SCB Bank - Does anyone know if Wise Transfers are coded as FTT ( foreign transfers)

[hotandsticky]

9 minutes ago, PFMills said:

 

Edited February 11, 2023 by hotandsticky

[Lemsta69]

19 minutes ago, hotandsticky said:

 

No, sorry  - mine are to Kasikorn.

Ah good old K-Bank. I'm moving to them as soon as I get around to making the trek to CW for a residence certificate. It seems like Wise to BBL transfers all happen at 2PM next business day regardless of the reason you choose from the drop-down menu.

[bamnutsak]

I'm not sure where the OP lives or which Imm office they use but...

 

IME, Bangkok Bank will issue Credit Advice Reciepts (CAR) monthly, I visit my branch for these each month.

 

And then, a few days before my Ext Stay/Ret-Inc appointment at CW, I get a CAR summary letter from my branch. This details all twelve monthly transfers. This CAR Letter, along with the twelve CARs, and copies of my passbook(s) are acceptable. I do not provide a "statement". I do also get a Account Ownership letter, and update my passbook with a B/F on the day of my application.

 

 

[hotandsticky]

9 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.

 

@Pagllim - I may need to offer you an apology.

 

 

I have no problem doing that when/if I am wrong.

 

 

Having boldly stated that WISE rates were always better, I thought that I should do a current calculation. I haven't got time to do a full comparison (on a 'working' day) but it seems that on a transfer of 2m Baht, bank to bank is 2,643 Baht better (before local Thai bank commission). On a GBP 2,000 transfer WISE was only marginally better.

 

I will investigate further, and apologies from me.

[pagallim]

15 minutes ago, hotandsticky said:

 

@Pagllim - I may need to offer you an apology.

 

 

I have no problem doing that when/if I am wrong.

 

 

Having boldly stated that WISE rates were always better, I thought that I should do a current calculation. I haven't got time to do a full comparison (on a 'working' day) but it seems that on a transfer of 2m Baht, bank to bank is 2,643 Baht better (before local Thai bank commission). On a GBP 2,000 transfer WISE was only marginally better.

 

I will investigate further, and apologies from me.

No problem.   Like many, I've been using Wise/Transferwise for a few years, always in the belief that I was using the most beneficial method.   As I said previously, its only been through the deterioration of service that I've looked again at home bank to Thai bank transfers.   In my case, HSBC now permit international transfers using their App, same as their on-line account, which is much more convenient.   Because of their low transfer charges (or free in some cases), as opposed to the escalating rates as a percentage by Wise, a typical monthly pension transfer may only be one or two hundred baht better with Wise.   However, I know that if I make a transfer from my bank late p.m. on a working day, it will be in my SCB account in minutes, and will show as a FTT if needed for visa extension monthly income purposes.

[pagallim]

55 minutes ago, PFMills said:

 

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

SCB update their rates usually throughout a normal working day (https://www.scb.co.th/en/personal-banking/foreign-exchange-rates.html#), so the rate applied will be the actual when the transfer hits your account.   Wise of course quote the actual rate you will receive, regardless of exchange fluctuations.

 

I've been with SCB for 15 years now and am happy with the services and efficiency they provide.   I believe that the core customer service princlples of all Thai banks are virtually the same, with the variance in service levels happen on occasion through individual branch anomolies and poor staff.

[Chongalulu]

27 minutes ago, hotandsticky said:

 

@Pagllim - I may need to offer you an apology.

 

 

I have no problem doing that when/if I am wrong.

 

 

Having boldly stated that WISE rates were always better, I thought that I should do a current calculation. I haven't got time to do a full comparison (on a 'working' day) but it seems that on a transfer of 2m Baht, bank to bank is 2,643 Baht better (before local Thai bank commission). On a GBP 2,000 transfer WISE was only marginally better.

 

I will investigate further, and apologies from me.

Before I switched to Wise (to Kasikorn)I would frequently also get a charge deducted en route by an intermediary bank using SWIFT . That never happens with Wise and never had a payment delayed by more than 2/3 hours. 
Also you can print off the transfer documents from their App to prove the payment is international transfer to immigration. 
There’s also an option on Wise to be redirected to your bank app to approve the payment immediately which afterwards returns you to the Wise app. There’s then no delay matching any manual payment you make from your bank. Seamless and 95% of the time the transfer is in seconds.

