Transferwise - Bad luck US citizens

[Nyezhov]

1 hour ago, MeePeeMai said:

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.

Not if you use Krungsri.

 

The option I find myself using more and more is their Debit Card. I transfer in and convert internally, then swipe my card. Done.

[MeePeeMai]

Just now, Nyezhov said:

Not if you use Krungsri.

 

The option I find myself using more and more is their Debit Card. I transfer in and convert internally, then swipe my card. Done.

Yes, that is why I specified "Bangkok Bank account here in Thailand"

[SailingHome]

MePeeMai - thanks for all the straight forward advice. One of the operators said you can not set up recipients until at least $20 is put in your account... I just now remembered that. So I clicked "Add Money". Everything went smoothly with the Wells login and such, but then it wanted 1 more check where they send me a code:

* SMS - known fact very few people at Wells can SMS Thailand but I did try it. No message

* Telephone - which never rang when I chose this option and gave me a message page saying they sent an SMS

* Mail - which they sent to an account I have not used in over a year, certainly is not the phone number in Transferwise or Wells. My last email in that account was at 13:33 today - well after the promise of an email and it is still not there. I checked all my email accounts and SMS, junk, spam, NOTHING.

 

If I had any hair I would pull it out. 

[MeePeeMai]

3 minutes ago, SailingHome said:

One of the operators said you can not set up recipients until at least $20 is put in your account... I just now remembered that. So I clicked "Add Money".

I don't understand why you would need to deposit any money into your Transferwise account (unless you signed up for a borderless account - which I do not have).  I set up two recipients and never had to deposit any money to make any transfers or add recipients so I am confused on this issue.

 

5 minutes ago, SailingHome said:

Everything went smoothly with the Wells login and such, but then it wanted 1 more check where they send me a code:

You should not have to log in to Wells Fargo for any reason in order to use TransferWise to transfer funds.  I don't get why you are tinkering with Wells Fargo.  You are not trying to do a SWIFT transfer.  You do not initiate a TransferWise transfer with your USA bank.  You do not need to get permission from them or anything else.

 

Why is Wells Fargo trying to send you an SMS?  I don't follow you here.

[SailingHome]

Yup... it's borderless. I will call and change it. 

[jimn]

3 minutes ago, SailingHome said:

Yup... it's borderless. I will call and change it. 

Looks like this is the crux of the issue. I think a borderless account is a totally different process to the method that people are trying to help you with

[MeePeeMai]

2 minutes ago, SailingHome said:

Yup... it's borderless. I will call and change it. 

Yea, you don't need a borderless account for simple transfers to Thailand. 

 

They wouldn't even let me sign up for a borderless account because I am a Hawaii resident and the ingenious Hawaii State laws  prohibit me from opening a "bank account" with a "bank" (TransferWise) which does not have a brick and mortar storefront located in, doing business (and paying taxes) in Hawaii.  Think about that one for a minute.

 

Being a US citizen is becoming a real pain in the ass and things aren't getting any easier for us.

[Spike1938]

I have no problem transferring my SS funds from my Chase account.

[AAArdvark]

I use transferwise from wells fargo all the time and have been doing so for a year.

What I did was to open a transferwise boarderless account which is painless.  Then you have a US bank and routing number to use.

So it then becomes a two step process,

Transfer from wells fargo to the boarderless account.  I thing it has to be a wire transfer instead of an ACH or vise versa.

Transfer from the boarderless account to your Thai bank.

 

You can have more than one boarderless account.  I have a Thai baht account and a USD account.

[MeePeeMai]

48 minutes ago, SailingHome said:

If I had any hair I would pull it out. 

I know the feeling.  Relax and have a drink or something but don't worry 5555 it will all work out.  It just takes time and some frustrations before things fall into place.

[MeePeeMai]

3 minutes ago, AAArdvark said:

I use transferwise from wells fargo all the time and have been doing so for a year.

What I did was to open a transferwise boarderless account which is painless.  Then you have a US bank and routing number to use.

So it then becomes a two step process,

Transfer from wells fargo to the boarderless account.  I thing it has to be a wire transfer instead of an ACH or vise versa.

