Money transfer

[guapo]

I am an Australian pensioner  expat, I get my pension paid in my Azzie bank account, and then transfer it when need it to Thailand via my bank, but because of fees and a lower exchange rate that the bank applies normally (2 points less) and delays, I was wondering if anyone can suggest a better , cheaper, faster way to transfer money here. Thanks in anticipation.

 

[Peter Denis]

Check out TransferWise > https://transferwise.com/

 

TransferWise is a very fast and inexpensive way to transfer funds from your foreign bank-account to a thai bank-account.  Many TVF members are making use of that service, and there are many threads on it on the Forum.

TransferWise uses the mid-exchange rate (which is the actual conversion rate and not the inflated rate that banks charge you) and charges a relatively small fee for its service.

Their 'trick' is that they do not physically transfer your funds, but they have agreements with partner-banks in Thailand and your transfer is actually a domestic transfer, as it is their partner-bank that transfers the funds to your bank-account.

 

When you need to prove to IO that the funds on your thai bank-account originated from abroad, that can cause a problem.

However, the transfer WILL show up in your Thai bank account as an International Transfer WHEN:

1. your account is from one of the three partner banks TW use (Bangkok bank, Kasikorn bank and TMB)

2. you have (previously) requested that TW tag that bank as your preferred direct transfer route (you only have to do this once, NOT for every transfer)

3. you designate that account as the receiving Thai account on your transfer applications and

4. you choose the "long term stay in Thailand option in the reason for transfer in your transfer applications.

If your Thai bank-account is NOT with one of the three partner banks TW WILL still route your transfer via one of those three banks, to be forwarded (immediately) to your own account. But, because the final leg of the transfer is between two Thai banks the code shown in your own bank account will be a "local transfer" code and NOT an International Transfer.

 

So when it is required to prove to IO that the funds on your thai bank-account originated from abroad,

simply make sure that the 4 conditions have been fulfilled the first time you do a test-transfer and check whether the correct international transfer-code appears next to the transaction in your bank-book.  If that's the case, you can from then on use TransferWise to do all your foreign transfers to that thai bank-account and they will show up as international transfers.

 

[kiever]

TransferWise rocks !

[Moonlover]

1 hour ago, Peter Denis said:

Check out TransferWise > https://transferwise.com/

 

TransferWise is a very fast and inexpensive way to transfer funds from your foreign bank-account to a thai bank-account.  Many TVF members are making use of that service, and there are many threads on it on the Forum.

TransferWise uses the mid-exchange rate (which is the actual conversion rate and not the inflated rate that banks charge you) and charges a relatively small fee for its service.

Their 'trick' is that they do not physically transfer your funds, but they have agreements with partner-banks in Thailand and your transfer is actually a domestic transfer, as it is their partner-bank that transfers the funds to your bank-account.

 

When you need to prove to IO that the funds on your thai bank-account originated from abroad, that can cause a problem.

However, the transfer WILL show up in your Thai bank account as an International Transfer WHEN:

1. your account is from one of the three partner banks TW use (Bangkok bank, Kasikorn bank and TMB)

2. you have (previously) requested that TW tag that bank as your preferred direct transfer route (you only have to do this once, NOT for every transfer)

3. you designate that account as the receiving Thai account on your transfer applications and

4. you choose the "long term stay in Thailand option in the reason for transfer in your transfer applications.

If your Thai bank-account is NOT with one of the three partner banks TW WILL still route your transfer via one of those three banks, to be forwarded (immediately) to your own account. But, because the final leg of the transfer is between two Thai banks the code shown in your own bank account will be a "local transfer" code and NOT an International Transfer.

 

So when it is required to prove to IO that the funds on your thai bank-account originated from abroad,

simply make sure that the 4 conditions have been fulfilled the first time you do a test-transfer and check whether the correct international transfer-code appears next to the transaction in your bank-book.  If that's the case, you can from then on use TransferWise to do all your foreign transfers to that thai bank-account and they will show up as international transfers.

 

I've used TransferWise for all my pension payments and was able to complete my last extension without any difficulty. My bank statements  DID NOT have international codes for any of my transfers, but by producing the T/W transaction slips, downloadable with every transfer, I was able to prove to the IO that they were indeed international deposits. And I'm not the only one. There have been other favourable reports.

 

So please don't get too worried about the coding aspects. The IOs are becoming familiar with TransferWise now.

 

 

[noise]

It sounds as if you are converting Australian dollars to baht before transfer instead of transferring dollars.   The exchange rate converting here is the bank to bank international rate, much higher.  Your bank in making a big profit at your expense.

[Guest]

I opend a NRBA account with Krungsri Bank 4 weeks ago.

Then I tried to send money via TransferWise. 2 days later got an email that Krungsri Bank send back the money to TW.

I checked name and account number, everything seems ok. Visited a Krungsri Bank branch away from BKK and they said everything ok. TW refund the money to my home account.

 

So I got money from a atm with my VISA card and put Thai Baht in my Krungsri account, everything works fine.

 

I canceled TW account and reopened another TW account last week. Same issues... money was send back to TW.

Does anybody have an clue whats going wrong?

[Peter Denis]

38 minutes ago, Eddi2020 said:

Does anybody have an clue whats going wrong?

Did you contact TransferWise and ask them what's wrong with the transfer?

 

[Guest]

They were not very helpful.

Now I changed my home address with my thai address online in the Krungsi Bank account. Maybe thats the problem.

TW will send the money again, so I have to wait till monday...

 

 

[Guest]

I give up, transaction failed again.

Went to a Krungsri branch on tuesday. Staff connected me with the headquater, told them the story for the second time, everything is ok with my account.

Contacted Krungsri via online form and asked if I have to apply for the money transfer... they haven`t replied yet.

I still can use the atm card and can put money cash on the account. Online transfers still don`t work. It `s a NRBA (NonResidentBahtAccount).

 

 

 

[guapo]

On 1/4/2020 at 9:52 AM, noise said:

It sounds as if you are converting Australian dollars to baht before transfer instead of transferring dollars.   The exchange rate converting here is the bank to bank international rate, much higher.  Your bank in making a big profit at your expense.

Thanks for your reply, but could you please elaborate a bit more , I am not familiar with the difference of transferring Thai Bth vs Australian dollars. Thanks again