[JAS21]

29 minutes ago, pagallim said:

No problem.   Like many, I've been using Wise/Transferwise for a few years, always in the belief that I was using the most beneficial method.   As I said previously, its only been through the deterioration of service that I've looked again at home bank to Thai bank transfers.   In my case, HSBC now permit international transfers using their App, same as their on-line account, which is much more convenient.   Because of their low transfer charges (or free in some cases), as opposed to the escalating rates as a percentage by Wise, a typical monthly pension transfer may only be one or two hundred baht better with Wise.   However, I know that if I make a transfer from my bank late p.m. on a working day, it will be in my SCB account in minutes, and will show as a FTT if needed for visa extension monthly income purposes.

This topic has interested me. WISE have recently increased their fees.

 

Like you I have used WISE for years. Previously Moneycorp and before that sent GBP to my BB account.When sending GBP I always found that BB exchanged early in the morning and looking at the posted rates later found that I had always lost out. No idea if that is the same case.

 

Whatever turns out to be the financially best way I will continue to use WISE … it is so straightforward. We have a joint account in the UK, my wife can do transfers to either her BB account or mine.

 

It is always a concern that one day I may not be able to do the transfers myself, so the fact that she can is a blessing. She is used to using our RBS account transfer system in the UK …also using WISE so I don’t want to complicate things by changing the process.

 

I’m not sure if it’s possible but setting up a WISE automatic monthly transfer of 65,100thb is another way …as long as it comes FTT. So far transfers always have and I have never had to repeat the transfer after talking to then.

 

As someone mentioned previously in a post, I always keep the backup 800K in another bank. We have been self insured medically for quite a few years now as premiums were becoming outrageous.

 

I will add that our BB branch, Samakee Road, who we have been with since about 2006 are extremely helpful … we always get great service …
 

 

[Longwood50]

4 hours ago, murraynz said:

Me same same. No problem at Bkk bank

Are you a monthly transfer or 800,000 baht.  Mine is a monthly transfer and they don't seem to handle that well. 

[Longwood50]

1 hour ago, lopburi3 said:

That is not a normal requirement for transfers to Bangkok Bank that are marked as international (ftt).

Absolutely yes.  This is a typical one immigration office requires something that another does not.  One man said he takes his Wise Transfer receipts.  Chonburi won't even look at them. Another said he gets his transfer slips each month from Kasikorn from PDF files.  I showed them to the Chonburi officer.  Nope only a letter from the bank detailing each months transfers with all of the transfers on a single page. 

[Longwood50]

2 hours ago, norbra said:

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

I don't believe the two 6 month statements would work.  As I understand it, they can only get the past 6 months worth of transactions.  If I went to the bank after 6 months and got a statement and then waited for another 6 months the first statement would be stale dated.  The statements are good for only 7 days.  

Also that still does not eliminate the letter that must look exactly like this.  

Even if done perfectly, I have to travel 30 minutes to my branch wait in line and order the statement.  I then have the same return trip.  The following week I get the pleasure of another 1 hour round trip to pick up the statement and then order the letter.  If they are willing to type it up for me same day, I have the delight of spending my afternoon in the Bangkok Bank branch.  If not, like this year, I get to pick it up the following day making it another 1 hour roundtrip not including the wait time in the branch. 

 

[scubascuba3]

1 hour ago, hotandsticky said:

 

@Pagllim - I may need to offer you an apology.

 

 

I have no problem doing that when/if I am wrong.

 

 

Having boldly stated that WISE rates were always better, I thought that I should do a current calculation. I haven't got time to do a full comparison (on a 'working' day) but it seems that on a transfer of 2m Baht, bank to bank is 2,643 Baht better (before local Thai bank commission). On a GBP 2,000 transfer WISE was only marginally better.

 

I will investigate further, and apologies from me.

Don't forget for swift transfers to thai bank, thai bank often charge circ 500 baht.

 

It's difficult to compare exchange rate Wise vs thai bank as they are different days, 2-3 or more difference, exchange rates can move 1%+ in that time 

[hotandsticky]

2 minutes ago, scubascuba3 said:

Don't forget for swift transfers to thai bank, thai bank often charge circ 500 baht.

 

It's difficult to compare exchange rate Wise vs thai bank as they are different days, 2-3 or more difference, exchange rates can move 1%+ in that time 

 

 

I think that you can take a point in a working day and compare rates. The Thai bank fees are published and are usually 1% max 500, + 20 Baht (Bangkok to the boonies) and with K Bank a mysterious, unlimited, charge of 0.1%!

[Longwood50]

1 minute ago, scubascuba3 said:

It's difficult to compare exchange rate Wise vs thai bank as they are different days, 2-3 or more difference, exchange rates can move 1%+ in that time 

Not really difficult and the difference is typically more than 1%.  I set a rate on Wise to make an automatic conversion which is something you can not do if you transfer directly to the bank.  You get whatever rate is the banks "buy" rate on that day and that time.  

