TransferWise Question

[mercman24]

 trying to sort this out, question i keyed in Bangkok bank as the recepiant bank but i see it came up as 002 ? is this the international code, there was no explanation, i dont want to send a load of money if i dont know where it is going to end up thanks, this lot is doin my ed in so far, like they reel off the 6 digit number with out any forewarning, the times i have logged out, and loading up a passport photo, <deleted> i am an old timer

[Peter Denis]

Hi Mercman24,

I did PM you a Guideline document on how to make use of TransferWise and ensure that you get hold of the evidence that the funds arriving at your Thai bank-account originated from abroad.

With TransferWise this is easy to achieve, but the document also explains how to get hold of that evidence even when using another way of transferring the funds.

>> To access your PM-messages just click the letter-icon next to your profile when logged into the Forum.

[CharlieH]

MOVED to Banking forum

[Chris.B]

1 hour ago, mercman24 said:

 trying to sort this out, question i keyed in Bangkok bank as the recepiant bank but i see it came up as 002 ? is this the international code, there was no explanation, i dont want to send a load of money if i dont know where it is going to end up thanks, this lot is doin my ed in so far, like they reel off the 6 digit number with out any forewarning, the times i have logged out, and loading up a passport photo, <deleted> i am an old timer

Why not try a test run first, say sending £50?

[Kwasaki]

If not happy go high street bank and arrange it not big costs. 

Transferwise is OK for small amounts. 

[scubascuba3]

Yes Bangkok Bank shows as 002 now, but per above suggestion send a small amount first, check it settles OK then send the rest which is easier as you just select the payee (TransferWise) you already used

[Moonlover]

Each commercial bank in Thailand is allocated a 3 digit code by the Bank of Thailand. They are mainly used within the banking sector and we customers rarely get to hear about them.

 

And they are surprising elusive when you try to find them. However I did manage to locate it for you @mercman24 and Bangkok Bank is indeed 002.

 

TransferWise have a very good reputation here and I'm sure you'll have no problems.

[EricTh]

Yes, I've used Transferwise to transfer to my Thai account several times without any problem. It arrived within 1 to 2 working days.

 

We can only hope that someday the Thai government will allow transfer out of Thailand too.

Edited February 21, 2021 by EricTh

[Peter Denis]

7 minutes ago, EricTh said:

Yes, I've used Transferwise to transfer to my Thai account several times without any problem. It arrived within 1 to 2 working days.

 

We can only hope that someday the Thai government will allow transfer out of Thailand too.

I have a Savings Account with Kasikorn, one of the 3 Thai partner-banks of TransferWise.  My last transfer took only 7 seconds from clicking GO to getting the confirmation that the money had arrived on my account.

[sanuk711]

3 hours ago, Peter Denis said:

I did PM you a Guideline document on how to make use of TransferWise and ensure that you get hold of the evidence that the funds arriving at your Thai bank-account originated from abroad

If it isn't to much trouble could PM it to me also?..... or if it is a 1-2-3 step, would it be OK to just post it for all to see in this topic.

Thanks....

[Peter Denis]

2 minutes ago, sanuk711 said:

If it isn't to much trouble could PM it to me also?..... or if it is a 1-2-3 step, would it be OK to just post it for all to see in this topic.

Thanks....

Guideline sent PM, and you're welcome.

[sanuk711]

Thanks Peter......................

[Pmbkk]

I'd be interested in a copy too please Peter.

 

In the past I've used cambridgefx and torfx to transfer into Thailand and DeeMoney to transfer out.

When I was transferring in I didn't have a necessity to prove it came from abroad, but will need that shortly for the visa 

Regards

[Peter Denis]

47 minutes ago, Pmbkk said:

I'd be interested in a copy too please Peter.

 

In the past I've used cambridgefx and torfx to transfer into Thailand and DeeMoney to transfer out.

When I was transferring in I didn't have a necessity to prove it came from abroad, but will need that shortly for the visa 

Regards

Hi Pmbkk.

As requested I PM-ed the TransferWise Guideline to you, and you're welcome.

[scubascuba3]

There is a Facebook group "TransferWise Solutions Thailand" which is useful joining to get a heads up on issues I.e. the increased checks a few weeks ago

[EricTh]

On 2/21/2021 at 7:00 PM, Peter Denis said:

I have a Savings Account with Kasikorn, one of the 3 Thai partner-banks of TransferWise.  My last transfer took only 7 seconds from clicking GO to getting the confirmation that the money had arrived on my account.

