Retirement Visa 800k, does Wise transfer count as international transfer?

[TheLaughingMan]

If you transfer 800k from abroad to a thai bank account using Wise it costs about 1% in fees, if you use a bank to bank transfer the exchange rate is so bad you land up paying MUCH more, like triple or more what Wise costs you.  Has anyone used Wise for their retirement visa and been able to get a document from the Thai bank proving that the funds came from abroad?  Im worried because I realised Wise works by paying out to the Thai bank from another Thai bank (as far as I understand) which would seem to no longer be an International transfer with no way to prove it is.

[steevjee]

All good, its the way I went and no probs 

[TheLaughingMan]

Just now, steevjee said:

All good, its the way I went and no probs 

Excellent thankyou, so when you went to your bank they gave you the correct document showing the money came from aborad to give to immigration?

[Jonathan Swift]

yes I use Wise, no it doesn't pay to any bank but yours, no Thai intermediary bank, it says "international transfer" on your bank statement, just show the bank statement to immigration. Been doing it for 5 years. 

 

 

[steevjee]

7 minutes ago, TheLaughingMan said:

Excellent thankyou, so when you went to your bank they gave you the correct document showing the money came from aborad to give to immigration?

I had to give Immi a bank statement from that same day and they also requested Wise receipts that added up to the 800k, which you can download from the Wise app. this is where they get their evidence you transferred from OS rather than the bank

[Hmunker]

9 minutes ago, steevjee said:

I had to give Immi a bank statement from that same day and they also requested Wise receipts that added up to the 800k, which you can download from the Wise app. this is where they get their evidence you transferred from OS rather than the bank

Do you mean that you transferred the money over in smaller denominations and not all as one?

[TheLaughingMan]

1 minute ago, Hmunker said:

Do you mean that you transferred the money over in smaller denominations and not all as one?

I did this too, mostly just to not alert my government by going over their limit ($10k and up alerts the government).  Im not terribly worried but why involve the government if I dont have to, <deleted> them.

[MJCM]

When you send it via wise, make sure that you use the “Funds for long stay” (or something like that) in the Wise App when it ask for Reason of Sending, or “Buying Property” is also an option

 

these would make it up show up as FTT (coming from a Foreign country) 

 

before sending the BIG amount test it first with small amounts 5-10k etc. 

[scubascuba3]

It depends, works best with Bangkok Bank, 2nd best Kasikorn, very very important you select the correct reason for transfer, "long term stay", transfer a small test amount first

[Don Chance]

If thing that is expensive consider how much your money will losing to inflation. It could be earning 10%  invested which is about $2100 USD per year. So your retirement visa is really costing you $2100 a year.  And who knows if they bank doesn't misplace it.  For me, no thanks.

[OJAS]

1 hour ago, TheLaughingMan said:

Has anyone used Wise for their retirement visa and been able to get a document from the Thai bank proving that the funds came from abroad?

So precisely what do you mean by "retirement visa"? Are you referring to an annual extension of stay for retirement? Or might you, in fact, be referring to the conversion of a tourist visa or visa-exempt entry to a real genuine McCoy non-immigrant visa of the "O" variety for retirement at your local immigration office? Proof of the foreign origin of the 800k in question in the form of a Wise statement, bank document or whatever is only needed in the case of the latter, not the former!

 

Edited November 8, 2022 by OJAS

[Lemsta69]

43 minutes ago, Jonathan Swift said:

no Thai intermediary bank

yes, there is a Thai intermediary back involved. that's how Wise's system works...they pay you from via a local banking partner and turn work out all the forex stuff behind the scenes.

[NoDisplayName]

31 minutes ago, TheLaughingMan said:

I did this too, mostly just to not alert my government by going over their limit ($10k and up alerts the government).  Im not terribly worried but why involve the government if I dont have to, <deleted> them.

Wise maintains funds in their local accounts (methinks Kasikorn).  When you transfer money from the Homeland, you send money from your local homeland bank to Wise's local homeland bank.  Wise then sends money from their local Thai bank to your destination Thai bank.  No money necessarily crosses borders.

 

If you don't select "long-term stay" as the reason for the funds transfer, then your transfer may be coded as a domestic transfer from Wise's Thai bank to yours.  Selecting the long-term option should result in your transfer receiving the coveted FTT coding, but this is NOT guaranteed.

 

[TheLaughingMan]

1 hour ago, NoDisplayName said:

Wise maintains funds in their local accounts (methinks Kasikorn).  When you transfer money from the Homeland, you send money from your local homeland bank to Wise's local homeland bank.  Wise then sends money from their local Thai bank to your destination Thai bank.  No money necessarily crosses borders.

 

If you don't select "long-term stay" as the reason for the funds transfer, then your transfer may be coded as a domestic transfer from Wise's Thai bank to yours.  Selecting the long-term option should result in your transfer receiving the coveted FTT coding, but this is NOT guaranteed.

 

Well, I did NOT choose "long term stay" in Wise and my Wise receipt indeed says local transfer, BUT in my bank statement it says "international transfer", surely the bank statement at Bangkok Bank will be enough proof to satisfy them?