With Wise the rates move throughout the day.  You can either manually process the conversion when the rate goes up or as I do set it to do automatically.  

The foreign exchange conversion is a money maker for the banks.  They want obviously to pay as little as possible to buy your currency and charge you as much to sell it back to you.  Nothing wrong with that it is a business but Wise gives you more for your currency as a mid market rate on any given day than the rates quoted by the banks. 

[hotandsticky]

4 minutes ago, Longwood50 said:

Not really difficult and the difference is typically more than 1%.  I set a rate on Wise to make an automatic conversion which is something you can not do if you transfer directly to the bank.  You get whatever rate is the banks "buy" rate on that day and that time.  

With Wise the rates move throughout the day.  You can either manually process the conversion when the rate goes up or as I do set it to do automatically.  

The foreign exchange conversion is a money maker for the banks.  They want obviously to pay as little as possible to buy your currency and charge you as much to sell it back to you.  Nothing wrong with that it is a business but Wise gives you more for your currency as a mid market rate on any given day than the rates quoted by the banks. 

 

 

This is a good site for comparing TT rates  -  updated during the day as well.

 

http://bankexchangerates.daytodaydata.net/default.aspx

 

 

In fairness, Thai bank charges are reasonable and I don't think that the 1% max 500 Baht has changed in over 10 years. The exchange rates are also fair which is why you should never convert to Baht in your own country.

[norbra]

6 minutes ago, Longwood50 said:

Not really difficult and the difference is typically more than 1%.  I set a rate on Wise to make an automatic conversion which is something you can not do if you transfer directly to the bank.  You get whatever rate is the banks "buy" rate on that day and that time.  

With Wise the rates move throughout the day.  You can either manually process the conversion when the rate goes up or as I do set it to do automatically.  

The foreign exchange conversion is a money maker for the banks.  They want obviously to pay as little as possible to buy your currency and charge you as much to sell it back to you.  Nothing wrong with that it is a business but Wise gives you more for your currency as a mid market rate on any given day than the rates quoted by the banks. 

So that leaves you with Kasikorn bank 

[Longwood50]

1 minute ago, norbra said:

So that leaves you with Kasikorn bank 

Perhaps, I have to do a bit more checking.  The one Kasikorn Bank said only a specific branch bank could do the letter.  

I doubt that.  I have found when someone doesn't know here in Thailand they just try to pass the Old Maid card by saying no they don't do it but yes another office can.  

If I find it is only a specific Kasikorn office that is no different than what I have now with Bangkok Bank.  If Kasikorn says they can do it same day that means only one trip instead of three.  

[hotandsticky]

4 minutes ago, Longwood50 said:

Perhaps, I have to do a bit more checking.  The one Kasikorn Bank said only a specific branch bank could do the letter.  

I doubt that.  I have found when someone doesn't know here in Thailand they just try to pass the Old Maid card by saying no they don't do it but yes another office can.  

If I find it is only a specific Kasikorn office that is no different than what I have now with Bangkok Bank.  If Kasikorn says they can do it same day that means only one trip instead of three.  

 

Just to add weight to your comments........ my missus had to get a bank letter/statement for a Schengen visa - she got it same day (or next, can't remember) from a Bangkok branch of Kasikorn - her account being up country.

[norbra]

30 minutes ago, Longwood50 said:

Perhaps, I have to do a bit more checking.  The one Kasikorn Bank said only a specific branch bank could do the letter.  

I doubt that.  I have found when someone doesn't know here in Thailand they just try to pass the Old Maid card by saying no they don't do it but yes another office can.  

If I find it is only a specific Kasikorn office that is no different than what I have now with Bangkok Bank.  If Kasikorn says they can do it same day that means only one trip instead of three.  

Maybe the letter is created at international or trade divisions, I would ask their call centre for further information 02888888  ask to speak to a consultant they may be able to request the report and email it to you, digitally signed pdf.or can they send to local branch office

Or contact call centre from their local branch and have staff member explain to call centre your requirements 

Or go to a trade/international branch and ask there how they can provide the letter

Edited February 11, 2023 by norbra

[ripstanley]

54 minutes ago, Longwood50 said:

Are you a monthly transfer or 800,000 baht.  Mine is a monthly transfer and they don't seem to handle that well. 

