Jen65 Posted September 28, 2021 Share Posted September 28, 2021 1 minute ago, Jen65 said: Changes in Reporting Requirements of Foreign Exchange Transactions (2004) In order to reduce the paperwork required for foreign exchange transactions (buying, selling, depositing, withdrawing foreign currencies) between financial institutions and their non-interbank customers, the Bank of Thailand has consolidated and simplified all relevant Notices into a new Notice of the Competent Officer effective from April 1, 2004 Changes are summarized as follows: Revoke all Notices of the Competent Officer and related circulars by issuing a new Notice for easy reference. All types of transactions are to be reported in a single foreign exchange transactions forms replacing Thor.Tor 3, Thor.Tor 4, and Thor.Tor 5. Foreign exchange transactions amounting to an equivalent of USD 20,000 or over have to be reported in the Foreign Exchange Transaction Form. SWIFT documents that have all the information according to the Foreign Exchange Transaction Form can be used as the Foreign Exchange Transaction Form in order to facilitate nonresident customers. Exporters and importers are no longer required to submit Thor.Tor 1 and Thor.Tor. 2 as the information are already reported in the Custom Declaration Form. Foreign exchange transactions of exporters and importers arising from trade amounting to an equivalent of USD 20,000 or over have to be reported. Financial institutions will submit report on foreign exchange transactions and data to the Bank of Thailand in electronic forms instead of paper form. Reduce paperwork on foreign exchange transactions of government and government agencies. Source: Bank of Thailand so , as it says , if you do a SWIFT bank transfer , that is accepted as equivalent to the FET Link to comment Share on other sites More sharing options...
Jen65 Posted September 28, 2021 Share Posted September 28, 2021 10 hours ago, brianthainess said: This is why I can never understand people raving about Wise, My UK bank has a set fee of just 20 pounds for any transfer, I only transfer once a year and don't need it the same day. 500 bht max fee from BKB. yes, same here , I am only charged 20pds for any transfer 2 Link to comment Share on other sites More sharing options...
scubascuba3 Posted September 28, 2021 Share Posted September 28, 2021 (edited) 1 hour ago, Knocker33 said: Just tried to transfer £50 k with wise for a land purchase. They wanted the proof of the purchase ie copy of land tile ect So you set the transfer up, sent the 50k then it got blocked somehow by Wise, you contacted them and that's what they said? I had to call Santander 3 times this morning as my transfer kept getting blocked, somethings going on, lots more checks it seems Edited September 28, 2021 by scubascuba3 Link to comment Share on other sites More sharing options...
Jen65 Posted September 28, 2021 Share Posted September 28, 2021 13 hours ago, scubascuba3 said: Your lawyer wasn't totally correct, with Wise if you process correctly it will be classed as International and is fine for property purchases and Immigration not sure whether Wise accepted in leu of the FET form - SWIFT definitely IS ! Link to comment Share on other sites More sharing options...
dabhand Posted September 28, 2021 Share Posted September 28, 2021 25 minutes ago, Jen65 said: not sure whether Wise accepted in leu of the FET form - SWIFT definitely IS ! The Wise 'Guide to THB transfers' provides a comment on such transfers. Final para refers. https://wise.com/help/articles/2932335/guide-to-thb-transfers 1 Link to comment Share on other sites More sharing options...
JetsetBkk Posted September 28, 2021 Share Posted September 28, 2021 5 hours ago, matchar said: The exchange rate is constantly changing but WISE tell you exactly how much baht you will receive before you make the transfer. It will be interesting to see how much baht you receive from your SWIFT transfer, I expect it will be less than WISE though. Your local Thai bank will decide the exchange rate. OK, if it's not too embarrassing, I'll let you know how much I get. ???? 1 Link to comment Share on other sites More sharing options...
Orinoco Posted September 29, 2021 Share Posted September 29, 2021 On 9/27/2021 at 3:21 PM, crazykopite said: Set up a wise account the first two transfers are free if I’m correct plus they give the best rate best way would be to transfer your 100k into you new wise account and when your happy with the exchange rate send it to your Thai bank account there is a charge Not free first two transfers, was charged on both. in the last two months. Link to comment Share on other sites More sharing options...
