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

[Kalasin Jo]

As long as you click on last option in the drop down menu- for long stay - in the Wise transfer app the transfer will appear on your bank account as a foreign transfer in. Wise send this one using Bangkok Bank which has a London branch. It takes a bit longer, about 24 hrs in my experience.

 

Choosing other options is normally instantaneous but appears as a transfer from other bank. I recently read Wise are now using Dee Money for these.

[Coota]

17 hours ago, scubascuba3 said:

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

I use Kasikorn and have been for abut 10 years, I've been using Wise for about 8 years and none of my deposits from wise show up as International Transfer in my Bank Book. The code is usually TRN and Teller No. of MCL00004 or MCL00003. My latest transfer on Nov 1 came up as TRN and GPS00005. I'm getting money from Australia.

 

On my statement the latest transfer I did on Nov 1 comes up as Trade Finance Deposit and GPS00005.

[Coota]

3 hours ago, KhaoYai said:

My Kasikorn statements show inbound Wise transfers as 'Trade Finance Deposit' - nothing at all about the transfer being international which I doubt would be acceptable - anyone else had this problem? How did you get around it?

I use Kasikorn and have been for abut 10 years, I've been using Wise for about 8 years and none of my deposits from wise show up as International Transfer in my Bank Book. The code is usually TRN and Teller No. of MCL00004 or MCL00003. My latest transfer on Nov 1 came up as TRN and GPS00005. I'm getting money from Australia.

 

On my statement the latest transfer I did on Nov 1 comes up as Trade Finance Deposit and GPS00005.

[scubascuba3]

3 hours ago, KhaoYai said:

My Kasikorn statements show inbound Wise transfers as 'Trade Finance Deposit' - nothing at all about the transfer being international which I doubt would be acceptable - anyone else had this problem? How did you get around it?

Kasikorn should recognise these as International and can produce a letter listing the international transfers if required, can try that or do what norbra does

[scubascuba3]

18 minutes ago, Coota said:

I use Kasikorn and have been for abut 10 years, I've been using Wise for about 8 years and none of my deposits from wise show up as International Transfer in my Bank Book. The code is usually TRN and Teller No. of MCL00004 or MCL00003. My latest transfer on Nov 1 came up as TRN and GPS00005. I'm getting money from Australia.

 

On my statement the latest transfer I did on Nov 1 comes up as Trade Finance Deposit and GPS00005.

If you need them to be International for Immigration, Kasikorn should be able to produce a letter listing them, depends on branch and staff

[The Fat Controller]

45 minutes ago, Kalasin Jo said:

As long as you click on last option in the drop down menu- for long stay - in the Wise transfer app the transfer will appear on your bank account as a foreign transfer in. Wise send this one using Bangkok Bank which has a London branch. It takes a bit longer, about 24 hrs in my experience.

 

Choosing other options is normally instantaneous but appears as a transfer from other bank. I recently read Wise are now using Dee Money for these.

You obviously missed my earlier post, there is absolutely NO GUARANTEE that the method I use and you advocate will ensure the money appears in your Bangkok Bank as FTT, as happened to many Wise users in late 2021 who ticked the box and received domestic transfers.

 

Wise themselves do not guarantee the "long stay" method will always work and they said in a reply to a Facebook group member that occasionally other routes may be used which result in a domestic transfer being recorded.

 

Wise have an information page regarding Thai Baht transfers on their UK page, it does not apply to US customers.

 

If you need absolute certainty use SWIFT from your home bank, send in your home currency and let the Thai bank convert the funds.

 

It is not the best for UK users but seems to be efficient for large sums from the US, other users need to do their sums.

[digger70]

For an Extension Based on Retirement one doesn't have to state/prove that the funds come from abroad it doesn't matter where the funds are coming from , that's at our Imm Office  in Hat Yai.

When you go for the renewing for your extension  Imm needs a Bank letter stating that the Funds are in the bank for the Required period and the amount in the account .

The account has to be in your name only.

 

[TheLaughingMan]

7 hours ago, scubascuba3 said:

Yours settling International is strange, either you have Wise tagging going on or like you say they've changed their process but that's unlikely, you'll be able to tell if you check your transfers to see if they settled around 2pm

I transferred the money 2 weeks ago so they are settled right?