Transfer from the boarderless account to your Thai bank.

 

You can have more than one boarderless account.  I have a Thai baht account and a USD account.

He's having trouble getting SMS and confirmation codes from his bank so he is going to cancel the borderless account and go with the regular TransferWise service (that some of us use) and is much easier IMHO

[Pib]

Yeap....zero need for a Transferwise Borderless Account to do a transfer.   A Broderless Account is actually another set of bank accounts tied to your Transferwise acct...accts issued by Transferwise....it's basically Transferwise issuing you bank accts numbers from some of their partner banks in a few countries like the US, UK, AU, etc..   A borderless acct can come in handy or some things but is not needed to do a transfer unless you are pretty much bankless, don't have a debit/credit card, etc., to fund the transfer....or maybe receive many payments from customers and you want them to flow to your borderless acct.....or maybe wanting to hold multiple currencies.....all of these things can come in handy for some people....but a borderless acct is not needed by the great majority of folks just to do a transfer.  

 

Now when it comes to funding your Transferwise transfer from whatever bank you use that is when your bank may require 2 Factor Authorization like wanting to send you a SMS/Email/Phone call to confirm it's really you.  The days of being simply able to log onto your bank acct (even if thru the Transferwise interface) where you simply use your login User ID and password are coming to an end....have ended at many banks.  Transferwise is not imposing that requirement; it's simply your bank.

 

 

 

 

 

[Jeffrey346]

5 hours 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.

 

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.

 

 

I use TW every month. They transfer to my BKK Bank account here in Khon Kaen. 

I called them months ago. Told them they are jeopardizing my visa. They did something on my account and every transfer since shows as an Intl Transfer.

 

[OffshoreMig]

I use Transferwise and have no problem.  I register a transfer on transferwise.com where my bank details are recorded (foriegn account and Thai account) .  I then transfer money from my foreign bank account to a JP Morgan account with a transfer reference id generated by Transferwise..  I then notify Transferwise that the transfer is sent and pending.  when it arrives in the Transferwise account they send me a confirmation email.  The money is then posted to my Thai Bank account the next day. No problems .gGood rate good service.

[Max69xl]

4 hours ago, mojaco said:

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.

The correct reason is:

'Funds for long term stay in Thailand'

My transfers always shows up as foreign = FTT. 

[Jeffrey346]

3 hours ago, SailingHome said:

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. 

 

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.

 

Download the BKK App it will show you all transfers and if they are logged as Intl.

[Max69xl]

9 minutes ago, OffshoreMig said:

I use Transferwise and have no problem.  I register a transfer on transferwise.com where my bank details are recorded (foriegn account and Thai account) .  I then transfer money from my foreign bank account to a JP Morgan account with a transfer reference id generated by Transferwise..  I then notify Transferwise that the transfer is sent and pending.  when it arrives in the Transferwise account they send me a confirmation email.  The money is then posted to my Thai Bank account the next day. No problems .gGood rate good service.

You're not using your Membership number as reference? If you click on Account,then Personal account you'll see your Membership number at the bottom. 

[Max69xl]

2 hours ago, Nyezhov said:

Not if you use Krungsri.

 

The option I find myself using more and more is their Debit Card. I transfer in and convert internally, then swipe my card. Done.

TW has 3 partner banks in Thailand. Bangkok Bank, Kasikorn Bank and Thai Military Bank. At other thai Banks the transfers will show up as Interbank transfers - domestic transfers. 

[AAArdvark]

1 hour ago, MeePeeMai said:

He's having trouble getting SMS and confirmation codes from his bank so he is going to cancel the borderless account and go with the regular TransferWise service (that some of us use) and is much easier IMHO

But then he can not use Wells Fargo.  I know, I tried over and over and spoke to them many times.  They will only allow you to transfer money to an account that is in your name.  The normal transferwise does not do that.  The boarderless account does.  I know the OTP issue.  In my case I use google voice where I have a us number.  It is free and does work.  I don't know if he can sign up for google voice in LOS but maybe a VPN would work.

I am presently attempting to get a new bank to replace Wells Fargo.

