Retirement visa, 65000 baht transfer method

[DPKANKAN]

22 hours ago, jhama said:

Thank all for answer. I was meaning transfer from Europe to Thailand.

TransferWise now Wise is the best method. When you set up the account with them, message them to ensure that every payment will be made DIRECT to the same account here and not through a different account as happened to me recently. You can message/chat with them to confirm that. Then usually hits your Thai bank account in 4-5 seconds!!

[phitsanulokjohn]

On 4/6/2021 at 12:39 PM, DrJack54 said:

OP, you can use the money. 

The important thing is to show that the 65k deposit(s) came from overseas. That is topic in itself. Google "FTT code thaivisa"

and all the thaivisa threads will be shown. Lot of good information. Popular thransfer company is transferwise. Recently rebranded to "Wise". You also may need to show money coming from "pension"

If you mention your embassy someone can advise if you can use 'embassy income letter'. Good option.

USA, UK and AU do not provide embassy letter.

 

On 4/6/2021 at 12:39 PM, DrJack54 said:

OP, you can use the money. 

The important thing is to show that the 65k deposit(s) came from overseas. That is topic in itself. Google "FTT code thaivisa"

and all the thaivisa threads will be shown. Lot of good information. Popular thransfer company is transferwise. Recently rebranded to "Wise". You also may need to show money coming from "pension"

If you mention your embassy someone can advise if you can use 'embassy income letter'. Good option.

USA, UK and AU do not provide embassy letter.

You make a good point,but as another poster pointed out the money needs to be seen to come in from outside Thailand.

How is this then possible with Wise(ex transferwise) when although wise extracts funds in my case from my uk account,wise actually pays it into my Siam Commercial from a bank within Thailand.

[DerbyDan]

One thing I don't like about the income method is I would need to remember to transfer the money once every 30 days without fail.

 

Sounds easy, but when your doing it for a year chances go up that you miss a date somewhere, or are always thinking about not missing the transfer.

 

I used to hear stories back in the day about some officer at chiang mai immigration sitting there examining the book at immigration and denying things because a date was off somehow.

[AlfHuy]

8 minutes ago, DerbyDan said:

One thing I don't like about the income method is I would need to remember to transfer the money once every 30 days without fail.

 

Sounds easy, but when your doing it for a year chances go up that you miss a date somewhere, or are always thinking about not missing the transfer.

 

I used to hear stories back in the day about some officer at chiang mai immigration sitting there examining the book at immigration and denying things because a date was off somehow.

Easy to set up a standing order. Just factor in exchange fluctuations.

[Tanoshi]

7 minutes ago, DerbyDan said:

One thing I don't like about the income method is I would need to remember to transfer the money once every 30 days without fail.

 

Sounds easy, but when your doing it for a year chances go up that you miss a date somewhere, or are always thinking about not missing the transfer.

You can set up a standing order with Wise to automatically withdraw the funds from your foreign account and transfer it to your Thai account on a pre set date each month.

 

[Tanoshi]

1 hour ago, phitsanulokjohn said:

How is this then possible with Wise(ex transferwise) when although wise extracts funds in my case from my uk account,wise actually pays it into my Siam Commercial from a bank within Thailand.

The issue you have is that Wise only hold 3 accounts within Thailand from which they transfer the funds to your Thai bank account. Those are Bangkok bank, Kasikorn and TMB.

Therefore if your with Siam, the transfers will always be made through one of the above 3 Wise branch accounts and will be coded as a 'local' transfer.

For proof of a foreign transfer you need to request a 'certificate of foreign transfer' from the Thai bank through which your payment was routed (easier said than done).

 

You can also print the Wise PDF for the transfer which is also accepted as proof by certain Immigration offices. This provides the currency exchanged, the rate and the Thai bank through which it was routed to your bank.

 

The other option is to change banks - Bangkok bank recommended if using Wise for transfers.

Edited April 7, 2021 by Tanoshi
Typo

[foreverlomsak]

7 hours ago, Tanoshi said:

You can set up a standing order with Wise to automatically withdraw the funds from your foreign account and transfer it to your Thai account on a pre set date each month.

 

I've not seen anything about this ability in Wise. UK DD yes but not International payments, can you point me to the detail in Wise site, please.

