Longwood50 Posted February 10, 2023 Share Posted February 10, 2023 I have been using Bangkok Bank for my monthly pension transfers that are used to obtain my visa extension. Bangkok Bank however is extremely difficult to obtain the required 12 month bank statement and the appropriate bank letter. I have been to SCB and they say they can print whatever period I want immediately at any branch. There are different prices for shorter versus longer statements. They also indicate that they can produce the required letter immediately. However another person on Aesan now cautioned that transfers from Wise to SCB are not coded as FTT foreign transfers. Does anyone currently use SCB and know whether that is true or not? Your bank book would show the coding of any money coming in from Wise. Link to comment Share on other sites More sharing options...
Popular Post MJCM Posted February 10, 2023 Popular Post Share Posted February 10, 2023 7 minutes ago, Longwood50 said: Bangkok Bank however is extremely difficult to obtain the required 12 month bank statement and the appropriate bank letter. I have no idea why you say the 12 month statement and bank letter are extremely difficult to obtain. I recently got a 6 month statement and the bank letter within around 20 minutes. The 1 year statement takes 7 days as it comes from the head office Maybe it’s your branch that is causing the difficulty? 2 4 Link to comment Share on other sites More sharing options...
Popular Post Longwood50 Posted February 10, 2023 Author Popular Post Share Posted February 10, 2023 16 minutes ago, MJCM said: Maybe it’s your branch that is causing the difficulty? Two points. The six month statment is worthless. Immigration requires a 12 month statement. For some unexplained reason Bangkok Bank says that can only be ordered at the branch my account was opened at. That is Pattaya Klang and a round trip of one hour. That means I make two trip. When the statement arrives I need a letter from the bank detailing each of the monthly transfers. They first say they can not do such a thing, I then show them the sample from immigration with the Bangkok Bank stationery. They finally relent and say they can do it. However it will not be ready until the following day. Again another 1 hour round trip. SCB by contrast can print immediately and a 1 years, 18 month, 2 year statement. I can do that at any branch, and the letter is availble same day. The only thing that I need to verify is one Asean Now poster said SCB does not code Wise transfers as foreign incoming transfers. That would be a problem. I was in banking for over 40 years with major banks in the USA. What I have experienced with Bangkok Bank is that each time something is asked, it is like it is the first time the person has ever heard of such a thing and no they don't do it. So bottom line, they say the definition of insantity is doing the same thing over and over and expecting a different result. After 4 years I am going to stop the insanity and at least try someplace else. 2 2 Link to comment Share on other sites More sharing options...
Popular Post The Theory Posted February 10, 2023 Popular Post Share Posted February 10, 2023 3 minutes ago, Longwood50 said: For some unexplained reason Bangkok Bank says that can only be ordered at the branch my account was opened at. Really !!! ???? I asked for 12 months statement for my fixed bkkb account (takes 5-7 days) from a different branch just a few days ago. 3 Link to comment Share on other sites More sharing options...
MJCM Posted February 10, 2023 Share Posted February 10, 2023 Oke understood and sorry to hear about your troubles. My branch most certainly isn’t that difficult. One remark though have you thought how immigration reacts to you mid year changing banks? and I guess for renewal you would still need to deal with your old bank to get the full year statement (for example 3 months from BBL and then 9 months from SCB). Link to comment Share on other sites More sharing options...
MJCM Posted February 10, 2023 Share Posted February 10, 2023 3 minutes ago, The Theory said: Really !!! ???? I asked for 12 months statement for my fixed bkkb account (takes 5-7 days) from a different branch just a few days ago. I think his branch is the culprit here. Maybe a good idea for the OP to go to the main branch opposite Soi 6 on Central Road (if that branch is still there) Link to comment Share on other sites More sharing options...
Longwood50 Posted February 10, 2023 Author Share Posted February 10, 2023 (edited) 23 minutes ago, MJCM said: One remark though have you thought how immigration reacts to you mid year changing banks? Yes you can have two banks. However with the Bangok Bank system if I changed locations from lets say Chaing Mai to Phuket I would have to travel back to Chaing Mai to order the statement, then travel the following week to obtain the statment and the required letter. So enough of the nonsense for me. Time to find a more responsive bank with a more sensible policy. Edited February 10, 2023 by Longwood50 1 1 Link to comment Share on other sites More sharing options...