[MeePeeMai]

10 minutes ago, AAArdvark said:

They will only allow you to transfer money to an account that is in your name.  The normal transferwise does not do that.

 

My Bangkok Bank account here is in my name (as would be his) and I use the normal TransferWise service.  I don't see that it matters what bank you use in the USA.  I do not use Wells Fargo though but all my accounts are in my name.

[tweedledee2]

When setting up a Transferwise account you first must provide your account number at the bank you want the funds withdrawn from. Transferwise will make 2 deposits, each less than $1 into the account you are withdrawing your funds from. You have to have access to your account, either thru online banking or by phoning the bank. When these 2 deposits appear in your bank account you log into your Transferwise acct and verify these 2 deposited amounts. Only after you have verified these deposits will TW withdraw any funds from your acct or make any transfers. 

   

[MeePeeMai]

Just now, tweedledee2 said:

When setting up a Transferwise account you first must provide your account number at the bank you want the funds withdrawn from. Transferwise will make 2 deposits, each less than $1 into the account you are withdrawing your funds from. You have to have access to your account, either thru online banking or by phoning the bank. When these 2 deposits appear in your bank account you log into your Transferwise acct and verify these 2 deposited amounts. Only after you have verified these deposits will TW withdraw any funds from your acct or make any transfers. 

   

I don't recall going through that but I probably did.  Thanks for adding that important step.

[tweedledee2]

22 minutes ago, AAArdvark said:

But then he can not use Wells Fargo.  I know, I tried over and over and spoke to them many times.  They will only allow you to transfer money to an account that is in your name.  The normal transferwise does not do that.  The boarderless account does.  I know the OTP issue.  In my case I use google voice where I have a us number.  It is free and does work.  I don't know if he can sign up for google voice in LOS but maybe a VPN would work.

I am presently attempting to get a new bank to replace Wells Fargo.

Your home bank does not send the money from your account to Transferwise. You authorize Transferwise to withdraw the money from your account similar to paying credit card companies or other reoccurring monthly bills like mortgages or car payments. Verifying your Transferwise account as I explained in my previous post authorizes them to withdraw the money. 

[Pib]

35 minutes ago, MeePeeMai said:

I don't recall going through that but I probably did.  Thanks for adding that important step.

And quite possibly you didn't. I know I didn't. 

 

It all depends on the bank you are pulling the funds from.  Some banks use the same software application that Transferwise uses to interface with each other for ACH transfer/validation purposes....it's an application that offers an alternate method to validating your bank acct versus using trial deposits.  

 

If you were required to log onto your bank acct from within the Transferwise interface to fund the transfer then your bank uses the same application; if you had to go the trial deposits route then your bank does not use the application.

Edited December 17, 2019 by Pib

[tweedledee2]

I set-up my TW account last month and I had to verify my account the way I explained,  I made transfer on Dec 2. Five years ago, I set-up my TRowe Price and Ameriprise accounts for transfers to BB New York and they both did the small deposit method for verification. 

[thailand49]

From your post at least to me it is very confusing I sense you might have things mixed up as to what TW is all about.

 

From my experience and using TW, they are not a bank.

 

Near two years ago I first used TW,  sign up an account.  My problem I wanted to wire a number of large amounts to my Bangkok Bank from Thailand! Some of the large funds I wanted to take out of my Wells Fargo account, they use a contract service called Zeller? if you go to their website you will see it if things haven't changed. Also in your research then you also know TW has their HQ branch in New York also with Wells Fargo. The problem with Wells, other banks and Credit Unions doing large wiring your identity must be confirmed. Zeller does transfers internationally but you must first start with smaller amounts and I noticed their rates are lower overall fees etc than TW.

 

Not sure how to explain it exactly but you mention Wells wiring money to your account in Thailand, that isn't how they operate the reason after you make the transaction request through TW, you must find a way to get the money to their Wells account in NY or another branch I was lucky they also had one in San Francisco which was only a block from my own branch.

