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Money transfer restrctions


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2 minutes ago, Satcommlee said:

So far it seems business as usual, will post here if it arrives on time.

 

 

Screenshot_20211202-082116_Chrome.jpg

Maybe we've seen the last of the 4 second transfers as they do additional checks?

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3 minutes ago, chang50 said:

Maybe we've seen the last of the 4 second transfers as they do additional checks?

It said "minutes" at first but then it quickly changed to about 90 mins.

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On 12/1/2021 at 4:00 AM, ThailandRyan said:

I just made my once every six months transfer via my banks self initiated Global Wire program from in the US to my K-Bank and it was in an amount that when exchanged from USD to THB was in the 7 figures.  It was sent via SWIFT in USD at 11pm from my bank last night, in the US through the fed, and was deposited at 9:53 am today into my K-Bank account.  33.72 Baht per $1 USD.  No issues with the amount.  Maybe it is an issue arising from the UK banking.

As i have said in my post according to my bank, restriction is for all other banks EXCEPT KASIKORN BANK ( K-Bank )...I can remit more than THB 49999 to my K-Bank account BUT to my Bangkok Bank max is 49999....

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I have to confess that I've never heard of Azimo, I did a quick Google search and found it, I keyed in £3,000 to their search engine and it came up with a decent rate, and no mention of any limit.

 

A similar search sending Euros also had no warning, I noted that USD wasn't on the list, and no mention of the magic FTT coding.

 

I'm not registered with them, so it could well be that any warnings regarding limits would come up at that stage, or at least when I attempted a transfer.

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16 minutes ago, chuang said:

As i have said in my post according to my bank, restriction is for all other banks EXCEPT KASIKORN BANK ( K-Bank )...I can remit more than THB 49999 to my K-Bank account BUT to my Bangkok Bank max is 49999....

From USA

I sent/received over 50k to Bangkok Bank yesterday at 0845/sent 1000 rcvd 1404.

I sent over 50k to Bangkok Bank today at 0810/sent 1000

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15 hours ago, ThailandRyan said:

I just made my once every six months transfer via my banks self initiated Global Wire program from in the US to my K-Bank and it was in an amount that when exchanged from USD to THB was in the 7 figures.  It was sent via SWIFT in USD at 11pm from my bank last night, in the US through the fed, and was deposited at 9:53 am today into my K-Bank account.  33.72 Baht per $1 USD.  No issues with the amount.  Maybe it is an issue arising from the UK banking.

Current $US rate on wise is 33.8150baht per $1US It may have gone up since you did your transfer via global wire Don't know what your bank charges you but it's well worth comparing "Wise" versus your current method?   https://wise.com/invite/u/robertk160

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20 hours ago, scubascuba3 said:
20 hours ago, Liverpool Lou said:

SWIFT is the answer!

Except back to square one with fees and poor exchange rate

At least the transfer is possible, quite important for those who want to transfer larger amounts within the normal banking system that is available to everyone.   

 

Can you give an example of the "poor" exchange rate and fees as opposed to the not-so-poor exchange rate/fees for alternatives that, similarly, permit the transfer of large amounts in one transaction as SWIFT does?

Edited by Liverpool Lou
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I had originally tried to transfer $50,000 via SWIFT, but could not get approval - I kept being told that a "Red Flag" warning for transfers to Thailand was the problem.

I thought the amount might be the issue, so I lowered the amount to $5,000 as a test.  Today, I was told by Wells Fargo Bank at just before 5pm US time, that the funds were being released.  Then, five hours later, I received an email saying the transfer was delayed.  However, the email did have a confirmation number, so I assume the funds are safe.  I am going to wait and see what happens, but there is certainly an issue with doing money transfers to Thailand at the moment.  I have done many over the years using SWIFT and the same banks - both in the States and here with no problems - so something is clearly going on.  The baht keeps weakening against the US dollar, so I will have more when and if it finally clears, and I think it will.  That said, I am somewhat concerned because I have just begun the process of finalizing a land purchase in order to begin building a house after the first of the year, so I will need to do several large dollar transfers soon and I don't want any problems.

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I initiated a SWIFT international wire transfer, on December 1, 2021 ~ 20:30 Thai time, from the U.S.A. to Bangkok Bank. The amount was $2,500, the intermediary bank was (is always) JPMorgan Chase Bank, NA. 

 

The funds arrived, actually the SMS did, ~ 10:30 this morning. Sometimes the SMS arrives as early as 08:30.

 

 

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12 minutes ago, CM Dad said:

I had originally tried to transfer $50,000 via SWIFT, but could not get approval - I kept being told that a "Red Flag" warning for transfers to Thailand was the problem.

