Transferwise - Bad luck US citizens

[AAArdvark]

Please remember, the OP has a problem with a specific bank, Wells Fargo.  I had the same issues with that bank.  You cannot use the regular transfer method with transferwise.  Wells Fargo will not allow you to transfer money to an account that is not in your name.  The boarderless account does create an account with your name on it.  But even that is not accepted by some banks.  In the case of Wells Fargo, it will work.  I cannot remember any OTPs being used but I may just have forgotten.

 

Any other talk about other banks or institutions than Wells Fargo, is irrelevant.  So talking about what you can or cannot do with other banks has not meaning to the OP unless you are suggesting other banks for him to switch to. 

[frantick]

I use ACH Debit using TransferWise from my Wells Fargo Checking account to my TG's Bangkok Bank account all the time.  No issues.  (And no comments about sending money to a TG ;-))

[Chivas]

On 12/17/2019 at 4:06 AM, digibum said:

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

 

Likewise I'm totally lost. Seems to be claiming you cannot send funds to a 3rd party except yourself no matter who it is. Change banks simple as

Edited December 18, 2019 by Chivas

[SailingHome]

21 hours ago, MeePeeMai said:

I thing it has to be a wire transfer instead of an ACH or vise versa.

Wells has a complete page that they do not do wire transfers yet. They seem to be revamping it. So I can not wire transfer. Maybe over the phone. 

 

I managed to get a fresh Trans account. They walked me through every step. We deleted all the old ones. I was setting up my account and finally got all the info in. Then I got a flash message they need to verify the WF account, which I think is reasonable. It then flashed for about 10 seconds that some company named Plaid will be the intermediator so that Transferwise does not know my online banking details (I checked them out and they have a good reputation.) . I got to the Wells fargo page that is obviously not made by Wells so is probably Plaid's. They can't even verify my account - I had a Wells Fargo agent try it for me - sorry Jack.

 

It just occured to me maybe i could use my debit card to prove the account.

 

If ThaiVisa doesnt stop these videos that cover my screen and have no closure x, I am gonna be a very mad user. I get to use only half my screen or make skinny web pages

[SailingHome]

17 hours ago, thailand49 said:

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

I tried to quote 3 things. This is only one that came up. Let me correct you. They are a certified bank. I had that looked in to.

[SailingHome]

One person says wire transfer. Another says ACH.

 

Balls. Transferwise AND wells can not make it work. I probably have a 6000 baht phone bill

 

I am worried that January will not be an overseas transfer and the law says 12 months for next year.

[Skeptic7]

My bro and I and another buddy...all US citizens...use TW regularly without any problems tho none of us use Wells Fargo. 

Edited December 18, 2019 by Skeptic7

[SailingHome]

I AM NOT DISPUTING IT SHOULD WORK! I WANT THE DARN THING SET UP AND RELIABLE. Now it is saying I have a $20 balance in a USA funds transfer account. <deleted>?

[hereforgood]

On 12/17/2019 at 1:52 PM, MeePeeMai said:

Then just wait a few business days for the money to arrive.

Did my first ever Transferwise Transfer from US bank to my BB account at 8am yesterday and the money was in my BB account at 3pm 7 hours i am happy with that 

 

[SailingHome]

Congrats Hereforgood. Does not apply to me.

Edited December 18, 2019 by SailingHome
Spelling

[SailingHome]

OK. Quick update. I clicked on activity and it had 2 accounts. One in USD and one in THB. I never set these up. We wiped EVERYTHING so I could start over. The USD account has a $20 balance and is verified, but still wants to verify with Wells. Probably from previous attempts the $20. The THB account no balance and not verified and I do not think it matters.

 

So, I am testing by sending $15 to BKKB from that balance stored at TW. I made it all the way through the transfer approved page. I am now looking at Activity it shows a transfer in process, but the USA account still reads $20.

 

Cross fingers ????

 

 

[thailand49]

5 hours ago, SailingHome said:

I tried to quote 3 things. This is only one that came up. Let me correct you. They are a certified bank. I had that looked in to.

That might be the case bank!  from reading their website they don't wire money like other banks as you expect the reason you are having the problems you are having!  As I noted, to you with my examples when it comes to Thailand and Bahts the money is already here?  when you meet your requested obligation $$$ and TW has their money guarantee in their Wells account they contact the other end to release the baht into your bank.