Mine are fortnightly  transfers from Australia to BKK bank via Wise. I transfer the money before 0900 using Pay ID or Osaka as know in Australia. I use long term stay as reason and since I tagged it with Wise in 2019 it has always arrived in my BKK bank account just after 1400 the same day coded FTT. The only time there is a delay if there is a public holiday in Thailand.

Edited February 11, 2023 by ripstanley

[scubascuba3]

34 minutes ago, Longwood50 said:

Not really difficult and the difference is typically more than 1%.  I set a rate on Wise to make an automatic conversion which is something you can not do if you transfer directly to the bank.  You get whatever rate is the banks "buy" rate on that day and that time.  

With Wise the rates move throughout the day.  You can either manually process the conversion when the rate goes up or as I do set it to do automatically.  

The foreign exchange conversion is a money maker for the banks.  They want obviously to pay as little as possible to buy your currency and charge you as much to sell it back to you.  Nothing wrong with that it is a business but Wise gives you more for your currency as a mid market rate on any given day than the rates quoted by the banks. 

Difficult in that you don't know the future, or maybe you do, on day of transfer you know Wise exchange rate but won't know thai bank exchange rate until settlement date

[Colabamumbai]

Transfers from Wise are FTT if you use that as reason for transfer menu. Sometimes unfortunately they do use their Thai Banks for your transfer, shows as domestic transfer. 

[norbra]

11 minutes ago, scubascuba3 said:

Difficult in that you don't know the future, or maybe you do, on day of transfer you know Wise exchange rate but won't know thai bank exchange rate until settlement date

I seem to remember you getting a thread header changed because I was providing information that upset you.

The header for this thread shows the OP is seeking information about SCB

[Longwood50]

12 minutes ago, scubascuba3 said:

Difficult in that you don't know the future, or maybe you do, on day of transfer you know Wise exchange rate but won't know thai bank exchange rate until settlement date

That is always true.  However one thing is for sure,  if the conversion went through the Thai bank and Wise on the same day the rate on Wise will be better.  So the "unknown" of the future applies whether it is the Thai Bank or Wise. 

[scubascuba3]

15 minutes ago, norbra said:

I seem to remember you getting a thread header changed because I was providing information that upset you.

The header for this thread shows the OP is seeking information about SCB

certainly wouldn't be upset about anything as trivial as that, from memory the thread was specifically about Bangkok Bank but you persisted in banging on about Kasikorn. This thread seems to have drifted onto comparing rates

[scubascuba3]

16 minutes ago, Longwood50 said:

if the conversion went through the Thai bank and Wise on the same day the rate on Wise will be better. 

That never happens though

[digger70]

3 hours ago, hotandsticky said:

 

No, sorry  - mine are to Kasikorn.

Bangkok Bank has for me Always been 2 or 3 days for an International transfer.

I transfer  twice a year a decent amount from NAB Australia  to B Bank Thailand.

[Seeall]

16 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?

As usual people think that because they do/dont get whatever that its the rue... TIT ...  depends on if the staff member had a good morning cofee/knows their job/feeling well or not ..  as we all know you get different results at different brances and even with the same staff member.. this goes for everything...  yes yes I know.. what else do we have to go on...   the law?  the policies?  the rules?  

ok - SCB - for years I have never heard any issues with statements and myself as well, 200thb for 6 M and double for 1 year (in a small branch on the spot, , I always get 1 year... I did recall a think, on here I think, about the code on the incomming funds and the answer was : can ask for some clarification, not sure if with SCB or TW ...  note: TW in my experience are very difficult to communicate with, as nobody seems to reply to anything slightly out of the box... as usual these companies only focus on the quick cash... its the modern way...

 

Same issue with tryhing to get some interest on the funds sitting there...  is it worth it to risk being rejected because you have the "wrong type" of account when applying for your visa?  so you can get 1 % more (taxed at 10%?) on the work that a staffer at immi told you?  or the bank?  tomorrow is another day and another "truth"

[norbra]

2 hours ago, scubascuba3 said:

certainly wouldn't be upset about anything as trivial as that, from memory the thread was specifically about Bangkok Bank but you persisted in banging on about Kasikorn. This thread seems to have drifted onto comparing rates

The original header Wise transfers not marked FTT,I was seeking the same answers you were, as it turned out Kasikorn transfers were not unduly affected. At that time Wise to Kbank transfers were recoded to GPS . Global Payment Systems being the fx facilitators which may have also upset BBL FTT coding

[chilly07]

Yes wise transfers are coded  as FTTs at Bangkok Bank-dont know about  SCB as they wouldn't  let me open an account  despite  having a  mortgage  with them. I collect Credit Advices every month and my branch will do a 12 Mth statement  based on them