account number).

 

After that you simply click on send money (select USD to Thai Baht), click on the amount you wish to send in USD, click on the recipient (that would be you and your account here in Thailand) and then select this reason for sending the money - "Funds For Long Term Stay in Thailand". 

 

After that just click on "direct debit" and the money will be in your account in a few business days (the funds have to be received at the TransferWise HQ in the U.K. first).  This works as I have been doing this for over two years now.

 

Keep trying and don't give up.  Once you get it set up properly you should not have any problems. 

[SailingHome]

Digibum - you are from the USA and the money shows up. I agree, however, have you ever asked your bank if they show up as internation?

 

John thom - if you are doing wire transfers from Wells Fargo it must be magic because when I click on that option I get an under construction page. They also will not transfer overseas. Not trying to pick a fight, just telling you my experiences on this epic journey.

 

 

 

 

[MeePeeMai]

8 minutes ago, SailingHome said:

you are from the USA and the money shows up. I agree, however, have you ever asked your bank if they show up as international?

if you select the reason as "Funds for long term stay in Thailand"  it will show up as a foreign transfer or FTT in your Bangkok Bank account here in Thailand (yes it will show up here as international if you follow the correct procedure and send your money to a Bangkok Bank account here in Thailand).

[SailingHome]

7 minutes ago, Pib said:

Where you say above Wells Fargo will not transfer outside use ACH to transfer outside the US anymore.

Misunderstanding. Wells fargo will not do any type of international SWIFT and you must go into the bank to do a SWIFT.  Told me applies to all types of transfers not just SWIFT. 

 

10 minutes ago, MeePeeMai said:

Just like I spelled it out in the last thread that you started, if you select the reason as "Funds for long term stay in Thailand"  it will show up as a foreign transfer or FTT in your Bangkok Bank account here in Thailand.  I suspect that the problems you are having may be resulting from you using an account at Bangkok Bank in New York. 

OK. I will test Transferwise with $50 then go to BKKB and ask if it shows as international. Can you please repeat how to send to my branch instead of NYC? I do not see it in Transferwise."Funds for Long Term Stay" is the secret. I understand now.

 

 

FYI: Not harsh at all. THIS directness is what I needed. I trust TV members far more than operators of phone banks.

 

[SailingHome]

27 minutes ago, Pib said:

 A peer-to-peer transfer is where Transferwise requests one of it's Thai partner banks to transfer X-amount of baht out of Transferwise's acct at that bank over to your bank acct at Thai bank XYZ. 

That is the magic key the 3 operators have no clue about. I feel safe now.

[MeePeeMai]

10 minutes ago, SailingHome said:

OK. I will test Transferwise with $50 then go to BKKB and ask if it shows as international. Can you please repeat how to send to my branch instead of NYC? I do not see it in Transferwise."Funds for Long Term Stay" is the secret. I understand now.

Are you using a mobile phone or a laptop?  The reason I ask is that I can take some screenshots for you and post them here to assist you.

[MeePeeMai]

13 minutes ago, SailingHome said:

OK. I will test Transferwise with $50 then go to BKKB and ask if it shows as international.

You can check this by simply updating your passbook at the bank and looking at the bank code for the deposit.  It should be FTT for foreign.  You can also log onto your BKK bank account online and see the deposit there and the code for the deposit.  No need to call the bank or go in and stand in line.

[Pib]

Quote

Misunderstanding. Wells fargo will not do any type of international SWIFT and you must go into the bank to do a SWIFT.  Told me applies to all types of transfers not just SWIFT. 

Confusing response....you first say Wells Fargo will not do any type of international SWIFT and then say they will by going into a branch to do it.   Sure Wells Fargo "will" do a SWIFT....in post #8 john thom said he doing International Wires (a.k.a., SWIFT) from Wells Fargo...Wells Fargo charges him $45 and it takes 2 days to arrive his Thai bank acct.

 

Something you are doing here that's confusing me (and probably others) is interlacing your attempts to transfer funds directly from your Wells Fargo acct to your Thai bank acct by using ACH/SWIFT along with your attempts to use Transferwise.  These are two different transfer methods....two completely different animals. 

 

Recommend you only state your problems in trying to get Transferwise to work.  Talk to us specifically about what is not working with your Transferwise transfers.  Wells Fargo would only come into the picture briefly if having problems within Transferwise to "pull" the funds from your Wells Fargo acct....and Transferwise will be doing that Bank Debit (ACH) when you authorized them.  