[Nong Khai Man]

On 11/8/2022 at 2:00 PM, scubascuba3 said:

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

Wise to Bangkok Bank takes 24 Hours.....Wise to Kasikorn Bank takes SECONDS !! It IS Wise's Prefered Partner in Thailand....

[scubascuba3]

1 hour ago, TheLaughingMan said:

I transferred the money 2 weeks ago so they are settled right?

Should hope so, the app shows time of settlement if you'd checked

[scubascuba3]

34 minutes ago, Nong Khai Man said:

Wise to Bangkok Bank takes 24 Hours.....Wise to Kasikorn Bank takes SECONDS !! It IS Wise's Prefered Partner in Thailand....

Not 24 hours, it depends, can be instant, can be 4+ hours if wanting International, depends when money sent

[khunPer]

On 11/8/2022 at 7:01 AM, TheLaughingMan said:

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.

When you transfer with Wise you can choose the transfer to be shown as FTT (Foreign Telegraphic Transfer) in you bank account or bank book, a function especially used by retired expats that get extended stay based on income method.

Check carefully Wise against Internet bank rates, for amount from around 50,000 baht and up my Danish bank is cheaper then Wise, when looked at the final amount that ends up in the Thai bank; I always transfer i DKK and let them be exchanged in Thailand, it's a slightly better exchange rate. I tried two identical transfers at the same time, my bank was a little bit better than Wise, their fees are too high, my bank charges same fee – 50 DKK = circa $8.5 – independently of transferred amount...

[TheLaughingMan]

2 minutes ago, khunPer said:

When you transfer with Wise you can choose the transfer to be shown as FTT (Foreign Telegraphic Transfer) in you bank account or bank book, a function especially used by retired expats that get extended stay based on income method.

Check carefully Wise against Internet bank rates, for amount from around 50,000 baht and up my Danish bank is cheaper then Wise, when looked at the final amount that ends up in the Thai bank; I always transfer i DKK and let them be exchanged in Thailand, it's a slightly better exchange rate. I tried two identical transfers at the same time, my bank was a little bit better than Wise, their fees are too high, my bank charges same fee – 50 DKK = circa $8.5 – independently of transferred amount...

The Canadian banks rob you blind, Wise cost me 1% and the bank would cost me 3% with their terrible exchange rate.

[PolarAttack]

I have a follow up Wise transfer question.
Does Wise automatically convert the foreign currency into Thai baht when transferring it into your account?  I’ve always used my Cdn bank to bank method while maintaining a Canadian dollar account (Bangkok bank) here. Then, when the exchange rate seems good, I will do some exchange at that time. 
thanks,

Wayne. 

[scubascuba3]

3 minutes ago, PolarAttack said:

I have a follow up Wise transfer question.
Does Wise automatically convert the foreign currency into Thai baht when transferring it into your account?  I’ve always used my Cdn bank to bank method while maintaining a Canadian dollar account (Bangkok bank) here. Then, when the exchange rate seems good, I will do some exchange at that time. 
thanks,

Wayne. 

Wise do the exchange and transfer

[The Fat Controller]

Wise to Bangkok Bank is usually in seconds if you DO NOT select "long stay" or "property purchase", however the transfer time also depends on the amount, the app or web page will advise.

 

"Long stay" transfers have always been "next working day" for me and the funds credited between 1400 and 1403 Thai time, except for the October 2021 debacle.

As above, Wise do the currency conversion and you are not able to find the rate THEY get!

All payouts from Wise are in THB.

[barnsleyman]

22 hours ago, TheLaughingMan said:

Its Bangkok Bank

Hi, I live in Buriram, and I use Wise to transfer money from  my UK Bank Acc to my Bangkok Bank in Buriram to get my Annual extension of stay based on Marriage to a Thai Lady. showing Monthly income of 40,000 Baht or more, not the 400,000 Baht in Bank method.

The Immigration Officer told me to tell Wise my funds were for Long term stay in Thailand which puts the code FTT then they know it's a foreign transaction and I get notarized copies of my Bangkok Banks statements which says International Transfer.

It usually takes the Immigration Officer about 20 minutes to check my statements, then in a back room they put a 30 day  consideration stamp.

For your  first one in Buriram based on Marriage you submit photos showing you and your wife together in several photos in the house and at least one showing you, your wife & the address,  then they will arrange a time and day to make a visit to the home where you live.

Please note:- In Chonburi ( Pattaya  ) they visit your home every year, but in Buriram they only come to visit your home for the first one.