Knocker33 Posted September 29, 2021 Share Posted September 29, 2021 22 hours ago, scubascuba3 said: So you set the transfer up, sent the 50k then it got blocked somehow by Wise, you contacted them and that's what they said? I had to call Santander 3 times this morning as my transfer kept getting blocked, somethings going on, lots more checks it seems No . When I entered the amount and hit bank transfer it took me to a another page to enter the details why I wanted to transfer a large amount. Didn't bother just transferred it it smaller amounts with no problem. Just read another thread saying Western Union are making it harder to transfer money here too Link to comment Share on other sites More sharing options...
scubascuba3 Posted September 29, 2021 Share Posted September 29, 2021 (edited) 53 minutes ago, Knocker33 said: No . When I entered the amount and hit bank transfer it took me to a another page to enter the details why I wanted to transfer a large amount. Didn't bother just transferred it it smaller amounts with no problem. Just read another thread saying Western Union are making it harder to transfer money here too Interesting, must be doing additional checks, no doubt a money laundering issue. My bank mentioned someone was sending 90 smaller transactions rather than 1 big transaction to avoid the checks, but they were blocked Edited September 29, 2021 by scubascuba3 Link to comment Share on other sites More sharing options...
JetsetBkk Posted September 29, 2021 Share Posted September 29, 2021 On 9/28/2021 at 10:01 PM, JetsetBkk said: OK, if it's not too embarrassing, I'll let you know how much I get. ???? Hmm, slightly embarrassing, but I'm a big boy. So the money arrived after 27 hours and it wasn't the 481,615 that Matchar said WISE would send. It was only 475,730. So it was 5,885 less - i.e. about £130! Or 1.2%. The current exchange rate at XE.com is 45.5793 THB. So, with that rate, I should've got: 478,606.84 which is 2,876 less than WISE. Or 0.6%. I don't know where WISE got their rate from. Surely, it didn't drop so much in 24 hours? Link to comment Share on other sites More sharing options...
scubascuba3 Posted September 29, 2021 Share Posted September 29, 2021 1 hour ago, JetsetBkk said: I don't know where WISE got their rate from. Surely, it didn't drop so much in 24 hours? Rates are volatile currently, can easily move 1% but 0.5% more likely. Wise rates are interbank, I use investing.com app to monitor rates 1 Link to comment Share on other sites More sharing options...
matchar Posted September 30, 2021 Share Posted September 30, 2021 4 hours ago, JetsetBkk said: Hmm, slightly embarrassing, but I'm a big boy. So the money arrived after 27 hours and it wasn't the 481,615 that Matchar said WISE would send. It was only 475,730. So it was 5,885 less - i.e. about £130! Or 1.2%. The current exchange rate at XE.com is 45.5793 THB. So, with that rate, I should've got: 478,606.84 which is 2,876 less than WISE. Or 0.6%. I don't know where WISE got their rate from. Surely, it didn't drop so much in 24 hours? The exchange rate has dropped quite significantly since then so it's difficult to compare. WISE guarantee the rate when you first make the transfer though and it seems like the rate you received was only around 45.3 which is less than the current WISE rate of 45.58. Link to comment Share on other sites More sharing options...
Oxx Posted September 30, 2021 Share Posted September 30, 2021 4 hours ago, scubascuba3 said: Wise rates are interbank Not quite right. Wise rates are midmarket rates from Reuters. https://wise.com/help/articles/2932395/whats-the-real-exchange-rate?origin=search-exchange+rate 1 Link to comment Share on other sites More sharing options...