[Tanoshi]

18 minutes ago, foreverlomsak said:

I've not seen anything about this ability in Wise. UK DD yes but not International payments, can you point me to the detail in Wise site, please.

Apologies, yes you set up a DD with Wise to take regular payments from your UK account.

How do I set up Direct Debits? | Wise Help Centre

 

I use the 'funds' in a Thai bank method myself, but a friend using the income method set up regular monthly transfers with Wise.

[DerbyDan]

1 hour ago, foreverlomsak said:

I've not seen anything about this ability in Wise. UK DD yes but not International payments, can you point me to the detail in Wise site, please.

 

Not sure why you are using a middleman transfer service. Not my cup of tea.

 

Can't you set up a real wire transfer through your online bank? I get 3 free a month. I think it even notes as international vs domestic.

[Tanoshi]

1 hour ago, DerbyDan said:

Not sure why you are using a middleman transfer service. Not my cup of tea.

Because the 'Wise' fee and exchange rates are better than other types of International transfers.

[polpott]

54 minutes ago, Tanoshi said:

Because the 'Wise' fee and exchange rates are better than other types of International transfers.

Exchange rates are pretty much the same as I get on a bank to bank transfer in sterling and take Bangkok bank exchange rate. Cost is £9.50. What does wise charge?

[DerbyDan]

6 hours ago, Tanoshi said:

Because the 'Wise' fee and exchange rates are better than other types of International transfers.

 

I have never heard of "wise", and they won't be getting and of my banking info.

 

Learn to setup a real wire transfer and keep control of your money. If there is some error you don't want to have some sort of third part "app" involved that's just taking a commission and run out of a basement somewhere.

[Tanoshi]

5 hours ago, polpott said:

Exchange rates are pretty much the same as I get on a bank to bank transfer in sterling and take Bangkok bank exchange rate. Cost is £9.50. What does wise charge?

 

1 hour ago, DerbyDan said:

 

I have never heard of "wise", and they won't be getting and of my banking info.

 

Learn to setup a real wire transfer and keep control of your money. If there is some error you don't want to have some sort of third part "app" involved that's just taking a commission and run out of a basement somewhere.

 

Entirely up to you gents.

Thousands of expats have already discovered Wise (ex Transferwise) as the most cost effective method to transfer funds to Thailand, in comparison to bank to bank International transfers or transferring through Bangkok Bank in the US or UK to BKK Thailand.

 

Plenty of topics on the subject.

[Tanoshi]

6 hours ago, polpott said:

Exchange rates are pretty much the same as I get on a bank to bank transfer in sterling and take Bangkok bank exchange rate. Cost is £9.50. What does wise charge?

Which UK bank?

Bangkok Bank current TT rate 42.74 + max 500 baht conversion fee.

 

Wise (£1000) Fee £5.91, exchange rate 43,22.

No UK or Bangkok Bank fees.

[foreverlomsak]

10 hours ago, DerbyDan said:

Can't you set up a real wire transfer through your online bank? I get 3 free a month. I think it even notes as international vs domestic.

My bank will not do International DD transfers.

I do not pay for International Transfers, they sometimes arrive FTT in Bangkok Bank (needed for Immigration Income Proof) with about a 15% failure rate (major problem).

The Bangkok Bank exchange rate is so far below Wise's rate that it mostly pays for Wise's charges, without taking into account Thai Bank Charges and Inter-Provincial transfer fees.

One further point, I have been told my bank is no longer accepting new customers, that indicates to me that I need find a new bank somewhere and that maybe Wise (which releases the minimum balance that has to be held in my UK account, and Wise don't have a minimum).

Apologies for the length.

 

[mateusz1945]

i used Wise. and the difference with exchange rate is significant. Wise will give you  mid rate between buy and sell where bank will give you their buy or sell prices. Spread is quite big in banks because that's how they make money. 

[mtls2005]

There've been dozens of awesome threads/posts here on Wise (but search for transferwise).

 

Some with detailed spreadsheets comparing various transfer methods.

 

The last time I did my own comparison - I too get free international SWIFT wire transfers - a wire xfer was yielding an ~ 200 baht extra.