[MJCM]

11 minutes ago, TheLaughingMan said:

Well, I did NOT choose "long term stay" in Wise and my Wise receipt indeed says local transfer, BUT in my bank statement it says "international transfer", surely the bank statement at Bangkok Bank will be enough proof to satisfy them?

 

FTT / International transfers Cpde in your Bank Book is more then enough for Immigration.

 

What do you want more?

[scubascuba3]

12 minutes ago, TheLaughingMan said:

Well, I did NOT choose "long term stay" in Wise and my Wise receipt indeed says local transfer, BUT in my bank statement it says "international transfer", surely the bank statement at Bangkok Bank will be enough proof to satisfy them?

If you use Kasikorn Bank it should still show as International whether you use the correct reason or not

[TheLaughingMan]

Just now, scubascuba3 said:

If you use Kasikorn Bank it should still show as International whether you use the correct reason or not

Its Bangkok Bank

[MJCM]

4 minutes ago, TheLaughingMan said:

Its Bangkok Bank

Long Stay or Purchase Property seem to be the only ones that trigger FTT

Edited November 8, 2022 by MJCM

[TheLaughingMan]

2 minutes ago, MJCM said:

Long Stay or Purchase Property seem to be the only ones that trigger FTT

Ok but in my bank statement it says international transfer next to the money amounts that got transferred, is that enough you think or do I need this FTT code somewhere else too?

[MJCM]

2 minutes ago, TheLaughingMan said:

Ok but in my bank statement it says international transfer next to the money amounts that got transferred, is that enough you think or do I need this FTT code somewhere else too?

FTT is the code that Immigration is looking for, together with your receipts from Wise that should be more then enough. Just in case download as statement from your Foreign Bank where the money has been withdrawn and redact all the unnecessary info and and give that to Immigration as well.

 

May I ask? I guess you already send the money before you posted on here. Correct?

[KannikaP]

14 minutes ago, scubascuba3 said:

If you use Kasikorn Bank it should still show as International whether you use the correct reason or not

No it will not. Read the many many other posts regarding Wise.

[TheLaughingMan]

1 minute ago, MJCM said:

FTT is the code that Immigration is looking for, together with your receipts from Wise that should be more then enough. Just in case download as statement from your Foreign Bank where the money has been withdrawn and redact all the unnecessary info and and give that to Immigration as well.

 

May I ask? I guess you already send the money before you posted on here. Correct?

yup

[KannikaP]

3 hours ago, TheLaughingMan said:

If you transfer 800k from abroad to a thai bank account using Wise it costs about 1% in fees

Are you sending the 800k as a lump sum to put in the bank, or 65k per month?

[TheLaughingMan]

2 minutes ago, KannikaP said:

Are you sending the 800k as a lump sum to put in the bank, or 65k per month?

I sent 4 transactions to equal over 800k baht

[KannikaP]

8 minutes ago, MJCM said:

FTT is the code that Immigration is looking for, together with your receipts from Wise that should be more then enough. Just in case download as statement from your Foreign Bank where the money has been withdrawn and redact all the unnecessary info and and give that to Immigration as well.

 

May I ask? I guess you already send the money before you posted on here. Correct?

My IO in Phitsanulok only want to see my bank book and 12 months of statements....no Wise or UK bank paperwork.

[KannikaP]

6 minutes ago, TheLaughingMan said:

I sent 4 transactions to equal over 800k baht

So you are using the lump sum method, which must be 800k for two months before you apply for an extension, three months after, then you can take it down to 400k until 2 months before the next.

How have you been doing it in the past?

I would have thought that someone who has been a member here since 2009 would know these things.

Edited November 8, 2022 by KannikaP

[Lacessit]

2 hours ago, Don Chance said:

If thing that is expensive consider how much your money will losing to inflation. It could be earning 10%  invested which is about $2100 USD per year. So your retirement visa is really costing you $2100 a year.  And who knows if they bank doesn't misplace it.  For me, no thanks.

"It could be earning 10% invested." Where have I heard that before.

Less than a year ago, central banks were setting minuscule interest rates. Now, the Fed has interest rates at 4% and inflation at 8.2%.

Let me suggest 10% represents considerable risk of capital loss.

[TheLaughingMan]

4 minutes ago, KannikaP said:

So you are using the lump sum method, which must be 800k for two months before you apply for an extension, three months after, then you can take it down to 400k until 2 months before the next.

How have you been doing it in the past?

I would have thought that someone who has been a member here since 2009 would know these things.

Im not old enough for a retirement visa, I had a work permit for over 10 years but then moved away and just recently returned with some older family members that are seeking the retirment visa.  I have to do everything for them.

[ubonjoe]

20 minutes ago, TheLaughingMan said:

Ok but in my bank statement it says international transfer next to the money amounts that got transferred, is that enough you think or do I need this FTT code somewhere else too?

That will be accepted.

Not all banks use the FTT code in your bank book. Some use a different code. Look at the bottom of your bank book pages for the code used. Bangkok Bank has them on the last page.

[MJCM]

13 minutes ago, KannikaP said:

My IO in Phitsanulok only want to see my bank book and 12 months of statements....no Wise or UK bank paperwork.

Not what the OP was asking

 

Edit: And TiT every IO office is different (unfortunately)

Edited November 8, 2022 by MJCM