 

Which are the other 2 Thai partner banks ?

[scubascuba3]

4 hours ago, EricTh said:

 

Which are the other 2 Thai partner banks ?

Bangkok Bank, CMB

[Peabody]

On 2/21/2021 at 7:00 AM, Peter Denis said:

I have a Savings Account with Kasikorn, one of the 3 Thai partner-banks of TransferWise.  My last transfer took only 7 seconds from clicking GO to getting the confirmation that the money had arrived on my account.

Is that into, out of or within Thailand?

[Peter Denis]

7 hours ago, EricTh said:

Which are the other 2 Thai partner banks ?

The 3 TransferWise partner-banks are Bangkok Bank, Kasikorn Bank and TMB.

Any transfer you do with TW is routed via the Headquarter of one of these partner-banks, and then will show up as a 'domestic transfer' on the account of your Thai bank (except when using Bangkok Bank and clicking the 'funds for long-term stay in Thailand' reason for your transfer).

That TransferWise process of having your funds transferred via their partner-bank might cause problems with Immigration in case you need to prove the foreign origins of the funds.

>> I did PM you a Guideline document on how to make use of TransferWise, which also outlines on how to get hold of the evidence that your transfers originated from abroad (in case that is required by Immigration, and irrespective whether you used TransferWise or another method to transfer the funds). 

[Peter Denis]

2 hours ago, Peabody said:

Is that into, out of or within Thailand?

I have a Savings Account with Kasikorn, one of the 3 Thai partner-banks of TransferWise.  My last transfer took only 7 seconds from clicking GO to getting the confirmation that the money had arrived on my account.

It was a transfer of approx 1.000 Euro originating from my Belgian bank-account to my Thai Savings-Account at Kasikorn Bank in Thailand. 

I make use of K-Cyber (the free on-line banking Kasikorn service) so I checked immediately on that K-Cyber account and indeed the funds were already there (so it was correct that the TransferWise site after I did click GO to send the funds, indicated that the funds had arrived within 7 seconds). 

[Peter Denis]

2 hours ago, scubascuba3 said:

Bangkok Bank, CMB

It is not CMB, but TMB (Thai Military Bank) that is one of the 3 TransferWise partner banks.

Note that TMB is currently in the process of merging with Thanachart Bank.

[scubascuba3]

19 minutes ago, Peter Denis said:

It is not CMB, but TMB (Thai Military Bank) that is one of the 3 TransferWise partner banks.

Note that TMB is currently in the process of merging with Thanachart Bank.

Yes TMB, BTW TransferWise is changing it's name to "Wise" not sure that's a wise choice

[EricTh]

2 hours ago, Peter Denis said:

The 3 TransferWise partner-banks are Bangkok Bank, Kasikorn Bank and TMB.

 

Then why is it that when I asked Bangkok Bank many months back, they didn't know anything about it and asked me to transfer via SWIFT instead?

 

[Moonlover]

36 minutes ago, EricTh said:

2 hours ago, Peter Denis said:

The 3 TransferWise partner-banks are Bangkok Bank, Kasikorn Bank and TMB.

 

36 minutes ago, EricTh said:

Then why is it that when I asked Bangkok Bank many months back, they didn't know anything about it and asked me to transfer via SWIFT instead?

 

The answer above is correct. If the person in Bangkok Bank didn't know anything about it, you asked the wrong person.

[Peter Denis]

1 hour ago, EricTh said:

Then why is it that when I asked Bangkok Bank many months back, they didn't know anything about it and asked me to transfer via SWIFT instead?

When you ask your local Bangkok Bank branch manager or desk-clerk about it, obviously they wouldn't have a clue what you are talking about. 

They are just at the receiving end of the line and why would they care or have any interest in where the funds transferred to your bank-account with them came from?  In fact they would only see that a transfer of funds from Bank Headquarters has been made to your local bank-branch when you use TransferWise.

You are dealing with TransferWise and your foreign bank, by ordering TransferWise to transfer funds from your foreign bank to your Thai personal bank-account.  TransferWise of course needs the consent of your foreign bank to execute that order.  But your Thai bank is just the recipient.