 

If you have to pay (more than say $10) for a SWIFT xfer, then Wise likely yields more net THB.

 

I'm talking amounts in the monthly extstay ret-inc category, of course, so ~ 70,000 THB net.

 

 

 

 

[KannikaP]

23 hours ago, DPKANKAN said:

Then usually hits your Thai bank account in 4-5 seconds!!

I have used Wise for well over three years direct to my Bkk Bank, specifying that it is for long time stay in Thailand. I have done GBP to THB, and THB to THB after building up my THB over the month.

NEVER has it been earlier than 2pm on the day I initiated the transfer, more often than not, the next day. How do you get it in seconds?

It does not matter to me as my finances are organised that way, but I just like to know how it can be done so quickly. It usually takes a minute or so for Wise to acknowledge the transfer by email.

Edited April 8, 2021 by KannikaP

[KannikaP]

12 hours ago, Tanoshi said:

Apologies, yes you set up a DD with Wise to take regular payments from your UK account.

How do I set up Direct Debits? | Wise Help Centre

 

I use the 'funds' in a Thai bank method myself, but a friend using the income method set up regular monthly transfers with Wise.

You can only do a DD from Wise's GBP account, and so are committed to the exchange rate ON THAT DAY.

Better to 'build up' a THB balance during the month, as & when the rate looks good, so that you have the required amount (THB 65k ? )available on the day you need to send it. This way it evens out any fluctuations during the month. If of course, the rate shoots up, then you exchange more.

[DPKANKAN]

10 hours ago, KannikaP said:

I have used Wise for well over three years direct to my Bkk Bank, specifying that it is for long time stay in Thailand. I have done GBP to THB, and THB to THB after building up my THB over the month.

NEVER has it been earlier than 2pm on the day I initiated the transfer, more often than not, the next day. How do you get it in seconds?

It does not matter to me as my finances are organised that way, but I just like to know how it can be done so quickly. It usually takes a minute or so for Wise to acknowledge the transfer by email.

I send from my Halifax bank account and it comes in to my Kasikorn account. Only 4 times has it come in slower, but only when I sent over 100,000 as it went through Bangkok Bank first!!!

[KannikaP]

11 hours ago, DPKANKAN said:

I send from my Halifax bank account and it comes in to my Kasikorn account. Only 4 times has it come in slower, but only when I sent over 100,000 as it went through Bangkok Bank first!!!

Slower than what, 4-5 seconds or 2pm that or next day please?

[Tanoshi]

21 hours ago, KannikaP said:

NEVER has it been earlier than 2pm on the day I initiated the transfer, more often than not, the next day. How do you get it in seconds?

You can't get it in seconds.

Although Wise receive your funds in their UK account in seconds via the 'faster payments' system, the TT transfer request to their Thai partner branch is only processed at midnight by Bangkok Bank, then it is transferred to your local BKK branch around 2pm.

Previously it was possible to complete the transfer same day, until Bangkok Bank changed their policy in handling transfers.

 

I find by instigating the transfer late evening (Thai time) the funds will hit your Thai branch account 2pm the following day. That's from the UK.

The transfer times can vary by Country depending on the policies and methods of transfers by the banks. In certain instances it can take 2-3 days for the transfer to hit the local 'Wise' account.

[KannikaP]

On 4/7/2021 at 10:02 PM, Tanoshi said:

Apologies, yes you set up a DD with Wise to take regular payments from your UK account.

How do I set up Direct Debits? | Wise Help Centre

 

I use the 'funds' in a Thai bank method myself, but a friend using the income method set up regular monthly transfers with Wise.

Please ask the friend to post on here how to do it, thanks.

[KannikaP]

11 minutes ago, Tanoshi said:

You can't get it in seconds.

Although Wise receive your funds in their UK account in seconds via the 'faster payments' system, the TT transfer request to their Thai partner branch is only processed at midnight by Bangkok Bank, then it is transferred to your local BKK branch around 2pm.

Previously it was possible to complete the transfer same day, until Bangkok Bank changed their policy in handling transfers.

 

I find by instigating the transfer late evening (Thai time) the funds will hit your Thai branch account 2pm the following day. That's from the UK.

The transfer times can vary by Country depending on the policies and methods of transfers by the banks. In certain instances it can take 2-3 days for the transfer to hit the local 'Wise' account.

