Bank Transfers For Visa Extension

[PST]

With regards to transferring funds (40k / 400k) into a Thai bank to extend a NON O based on Marriage, what 'extra' funds would people suggest to cover the  bank costs of transfers both ends so the amount that actually enters your bank is correct, or just over?

[Peter Denis]

When you use TransferWise to make the transfer you will only pay a relatively small service fee for their service (they use the mid-exchange rate which is the actual and best possible exchange rate). 

And you can determine EXACTLY which amount will be transfered to your thai bank-account.

Having transfered the amount, you can generate a PDF-transfer receipt which will show that the funds originated from your foreing bank-account (and which is accepted by most IOs as proof of foreign origin of the funds).

[stouricks]

6 minutes ago, Peter Denis said:

When you use TransferWise to make the transfer you will only pay a relatively small service fee for their service (they use the mid-exchange rate which is the actual and best possible exchange rate). 

And you can determine EXACTLY which amount will be transfered to your thai bank-account.

Having transfered the amount, you can generate a PDF-transfer receipt which will show that the funds originated from your foreing bank-account (and which is accepted by most IOs as proof of foreign origin of the funds).

Last month Bht 50k was £1230, today £1315, so the transfer fee went up from £8.95 to £9.15.....just can't win.

[PST]

9 minutes ago, Peter Denis said:

When you use TransferWise to make the transfer you will only pay a relatively small service fee for their service (they use the mid-exchange rate which is the actual and best possible exchange rate). 

And you can determine EXACTLY which amount will be transfered to your thai bank-account.

Having transfered the amount, you can generate a PDF-transfer receipt which will show that the funds originated from your foreing bank-account (and which is accepted by most IOs as proof of foreign origin of the funds).

Thanks Peter, and obviously, it would show as an International transfer on my Thai bank statement too?.

Edited March 24, 2020 by PST

[PST]

So my Thai bank would not charge anything?, the amount i send is the amount i recieve?

[Peter Denis]

3 minutes ago, PST said:

Thanks Peter, and obviously, it would show as an International transfer on my Thai bank statement too?.

Whether it would also show up as an international transfer on your thai bank-book would depend what thai bank you are using.  If it is a Bangkok Bank or Kasikorn Headquarters account (and when you indicated as reason the option 'long-stay in Thailand') that would work, as these are TransferWise partner-banks.

If you have another thai bank, it will not show on your bank-book but the 12-month bank statement will normally show that it is a foreign transfer. 
But as mentioned higher the PDF transfer-receipt which you can generate when having done the TransferWise transfer will show fully transparent that the funds originated from your foreign bank and went into your thai bank-account, and that receipt is accepted as proof by most IOs.

[Peter Denis]

3 minutes ago, PST said:

So my Thai bank would not charge anything?, the amount i send is the amount i recieve?

Your thai bank will not charge anything as they simply receive the transfer in THB on your thai bank-account.

When you send e.g. 1.000 GBP the TransferWise window will show the service fee for transfering that amount, as well as the exact amount in THB that will be transfered to your thai bank-account.

Note: As TW uses the 'real' exchange-rate that figure changes every minute, and you can set alerts to be e-mailed when it reaches the exchange-rate of your choice.

[Max69xl]

16 minutes ago, stouricks said:

Last month Bht 50k was £1230, today £1315, so the transfer fee went up from £8.95 to £9.15.....just can't win.

The fee will go up if the amount you send goes up. If using TW you will receive more money in the end compared to using a normal bank to bank transfer, and you don't pay any receiving fee to your Thai bank. 

[Max69xl]

4 minutes ago, Peter Denis said:

Your thai bank will not charge anything as they simply receive the transfer in THB on your thai bank-account.

When you send e.g. 1.000 GBP the TransferWise window will show the service fee for transfering that amount, as well as the exact amount in THB that will be transfered to your thai bank-account.

Note: As TW uses the 'real' exchange-rate that figure changes every minute, and you can set alerts to be e-mailed when it reaches the exchange-rate of your choice.

TW uses the so called mid-market rate, and you can only set alerts when using the TW website, not the mobile app. 

[Mr Smithy]

23 minutes ago, PST said:

Thanks Peter, and obviously, it would show as an International transfer on my Thai bank statement too?.

Not if an intermediary Thai bank is involved it would show as a domestic transfer. 

[PST]

1 minute ago, Mr Smithy said:

Not if an intermediary Thai bank is involved it would show as a domestic transfer. 

SCB?

[Mr Smithy]

Just now, PST said:

SCB?

I have no idea -

[Max69xl]

29 minutes ago, PST said:

So my Thai bank would not charge anything?, the amount i send is the amount i recieve?

You will receive the amount you sent minus the TW fee and the rate will be guaranteed. For example, if using the Low cost transfer option, when sending £1000, the fee will be £7. That leaves £993 to be converted using the mid-market rate.

Edited March 24, 2020 by Max69xl

[tlesher]

2 minutes ago, Mr Smithy said:

Not if an intermediary Thai bank is involved it would show as a domestic transfer. 