JetsetBkk Posted September 30, 2021 Share Posted September 30, 2021 12 hours ago, scubascuba3 said: I use investing.com app to monitor rates Excellent! 10 hours ago, matchar said: The exchange rate has dropped quite significantly since then so it's difficult to compare. You ain't kidding! If my transfer hit the lowest rate, I lost "only" 445 Bt. The next time I do a transfer (in a couple of months), I'll come back and do this again. ???? Link to comment Share on other sites More sharing options...
scubascuba3 Posted September 30, 2021 Share Posted September 30, 2021 8 hours ago, Oxx said: Not quite right. Wise rates are midmarket rates from Reuters. https://wise.com/help/articles/2932395/whats-the-real-exchange-rate?origin=search-exchange+rate Yep https://wise.com/us/blog/interbank-exchange-rate-definition Link to comment Share on other sites More sharing options...
RafPinto Posted September 30, 2021 Share Posted September 30, 2021 I can help you out. Send the money to my local account here in BKK and when you arrive, I transfer it to you, promise 555 1 Link to comment Share on other sites More sharing options...
Oxx Posted September 30, 2021 Share Posted September 30, 2021 32 minutes ago, scubascuba3 said: Yep https://wise.com/us/blog/interbank-exchange-rate-definition Congratulations on using an inaccurate blog post that is over 3 years old. 1 Link to comment Share on other sites More sharing options...
scubascuba3 Posted September 30, 2021 Share Posted September 30, 2021 22 minutes ago, Oxx said: Congratulations on using an inaccurate blog post that is over 3 years old. How do Reuters calculate their mid market rate? you know they are just a data provider similar to Bloomberg Link to comment Share on other sites More sharing options...
Chris.B Posted September 30, 2021 Share Posted September 30, 2021 15 hours ago, JetsetBkk said: Hmm, slightly embarrassing, but I'm a big boy. So the money arrived after 27 hours and it wasn't the 481,615 that Matchar said WISE would send. It was only 475,730. So it was 5,885 less - i.e. about £130! Or 1.2%. The current exchange rate at XE.com is 45.5793 THB. So, with that rate, I should've got: 478,606.84 which is 2,876 less than WISE. Or 0.6%. I don't know where WISE got their rate from. Surely, it didn't drop so much in 24 hours? Perhaps they do, you were unlucky. Here is the last 7 days Wise rates. https://wise.com/gb/currency-converter/gbp-to-thb-rate?amount=1000 Link to comment Share on other sites More sharing options...
Oxx Posted September 30, 2021 Share Posted September 30, 2021 1 hour ago, scubascuba3 said: How do Reuters calculate their mid market rate? From FX Market Makers. Link to comment Share on other sites More sharing options...
RubbaJohnny Posted September 30, 2021 Share Posted September 30, 2021 I iused to work for HSBC 1 determine the mid market rate which is constant flux Inter alia xe.com https://www.xe.com/currencyconverter/convert/?Amount=2519.77&From=CHF&To=THB These are updated constantly when markets open While many UK banks claim a low or fixed fee this masks a large " spread" the difference between buy and sell. I have used a number of banks inc Bangkok Bank London, SBS , NAB etc and Wise is a far superior service rate and transparency, you know what you will get before you send, which may be important to ths eon a tight budget or being sure you meet visa thresholds of 65k or 40k per month. As to exporting baht 1 Dee Money https://www.deemoney.com/ 2 No problem buying clean US $ anywhere 19Exchange in Pratunam consistly superior to VASU or SuperRich which are all far better than all Thai Banks often by percentage points If you do need to use a Thai bank try avoid Airprot branches with worse rates. 3 At Swampy range of smaller money changers in the basement tucked away near the Airport Link railway. 4 Do check on taking more than about 33,000 bahts $10,000/Gold out as many countries have import regulations 1 Link to comment Share on other sites More sharing options...
Maestro Posted October 3, 2021 Share Posted October 3, 2021 On 9/27/2021 at 2:14 PM, matchar said: Thai banks offer terrible exchange rates. Even after the fees Wise will probably be cheaper. Thai banks do not offer "terrible" exchange rates. Link to comment Share on other sites More sharing options...
