Using Transferwise for first time

[happydays]

I want to make monthly transfers from the UK to my Bangkok Bank account. How do I ensure that they appear as Foreign Transfers? I seem to remember that you had to ring them before making the transfer to ask them to send it directly to your bank & not via an intermediary bank, is that still necessary?

Thanks.

[Pib]

In the reason for transfer just select Funds for Long Stay Thailand.   That tells (requests) Wise to use Bangkok Bank for the partner bank for your transfer and since you are sending to a Bangkok Bank acct that will result in Bangkok Bank coding the transfer as an International Transfer/FTT.

[lopburi3]

You state the reason for transfer, when asked, as long stay in Thailand (last option in list).  This will appear at FTT on a Bangkok Bank passbook (foreign) but WISE also can provide PDF receipts that are often accepted by immigration or you can get statement from bank in Thailand making transfer that it was foreign origin so not as big an issue as it was when rule first started.

[bolt]

I think you need to set up

 

1 monthly direct debit from your UK bank to transferwise UK pounds account

 

Then

set up a monthly transaction of changing your UK pounds into Thai baht, ALL of this is done inside transferwise, imagine you hold 2 accounts in transferwise one is UK Pounds and the other is Thai baht.

 

Once the money is Thai baht, you then can send it out of transferwise to your Bangkok bank.

[lopburi3]

1 minute ago, bolt said:

I think you need to set up

 

1 monthly direct debit from your UK bank to transferwise UK pounds account

 

Then

set up a monthly transaction of changing your UK pounds into Thai baht, ALL of this is done inside transferwise, imagine you hold 2 accounts in transferwise one is UK Pounds and the other is Thai baht.

 

Once the money is Thai baht, you then can send it out of transferwise to your Bangkok bank.

There are different ways but you do not need any account at Wise to transfer money.  They can pull from your account and pay in baht at their current rate plus fee if you want to use that method.

[bolt]

I presume the OP wants to use this for any future proof of funds coming from outside of Thailand foreign transfers

Opening an account would be recommended as the statements can be listed and printed etc.

[lopburi3]

18 minutes ago, bolt said:

I presume the OP wants to use this for any future proof of funds coming from outside of Thailand foreign transfers

Opening an account would be recommended as the statements can be listed and printed etc.

You can do the same without an account.

[Kildonan]

I use Wise (new name), tfr from my UK account, to my Wise act. Money in my BKK act, 2mins after making the transaction. Great rates and service.

[Pilotman]

2 minutes ago, Kildonan said:

I use Wise (new name), tfr from my UK account, to my Wise act. Money in my BKK act, 2mins after making the transaction. Great rates and service.

not so great today, delays of up to 15 hours reported, but still the best way to transfer money 

[KannikaP]

It is not called WISE yet on my PC and App. 

However, do not change your GBP at the same rate in case it gets better later in the month. Build up your THB to whatever you are going to send each month at different times, then just do a total transfer on whichever date you want it to be in Thailand.

[KannikaP]

16 minutes ago, Kildonan said:

I use Wise (new name), tfr from my UK account, to my Wise act. Money in my BKK act, 2mins after making the transaction. Great rates and service.

Never in my three years has a transfer taken less than a day, THB to THB in Bangkok Bank. Today initiated at 6am, arrived 14.02pm

[bolt]

37 minutes ago, Kildonan said:

I use Wise (new name), tfr from my UK account, to my Wise act. Money in my BKK act, 2mins after making the transaction. Great rates and service.

excellent, could you provide a step by step guide.

[bolt]

20 minutes ago, KannikaP said:

Never in my three years has a transfer taken less than a day, THB to THB in Bangkok Bank. Today initiated at 6am, arrived 14.02pm

excellent, could also you provide a step by step guide.

[Upnotover]

36 minutes ago, KannikaP said:

It is not called WISE yet on my PC and App. 

However, do not change your GBP at the same rate in case it gets better later in the month. Build up your THB to whatever you are going to send each month at different times, then just do a total transfer on whichever date you want it to be in Thailand.

I'm not certain you can send THB to THB.  Yes, you can "hold" a THB balance but as far as I can see would need to convert it back to something else in order to send it on the a Thai account.

[KannikaP]

2 minutes ago, Upnotover said:

I'm not certain you can send THB to THB.  Yes, you can "hold" a THB balance but as far as I can see would need to convert it back to something else in order to send it on the a Thai account.

I am certain you can, 'cos I do it every month. I have their Borderless Account which can have GBP, USD, AED and THB balances amongst others. Each week when the rate looks good, I convert GBP the equivalent of THB 12,500, about GBP 300, into Baht and on the first of the month (Today) I send THB 50,000 to my Bangkok Bank. Arrives as an FTT and that actual transfer costs THB 33.

[KannikaP]

27 minutes ago, bolt said:

excellent, could you provide a step by step guide.

