Transferwise

[keithkarmann]

For anyone not sure about tranferring funds from the UK to fit in with the Immigration rules regarding the 65000 baht monthly transfers. I did a transfer this morning at 8.04am and it arrived in Kasikorn bank at 8.06am. Transferwise totally recomended.

 

[lopburi3]

And how is the transfer recorded by Kasikorn?  Immigration wants proof of international transfer so may require additional paperwork if not recorded as such.  AFAIK only Bangkok Bank has a positive (or almost) fix on getting such a stamp in passbook.  

[ChipButty]

Transferwise is good we've used it a few times I dont use it for my retirement visa from what I know from other guys it needs to show up as foreign transfer thats how they keep the fee's down your money is transferred from a Thai bank not from the UK

[lopburi3]

2 minutes ago, ChipButty said:

Transferwise is good we've used it a few times I dont use it for my retirement visa from what I know from other guys it needs to show up as foreign transfer thats how they keep the fee's down your money is transferred from a Thai bank not from the UK

True but they do offer use of Bangkok Bank if you select for long stay in Thailand as the reason for transfer and that is encoded as a foreign transfer by Bangkok Bank here.  Also paperwork can be obtained to show original source of funding was from overseas from Transferwise and contact bank used here.

[Digitalbanana]

My Transferwise transfers to KBank from overseas show up as MCL (smart credit whatever that is?) transfers and NOT as TFN international transfers on my KBank statement. This is when I chose reason for transfer on the Transferwise send option as "For Thailand long term stay". Go figure.

Edited January 25, 2020 by Digitalbanana

[lopburi3]

2 hours ago, Digitalbanana said:

This is when I chose reason for transfer on the Transferwise send option as "For Thailand long term stay"

Believe that option only works to route to Bangkok Bank account - if that is done it is recorded as foreign transfer on Bangkok Bank passbook.  If you account is not at Bangkok Bank then there will be a domestic type transfer to them.  

[scubascuba3]

3 hours ago, Digitalbanana said:

My Transferwise transfers to KBank from overseas show up as MCL (smart credit whatever that is?) transfers and NOT as TFN international transfers on my KBank statement. This is when I chose reason for transfer on the Transferwise send option as "For Thailand long term stay". Go figure.

Mine are the same. If and when it's important for me for transfers to be "International" then i will transfer to my Bangkok Bank account and double check it's tagged for Bangkok Bank local partner

[Digitalbanana]

4 hours ago, lopburi3 said:

If you account is not at Bangkok Bank then there will be a domestic type transfer to them.  

For my KBank I have two options I am aware of to get bank statements online. One via the mobile phone app which emails you a pdf, and one via the web site which prints a pdf statement. Both statements look different but the same! The attached below shows the result from the web printed PDF which lists TFN foreign transfer type (item#1) and TRANSFERWISE Dummy branch type (item#4)!

[lopburi3]

14 minutes ago, Digitalbanana said:

For my KBank I have two options I am aware of to get bank statements online. One via the mobile phone app which emails you a pdf, and one via the web site which prints a pdf statement. Both statements look different but the same! The attached below shows the result from the web printed PDF which lists TFN foreign transfer type (item#1) and TRANSFERWISE Dummy branch type (item#4)!

Really not up on other bank receipts but Transferwise also offers downloads of transaction which has helped some people get immigration to accept where there were questions-so probably worthwhile having them on hand just in case needed.  Have seen a recent report or two of Bangkok Bank providing letter with transaction receipts for immigration proof now so that may be what is required as we go on (at a 600 baht cost it was reported).  It does appear a bank letter of some type will be required regardless of passbook stamps.

[rak sa_ngop]

I did a transfer this morning at 8.04am and it arrived in Kasikorn bank at 8.06am. Transferwise totally recomended.

 

I have made a number of transfers with Transferwise and the money nearly always arrives in my Bangkok Bank account the following workday at 2.00 pm.  The actual notification from Transferwise arrives by email  earlier that morning.

 

Not sure how you get the '2 minute' service

[Pib]

22 hours ago, rak sa_ngop said:

I did a transfer this morning at 8.04am and it arrived in Kasikorn bank at 8.06am. Transferwise totally recomended.

 

I have made a number of transfers with Transferwise and the money nearly always arrives in my Bangkok Bank account the following workday at 2.00 pm.  The actual notification from Transferwise arrives by email  earlier that morning.

 

Not sure how you get the '2 minute' service

I expect with Bangkok Bank they have different times of the day to post "certain types" of international-type transfers. 

 

Each and every one of my Transferwise transfers to my Bangkok Bank accounts posts a minute or two past 2:00pm although the Transferwise status shows the funds have been sent to my Thai bank numerous hours before.  Of course Transferwise is not really sending any funds; instead, they are just notifying one of the three Thai partner banks to pay out of a Transferwise acct maintained at those banks to your bank.

