From Jan 7th - just 3 Banks for B50K + transfers

[TorquayFan]

I transferred some GBP to THB today via 'WISE' and this message appeared. It's hard to understand the reason for this - looks like moving B65K monthly for Visa purposes, will soon require 2 transfers monthly, except with Kasikorn, BKK and Siam Commercial . . . .

 

WISE - "Due to regulatory changes in Thailand, transfers of 50,000 THB and above will only be available for Kasikorn Bank, Bangkok Bank, and Siam Commercial Bank recipients. Effective on 7 January 2022, 1PM Bangkok time. Transfers under 50,000 THB remain unaffected for all supported recipient banks."

 

I wonder what the reason is for this change ?

[tonray]

3 minutes ago, TorquayFan said:

I wonder what the reason is for this change ?

Anti Money Landering regulations. You can still use a bank SWIFT transfer vs a service like WISE

[TorquayFan]

Thanks Tonray - seems a very low amount to qualify for laundering. However, that's the way it is though it seems potty to me. I'm with BKK but the change will affect some. ATB

[bbko]

13 minutes ago, TorquayFan said:

Due to regulatory changes in Thailand

So would limiting the amount of foreign currency exchanges with Thailand strengthen the baht?

[tonray]

6 minutes ago, bbko said:

So would limiting the amount of foreign currency exchanges with Thailand strengthen the baht?

That would mean less baht were purchased, theortically lowering the baht against other currencies. 

[TorquayFan]

BBKO - that's words from the 'WISE" (Transferwise).

 

But IMO no.

[Mutt Daeng]

There's a few threads about this already running in this forum Jobs, economy, banking, business, investments - ASEAN NOW - News, Travel & Forum .

 

 

[clivebaxter]

1 hour ago, tonray said:

Anti Money Landering regulations. You can still use a bank SWIFT transfer vs a service like WISE

But you can send as many sub 50k transfers in a day as you like

[userabcd]

2 hours ago, TorquayFan said:

Thanks Tonray - seems a very low amount to qualify for laundering. However, that's the way it is though it seems potty to me. I'm with BKK but the change will affect some. ATB

Ha, govt suspects everyone of money laundering, hence all govt scrutiny of governments money, their rules and regulations on all banks controlled by govt for all transfers, deposits and withdrawals.

[KannikaP]

A little bit off topic, but pertaining to WISE, they have introduced Automatic Conversion from say GBP to THB when the rate hits whatever you determine. No more watching it every few hours or so until it reaches say 46. Handy.

[MajorTom]

How come those "regulatory changes" apply to some banks but not others?

[KannikaP]

6 hours ago, TorquayFan said:

BBKO - that's words from the 'WISE" (Transferwise).

 

But IMO no.

Does AN automatically put (Transferwise) after someone has posted the word WISE, or are you trying to tell us something we don't already know?   LOL

[treetops]

22 hours ago, MajorTom said:

How come those "regulatory changes" apply to some banks but not others?

These are Wise' partner banks in Thailand, so ostensibly making internal transfers which appear not to be affected by these curbs.

[OJAS]

3 hours ago, treetops said:

These are Wise' partner banks in Thailand, so ostensibly making internal transfers which appear not to be affected by these curbs.

Bangkok Bank and Kasikorn definitely are partner banks, not sure about SCB, though.

 

@Pib - you usually have your ear to the ground on issues of this sort. Do you know what SCB's current status is vis-a-vis Wise transfers? Might they now be a partner bank in place of TMB (whatever they may now be called)?

[treetops]

21 minutes ago, OJAS said:

Bangkok Bank and Kasikorn definitely are partner banks, not sure about SCB, though.

Agreed, there is a bit of a leap of faith there, but we do know they added Dee Money to the original three partners so it's possible.

[TorquayFan]

Isn't SCB connected to our King ?

[Pib]

On 2/5/2022 at 3:42 PM, OJAS said:

Bangkok Bank and Kasikorn definitely are partner banks, not sure about SCB, though.

 

@Pib - you usually have your ear to the ground on issues of this sort. Do you know what SCB's current status is vis-a-vis Wise transfers? Might they now be a partner bank in place of TMB (whatever they may now be called)?

Best I can figure Wise partner bank/financial companies in Thailand are Bangkok Bank, K-Bank, and DeeMoney.   TMB use to be partner bank a couple years ago but that apparently fell to the wayside when TMB and Thanachart merged into TTB.

 

I'm guessing, but I expect Bangkok Bank, K-bank, and SCB meet certain anti-money laundering standards/regulations which allow them to receive amounts higher than Bt50K from peer-to-peer financial tech companies like Wise and other money transfer companies.