Wise - transfer test amount from home country to Thai bank - shows up as local not T/T

[john donson]

WISE: I selected for purpose of buying real estate

 

went to update bank book and did not give a T/T code

 

so how you guys manage this

 

do you need a euro account in your Thai bank ?

[TheAppletons]

You need to select "funds for long term stay" as the purpose for it to code at FTT.

 

Scroll all the way down to the bottom of the options to find it.

[Upnotover]

To which bank?  I send to Kasikorn and no matter what I use as the purpose the bank book only ever shows "TRN".  However if I download a statement in Thai the entry is described as "รับเงินธุรกรรม ตปท." ("Receive money from overseas transactions") and/or "ธุรกรรมต่างประเทศ" ("Foreign Transactions") - (translations by Google).  The English version of the statement says "Trade Finance Deposit".

[lopburi3]

Wise to Bangkok Bank for long term stay (or tagged account) is what gets FTT - not sure if any other banks actually use that letter combination.

 

If actually for buying real estate believe there is special paperwork required and that transfer should be Swift system (but do a search with Google as you do not want to mess a large transfer up).

[howerde]

If buying in Thailand beware wise  do not provide the FET form

 

https://wise.com/help/articles/2932335/guide-to-thb-transfers

What’s a Foreign Exchange Transaction (FET) form?

A FET form is a document that confirms money sent into Thailand came from abroad. When a bank receives a transfer of 50,000 USD or more, they have to send a FET form to the Bank of Thailand to report the money.

You’ll need a FET form if you’re a foreigner buying property in Thailand, or if you’re applying for a Thai visa.

Why can’t Wise give me a FET form?

We aren't authorised by the Bank of Thailand to issue FET forms. It’s because of how we work: when you send money with us, we use our Thai banking partners to send out your money locally. It doesn’t cross any borders, so it doesn’t show up as a foreign transaction.

[sandyf]

12 minutes ago, lopburi3 said:

Wise to Bangkok Bank for long term stay (or tagged account) is what gets FTT - not sure if any other banks actually use that letter combination.

FTT has never been an option for me, bank book has only ever had 2 character codes and NT (Deposit - No Book) is used.

Statements are different and over the last 20 odd years that has gone from "via Bahtnet" to "via EXIM" and now just says "INTERNATIONAL".

[scubascuba3]

Only Bangkok Bank transfers use the reason for transfer, thought everyone knew that by now