 

I have a family member receiving US social security payments monthly via the International Direct Deposit (IDD) method.  Each and every one has posted to the member's Bangkok Bank acct a minute or two after 9:00am.  

 

And in the case of Transferwise transfers where the one of their partner banks of Bangkok Bank, K-Bank, or TMB accomplishes the final leg of the transfer to another Thai bank like SCB, Krungsri, etc., then I expect it might be handled differently as to when they relay to "external" accts....maybe they relay them immediately or maybe they relay them at the same set time of day they would post such a transfer to an "internal" acct. 

 

Yeap, me thinks it can depend on various things like the "type" of incoming transfer....does a Tranferwise partner bank do an "internal" posting or "external" relay....just different Thai banks will have different policies on how certain transfers are handled.

 

[Chivas]

On 1/26/2020 at 4:27 AM, rak sa_ngop said:

I did a transfer this morning at 8.04am and it arrived in Kasikorn bank at 8.06am. Transferwise totally recomended.

 

I have made a number of transfers with Transferwise and the money nearly always arrives in my Bangkok Bank account the following workday at 2.00 pm.  The actual notification from Transferwise arrives by email  earlier that morning.

 

Not sure how you get the '2 minute' service

SCB it lands quicker than its possible to log into their app. We're talking 3-4 seconds the last three times I've used on weekdays.

Its been noted that if its sent Saturday/Sunday though it takes longer

[Pib]

35 minutes ago, Chivas said:

SCB it lands quicker than its possible to log into their app. We're talking 3-4 seconds the last three times I've used on weekdays.

Its been noted that if its sent Saturday/Sunday though it takes longer

On your Transferwise Receipt what does it show for the "partner bank" used?

[Chivas]

31 minutes ago, Pib said:

On your Transferwise Receipt what does it show for the "partner bank" used?

Thats a good question. I was about to say no idea because firstly its not related to the immigration issue and as such cant recall last time I updated pass book as solely use the app.

Having just logged in I can show though screenshot from the app. Theres a reference from K bank at the bottom which you can see so that clearly must be the partner to SCB (am referring to the 39k obviously)

 

 

Edited January 27, 2020 by Chivas

[Pib]

1 hour ago, Chivas said:

Thats a good question. I was about to say no idea because firstly its not related to the immigration issue and as such cant recall last time I updated pass book as solely use the app.

Having just logged in I can show though screenshot from the app. Theres a reference from K bank at the bottom which you can see so that clearly must be the partner to SCB (am referring to the 39k obviously)

 

 

I think above is a snapshot from your SCB acct.   

 

But I was talking looking at the receipt in your "Transferwise acct" to see which partner bank is listed near the bottom of the receipt. 

 

I expect it's going to say Kbank since your SCB app snapshot is showing the transfer came from Kbank.  

[Chivas]

On 1/27/2020 at 8:32 AM, Pib said:

I think above is a snapshot from your SCB acct.   

 

But I was talking looking at the receipt in your "Transferwise acct" to see which partner bank is listed near the bottom of the receipt. 

 

I expect it's going to say Kbank since your SCB app snapshot is showing the transfer came from Kbank.  

Pib just had a look (sorry was travelling) no it doesnt say anything on main website. Little bit more details than above but no references to partner banks.....Bit difficult to put screenshot up as all personal email home address is listed. If I blank it out it will look ridiculous. Theres actually more information on that SCB screenshot. I clicked on show all details as well. I'm wondering if theres no reference at all because I had listed reasons for transfer "living expenses"

[Digitalbanana]

On 1/27/2020 at 3:32 PM, Pib said:

But I was talking looking at the receipt in your "Transferwise acct" to see which partner bank is listed near the bottom of the receipt. 

If I look at the PDF receipt from Transferwise it says it has done the transfer to my KBank and account# from what it calls "a licensed money transmitter" based in New York.

 

I have set up an account# based in NY with TransferWise to send money to there. When I send from that Transferwise account onto KBank, this then appears within 2 minutes on my Kbank account as MCL (Dummy Branch) transfer type.

[Greenside]

Astounding!  Just did a transfer from HSBC in the UK to K-bank and it took 15 seconds.  Hadn't even closed the my HSBC banking page and I got the notification!

[Pib]

4 hours ago, Chivas said:

Pib just had a look (sorry was travelling) no it doesnt say anything on main website. Little bit more details than above but no references to partner banks.....Bit difficult to put screenshot up as all personal email home address is listed. If I blank it out it will look ridiculous. Theres actually more information on that SCB screenshot. I clicked on show all details as well. I'm wondering if theres no reference at all because I had listed reasons for transfer "living expenses"

You would look at the TW Receipt for the partner bank info.  TW will show a summary receipt that just includes very basic info but on that summary receipt there is also a link titled "Get PDF Receipt."  That PDF receipt has full details of your transfer...and at the very bottom it should show  "Paid out from" section where the banking partner used will be shown.  See snapshot below from one of my past transfers.