Personally in all due respect nothing to look into! It isn't bank luck for Americans it is your bad luck

 

Edited December 18, 2019 by thailand49

[Max69xl]

5 hours ago, SailingHome said:

I tried to quote 3 things. This is only one that came up. Let me correct you. They are a certified bank. I had that looked in to.

TW is not a bank. Period! It seems you don't have a clue about your own bank and how to use TW. Several posters using WF says they transfer money to thai banks using TW without problems.

[AAArdvark]

5 hours ago, SailingHome said:

OK. Quick update. I clicked on activity and it had 2 accounts. One in USD and one in THB. I never set these up. We wiped EVERYTHING so I could start over. The USD account has a $20 balance and is verified, but still wants to verify with Wells. Probably from previous attempts the $20. The THB account no balance and not verified and I do not think it matters.

 

So, I am testing by sending $15 to BKKB from that balance stored at TW. I made it all the way through the transfer approved page. I am now looking at Activity it shows a transfer in process, but the USA account still reads $20.

 

Cross fingers ????

 

 

I thought that the verification was they would send a tiny amount like $0.18.  You look at your transferwise account and then let the bank know that amount.  I could be thinking about a different account though. 

Do your self a favor and try to set up a free Google Voice account.  Free calls to the US and you can get most OTPs with the US number they give you.  see below

https://support.google.com/voice/answer/7207482?co=GENIE.Platform%3DDesktop&hl=en;

[frantick]

@SailingHome the only thing I can think could be the problem is if you are in Thailand and trying to verify your WF account via the TW app, WF might not like the internet connection from Thailand.  I'm still in the U.S. so have only done transfers using TW from U.S.

[Max69xl]

1 minute ago, frantick said:

@SailingHome the only thing I can think could be the problem is if you are in Thailand and trying to verify your WF account via the TW app, WF might not like the internet connection from Thailand.  I'm still in the U.S. so have only done transfers using TW from U.S.

You don't have to use the TW app to verify an account. You can do it via email. They just want to see the account info,your name connected to the account number. 

[fceligoj]

I have been using TransferWise for international transfers now for over 12 months and have had no issues with them.  My US Bank is PNC.  Initially, in my discussions with one of their representatives, we agreed that they would initiate a transfer to Bangkok Bank under the IAT format by putting a tag in my account profile indicating the transfers had to go through BBL.  They of course, said they would try, couldn't guarantee 100%.  TransferWise transfers can be initated one of two ways, either through an IAT format transfer or a SWIFT transfer.  The Swift transfers are difficult to do, so I will not do that one.  PNC requires an individual to actually go into the branch and personally initiate the SWIFT transfer, however it is done.

Now that they have added the option line that the IAT transfer was tied to Thailand Immigration, there have been no hiccups (keeping my fingers crossed.)

The real reason BBL was no longer allowed to use ACH-initiated Transfers, the US Treasury regulations did not allow an international bank's US branch to be an intermediary for those types of "Domestic" transfers, which essentially end up in the international monetary system (too much like money laundering.)

Here is one of the bad issues now.  I wanted to add another BBL savings account, but PNC has to recognize that BBL account before TransferWise can initiate transfers to it.  Well, now that BBL does not recognize ACH transfers and that is the only type of transfer PNC is able to initiate, I cannot add the account.  Maybe when I go back to the US I can go into a PNC Branch and get the BBL account accepted manually.

[fceligoj]

Max69, so if I go to customer service at PNC online, and direct them to verify the BBL new account, all should be good.

[Max69xl]

56 minutes ago, fceligoj said:

Max69, so if I go to customer service at PNC online, and direct them to verify the BBL new account, all should be good.

Why do PNC have to verify your new BBL account? Normally it's TW who wants you to verify your accounts and your identity. This must be something special for the US. I'm quite sure this is not the normal procedure in Europe. I have used TW since 2017 without any problems what so ever. The reason you have to use for the transfer if it's important to be shown as foreign is 'Funds for long term stay in Thailand'.

[Pib]

17 hours ago, fceligoj said:

I have been using TransferWise for international transfers now for over 12 months and have had no issues with them.  My US Bank is PNC.  Initially, in my discussions with one of their representatives, we agreed that they would initiate a transfer to Bangkok Bank under the IAT format by putting a tag in my account profile indicating the transfers had to go through BBL.  They of course, said they would try, couldn't guarantee 100%.  TransferWise transfers can be initated one of two ways, either through an IAT format transfer or a SWIFT transfer.  The Swift transfers are difficult to do, so I will not do that one.  PNC requires an individual to actually go into the branch and personally initiate the SWIFT transfer, however it is done.