Thanks for this info. Now all you guys who say their Wise transfer arrived in seconds, read this, or show us proof.

Edited April 9, 2021 by KannikaP

[KannikaP]

On 4/7/2021 at 2:17 PM, DerbyDan said:

One thing I don't like about the income method is I would need to remember to transfer the money once every 30 days without fail.

 

Sounds easy, but when your doing it for a year chances go up that you miss a date somewhere, or are always thinking about not missing the transfer.

 

I used to hear stories back in the day about some officer at chiang mai immigration sitting there examining the book at immigration and denying things because a date was off somehow.

It is once every CALENDAR month, not 30 days.   If you cannot remember to do a Wise transfer on say 15th of every month, I would give up the booze.   LOL

Edited April 9, 2021 by KannikaP

[Tanoshi]

7 minutes ago, KannikaP said:

Please ask the friend to post on here how to do it, thanks.

Unfortunately, he along with a lot of other members no longer post on TVF since they scrapped the Mobile App facility. I know he contacted Wise and his UK bank to arrange it.

[KannikaP]

5 minutes ago, Tanoshi said:

Unfortunately, he along with a lot of other members no longer post on TVF since they scrapped the Mobile App facility. I know he contacted Wise and his UK bank to arrange it.

Thanks. Fortunately, I am of sound mind and have a PC so that once a month I really CAN remember to send money via Wise to my Bkk bank. It can also be done easily using Android apps.

I always do it on 1st of the month. The same day I transfer GBP from Nationwide to Wise and as the month progresses, watch the exchange rate, and when it looks good, convert SOME of the GBP to THB, not all as the rate may go up. By the end of the month, I have the required amount of THB to do the transfer on 1st.

As far as I can determine there is no DD facility on Wise's site, but I may be wrong.

Edited April 9, 2021 by KannikaP

[Tanoshi]

10 minutes ago, KannikaP said:

Thanks for this info. Now all you guys who say their Wise transfer arrived in seconds, read this, or show us proof.

Never seen claims of receiving Wise transfers in 'seconds', not to their Thai branch account anyhow.

Hours, rather than days, but seconds is an exaggeration.

Since Bangkok Bank now use set times to process the transfers, the fasted transfer I made took 16 hours, which was just 57,600 seconds. ????

[Peter Denis]

22 hours ago, KannikaP said:

You can only do a DD from Wise's GBP account, and so are committed to the exchange rate ON THAT DAY.

Better to 'build up' a THB balance during the month, as & when the rate looks good, so that you have the required amount (THB 65k ? )available on the day you need to send it. This way it evens out any fluctuations during the month. If of course, the rate shoots up, then you exchange more.

When using the method you mention, i.e. building up a THB balance during the month and then transferring the required amount (+40K or +65K each and every month, depending whether it is a marriage or retirement extension) will you then not experience difficulties proving to Immigration that the funds originated from abroad? 

In other words would the transfer from your THB Wise border-less account be accepted as 'funds originating from abroad' by Immigration?

And it would probably be even more difficult to provide evidence of the SOURCE of those funds when the Imm Officer handling your application also requests that information.

Note: And some offices (e.g. Jomtien) only accept a 'pension statement' as source of the funds when using the monthly income transfer method. 

[KannikaP]

5 minutes ago, Peter Denis said:

When using the method you mention, i.e. building up a THB balance during the month and then transferring the required amount (+40K or +65K each and every month, depending whether it is a marriage or retirement extension) will you then not experience difficulties proving to Immigration that the funds originated from abroad? 

In other words would the transfer from your THB Wise border-less account be accepted as 'funds originating from abroad' by Immigration?

And it would probably be even more difficult to provide evidence of the SOURCE of those funds when the Imm Officer handling your application also requests that information.

Note: And some offices (e.g. Jomtien) only accept a 'pension statement' as source of the funds when using the monthly income transfer method. 

The transfers always arrive in Bkk Bank as FTT. My IO has never asked me the source of my money, only interested that it comes from abroad. He also accepts the combo method ie THB 50k per month plus the equivalent of THB 200k in a Foreign Currency bank account

Edited April 9, 2021 by KannikaP