Anyone use TransferWise for 800k International transfer?

[scubascuba3]

I'm toying with making the transfer, i think Santander might only allow £10k max at a time.

 

Would 2x 400k baht transfers cause any issues from Immigration for retirement extension?

[ubonjoe]

If you are a applying for an extension of stay you do not need to prove your funds came from abroad. Immigration does not care how much was in the transfers or where it came from.

[scubascuba3]

2 hours ago, ubonjoe said:

If you are a applying for an extension of stay you do not need to prove your funds came from abroad. Immigration does not care how much was in the transfers or where it came from.

Yes it in an extension, it would be the year after using an agent for the initial non imm O then retirement extension, it's just a precaution in case there are issues when i renew, i can go back to the O again with the 800k from abroad.

 

I've raised this question before and seems to get tumble weeds, maybe people only use TransferWise for smaller transfers

[Delight]

 I have used Transferwise for such transactions.

100% smooth transactions.

Difficult to see how they can be beaten -in the competitive sense.

[KhunBENQ]

5 hours ago, scubascuba3 said:

I've raised this question before and seems to get tumble weeds, maybe people only use TransferWise for smaller transfers

Just checked a EUR to THB transfer.

Send 23240 EUR, receive 800025 THB.

Effective rate overall 34.42.

Last exchange rate from yesterday at Thai banks: 34.002 (Bangkok Bank 33.962).

(and that would be dragged down by additional fees from sending/intermediate/receiving banks)

So even if the Transferwise fee looks big with 144.72 EUR (0.62%) it is still better.

[scubascuba3]

2 hours ago, KhunBENQ said:

Just checked a EUR to THB transfer.

Send 23240 EUR, receive 800025 THB.

Effective rate overall 34.42.

Last exchange rate from yesterday at Thai banks: 34.002 (Bangkok Bank 33.962).

(and that would be dragged down by additional fees from sending/intermediate/receiving banks)

So even if the Transferwise fee looks big with 144.72 EUR (0.62%) it is still better.

Yes i think it's better and more importantly you can fix the rate, with Chaps it's unknown and rate could go in either direction

[Peter Denis]

10 hours ago, ubonjoe said:

If you are a applying for an extension of stay you do not need to prove your funds came from abroad. Immigration does not care how much was in the transfers or where it came from.

Hi @ubonjoe you state in your response to the OP's query that there is no need to prove your funds came from abroad, I presume you are referring to applications for an extension of stay of a Non Imm O or OA Visa using the 'money in bank' (800K/400K) method.

When using the 'monthly income transfer' (65K/40K) method, for sure the foreign origin of the transfers needs to be proven when applying for your extension of stay.

Question > But what when you apply for the very first time for an extension of stay of your OA Visa using the 'money in bank' method?  Obviously the 800K/400K would have come from abroad (as you are not allowed to work with an OA Visa), but does IO not require the foreign origin proven?  I think you are correct, but want to make 100% sure, hence my question.

 

[KhunBENQ]

1 hour ago, Peter Denis said:

Obviously the 800K/400K would have come from abroad (as you are not allowed to work with an OA Visa), but does IO not require the foreign origin proven?

Personally I was never asked about the origin for the 800k method (see also post #2) for the one year extension. Transfers took place many years ago.

 

I know that it is a concern for the monthly transfer.

The topic has been discussed in other threads.

As I understand it is possible to instruct Transferwise to make sure that it shows up as an international transfer. My last transfers at Bangkok Bank showed up as international transfer.

And also Transferwise will provides a printable PDF receipt.

But as I do not use the monthly transfer method I can not provide personal experience.

[scubascuba3]

4 minutes ago, KhunBENQ said:

Personally I was never asked about the origin for the 800k method (see also post #2) for the one year extension. Transfers took place many years ago.

 

I know that it is a concern for the monthly transfer.

The topic has been discussed in other threads.

As I understand it is possible to instruct Transferwise to make sure that it shows up as an international transfer. My last transfers at Bangkok Bank showed up as international transfer.

And also Transferwise will provides a printable PDF receipt.

But as I do not use the monthly transfer method I can not provide personal experience.

What you say is correct about Bangkok Bank, you have to select "for long term living expenses" they then know it must be routed to local partner Bangkok Bank. Once the THB is sent you get an email from Transferwise including a link to the pdf. I didn't get the same thing when i used Kasikorn but there is an upside it settles in minutes vs 1 day with Bangkok Bank

[Peter Denis]

4 minutes ago, KhunBENQ said:

,,,

As I understand it is possible to instruct Transferwise to make sure that it shows up as an international transfer. My last transfers at Bangkok Bank showed up as international transfer.

And also Transferwise will provides a printable PDF receipt.

,,,

A transfer using TransferWise 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.

[scubascuba3]

4 minutes ago, Peter Denis said:

A transfer using TransferWise 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.

I can't recall any reports of this working for Kasikorn or TMB, can you?

[Peter Denis]

4 minutes ago, scubascuba3 said:

I can't recall any reports of this working for Kasikorn or TMB, can you?

No, but as they are partner banks of TransferWise, it should also work when they are the receiving bank (provided you tagged them as preferred direct transfer route and use the "long term stay in Thailand" option in the reason for transfer when transferring funds).

[Pib]

1 hour ago, Peter Denis said:

Question > But what when you apply for the very first time for an extension of stay of your OA Visa using the 'money in bank' method?  Obviously the 800K/400K would have come from abroad (as you are not allowed to work with an OA Visa), but does IO not require the foreign origin proven?  I think you are correct, but want to make 100% sure, hence my question.

 

For the initial/first retirement extension of stay on a non-OA, non-O, etc., or any subsequent extension of stay (i.e., 2nd, 3rd, 10th, etc) using the Bt800K method the IO will not require proof the funds came from abroad. 

 

Now in cases like where you are converting an Exempt Entry to a Non-O based on retirement using the large deposit method vs embassy income letter then IO does require proof the funds came from abroad to complete the conversion to a Non-O.  But once you have the Non-O and apply for your 1st/2nd/10th/etc., retirement extension of stay using the large deposit method proof of the Bt800K from abroad is not required....just gotta be Bt800K.

[scubascuba3]

37 minutes ago, Peter Denis said:

No, but as they are partner banks of TransferWise, it should also work when they are the receiving bank (provided you tagged them as preferred direct transfer route and use the "long term stay in Thailand" option in the reason for transfer when transferring funds).

i had an email exchange with a Transferwise rep a couple days ago. He said no need for it to be tagged, he said if you select "for long term living" it goes via Bangkok Bank and will be International if then paid to a Bangkok Bank account

[The Fat Controller]

@scubascuba3

 

Santander limits for Faster Payments are £25,000 online and £100,000 if done at a branch or by phone.

 

I have sent two small payments with TW to a Bangkok Bank account using the "long term living" button, both have been annotated as international transfers, I have never called or emailed any instructions.