Longwood50 Posted February 10, 2023 Author Share Posted February 10, 2023 21 minutes ago, MJCM said: I think his branch is the culprit here. Maybe a good idea for the OP to go to the main branch opposite Soi 6 on Central Road (if that branch is still there) Only partially. My experience at any of the Bangkok Banks is one where if you ask a question you get a look like a deer in the headlights and either a response that no we don't do that, or no you must go to the branch where the account was opened. I asked my office for a letter detailing each monthly transfer and she vehemently said 'we don't do that" Then I pointed out to her that the sample that came from immigration was on Bangkok Bank stationery. I did not mention I got one the prior year from a branch that was not the branch I opened my account with. So one way or another, I have dealt with the madness of having to wait a week for a statment and numerous errors too many times, and it is time to change to a bank that allows customers the full range of services at all of their branches. 2 Link to comment Share on other sites More sharing options...
The Theory Posted February 10, 2023 Share Posted February 10, 2023 32 minutes ago, MJCM said: I guess for renewal you would still need to deal with your old bank to get the full year statemen Do the issue any statement for a closed account ? Link to comment Share on other sites More sharing options...
Longwood50 Posted February 10, 2023 Author Share Posted February 10, 2023 1 minute ago, The Theory said: Do the issue any statement for a closed account ? My account period is from February to January. I have already made my Februay deposit and it showed on this years visa extension. So I am trying to get a new account and commence transfers starting in March to go from March 1, 2023 to Feb. 28, 2024 to coincide with my next visa extension renewal. I "may" keep Bangkok Bank as a backup but certainly no longer my main account for monthly transfers. Link to comment Share on other sites More sharing options...
scubascuba3 Posted February 10, 2023 Share Posted February 10, 2023 Wise transfers don't show as International but SCB could potentially provide the letter if you showed they were from abroad Link to comment Share on other sites More sharing options...
Longwood50 Posted February 10, 2023 Author Share Posted February 10, 2023 Just now, scubascuba3 said: Wise transfers don't show as International but SCB could potentially provide the letter if you showed they were from abroad Thank You. I guess that means I make a trip to SCB to see if the letter they provide lists them as international which would supplement the 12 month bank statment. Link to comment Share on other sites More sharing options...
pagallim Posted February 10, 2023 Share Posted February 10, 2023 I've been weighing up the scenarios for some time re Wise transfers. Although I've used them for the last few years, my actual extensions have been based on lump sum rather than monthly income. I will continue this for my next extension in April. However, I've become less and less happy with Wise, you initiate a transfer where it tells you it will happen in seconds, and eventually lands in your account 2 days later. I'm talking transfers on normal business days, no weekends or holidays. Whilst Wise offer good exchange rates, these can be negated by whatever low fees your home bank are charging. As an example, HSBC in the UK charge a flat 5 pounds for my typical monthly pension transfer, a lot less than Wise charge for the same amount and thus negates any advantage, particularly as my HSBC transfer will definitely show as a 'FTT' in my SCB statement. So, whilst I'll continue to hold the lump sum value in a 'just in case' scenario, I'll be doing online transfers from HSBC to SCB each month and will go for the monthly income option in 2024. My SCB branch are pretty slick at providing whatever documentation Immigration require. Link to comment Share on other sites More sharing options...
Longwood50 Posted February 10, 2023 Author Share Posted February 10, 2023 4 minutes ago, pagallim said: However, I've become less and less happy with Wise, you initiate a transfer where it tells you it will happen in seconds, and eventually lands in your account 2 days later. I'm talking transfers on normal business days, no weekends or holidays It is funny, if the amount is a small amount it does appear in seconds. If it is a larger amount such as my pension payment it occurs always the next day. I don't know if the difference is the fact it is a larger amount, or the fact it has to go a different way to be coded as an FTT transfer. I get now charge from my bank in the USA to transfer to Wise or to recieve a transfer from Wise. The exchange rate is better that I get if I use the local bank. More importantly I can set a target rate to exchange at. If I sent directly from my USA bank, I get whatever the buy rate is at the bank which is always worse than Wise and i get no choice as to whether that exchange happens on a good day with the exchange rates up or I catch a bad day when it is down. Link to comment Share on other sites More sharing options...