 

In my situation, my final large transfer I had a trip plan home to S.F. perfect timing I would make my last transfer with Wells and it should be easy since I could do it in person. The day I arrived it was a Sunday I went online TW, and requested a transaction of 30,000 USD, after completion next morning I took all the information from the transaction walked into the Wells Fargo move 30,000 from my saving into TW account. Within a hour I got an email from TW that they have received the money next morning 900,000 plus baht was in my saving account in Thailand.

 

Now I might not have this 100% correct but TW doesn't wire money they already have the baht in Thailand where ever they hold all their money with what bank or a number of them just go online for example and do the transaction if it was a local transaction.  It like from time to time my cousins calls me from the U.S. with the dollar being strong ask me to put some baht into his account since I hold dollars here in Thailand. He then goes to Wells Fargo and deposit the money into my Wells saving. Does that make sense?  that is pretty much how I understand it the reason? their exchange rate seem to be higher and the reason it no longer comes across as FTT noted on you book?

Edited December 17, 2019 by thailand49

[thrilled]

I use Schwab. They charge $25 and the deposit it into Kasikorn bank. With Schwab I have free ATM. The banks in Thailand charge me and Schwab reimburses me.

[allen303]

6 hours ago, MeePeeMai said:

I don't understand why you would need to deposit any money into your Transferwise account (unless you signed up for a borderless account - which I do not have).  I set up two recipients and never had to deposit any money to make any transfers or add recipients so I am confused on this issue.

 

You should not have to log in to Wells Fargo for any reason in order to use TransferWise to transfer funds.  I don't get why you are tinkering with Wells Fargo.  You are not trying to do a SWIFT transfer.  You do not initiate a TransferWise transfer with your USA bank.  You do not need to get permission from them or anything else.

 

Why is Wells Fargo trying to send you an SMS?  I don't follow you here.

Have not read all following post so may have been covered!

 

Often WF will ask for a second authentication (big on banking security), almost every time you log in with an IP outside of the US (why I always use a VPN when in Thailand). They will ask to send you a text message to a US phone number (will not send to an overseas number). WF has an RSA device that gives a 6-digit pin that changes every minute (looks like a thumb drive). When they ask for a 2^nd AUTH. You will see the option to use a RSA Devise. The devise cost $25.00 but WF will only mail to your address in the US. Just type the code in and away you go.

I have three accounts set up in Thailand, sister-in-law, Niece and our 2 joint account ( 1 with BB).  Just set Niece’s acc up several months ago, the two small deposits to her account then verify to WF. Just sent $1500.00 to her account around ($14.00 for transfer and three days, took 1 minute on TW because I selected same amount. WF did not ask to authorize the last several times, but I always use an US IP. If they detect an IP other then USA, they are going to ask for second ID 99% of the time.

[Max69xl]

4 hours ago, AAArdvark said:

But then he can not use Wells Fargo.  I know, I tried over and over and spoke to them many times.  They will only allow you to transfer money to an account that is in your name.  The normal transferwise does not do that.  The boarderless account does.  I know the OTP issue.  In my case I use google voice where I have a us number.  It is free and does work.  I don't know if he can sign up for google voice in LOS but maybe a VPN would work.

I am presently attempting to get a new bank to replace Wells Fargo.

Your supposed to initiate the transfer using the TW app, then transfer the money to a TW account using your home bank and using your TW Membership number as reference. Then go back to the TW app and click on the button saying you have transferred the money. Then TW takes over. 

[Max69xl]

4 hours ago, Pib said:

And quite possibly you didn't. I know I didn't. 

 

It all depends on the bank you are pulling the funds from.  Some banks use the same software application that Transferwise uses to interface with each other for ACH transfer/validation purposes....it's an application that offers an alternate method to validating your bank acct versus using trial deposits.  

 

If you were required to log onto your bank acct from within the Transferwise interface to fund the transfer then your bank uses the same application; if you had to go the trial deposits route then your bank does not use the application.

You can in most countries choose between Fast transfer and Low cost transfer when using TW. When going for the Low cost transfer, you initiate the transfer using TW, then log in to your home bank and transfer the exact sum as when you initiated the transfer to a local TW account. Then back to the TW app and click on the button saying you have transferred the money. Then TW takes over. When going for the Fast transfer, then TW will pull money out your home bank account and transfer the money to your thai account.