Now that they have added the option line that the IAT transfer was tied to Thailand Immigration, there have been no hiccups (keeping my fingers crossed.)

The real reason BBL was no longer allowed to use ACH-initiated Transfers, the US Treasury regulations did not allow an international bank's US branch to be an intermediary for those types of "Domestic" transfers, which essentially end up in the international monetary system (too much like money laundering.)

Here is one of the bad issues now.  I wanted to add another BBL savings account, but PNC has to recognize that BBL account before TransferWise can initiate transfers to it.  Well, now that BBL does not recognize ACH transfers and that is the only type of transfer PNC is able to initiate, I cannot add the account.  Maybe when I go back to the US I can go into a PNC Branch and get the BBL account accepted manually.

You are misusing the IAT terminology. I guess you are referring to ACH "International ACH Transaction (IAT)" format.  Transferwise does not use ACH to transfer/send funds....they use a peer-to-peer method where once you fund the transfer they notify one of their three Thai partner banks to transfer funds out of a Transferwise acct with the Thai bank over to your Thai bank acct....and hopefully you end up with International Transfer coding for that transfer if the Transferwise uses the right partner bank and you select the Transferwise reason for transfer reasons relating to long term stay in Thailand.

 

Transferwise can also do a SWIFT transfer but you probably will not save over a SWIFT transfer directly from your US bank....and a Transferwise SWIFT transfer would probably slower than if just doing it directly from your US bank since Transferwise must wait for funding from your US bank before launching the SWIFT transfer.

 

Seriously, seriously, seriously doubt your PNC bank can/will send in ACH IAT format...whether using ibanking or showing up in person at a branch.  You would need to use SWIFT.

[Max69xl]

12 minutes ago, Pib said:

You are misusing the IAT terminology. I guess you are referring to ACH "International ACH Transaction (IAT)" format.  Transferwise does not use ACH to transfer/send funds....they use a peer-to-peer method where once you fund the transfer they notify one of their three Thai partner banks to transfer funds out of a Transferwise acct with the Thai bank over to your Thai bank acct....and hopefully you end up with International Transfer coding for that transfer if the Transferwise uses the right partner bank and you select the Transferwise reason for transfer reasons relating to long term stay in Thailand.

 

Transferwise can also do a SWIFT transfer but you probably will not save over a SWIFT transfer directly from your US bank....and a Transferwise SWIFT transfer would probably slower than if just doing it directly from your US bank since Transferwise must wait for funding from your US bank before launching the SWIFT transfer.

 

Seriously, seriously, seriously doubt your PNC bank can/will send in ACH IAT format...whether using ibanking or showing up in person at a branch.  You would need to use SWIFT.

According to TW they use Direct Debit (ACH), whatever that is. 

[Pib]

They

5 hours ago, Max69xl said:

According to TW they use Direct Debit (ACH), whatever that is. 

They use ACH to "pull/debit" the funds from your US bank acct to fund the transfer, but they do not use ACH to send the transfers.  And the ACH pull/debit is a standard domestic format; not ACH IAT format.

 

[SailingHome]

I can use my debit card, but they need to verify that my Wells Fargo account is really mine. They throw up a login and password screen that looks almost as good as a real WF page. No matter how many times I or WellsFargo try, it fails.

 

Good luck getting help from transferwise...I have been trying

[KhaoYai]

I know nothing about US banking but I may be able to shed some light on the issue of how the transfer is shown when it arrives in your Thai bank account as I'm pretty sure its the same as transfers from the UK. Transferwise now use a number of banks in Thailand. If for example, they use Kasikorn and you have a Bangkok Bank account, the transaction is routed from your Transferwise account through to their Kasikorn account and then from their Kasikorn account into your Bangkok Bank account - it therefore shows as a domestic transfer on your statements.

 

I spoke to Transferwise a few months ago regarding this issue and they told me that when making the transfer, I should call them and ask for the transfer to be sent from the UK to their Kasikorn account and from there it would be sent to my Kasikorn account - however, they could not guarantee that.  I'm also unsure if that would be any different though because I would supect that the only bank where it would actually show as 'International' would be the first bank - i.e. when the transaction is recorded in their Kasikorn account.

