TW and new Thailand bank regulatory changes

[drenddy]

I got a pop up message from TW on my app, saying that, due to new banking regulatory changes, transfers might take longer than usual. 

I contacted TW and asked them to provide more details. 

 

Has anybody hear about this? 

 

 

[dabhand]

I saw the same message this morning on TW and will be interested in finding out what prompted it.

 

Not aware of any news of changes from the Thailand end. Maybe something that will be affecting the way that TW currently operate in Thailand. Hopefully not. 

[CharlieH]

25 minutes ago, drenddy said:

I got a pop up message from TW on my app, saying that, due to new banking regulatory changes, transfers might take longer than usual. 

I contacted TW and asked them to provide more details. 

 

Has anybody hear about this? 

 

 

Not as such but a recent transfer changed from a few seconds to a notice telling me it would be 5 hours and completed st a specific time of 1.00am the next day ? Which indeed it was.

[KannikaP]

If a transfer is going to take say, 24 hours longer, then send it 24 hours before you normally would have and it will arrive at the same time as it always did !   LOL

[lopburi3]

Quote

Due to the recent regulatory changes in Thailand, your THB transfer might take longer than usual to reach your recipient.

I just made a $500 transfer and it is scheduled for January 11 so no change for me (faster than normal but that is probably due small amount involved).

[KannikaP]

47 minutes ago, lopburi3 said:

I just made a $500 transfer and it is scheduled for January 11 so no change for me (faster than normal but that is probably due small amount involved).

 

1 hour ago, CharlieH said:

Not as such but a recent transfer changed from a few seconds to a notice telling me it would be 5 hours and completed st a specific time of 1.00am the next day ? Which indeed it was.

In the years I have been using Transferwise, I have NEVER had one take less than 2pm the following day, and that is after I have already converted my GBP to THB in my Borderless account.

Edited January 10, 2021 by KannikaP

[KannikaP]

45 minutes ago, lopburi3 said:

I just made a $500 transfer and it is scheduled for January 11 so no change for me (faster than normal but that is probably due small amount involved).

Does the amount really matter?

[CharlieH]

18 minutes ago, KannikaP said:

 

In the years I have been using Transferwise, I have NEVER had one take less than 2pm the following day, and that is after I have already converted my GBP to THB in my Borderless account.

Well I guess there are various contributing factors, but here is a copy of the usual notices I get.

[lopburi3]

17 minutes ago, KannikaP said:

Does the amount really matter?

Have noticed additional time when change from 1k to higher amounts many times so indeed it appears to do so if using US ACH funding.

[billd766]

1 hour ago, KannikaP said:

 

In the years I have been using Transferwise, I have NEVER had one take less than 2pm the following day, and that is after I have already converted my GBP to THB in my Borderless account.

Except for Thai bank holidays and government holidays.

 

Songkran is the worst time when the banks may be closed for 4, 5 or even 6 days.

[KannikaP]

2 hours ago, billd766 said:

Except for Thai bank holidays and government holidays.

 

Songkran is the worst time when the banks may be closed for 4, 5 or even 6 days.

I never did one in the times you mention, and it STILL takes until 2pm the following day.

It doesn't really bother me because I do my transfer one day before I 'need' the money.

[billd766]

2 hours ago, KannikaP said:

I never did one in the times you mention, and it STILL takes until 2pm the following day.

It doesn't really bother me because I do my transfer one day before I 'need' the money.

It doesn't bother me that much either though I know what date a pension is due and if it happens on a weekend it gets sent to TW on a Friday and I get it on the following Monday provided the the Monday is not a holiday in Thailand. If it is my pension is paid on the first working day after.

 

That is why I said that Songkran is always the worst time. It is a floating date and not the same days or even the same number of days every year. 

 

Last year Songkran was cancelled, but the way this government is adding extra holidays I have no idea if it will happen or be cancelled due to Covid this year. 

[BritManToo]

8 hours ago, drenddy said:

I got a pop up message from TW on my app, saying that, due to new banking regulatory changes, transfers might take longer than usual. 

I contacted TW and asked them to provide more details. 

 

Has anybody hear about this?

It might help if you told us the country of your home bank.

As it's unlikely there have been 'banking regulatory changes' in every country in the world.

 

Probably best not to live on the edge, and let yourself run out of money each month so you're desperate for the transfer to arrive.

Edited January 10, 2021 by BritManToo

[treetops]

39 minutes ago, BritManToo said:

It might help if you told us the country of your home bank.

As it's unlikely there have been 'banking regulatory changes' in every country in the world.

 

The thread title says "new Thailand bank regulatory changes" so no matter the OP's home country the changes are Thai centric.

[KannikaP]

7 hours ago, billd766 said:

It is a floating date and not the same days .......... every year.