Maestro Posted October 3, 2021 Share Posted October 3, 2021 On 9/27/2021 at 2:19 PM, KannikaP said: But the exchange rate at N'wide will not be as good as Wise. So it needs application of your O Level maths to determine which is the better option. And in the end you will probably save a tenner! For a transfer for the purchase of a condominium unit in Thailand, the exchange rate of N'wide [sic] does not come into play. The OP must order his UK bank to transfer GBP and let his recipient bank in Thailand convert it into THB. 1 Link to comment Share on other sites More sharing options...
Maestro Posted October 3, 2021 Share Posted October 3, 2021 On 9/27/2021 at 10:03 PM, Scouse123 said: Right now and for the foreseeable I recommend you to use the Wise transfer, excellent exchange rates and you can do this each day for three days as they have a daily limit, three transactions in total. It takes seconds once you are set up. Far better than banks. I would never use WISE or similar for a transfer to Thailand for the purchase of a condominium unit because I could not be sure to get the necessary documentation required by the land department, in particular the Foreign Exchange Transfer Form (FETF) 1 Link to comment Share on other sites More sharing options...
Maestro Posted October 3, 2021 Share Posted October 3, 2021 Quote On 9/28/2021 at 12:00 AM, scubascuba3 said: Your lawyer wasn't totally correct, with Wise if you process correctly it will be classed as International and is fine for property purchases and Immigration Do you have personal experience with this, ie do you have a FETF issued by WISE in your possession or issued by your Thai bank for a remittance received via WISE? Quote If you know you definitely need a FET, it’s best that you send a SWIFT transfer with your bank this time. SWIFT is a more expensive method, because it’s not a local transfer. But it does mean you’ll be able to prove that the money came from abroad. https://wise.com/help/articles/2932335/guide-to-thb-transfers Link to comment Share on other sites More sharing options...
scubascuba3 Posted October 3, 2021 Share Posted October 3, 2021 8 minutes ago, Maestro said: Do you have personal experience with this, ie do you have a FETF issued by WISE in your possession or issued by your Thai bank for a remittance received via WISE? Yes, Bangkok Bank issued the letter confirming an international transfer by Wise and purpose a condo purchase. it's well documented how to ensure it's processed as International 1 Link to comment Share on other sites More sharing options...
Maestro Posted October 3, 2021 Share Posted October 3, 2021 On 9/28/2021 at 9:17 AM, JetsetBkk said: Thanks. I just did a £10,500 transfer without apparent problems. Let's see what happens! ???? Maybe someone else can do a £10,500 transfer using WISE, and see how much they get? My bank is Nationwide. Any other Nationwide account holders willing to give it a go? Just as an "academic exercise"? ???? But you did not need the FETF (Foreign Exchange Transaction Form) for your incoming remittance nor did yo get one, did you? Link to comment Share on other sites More sharing options...
matchar Posted October 3, 2021 Share Posted October 3, 2021 1 hour ago, Maestro said: Thai banks do not offer "terrible" exchange rates. Well they certainly are not "good" if you compare them with somewhere like super rich. Link to comment Share on other sites More sharing options...
JetsetBkk Posted October 3, 2021 Share Posted October 3, 2021 2 hours ago, Maestro said: But you did not need the FETF (Foreign Exchange Transaction Form) for your incoming remittance nor did yo get one, did you? No, it was just a regular "living expenses" transfer. I've not even heard of the FETF form, but knew there was something special you had to get if you wanted to get your money out of Thailand if you sold your condo. Link to comment Share on other sites More sharing options...
ianguygil Posted October 4, 2021 Share Posted October 4, 2021 You can contact me via PM and I will get somebody in the Bank to work with you to set a better FX rate than the street rate and to arrange for the whole thing to go smoothly. We can put you in touch with the manager of our London branch and he will assign someone to help. Please note I have not read though this whole thread and I just read your message so I am not addressing any of the subsequent items raised. I am a senior exec with BBL and many people here have asked for my help in the past. Thank you Link to comment Share on other sites More sharing options...
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