 

If you are wanting proof that your transfer is 'International' for visa purposes, I believe you have to contact your (Thai) bank's International division who should be able to supply you with some form of letter/record of the transfers in collaboration with the bank that handled the original transaction entering Thailand.

 

As this problem has been reported many times, I would have thought the international divisions of most banks will be familiar with the problem and know what to do.

[Max69xl]

2 hours ago, KhaoYai said:

I know nothing about US banking but I may be able to shed some light on the issue of how the transfer is shown when it arrives in your Thai bank account as I'm pretty sure its the same as transfers from the UK. Transferwise now use a number of banks in Thailand. If for example, they use Kasikorn and you have a Bangkok Bank account, the transaction is routed from your Transferwise account through to their Kasikorn account and then from their Kasikorn account into your Bangkok Bank account - it therefore shows as a domestic transfer on your statements.

 

I spoke to Transferwise a few months ago regarding this issue and they told me that when making the transfer, I should call them and ask for the transfer to be sent from the UK to their Kasikorn account and from there it would be sent to my Kasikorn account - however, they could not guarantee that.  I'm also unsure if that would be any different though because I would supect that the only bank where it would actually show as 'International' would be the first bank - i.e. when the transaction is recorded in their Kasikorn account.

 

If you are wanting proof that your transfer is 'International' for visa purposes, I believe you have to contact your (Thai) bank's International division who should be able to supply you with some form of letter/record of the transfers in collaboration with the bank that handled the original transaction entering Thailand.

 

As this problem has been reported many times, I would have thought the international divisions of most banks will be familiar with the problem and know what to do.

TW has 3 partner banks in Thailand, Bangkok Bank,Kasikorn Bank and Thai Military Bank. If you're banking with one of those 3 banks and you choose the correct reason for the transfer, 'Funds for long term stay in Thailand', the transfer will (should) show up as foreign = international. My bank is Bangkok Bank and my monthly transfers always shows up as foreign = FTT in the bank book. I think Bangkok Bank is TW's primary bank and the other 2 are backup. 

[AAArdvark]

11 hours ago, Max69xl said:

Funds for long term stay in Thailand

Is that a new option?  I never noticed that one before and have been using the one named something like general living expenses.  In the past they showed up as FTT but that changed about 4 months ago and they now show up as something else.  Transferwise received many complaints, so maybe they added that to fix the problem?

[Pib]

4 hours ago, AAArdvark said:

Is that a new option?  I never noticed that one before and have been using the one named something like general living expenses.  In the past they showed up as FTT but that changed about 4 months ago and they now show up as something else.  Transferwise received many complaints, so maybe they added that to fix the problem?

Well, "kinda" new....its been available for quite few months now....maybe around 6 or a little more.  Transferwise added that reason in an effort to help ensure transfers get coded as international transfers to selected banks.

[AAArdvark]

1 hour ago, Pib said:

Well, "kinda" new....its been available for quite few months now....maybe around 6 or a little more.  Transferwise added that reason in an effort to help ensure transfers get coded as international transfers to selected banks.

Interesting, in that time frame, I spoke with them several times and mentioned their new methods were adversely affecting people in Thailand.  Not a mention about that option.  I just continued using the reason that I had been using all along, not that it matters to me any longer.

[Max69xl]

9 hours ago, AAArdvark said:

Is that a new option?  I never noticed that one before and have been using the one named something like general living expenses.  In the past they showed up as FTT but that changed about 4 months ago and they now show up as something else.  Transferwise received many complaints, so maybe they added that to fix the problem?

Yes, you chosed wrong reason for the transfer. TW added the new reason more than 4 months ago. It's the last reason for transfer in the list. 

[madisongy]

I need to transfer $35,000 to Thailand and I'm looking at three options......Bangkok Bank NY, Transferwise, and XE.com.   Obviously I want as many baht as possible in the end, as I'm sure everyone does. 

 

Here's what I'm finding online.

 

Transferwise:   1,040,156

XE:   1,046,710

Bangkok Bank:   TT Buy rate is 29.76 x 35000 = 1,041,600   (I am not sure what other fees are involved)

 

 

So it seems that XE would be the best option of the three.   Are there any experts here who can point out errors in my calculations ?   Am I calculating Bangkok Bank correctly, or will they hit me with other fees I'm not seeing?

 

Thanks

 

 

Transferwise

 

XE