As are Easter & Ramadan.

[Mike Teavee]

9 hours ago, treetops said:

 

The thread title says "new Thailand bank regulatory changes" so no matter the OP's home country the changes are Thai centric.

Of course it could make a difference, not all Countries are equal when it comes to the regulatory rules applied to transfers from them so even if the changes are on the Thai side that doesn't mean they apply to transfers from all countries.  

 

E.g. there are international sanctions lists that apply to individuals, companies & countries/regimes so it could be the OP is from a country that has more stringent checks on transfers from it due to these. 

 

I use Transferwise all the time (from UK & Singapore) & haven't had any notifications saying transfers will take any longer, would be helpful if somebody could provide a copy of the actual message they received along with details (Sending country, amount being sent, nothing too personal) 

 

 

Edited January 10, 2021 by Mike Teavee

[lopburi3]

1 hour ago, Mike Teavee said:

would be helpful if somebody could provide a copy of the actual message they received along with details (Sending country, amount being sent, nothing too personal) 

I provided that information 18/19 hours ago if you read back.

[Mike Teavee]

2 hours ago, lopburi3 said:

I provided that information 18/19 hours ago if you read back.

You Posted "have noticed additional time when change from 1k to higher amounts many times so indeed it appears to do so if using US ACH funding."  None of which answers my point of "would be helpful if somebody could provide a copy of the actual message they received along with details (Sending country, amount being sent, nothing too personal) "

 

And FYI, Singapore has always taken longer when I send > s$19,999 & the UK always takes longer when I send > £9,999 but that has nothing to do with the OP about getting a message from TransferWise saying there were additional delays on the Thai end or the post that I answered saying how this could be specific to certain countries irrespective of amount being sent. 

 

Have tried searching Google/the TW community and the only place this reported "Message" is mentioned is in this thread, have also run transfers of s$10,000 and GBP £10,000 on the app to the point where I need to commit and no warning messages or anything. 

 

 

 

Edited January 11, 2021 by Mike Teavee

[lopburi3]

I made two previous posts - the first contained the full message about possible delay due change in Thai procedures and I performed a transfer to test out current conditions.

Requested transfer of USD 500 yesterday afternoon and advised it would be deposited today.

Received normal email that transfer sent at 0632 today.

Received transfer in Bangkok Bank at 0622 today.

This was an ACH pull from US bank and reason for transfer was normal living expense.

This is first time a deposit made here not in the 1400 and after timeframe.

This is the fastest transfer I have ever received from Transferwise (but as noted amount is lower than my normal pull and most are for long stay in Thailand which may delay more).

 

[PGSan]

46 minutes ago, Mike Teavee said:

have also run transfers of s$10,000 and GBP £10,000

You have so much spare cash to fling around (or merely brag about?): care to reroute some of it our way? 

Edited January 11, 2021 by PGSan

[Mike Teavee]

23 hours ago, lopburi3 said:

I just made a $500 transfer and it is scheduled for January 11 so no change for me (faster than normal but that is probably due small amount involved).

 

22 hours ago, lopburi3 said:

Have noticed additional time when change from 1k to higher amounts many times so indeed it appears to do so if using US ACH funding.

 

41 minutes ago, lopburi3 said:

I made two previous posts - the first contained the full message about possible delay due change in Thai procedures and I performed a transfer to test out current conditions.

Requested transfer of USD 500 yesterday afternoon and advised it would be deposited today.

Received normal email that transfer sent at 0632 today.

Received transfer in Bangkok Bank at 0622 today.

This was an ACH pull from US bank and reason for transfer was normal living expense.

This is first time a deposit made here not in the 1400 and after timeframe.

This is the fastest transfer I have ever received from Transferwise (but as noted amount is lower than my normal pull and most are for long stay in Thailand which may delay more).

 

 

My eyesight must be going so I've quoted both your previous posts above... can you highlight the part where you posted the "full message about possible delay's" ...

 

As I mentioned, I've noticed that larger amounts have always taken longer from UK & SG (Extra AML checks above a certain threshold in each country, in the US I understand this to be > $9,999 so I doubt your delay in sending $1,000 had anything to do with it), but I have never had a pop-up message from TW stating this & this whole thread is about the OP getting a pop-up saying there might be delays due to regulatory changes.

 

 

Edit: Have just tried a sS1,000SGD transfer which says will get there in 6 hours & a £1,000GBP which will get there in 4 hours whereas the s$10K & £10K transfer says "By 12th January" (i.e. tomorrow) again this is normal due to extra AML checks on higher amounts and not a new regulatory change as implied by the OP.  

Edited January 11, 2021 by Mike Teavee

[Mike Teavee]

14 minutes ago, PGSan said:

You have so much spare cash to fling around (or merely brag about?): care to send some of out our way? 