That is true, I have been through all of that and they will not count a periodic transfer unless your account receives it as a foreign wire (FTT). I abandoned bimonthly transfers, bit the bullet, and put 400KB in for my marriage visa. They dont care how it gets there as long as its there for 60 days.

[PST]

2 minutes ago, tlesher said:

That is true, I have been through all of that and they will not count a periodic transfer unless your account receives it as a foreign wire (FTT). I abandoned bimonthly transfers, bit the bullet, and put 400KB in for my marriage visa. They dont care how it gets there as long as its there for 60 days.

But wouldn't it appear as a FTT on the 12 month bank statement?

[tlesher]

13 minutes ago, Mr Smithy said:

I have no idea -

Transferwise uses Kasikorn, I use Bangkok bank, its random how it gets there, coded FTT if direct from overseas to Bangkok Bank, TRD if it goes through Kasikorn first.

 

[Mr Smithy]

1 minute ago, PST said:

But wouldn't it appear as a FTT on the 12 month bank statement?

Not if it arrived as a DOMESTIC TRANSFER

[Max69xl]

Just now, PST said:

But wouldn't it appear as a FTT on the 12 month bank statement?

Not if the money is transferred via an intermediary bank. The money needs to be transferred via TW's partner banks. But you might need credit advises as proof of foreign transfers. 

[tlesher]

7 minutes ago, PST said:

But wouldn't it appear as a FTT on the 12 month bank statement?

No, shows as TRD. The catch is, the final destination bank has to provide immigration with a letter stating so much has come in by foreign transfers, and the only way they can sign that off is if it come to them by FTT.

Edited March 24, 2020 by tlesher

[Max69xl]

1 minute ago, tlesher said:

Transferwise uses Kasikorn, I use Bangkok bank, its random how it gets there, coded FTT if direct from overseas to Bangkok Bank, TRD if it goes through Kasikorn first.

 

TransferWise's primary bank is Bangkok Bank,then K-Bank and Thai Military Bank. You must use the correct "Reason for transfer" = "Funds for long term stay in Thailand". Then the bank code will be FTT in the bank book. 

[Mr Smithy]

2 minutes ago, Max69xl said:

TransferWise's primary bank is Bangkok Bank,then K-Bank and Thai Military Bank. You must use the correct "Reason for transfer" = "Funds for long term stay in Thailand". Then the bank code will be FTT in the bank book. 

Are you sure about that? Funds transferred between Thai banks are always coded as Domestic Transfers 

[tlesher]

3 minutes ago, Max69xl said:

TransferWise's primary bank is Bangkok Bank,then K-Bank and Thai Military Bank. You must use the correct "Reason for transfer" = "Funds for long term stay in Thailand". Then the bank code will be FTT in the bank book. 

Didnt know that!

[Mr Smithy]

Just now, tlesher said:

Didnt know that!

You should check that info which I suspect is incorrect

[Max69xl]

2 minutes ago, Mr Smithy said:

Are you sure about that? Funds transferred between Thai banks are always coded as Domestic Transfers 

I am 100% sure. If you're using wrong reason for transfer,the transfer will be domestic. TW created the reason "Funds for long ..........." last year in July just because of the FTT issue.

[Max69xl]

6 minutes ago, tlesher said:

Didnt know that!

It's the last option in the list of reasons. 

[lopburi3]

15 minutes ago, tlesher said:

Transferwise uses Kasikorn, I use Bangkok bank, its random how it gets there, coded FTT if direct from overseas to Bangkok Bank, TRD if it goes through Kasikorn first.

 

It is not random if you select the reason for transfer as to stay in Thailand (last choice in drop down menu which you must select one).

[Max69xl]

Just now, lopburi3 said:

It is not random if you select the reason for transfer as to stay in Thailand (last choice in drop down menu which you must select one).

"Funds for long term stay in Thailand" 

[PST]

1 hour ago, Peter Denis said:

ou can generate a PDF-transfer receipt which will show that the funds originated from your foreing bank-account (and which is accepted by most IOs as proof of foreign origin of the funds).

would this work, and be accepted by an IO if arriving in an SCB account?

[Moonlover]

This FTT code that so many people seem to have 'busting a gut' over is not the holy grail of international transfers. Many banks do not use them when receiving fund from TransferWise, including my own, Krungrsi. That despite flagging the transfer as "Funds for long term stay in Thailand". It's a myth.

 

But it is not an issue. There have quite a few reports now of successful extensions, including my own by presenting the previously mentioned transfer slips downloaded from T/W web site. They provide irrefutable evidence that the funds came from a foreign source.

 

I was one of the first to do this back in August last year and had no problem.

[Max69xl]

Just now, PST said:

would this work, and be accepted by an IO if arriving in an SCB account?

TW's partner banks are as I said Bangkok Bank, K-Bank and Thai Military Bank. SCB is not one of them so the transfers will show up as domestic,not foreign. In your case I think you'll need so called credit advises for each transfer to show them as foreign.