I thought the amount might be the issue, so I lowered the amount to $5,000 as a test.  Today, I was told by Wells Fargo Bank at just before 5pm US time, that the funds were being released.  Then, five hours later, I received an email saying the transfer was delayed.  However, the email did have a confirmation number, so I assume the funds are safe.  I am going to wait and see what happens, but there is certainly an issue with doing money transfers to Thailand at the moment.  I have done many over the years using SWIFT and the same banks - both in the States and here with no problems - so something is clearly going on.  The baht keeps weakening against the US dollar, so I will have more when and if it finally clears, and I think it will.  That said, I am somewhat concerned because I have just begun the process of finalizing a land purchase in order to begin building a house after the first of the year, so I will need to do several large dollar transfers soon and I don't want any problems.

I bet your problem is purely a Wells Fargo policy issue; not an across the board issue with all banks/money transfer services.   Some banks make SWIFT transfers a pain....and the amount being transferred can vary the pain level.

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As I mentioned earlier, I expect the 49,999.99 baht limitation some people are running into is limited to certain money transfer companies who use certain partners/systems in Thailand...and it's not an across the board issue. 

 

Like this Japanese money transfer company called PayForex who also implemented an under 50K baht limitation  on 11 Nov 2021 when transferring baht to Kaiskorn Bank using the PayForex Thai Speed Remittance System.  But if you want to send USD via via the PayForex Standard Remittance System only USD can be sent and it does not show any limit (but I expect there is one).  I don't know what the difference is between the Speed and Standard systems....maybe one is peer-to-peer, maybe the other via SWIFT...I don't know.

 

Maybe Azimo and Currencyfair customers which people have mentioned in this topic as recently implementing the below 50K baht limitation (along with PayForex) are all using the same partner in Thailand which had to implement the limitation especially if the Thailand partner is using a certain intra-Thailand payment system that recently had new limitations placed on it for Thai baht.

 

https://www1.payforex.net/en/8314/

image.png.5861da691271f4ab61efd955fc2f4f02.png

 

 

Weblink below talks about Remittance to Thailand using PayForex Speed and Standard Remittance methods.

https://www1.payforex.net/en/remittance-en/thailand/

 

 

Edited by Pib
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2 hours ago, Liverpool Lou said:

At least the transfer is possible, quite important for those who want to transfer larger amounts within the normal banking system that is available to everyone.   

 

Can you give an example of the "poor" exchange rate and fees as opposed to the not-so-poor exchange rate/fees for alternatives that, similarly, permit the transfer of large amounts in one transaction as SWIFT does?

It's well known, look it up

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3 hours ago, lopburi3 said:

From USA

I sent/received over 50k to Bangkok Bank yesterday at 0845/sent 1000 rcvd 1404.

I sent over 50k to Bangkok Bank today at 0810/sent 1000

Received the second over 50k at 1403 today - so was sent Dec 1 US time so no 49,999.99 restriction using Wise.

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4 hours ago, eyup said:

Current $US rate on wise is 33.8150baht per $1US It may have gone up since you did your transfer via global wire Don't know what your bank charges you but it's well worth comparing "Wise" versus your current method?   https://wise.com/invite/u/robertk160

My Bank charges me $25 for a wire. Wise charges more....

image.png.862428a7b29e5eae16eb2ab4962082c7.pngHere is an example.

Edited by ThailandRyan
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18 hours ago, MRToMRT said:

This is probably the most confusing thread ever. 

Yes and all based on the flimsiest hearsay evidence which I strongly suspect is a load of cobblers.

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2 hours ago, CM Dad said:

I had originally tried to transfer $50,000 via SWIFT, but could not get approval - I kept being told that a "Red Flag" warning for transfers to Thailand was the problem.

I thought the amount might be the issue, so I lowered the amount to $5,000 as a test.  Today, I was told by Wells Fargo Bank at just before 5pm US time, that the funds were being released.  Then, five hours later, I received an email saying the transfer was delayed.  However, the email did have a confirmation number, so I assume the funds are safe.  I am going to wait and see what happens, but there is certainly an issue with doing money transfers to Thailand at the moment.  I have done many over the years using SWIFT and the same banks - both in the States and here with no problems - so something is clearly going on.  The baht keeps weakening against the US dollar, so I will have more when and if it finally clears, and I think it will.  That said, I am somewhat concerned because I have just begun the process of finalizing a land purchase in order to begin building a house after the first of the year, so I will need to do several large dollar transfers soon and I don't want any problems.

I did the same, and still got blocked for a smaller amount. Not sure what's going with SWIFT transfer, but obviously they are watching international transfer closely.

 

when they get "delayed", that means red flag, and the painful process begins. Could explain why the THB is decreasing, can't buy THB from USD transfer.

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6 hours ago, MJCM said:

I did a transfer yesterday afternoon from my EU bank to my Thai Bank (via WISE)

 

When I wanted to transfer 125.000 THB it showed me that it would arrive Friday 3 December, but when I lowered it to 100.000 THB it showed that it would arrive 2nd December.

 

Will know at 2pm (and also if it comes in as FTT)

The 100K THB Arrived today at 14:01 and was also tagged as International Transfer

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About  transfers to Thailand " flagged"..... could this be the reason maybe  (attachement") ?