 

However, if you do not have "Paid out from" section on your full PDF receipt that may be because of the way your created the Recipient.   A couple years ago when I first opened my TW acct and created my first recipient (which was really "my" acct at Bangkok Bank) I started by selecting on the TW Recipient setup screen the "Add Your Bank Acct" link since I was really just sending from me to me.   After completing my first transfer and looking at my TW PDF Receipt I noticed it did "not identify what Thai partner bank they used but I was always seeing ThaiVisa posts of people talking the partner bank used and how it was reflected on their TW PDF Receipt.  But as mentioned, my PDF receipt did not show a "Paid out from" section.   Plus the PDF receipt showed the Sender and Receiver address as my US address registered with TW.  Well, I didn't like that as I wanted my "Thailand address" to show as the receiver address.  

 

So, I tried something...I deleted the Recipient I had setup and then recreated it by selecting the "Add A Recipient" vs the "Add Your Bank Acct."   During that setup I was asked for the recipient's address where I entered my Thailand address.  After getting it saved I then selected the icon where you were able to re-identity that Recipient with just one click as one of my accts vs someone else's acct.  I now did another transfer to my Bangkok Bank acct again and after transfer completion the TW PDF receipt now showed my Thailand address for the receiver (me) and also had a "Paid out from" section....and every transfer since has contained a Paid out from section on the PDF Receipt. 

 

So, as I setup a few more TW Recipients  to my other Thai bank accts I have always initially started creation of that Recipient by clicking the "Add A Recipient" and then after saving it I then click the button to re-identity it as my acct vs someone else's acct....this ends up giving me more detailed PDF receipt.

 

Snapshot from TW PDF Receipt which shows the "Paid out from" section.  Notice it says Bangkok Bank was the partner bank used for the Thai baht transfer.

 

 

[Pib]

2 hours ago, Digitalbanana said:

If I look at the PDF receipt from Transferwise it says it has done the transfer to my KBank and account# from what it calls "a licensed money transmitter" based in New York.

 

I have set up an account# based in NY with TransferWise to send money to there. When I send from that Transferwise account onto KBank, this then appears within 2 minutes on my Kbank account as MCL (Dummy Branch) transfer type.

Where you say you "setup an account# based in NY with Transferwise" are you really just saying your opened a Borderless Acct with Transferwise.  If so, Transferwise's Borderless accts in the US are really established with Transferwise's US bank partner of Community Federal Savings Bank based in NY. 

 

And if you were really just talking a Borderless Acct and you are funding your Transferwise transfers from your Borderless Acct I find that interesting as I now fund my Transferwise transfers from my Borderless acct but the PDF Receipts talk nothing about what the funding source was...like from some US bank, the Transfwise Borderless Acct, etc....just zero about the funding source.

 

 

[Pib]

2 hours ago, Greenside said:

Astounding!  Just did a transfer from HSBC in the UK to K-bank and it took 15 seconds.  Hadn't even closed the my HSBC banking page and I got the notification!

I initiated a TW transfer this morning at 8:26am Thailand time...used my TW U.S. Borderless Acct for funding....sending to my Krungsri Bank acct but I have my TW acct tagged to always use Bangkok Bank as the TW "parnter" bank and I used the "Long Stay...Visa....Thailand" reason for transfers.  The transfer status said the funds would arrive today but can take up to 6 hours.  As of now, 12:48pm Thailand time the funds have not posted to my Krungsri acct.

 

But I bet they will post around 2pm because I think when TW uses Bangkok Bank as the their Thai partner bank to complete the final leg of the transfer to whatever Thai bank like Krungsri, K-bank, SCB, etc., that Bangkok Bank does a once a day batch transfer around 2pm vs finalizing the transfer the second TW notifies Bangkok Bank to complete the transfer. 

 

By the way, what reason for transfer did you use and does your TW PDF Receipt show K-bank as also being the partner bank used?

[PDPA2024]

I can confirm TransferWise now has instant deposits to major Thai banks. However, it's a local transfer. Not sure it will work for retirement extension. Also, I don't think "reason for transfer" appears anywhere on the statement.

 

There's a way to do international SWIFT transfer via TransferWise, but only in USD. I imagine it will work with FCD account or else you'll lose some money on FX spread when Thai bank converts it to THB.

[Pib]

24 minutes ago, redpill17 said:

I can confirm TransferWise now has instant deposits to major Thai banks. However, it's a local transfer. Not sure it will work for retirement extension. Also, I don't think "reason for transfer" appears anywhere on the statement.