[barnsleyman]

44 minutes ago, The Fat Controller said:

Wise to Bangkok Bank is usually in seconds if you DO NOT select "long stay" or "property purchase", however the transfer time also depends on the amount, the app or web page will advise.

 

"Long stay" transfers have always been "next working day" for me and the funds credited between 1400 and 1403 Thai time, except for the October 2021 debacle.

As above, Wise do the currency conversion and you are not able to find the rate THEY get!

All payouts from Wise are in THB.

Wise to my Bangkok bank using Long term stay in Thailand if the transfer is done before 9-00an then it goes into my  Bangkok Bank 2 or3 minutes after 2-00pm the same day, doing the transfer later say around 9-30am to 10-00 am or even later, then it will go into my Bank just after 2-00pm the next day.

[Brick Top]

On 11/8/2022 at 1:59 PM, MJCM said:

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. 

Absolutely correct and essential to give that last reason for the transfer " funds for long term stay in Thailand" if you fail to click on that reason for transfer it will show up as a Domestic Transfer on your bank statement and imagration will not accept it as they will suspect you have just transferred it from another Thai bank which is what many foreigners were doing before imigration stipulated it must show as an FET or international transfer.

[Brick Top]

On 11/8/2022 at 2:32 PM, 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.

 

Yes, that is correct

[Brick Top]

On 11/8/2022 at 5:01 PM, Lacessit said:

"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.

 

[Brick Top]

Just now, Brick Top said:

 

I totally agree 10% would be extremely difficult to get unless he was putting his capital at risk , somewere between 2% and 6% is more likely , unless maybe he is a friend of Warren Buffett ?

[KhaoYai]

10 hours ago, crazykopite said:

Immigration are only interested that you have 800 k in your bank end of if you haven't got the required amount then they will knock you back 

If I ever went down the retirement route I would be doing it on a monthly income basis.

[UKJASE]

hua hin immigration accept 65k a month coming via Wise

[Stocky]

On 11/8/2022 at 2:32 PM, NoDisplayName said:

Wise maintains funds in their local accounts (methinks Kasikorn).

Not exactly. Wise is a peer to peer money mover, it works with partner banks in each country it 'transfers' money to. They match transactions, such that someone in the UK wanting to deposit Thai Baht into a Thai account, is matched with transactions in Thailand looking to deposit GBP into a UK accounts. No money is actually transferred from one country to the other. Both Bangkok Bank and Kasikorn act as partners, though now Dee Money (another peer to peer fintech) is the partner I most often see on my Wise transaction receipts.

 

.

 

 

Edited November 9, 2022 by Stocky

[Lacessit]

39 minutes ago, KhaoYai said:

If I ever went down the retirement route I would be doing it on a monthly income basis.

The problem with the monthly income route is ensuring the exchange rate on foreign currency coming in is above 65,000 baht/month, anything under will be seized upon.

I tried that basis for a year, gave it up as a major PITA.

Of course, if you have a lot more than that being transferred monthly, it isn't a problem.

[SenorTashi]

On 11/8/2022 at 2:08 PM, OJAS said:

Are you referring to an annual extension of stay for retirement?

I'm intrigued. I'm a newbie to long term visas so it's news to me if I can get an annual visa without proving I have funds in the bank. Please tell me more. 

[norbra]

58 minutes ago, Lacessit said:

The problem with the monthly income route is ensuring the exchange rate on foreign currency coming in is above 65,000 baht/month, anything under will be seized upon.

I tried that basis for a year, gave it up as a major PITA.

Of course, if you have a lot more than that being transferred monthly, it isn't a problem.

Consider using Wise if you stipulate you want 65K deposit in your account they will provide a quote that will show you total amount required to make this happen. If you don't have a Wise account the demo transfer in there app does not include their fees

[Lacessit]

Just now, norbra said:

Consider using Wise if you stipulate you want 65K deposit in your account they will provide a quote that will show you total amount required to make this happen. If you don't have a Wise account the demo transfer in there app does not include their fees

I am on WISE, thanks. However, the year I tried the income method was about 6 years ago, when I wasn't even on its predecessor.

I agree, WISE is very effective and transparent.

[Lemsta69]

5 hours ago, TheLaughingMan said:

The Canadian banks rob you blind, Wise cost me 1% and the bank would cost me 3% with their terrible exchange rate.

They don't let you send CAD instead of THB? Now that's just unfair.