As i know that in September Thailand should had to sign for OECD money reporting 

(they had already agreed but not signed up before , always postponing ) 😏...

 

A) As if not done  could be the " flagging "

 

B) if done .... this could be also the reason of financial transferring companies " flagging" Thailand  & taking precaution measure's 🙄

Screenshot_20210730-225247 (1)_cr.jpg

Edited by david555
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On 12/1/2021 at 8:43 AM, Gsxrnz said:

As an experiment I just did a transfer of 55,000 Baht and 5,000 Baht from my Wise THB a/c to my Kasikorn Bank account.  Both are flagged by Wise to arrive at Kbank at 9:55am this morning.  My experience is that Wise transfers of this kind are immediate if done during Thai business hours.

 

I did a transfer of 100K on 22 Nov and it arrived within seconds.

 

Perhaps the fact that I always transfer from Wise THB a/c makes a difference in how it is surveilled by the government of the Democratic Socialist Republic of Great Britain and Northern Ireland.

I just transferred via Wise !30,00 Baht (equiv. AUD) from NAB Aus. to Bangkok bank, did transaction on Tuesday morning, arrived Wednesday lunchtime in my BBK account.

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Just received an email reply from wise asking about limits on transfers to Thailand and the answer given is 2 million baht..so nothing about a new 50 thousand limit.I think there are just extra checks going on now..

Edited by chang50
Incorrect information.
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8 hours ago, scubascuba3 said:
11 hours ago, Liverpool Lou said:

At least the transfer is possible, quite important for those who want to transfer larger amounts within the normal banking system that is available to everyone.   

 

Can you give an example of the "poor" exchange rate and fees as opposed to the not-so-poor exchange rate/fees for alternatives that, similarly, permit the transfer of large amounts in one transaction as SWIFT does?

Expand  

It's well known, look it up

I have, can't find anything that backs up your claim that SWIFT transfers are based on "poor" exchange rates.  If it's so well known why don't you just give an example?   

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1 hour ago, Liverpool Lou said:

I have, can't find anything that backs up your claim that SWIFT transfers are based on "poor" exchange rates.  If it's so well known why don't you just give an example?   

I know it.....

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16 hours ago, sandyf said:

I had the same message when I paid a company in Canada a couple of weeks ago, not unusual.

I've never had it before and i do 2/3 transfers per month and have done for getting on 2 years.

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8 hours ago, Liverpool Lou said:

I have, can't find anything that backs up your claim that SWIFT transfers are based on "poor" exchange rates.  If it's so well known why don't you just give an example?   

maybe start a thread about it "the myth of poor exchange rates with swift" give an example and people can comment

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On 12/1/2021 at 5:19 AM, RichardColeman said:

Might explain why my wise payment took 4-5 days the other month as opposed to the usual minutes

I use OFX to transfer money for my OA visa. Last 3 or 4 months it has been 5 days from time of transfer to delivery. I haven't bothered to ask why, but it's nice to know, thanks.

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7 hours ago, Chris.B said:

I know it.....

I concur, if I were to transfer in THB, say 100,000thb, my bank would only charge me $5 USD, but the exchange rate would be almost 2 baht less per dollar in order to make up for the loss, then add in the intermediary bank which would hit up the transfer to exchange it in actuality, as well as the Bank charging their fee.  Ending up with a total fee running between 3600 thb and 4100thb for the transfer via SWIFT in THB.  When I send in USD I have a set fee from my US bank of $25 USD, and then my bank hits me up for between 500 and 800 THB.  Lesson learned along time ago to transfer in USD and not have the bank do the exchange for me even though the initial fee is only $5 USD they still make way more than the base $25 USD, but some people are swayed by the low fee and fall for it.  

 

However WISE is not cheaper for me because of the amounts I transfer twice a year.  Western Union has also lowered their rates in order to entice more to use that route.  When I was in the US, I would send the money via Money Gram and the family could pick it up at the Post Office, smaller fees.

 

However, I am off topic.  The issue of the max amount of 49,999 THB limit sounds like those banks are trying to meet certain regulations but in the end that will end up costing the transferee more money in the long run.

 

The first time I sent a large amount from my bank my bank actually stopped the transfer I had done and called me to ensure I understood they would not be responsible for any amount over 20k USD I transferred using the on-line system myself to transfer my money.  Once I explained I understood the risks the fraud team notated my account and I have never had a problem since, that was in 2018.

Edited by ThailandRyan
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1 hour ago, scubascuba3 said:
10 hours ago, Liverpool Lou said:

I have, can't find anything that backs up your claim that SWIFT transfers are based on "poor" exchange rates.  If it's so well known why don't you just give an example?   

maybe start a thread about it "the myth of poor exchange rates with swift" give an example and people can comment

You started the poor exchange rates discussion on this thread, not me, why don't you give an example to back up what you claim?!   If you could, I'd bet you'd have done so already.

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