 

There's a way to do international SWIFT transfer via TransferWise, but only in USD. I imagine it will work with FCD account or else you'll lose some money on FX spread when Thai bank converts it to THB.

Yes, you can setup a Transferwise Recipient to do a USD to USD transfer (or whatever home country currency you use).  You can send to a Thai baht acct or foreign currency acct.  Instructions on Transferwise on how to do this.  I have such a recipient setup but never tested it....but there have been some posts by other ThaiVisa members like JimGant who did test it....and it worked.  

 

The Transfersie fee structure is different....you will not make out better in terms of total money reaching your Thai bank acct, but they do indeed send via SWIFT...and then the Thai bank does the exchange using their TT Buying Rate which is used for international transfers....and you also get hit with the typical Thai bank receiving fee of 0.25% (Bt200min, Bt500max).   The transfer is coded as an international transfer....like FTT which is Bangkok Bank code for an international transfer.  Yeap, it pretty much just like doing a SWIFT transfer from your home country bank.

Edited January 29, 2020 by Pib

[PDPA2024]

11 minutes ago, Pib said:

The Transfersie fee structure is different....you will not make out better in terms of total money reaching your Thai bank acct, but they do indeed send via SWIFT...

Yes... SWIFT via TW can be cheaper (if the sending bank charges % fee) or the same. I did a USD transfer to EU country, cost me about 30 bucks + receiving fee. TransferWise doesn't do OUR (fee prepaid) transfers as I understood so it depends on correspondent banks in the chain.

[Pib]

5 hours ago, Pib said:

I initiated a TW transfer this morning at 8:26am Thailand time...used my TW U.S. Borderless Acct for funding....sending to my Krungsri Bank acct but I have my TW acct tagged to always use Bangkok Bank as the TW "parnter" bank and I used the "Long Stay...Visa....Thailand" reason for transfers.  The transfer status said the funds would arrive today but can take up to 6 hours.  As of now, 12:48pm Thailand time the funds have not posted to my Krungsri acct.

 

But I bet they will post around 2pm because I think when TW uses Bangkok Bank as the their Thai partner bank to complete the final leg of the transfer to whatever Thai bank like Krungsri, K-bank, SCB, etc., that Bangkok Bank does a once a day batch transfer around 2pm vs finalizing the transfer the second TW notifies Bangkok Bank to complete the transfer. 

 

By the way, what reason for transfer did you use and does your TW PDF Receipt show K-bank as also being the partner bank used?

Update: the transferred posted to my Krungsri acct at 1:20pm.  Coded as  local/domestic transfer.  Total transfer time a few minutes less than 5 hours.  As mentioned earlier this transfer was immediately funded as I used my Borderless Acct balance to fund the transfer.  Transferwise PDF Receipt shows Bangkok Bank was the partner bank used. 

 

 

[lujanit]

How are you guys getting your money transferred so quickly.  The best I have received from Transferwise is 24 hours. This time their advice is four days (tuesday to friday), changed from three days.  No weekend involved.  I am looking for a more reliable alternative method now.

[lopburi3]

4 minutes ago, lujanit said:

How are you guys getting your money transferred so quickly.  The best I have received from Transferwise is 24 hours. This time their advice is four days (tuesday to friday), changed from three days.  No weekend involved.  I am looking for a more reliable alternative method now.

Are you using UK or USA?  UK transfers are much faster from reports.  Also note they change the time by the amount of transfer (longer for larger transfers).   This morning it was one day for 1k and two days for 2k USD.

Edited January 29, 2020 by lopburi3

[steven100]

1 minute ago, lujanit said:

How are you guys getting your money transferred so quickly.  The best I have received from Transferwise is 24 hours. This time their advice is four days (tuesday to friday), changed from three days.  No weekend involved.  I am looking for a more reliable alternative method now.

I use Citibank to Thai bank, usually takes 2 days but I've also submitted the transfer early in the morning and it's in my Thai bank that afternoon. 

No transfer fees.

No commission.

[lujanit]

Just now, lopburi3 said:

Are you using UK or USA?  UK transfers are much faster from reports.  Also note they change the time by the amount of transfer (longer for larger transfers).  

My bad, should have mentioned AUD. Still cannot work out why the date changes.  Normally the same amount each month.  This morning I received notice that it would be paid tomorrow and this evening a message it would be paid Friday. Unprofessional IMHO.

[lopburi3]

5 minutes ago, lujanit said:

My bad, should have mentioned AUD. Still cannot work out why the date changes.  Normally the same amount each month.  This morning I received notice that it would be paid tomorrow and this evening a message it would be paid Friday. Unprofessional IMHO.

Suspect it is the nature of the transfer - they must have the cash available to pay it as they are not actually sending money from Oz so they have to meet requirements/needs in both countries.  Obviously it is much more advanced than the old shopkeepers in two countries system it is based on but suspect there are glitches.