[MeePeeMai]

25 minutes ago, SailingHome said:

I do not see it in Transferwise."Funds for Long Term Stay"

It is in the drop down menu when you are asked "what is your reason" for sending these funds.  It is all the way down on the very bottom of the drop down menu. 

 

You must go through the entire transfer procedure before getting to this screen to be able to select "Funds for long term stay in Thailand".  The last screen (after selecting "funds for long term stay in Thailand") has a button you click which says "send money" and that is the last step to finalize your transfer.  You will then get a confirmation that says "your money is on the way".  Then just wait a few business days for the money to arrive.

 

You can also specify an e-mail address in your TransferWise settings which will keep you apprised of the transfer process (such as when your funds have been received in the UK etc) and give you e-mails which include the date that your deposit should show up in your Thai account.

[SailingHome]

20 minutes ago, MeePeeMai said:

Are you using a mobile phone or a laptop?  The reason I ask is that I can take some screenshots for you and post them here to assist you.

Laptop. As you know BKKB only has one SWIFT code. Tried phone too. Here are the sceen shots (2) since the page is long.  Where do I specify my branch (Paragon)?

 

 

Obviousy I will set it to Thai Baht, use the BKK swift code, and my account number. Where does branch go?

[ThaiBunny]

3 minutes ago, MeePeeMai said:

It is in the drop down menu when you are asked "what is your reason" for sending these funds.  It is all the way down on the very bottom of the drop down menu. 

You actually bother with choosing the correct reason? Dear god. I just choose something like "Family in Thailand", first or second on the drop-down list. It's no skin off Transferwise's nose whatever you pick, it's simply there to hand over to the anti-money laundering authority, and they're not going to care about a few thou every month

Edited December 17, 2019 by ThaiBunny

[MeePeeMai]

1 minute ago, ThaiBunny said:

You actually bother with choosing the correct reason? Dear god. I just choose something like "Family in Thailand", first or second on the drop-down list. It's no skin off Transferwise's nose whatever you pick, it's simply there to hand over to the anti-money laundering authority, and they're not going to care about a few thou every month

It's all about getting the correct FTT code for the transfer.  Read the thread before posting.

[MeePeeMai]

5 minutes ago, SailingHome said:

Laptop. As you know BKKB only has one SWIFT code. Tried phone too. Here are the sceen shots (2) since the page is long.  Where do I specify my branch (Paragon)?

 

Obviousy I will set it to Thai Baht, use the BKK swift code, and my account number. Where does branch go?

Sorry, the branch is not necessary as the account number has your branch coded in it.  The SWIFT code on your screen shot is not correct for Bangkok Bank.  It should be BKKBTHBK

Edited December 17, 2019 by MeePeeMai

[SailingHome]

1 minute ago, MeePeeMai said:

Sorry, the branch is not necessary as the account number has your branch coded in it.

OK... So I am still putting the NYC info?

[MeePeeMai]

3 minutes ago, SailingHome said:

OK... So I am still putting the NYC info?

I thought you were trying to add your bank account in Paragon now?  Are you trying to add your bank in the USA or are you trying to add "recipient" account details?

Edited December 17, 2019 by MeePeeMai

[Pib]

3 minutes ago, SailingHome said:

OK... So I am still putting the NYC info?

Forget Bangkok Bank NYC....it's not a player in using Transferwise. 

 

Just selected Bangkok Bank SWIFT code (you don't enter any branch specifics) and your in-Thailand Bankgok Bank branch account number.

 

Edited December 17, 2019 by Pib

[SailingHome]

7 minutes ago, MeePeeMai said:

I thought you were trying to add your bank account in Paragon now?  Are you trying to add your bank in the USA or are you trying to add "recipient" account details?

Correct and that is the page they gave me when I clicked on add recipient. Notice it says Benneficiary bank? The dropdown has BKKB.

 

I swear on whatever, I put every detal exactly into this form, hit confirm, the page blanked for a second then came back:

Currency I chose THB

Recient type personal

Full name tripple checked from my book bank

Recipient bank details Bangkok Bank

quadruple checked my BKKB account number

[MeePeeMai]

10 minutes ago, SailingHome said:

Correct and that is the page they gave me when I clicked on add recipient. Notice it says Benneficiary bank? The dropdown has BKKB.

 

I swear on whatever, I put every detal exactly into this form, hit confirm, the page blanked for a second then came back:

Currency I chose THB

Recient type personal

Full name tripple checked from my book bank

Recipient bank details Bangkok Bank

quadruple checked my BKKB account number

Okay if you filled everything out properly for the recipient and entered it, then try to send a small amount of money to yourself (recipient) and see what happens.