norbra Posted February 10, 2023 Share Posted February 10, 2023 (edited) 2 hours ago, Longwood50 said: Thank You. I guess that means I make a trip to SCB to see if the letter they provide lists them as international which would supplement the 12 month bank statment. SCB will not Know what you are talking about as the Wise transfer to them comes from another Thai bank as a local transfer Edited February 10, 2023 by norbra 1 Link to comment Share on other sites More sharing options...
murraynz Posted February 10, 2023 Share Posted February 10, 2023 8 hours ago, MJCM said: I have no idea why you say the 12 month statement and bank letter are extremely difficult to obtain. I recently got a 6 month statement and the bank letter within around 20 minutes. The 1 year statement takes 7 days as it comes from the head office Maybe it’s your branch that is causing the difficulty? Me same same. No problem at Bkk bank 2 Link to comment Share on other sites More sharing options...
norbra Posted February 11, 2023 Share Posted February 11, 2023 (edited) 9 hours ago, Longwood50 said: My account period is from February to January. I have already made my Februay deposit and it showed on this years visa extension. So I am trying to get a new account and commence transfers starting in March to go from March 1, 2023 to Feb. 28, 2024 to coincide with my next visa extension renewal. I "may" keep Bangkok Bank as a backup but certainly no longer my main account for monthly transfers. At this stage, using Wise,your options are stay with BBL and get 2 x 6 months statements Open Kbank account and chase up consolidation letter for chonburi immigration Use SWIFT transfers to your bank of choice Edited February 11, 2023 by norbra Link to comment Share on other sites More sharing options...
MJCM Posted February 11, 2023 Share Posted February 11, 2023 9 hours ago, The Theory said: Do the issue any statement for a closed account ? Don't close the account. I would leave in the account something like 10k THB and it will stay open. If less then that (I forgot the exact amount) the bank will start to withdraw money (service charge) from it and when it reaches 0 it will close the account. Why Not close the account, you never know maybe in the future you will want to use that account again, and opening new accounts is only getting more and more difficult 1 1 Link to comment Share on other sites More sharing options...
hotandsticky Posted February 11, 2023 Share Posted February 11, 2023 8 hours ago, pagallim said: I've been weighing up the scenarios for some time re Wise transfers. Although I've used them for the last few years, my actual extensions have been based on lump sum rather than monthly income. I will continue this for my next extension in April. However, I've become less and less happy with Wise, you initiate a transfer where it tells you it will happen in seconds, and eventually lands in your account 2 days later. I'm talking transfers on normal business days, no weekends or holidays. Whilst Wise offer good exchange rates, these can be negated by whatever low fees your home bank are charging. As an example, HSBC in the UK charge a flat 5 pounds for my typical monthly pension transfer, a lot less than Wise charge for the same amount and thus negates any advantage, particularly as my HSBC transfer will definitely show as a 'FTT' in my SCB statement. So, whilst I'll continue to hold the lump sum value in a 'just in case' scenario, I'll be doing online transfers from HSBC to SCB each month and will go for the monthly income option in 2024. My SCB branch are pretty slick at providing whatever documentation Immigration require. You are wrong on several counts. WISE higher charges are ALWAYS negated by a much better exchange rate. I get free international transfers with HSBC but it is considerably better for me to use WISE. 29 out of my last 30 transfers have happened in under 10 seconds......only one was delayed a few hours, and never until the next day. Make sure you are transferring Sterling into your WISE account and then instruct the Baht transfer from there. 2 Link to comment Share on other sites More sharing options...
scubascuba3 Posted February 11, 2023 Share Posted February 11, 2023 6 minutes ago, hotandsticky said: You are wrong on several counts. WISE higher charges are ALWAYS negated by a much better exchange rate. I get free international transfers with HSBC but it is considerably better for me to use WISE. 29 out of my last 30 transfers have happened in under 10 seconds......only one was delayed a few hours, and never until the next day. Make sure you are transferring Sterling into your WISE account and then instruct the Baht transfer from there. if you are holding sterling with Wise i think it pays 2.5%+ interest now 1 1 Link to comment Share on other sites More sharing options...