Didn't YOU do that in your post 5 hours ago?

[KhaoYai]

1 hour ago, Kildonan said:

I use Wise (new name), tfr from my UK account, to my Wise act. Money in my BKK act, 2mins after making the transaction. Great rates and service.

Yes, I've had the same super fast service from them and great exchange rates too.  However, if you need a fast transfer, avoid weekends - I did a transfer on Friday evening, it arrived at 9pm on Sunday night (UK times).

[KhaoYai]

56 minutes ago, KannikaP said:

Never in my three years has a transfer taken less than a day, THB to THB in Bangkok Bank. Today initiated at 6am, arrived 14.02pm

My February transfer took 2 days because it was the weekend but the 2 before that were literally done within 5 minutes.

[Upnotover]

16 minutes ago, KannikaP said:

I am certain you can, 'cos I do it every month. I have their Borderless Account which can have GBP, USD, AED and THB balances amongst others. Each week when the rate looks good, I convert GBP the equivalent of THB 12,500, about GBP 300, into Baht and on the first of the month (Today) I send THB 50,000 to my Bangkok Bank. Arrives as an FTT and that actual transfer costs THB 33.

Well many thanks for that, I've just converted some GBP into THB as a test.  You (I) learn something new every day ????

[happydays]

Thanks everyone for your replies. I requested a transfer at 9.30pm last night, it arrived in my bank account at 2pm today as an FTT. Not sure why some people get almost instant transfers but I’m happy with TW’s service.

[bolt]

On 3/1/2021 at 3:11 PM, KannikaP said:

Didn't YOU do that in your post 5 hours ago?

so is that NO, ???????

I know how i do it, i wanted to know how you did it, sorry for requesting something which you obviously have no idea or recollection.

No wonder TV gets such a bad reputation whith the users on here. Normally one out of every 5

[Neeranam]

On 3/1/2021 at 5:05 PM, Kildonan said:

I use Wise (new name), tfr from my UK account, to my Wise act. Money in my BKK act, 2mins after making the transaction. Great rates and service.

Does this work the other way?

 

Is it easy t open an account from Thailand?

[zeekgarcia]

do you need to use a vpn to sign up from here?

 

[lopburi3]

10 hours ago, Neeranam said:

Does this work the other way?

 

Is it easy t open an account from Thailand?

Money can not be exported from Thailand yet - only into.  You can easily sign up from here.

[steve187]

On 3/1/2021 at 5:23 PM, KannikaP said:

Never in my three years has a transfer taken less than a day, THB to THB in Bangkok Bank. Today initiated at 6am, arrived 14.02pm

i did a transaction yesterday  2nd at 8am, money still not in Thailand bank as of 7.58am 3rd, my last transaction was on 29th Jan, that one took 10 hours, prior to that all transactions have been within minutes, so something is happening within transferwise/wise, maybe something to do with the name change, and bank accounts, or banking rules 

[KannikaP]

50 minutes ago, steve187 said:

i did a transaction yesterday  2nd at 8am, money still not in Thailand bank as of 7.58am 3rd, my last transaction was on 29th Jan, that one took 10 hours, prior to that all transactions have been within minutes, so something is happening within transferwise/wise, maybe something to do with the name change, and bank accounts, or banking rules 

So you think it has changed since 1st March?

My next transfer will be on 1st April.....let's see!

Edited March 3, 2021 by KannikaP

[KannikaP]

1 hour ago, zeekgarcia said:

do you need to use a vpn to sign up from here?

 

No.

[dabhand]

3 hours ago, steve187 said:

i did a transaction yesterday  2nd at 8am, money still not in Thailand bank as of 7.58am 3rd, my last transaction was on 29th Jan, that one took 10 hours, prior to that all transactions have been within minutes, so something is happening within transferwise/wise, maybe something to do with the name change, and bank accounts, or banking rules 

 

I also arranged a TW transfer (from UK) at 8am on 2nd. Arrived in my Bangkok Bank account at 2pm on 2nd, as per normal.

Similarly, I also arranged a transfer last Thursday (25th) taking advantage of a spike in the GBP rate and, as expected with the bank holiday/weekend, arrived 2pm on Monday(1st) into my BB account.

No problems that I have experienced with TW. 

[bolt]

4 hours ago, lopburi3 said:

Money can not be exported from Thailand yet - only into.  You can easily sign up from here.

Do you mean using transfer wise, or Thailand in General,

I have taken money out of Thailand serveral times last year using Online Banking Bank of Ayudhya, and also buying online using Etoro, with my online Thai bank account.

withdrawing Thai baht is easier than it once was.

[Kildonan]

On 3/2/2021 at 9:11 PM, Neeranam said:

Does this work the other way?

 

Is it easy t open an account from Thailand?

Have not tried that.