I retired in Thailand full time this year but have been sending money over for the past 3 years in preparation (e.g. getting 800K in the bank for my Non-O Visa took approx s$35,000 SGD).

 

I try to only send 2-3 times per year when exchange rates look at their highest & they topped 41:1 GBP & 23:1 SGD earlier in the year so I sent over quite a bit more than I would usually do. 

 

But if you'd like to send me your full name, date of birth, bank account details, pin number, mother maiden name & the name of your 1st pet, I can get my mate His Royal Highness Prince of Lagos to send you over a few Million $s.

 

Edit: I only ran the s$10,000 & £10,000 transfers to the point where I had to commit to sending the cash to TW, which anybody who has the app can do irrespective of how much money they have, I didn't actually send the cash as I'm still waiting (in vain it seems) for either a Bhat crash or a post BREXIT GBP bounce before I send any more. 

 

Edited January 11, 2021 by Mike Teavee

[billd766]

8 hours ago, KannikaP said:

As are Easter & Ramadan.

But Easter and Ramadan are NOT Public Holidays here in Thailand which is what the thread is about.

 

TW and new Thailand bank regulatory changes

[lopburi3]

23 hours ago, lopburi3 said:

Quote

Due to the recent regulatory changes in Thailand, your THB transfer might take longer than usual to reach your recipient.

I just made a $500 transfer and it is scheduled for January 11 so no change for me (faster than normal but that is probably due small amount involved).

Above is the 5th message in this thread - if you just quote a msg it does not include quotes within the msg with this <deleted> software (which does not even give a posting time anymore).  The yellow shaded part is copy/past of what Transferwise web site gave me.

[Mike Teavee]

18 hours ago, lopburi3 said:

Above is the 5th message in this thread - if you just quote a msg it does not include quotes within the msg with this <deleted> software (which does not even give a posting time anymore).  The yellow shaded part is copy/past of what Transferwise web site gave me.

Apologies, I did not see the quoted part of your earlier post but having gone back I can see this.... 

... and will admit to not bothering on clicking the "Quoted" part as I'd read all of the previous posts & what you "Quoted" doesn't come from any of them (but you're 100% spot on that this forum software is Shipped High in Transit (from the new Netflix documentary on swear words ???? ) .... 

 

Anyway, to settle things in my own head I've gone all the way through & transferred s$1,000 SGD &  £1,000 and neither showed any messages like "Due to the recent regulatory changes in Thailand, your THB transfer might take longer than usual to reach your recipient." ... So I'm assuming this is only for transfers from the US (So much for the country of origin being irrelevant hey?!?)... 

 

Both initially said that the money would arrive on 12th Jan (Today), but the SGD confirmation says it will pay out in 5 hours (around 11am here in Thailand) it's still the 11th Jan in the UK so am guessing that they don't give the time in hours if it's going to be the next day,  will update the thread with timings when they arrive. 

 

Should add that another reason for doing it is I'm curious which one will arrive 1st, you would sort of expect the one from Singapore to arrive 1st but when doing the trial runs yesterday s$1000 SGD would take 6 hours & £1,000 would take 4 hours so we'll see...

 

 

Edit... Screenshot of the SGD transfer... 

 

... Screenshot of the GBP Transfer (NB I already had the GBP in my Borderless account ready to send after the BREXIT Transition period ending, was hoping for 45:1 ???? ) 

 

Edited January 11, 2021 by Mike Teavee
Add screenshots & Typos.... Lots of Typos...

[Mike Teavee]

Looks like they should both arrive at the same time...

[Mike Teavee]

As expected they both landed at the same time with the Bangkok Bank 2PM run...

[gafdtomaka366]

The question isn't about how fast the transactions have landed but WHAT is it that TW reffers to by warning "recent regulatory changes in Thai bank system"

Does anybody know?

[billd766]

I did 2 transfers on Friday and they were due payment in Thailand today.

 

TW said the money would be in my account today. It was.

 

At 2:03 pm BBK sent an SMS to say the money had arrived.

 

NO other messages were sent

[Mike Teavee]

On 1/18/2021 at 4:27 PM, gafdtomaka366 said:

The question isn't about how fast the transactions have landed but WHAT is it that TW reffers to by warning "recent regulatory changes in Thai bank system"

Does anybody know?

We were trying to ascertain whether the message was for all Transfers into Thailand (as claimed by one BM) or only for certain countries, the one example we've seen from @lopburi3 was from the US, the OP hasn't mentioned which country they were transferring from.  

 

As I detailed, I transferred from the UK & SG & didn't receive the warning so clearly it's not all countries...  @billd766which country were you transferring from?