hotandsticky Posted February 11, 2023 Share Posted February 11, 2023 2 minutes ago, scubascuba3 said: if you are holding sterling with Wise i think it pays 2.5%+ interest now I didn't know that, thanks. I have always usually transferred money in 'on the day', for transfer to Thailand. Link to comment Share on other sites More sharing options...
hotandsticky Posted February 11, 2023 Share Posted February 11, 2023 7 minutes ago, scubascuba3 said: if you are holding sterling with Wise i think it pays 2.5%+ interest now I can't find that on their website:- Do I earn interest on my Balances or Jars? Wise https://wise.com › help › articles › do-i-earn-interest-o... We currently don't pay interest on money held in your Balances or Jars as Cash. We offer Assets in certain regions that allows you to hold your money in ... https://wise.com/help/search?q=interest But I also found this:- The news: UK-based money transfer fintech Wise launched an interest-bearing savings account dubbed Interest, per Bloomberg. Interest will roll out in the UK before expanding across Europe. Funds held in the account can be spent or sent via the Wise app. Wise will offer 3.29% interest for balances in American dollars, 2.52% for balances in British pounds, and 0.88% for balances in euros. https://www.insiderintelligence.com/content/wise-expands-beyond-money-transfers-with-savings-account Link to comment Share on other sites More sharing options...
Lemsta69 Posted February 11, 2023 Share Posted February 11, 2023 18 minutes ago, hotandsticky said: 29 out of my last 30 transfers have happened in under 10 seconds To BBL account? Link to comment Share on other sites More sharing options...
hotandsticky Posted February 11, 2023 Share Posted February 11, 2023 Just now, Lemsta69 said: To BBL account? No, sorry - mine are to Kasikorn. 1 Link to comment Share on other sites More sharing options...
scubascuba3 Posted February 11, 2023 Share Posted February 11, 2023 2 minutes ago, hotandsticky said: I can't find that on their website:- Do I earn interest on my Balances or Jars? Wise https://wise.com › help › articles › do-i-earn-interest-o... We currently don't pay interest on money held in your Balances or Jars as Cash. We offer Assets in certain regions that allows you to hold your money in ... https://wise.com/help/search?q=interest But I also found this:- The news: UK-based money transfer fintech Wise launched an interest-bearing savings account dubbed Interest, per Bloomberg. Interest will roll out in the UK before expanding across Europe. Funds held in the account can be spent or sent via the Wise app. Wise will offer 3.29% interest for balances in American dollars, 2.52% for balances in British pounds, and 0.88% for balances in euros. https://www.insiderintelligence.com/content/wise-expands-beyond-money-transfers-with-savings-account That's it second link, i got an email from Wise, i didn't click on the detail so I'm not sure if its all £ balances or special accounts 1 Link to comment Share on other sites More sharing options...
pagallim Posted February 11, 2023 Share Posted February 11, 2023 12 minutes ago, hotandsticky said: You are wrong on several counts. WISE higher charges are ALWAYS negated by a much better exchange rate. I get free international transfers with HSBC but it is considerably better for me to use WISE. 29 out of my last 30 transfers have happened in under 10 seconds......only one was delayed a few hours, and never until the next day. Make sure you are transferring Sterling into your WISE account and then instruct the Baht transfer from there. No, I am not wrong. Below is a photo of a Wise transfer that I did on Tuesday 31st January, reaching my SCB account on Friday 3rd February. Wise charges are of course based on a percentage of the amount being transferred, so the better exchange rate is of greater value with large amounts, but of course so is their fee greater and negates some of the benefit being gained as opposed to banks with very low or now foreign transfer charges. I'm putting this in the context of monthly pension type transfers which typically will not be huge amounts, and the benefit of gaining FTT credit each month regardless of which Thai bank used. There is of course the advantage with Wise of a guaranteed rate (which is something of a gamble also, as it could rise as well as fall, same as a bank to bank 'live' transfer). Again, a couple of shots of SCB's TT exchange rate for transferred pounds sterling as of close of play yesterday, and the actual Wise rate currently being given. 1 Link to comment Share on other sites More sharing options...
hotandsticky Posted February 11, 2023 Share Posted February 11, 2023 1 minute ago, pagallim said: No, I am not wrong. Below is a photo of a Wise transfer that I did on Tuesday 31st January, reaching my SCB account on Friday 3rd February. Wise charges are of course based on a percentage of the amount being transferred, so the better exchange rate is of greater value with large amounts, but of course so is their fee greater and negates some of the benefit being gained as opposed to banks with very low or now foreign transfer charges. I'm putting this in the context of monthly pension type transfers which typically will not be huge amounts, and the benefit of gaining FTT credit each month regardless of which Thai bank used. There is of course the advantage with Wise of a guaranteed rate (which is something of a gamble also, as it could rise as well as fall, same as a bank to bank 'live' transfer). Again, a couple of shots of SCB's TT exchange rate for transferred pounds sterling as of close of play yesterday, and the actual Wise rate currently being given. The WISE exchange rate benefit works for all amounts. About 2 years ago I did a chart listing transfers from GBP 500 to 2m Baht. In every case WISE was better. I am not questioning the time taken for your transfers, I am questioning the method. If mine take less than 10 seconds because I am with Kasikorn Bank then change to Kasikorn if the delay bothers you. 1 Link to comment Share on other sites More sharing options...
PFMills Posted February 11, 2023 Share Posted February 11, 2023 (edited) 16 minutes ago, pagallim said: No, I am not wrong. Below is a photo of a Wise transfer that I did on Tuesday 31st January, reaching my SCB account on Friday 3rd February. Wise charges are of course based on a percentage of the amount being transferred, so the better exchange rate is of greater value with large amounts, but of course so is their fee greater and negates some of the benefit being gained as opposed to banks with very low or now foreign transfer charges. I'm putting this in the context of monthly pension type transfers which typically will not be huge amounts, and the benefit of gaining FTT credit each month regardless of which Thai bank used. There is of course the advantage with Wise of a guaranteed rate (which is something of a gamble also, as it could rise as well as fall, same as a bank to bank 'live' transfer). Again, a couple of shots of SCB's TT exchange rate for transferred pounds sterling as of close of play yesterday, and the actual Wise rate currently being given. I think that you should continue using your bank for transfers. You do seem to get a really good deal. Congratulations Am I correct that you compared exchange rates at the same time or a day or two apart. Also my experience in the past is that internet posted rates are not always the same as you get. And of course it’s good to know that you don’t get bank charges either end. BB can charge up to 500thb for TT transfer Edited February 11, 2023 by PFMills Link to comment Share on other sites More sharing options...
lopburi3 Posted February 11, 2023 Share Posted February 11, 2023 10 hours ago, Longwood50 said: When the statement arrives I need a letter from the bank detailing each of the monthly transfers. That is not a normal requirement for transfers to Bangkok Bank that are marked as international (ftt). Normal is the 12 months of computer statement plus a current letter of account ownership/balance (done in real time). Are you sure your immigration office requires for transfers marked as international? Bangkok does not. As for 2 trips my branch (about 1km away) offered to mail last year. Some people get around this Hqs issue by obtaining six month statements two times. Link to comment Share on other sites More sharing options...
nigelforbes Posted February 11, 2023 Share Posted February 11, 2023 18 minutes ago, hotandsticky said: I can't find that on their website:- Do I earn interest on my Balances or Jars? Wise https://wise.com › help › articles › do-i-earn-interest-o... We currently don't pay interest on money held in your Balances or Jars as Cash. We offer Assets in certain regions that allows you to hold your money in ... https://wise.com/help/search?q=interest But I also found this:- The news: UK-based money transfer fintech Wise launched an interest-bearing savings account dubbed Interest, per Bloomberg. Interest will roll out in the UK before expanding across Europe. Funds held in the account can be spent or sent via the Wise app. Wise will offer 3.29% interest for balances in American dollars, 2.52% for balances in British pounds, and 0.88% for balances in euros. https://www.insiderintelligence.com/content/wise-expands-beyond-money-transfers-with-savings-account This begins to blur the lines between what is a money transfer service and what is a deposit taker, the latter having much more risk. This makes me nervous and slightly suspicious. Link to comment Share on other sites More sharing options...
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