Wise removes Long Stay Reason on Transfers

[Liquorice]

  On 9/20/2024 at 5:44 AM, chickenslegs said:

From previous experience, I'm pretty sure that nobody in my branch will understand what this is. Is there a form number to ask for?

 

Better still, does anyone here have an example they could put up here.

 

Thanks.

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Kasikorn credit advice receipt.

 

 

Bangkok bank credit advice receipt.

 

 

 

 

[KannikaP]

  On 9/20/2024 at 5:56 AM, Liquorice said:

Only for those using the income method.

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I am lucky to be allowed to used the Combination Method at my IO in Phitsanulok.

So I can leave 400k + in an account, and must transfer 35k every month, as long as it adds up to over 800k. Nothing is ever asked about the source of my bank deposit, although it is completely kosher, and used to be 800k, until I realised years ago, that I still needed monthly transfers to live on. 

[Liquorice]

  On 9/20/2024 at 5:20 AM, norbra said:

That's interesting my Kasikorn passbook is coded GPS0000X. for my international deposits.

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It's possible that the particular transfer was through Wises Bangkok bank account, hence it's coded differently than the normal TRN code when transferred through Wises Kasikorn account. Requesting a credit advice receipt should show who it went through.
HQ statement for that transaction should be logged as an International transfer.

[chickenslegs]

  On 9/20/2024 at 6:00 AM, Liquorice said:

Kasikorn credit advice receipt.

 

 

Bangkok bank credit advice receipt.

 

 

 

 

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Excellent, thanks.

[KannikaP]

  On 9/20/2024 at 5:55 AM, Liquorice said:

It should certainly do so if you request a statement from their HQ, as my friend does.

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My Bkk Bank book and statements, both online and from the Bank, only show FTT or International transfers which were from Wise using the Long Term Stay method, all other ínstant transfers are shown as 'from another bank'

[Liquorice]

  On 9/20/2024 at 6:03 AM, KannikaP said:

I am lucky to be allowed to used the Combination Method at my IO in Phitsanulok.

So I can leave 400k + in an account, and must transfer 35k every month, as long as it adds up to over 800k. Nothing is ever asked about the source of my bank deposit, although it is completely kosher, and used to be 800k, until I realised years ago, that I still needed monthly transfers to live on. 

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Jeez, you're still using the income method though, albeit with part funds in the bank.

[KannikaP]

  On 9/20/2024 at 6:10 AM, Liquorice said:

Jeez, you're still using the income method though, albeit with part funds in the bank.

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Why the expletive?   

For me, having 400k in the bank and bringing 35k per month, of which I can spend every last satang, is my best option.

[Dan O]

  On 9/20/2024 at 3:43 AM, DrJack54 said:

I use Kasikorn which is one of the 3 you mention.

Despite selecting "funds for long stay..."

I do not always have code for international transfer.

Necessary to obtain credit advice

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I didn't mention which banks wise uses but they list them on their website. If wise didn't process it correctly that has nothing to do with the issue I spoke about. 

Take that up with your bank or wise. 

[Liquorice]

  On 9/20/2024 at 6:09 AM, KannikaP said:

My Bkk Bank book and statements, both online and from the Bank, only show transfers which were from Wise using the Long Term Stay method, all other ínstant transfers are shown as 'from another bank'

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Online statements from your branch (only 6 months availability) can be different to those on a HQ requested (12 month) statements.

 

As I previously stated, regardless of who and how you transfer from overseas, only the bank HQ's have the SWIFT code required to make the transfer.
All transaction go through the HQ to your branch. The first 3/4 digits of your account number inform HQ of the relevant branch.

[Dan O]

  On 9/20/2024 at 4:11 AM, Liquorice said:

2 banks now, to my knowledge, they dropped the TMB bank.

If you use BKK and the transfer is made from Wise's BKK account, it will be coded international.
The same cannot be said if you have a Kasikorn account and the transfer is made from Wise's Kasikorn account, as @DrJack54 has pointed out.
In this case, you need to request a credit advice receipt.

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As I told Jack you should discuss that with your bank or wise. I was only speaking to the reason other banks get domestic transfer codes when using Wise. Wise apparently has been changing their process recently without notice as others have noted and dropped the long stay option as a reason for transfer. I don't work for them so I can't speak to that or the reasons why.

[KannikaP]

  On 9/20/2024 at 6:16 AM, Liquorice said:

Online statements from your branch (only 6 months availability) can be different to those on a HQ requested (12 month) statements.

 

As I previously stated, regardless of who and how you transfer from overseas, only the bank HQ's have the SWIFT code required to make the transfer.
All transaction go through the HQ to your branch. The first 3/4 digits of your account number inform HQ of the relevant branch.

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WISE does not use the SWIFT method to transfer money to its Partner Banks. It has money deposited in those banks to enable Instant Transfers when needed

The delay for Long Stay transfersis from the Wise end, they "send" the money at 10am the following working day, to arrive at your Bkk Bank at 14.03pm. Proved by every one of my many transfers.

[Liquorice]

  On 9/20/2024 at 6:13 AM, KannikaP said:

Why the expletive?   

For me, having 400k in the bank and bringing 35k per month, of which I can spend every last satang, is my best option.

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Because of your failing to understand.

Using the combination method doesn't exempt you from still providing evidence of 12 monthly overseas transfers as part of the income requirement of the combo method.

 

If that methods suits you, fine.

[KannikaP]

  On 9/20/2024 at 6:24 AM, Liquorice said:

Because of your failing to understand.

Using the combination method doesn't exempt you from still providing evidence of 12 monthly overseas transfers as part of the income requirement of the combo method.

 

If that methods suits you, fine.

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I understand precisely the Wise banking methods and Immigration requirements.

Of course I get a 12 month statement and up-to-date Bank Book for my MONTHLY transfer account, and the IO is so pleased at how simple I have made it for him. The account with 400k is untouched for years, only the interest added, and tax subtracted of course.

As Bangkok Bank need a week to produce a 12 month statement, I ordered one after 6 months, stamped and signed, and will get the final 6 months on the day I go to do my extension. Simple eh?

[Liquorice]

  On 9/20/2024 at 6:22 AM, KannikaP said:

WISE does not use the SWIFT method to transfer money to its Partner Banks. It has money deposited in those banks to enable Instant Transfers when needed

The delay for Long Stay transfersis from the Wise end, they "send" the money at 10am the following working day, to arrive at your Bkk Bank at 14.03pm. Proved by every one of my many transfers.

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To complete a SWIFT international transfer, you’ll need to provide the following specific information.

The name and address of your recipient’s bank. Your recipient’s name, address, and the account type they have with their bank (checking, current, savings, money market, etc.). Your recipient’s account number or IBAN The recipient’s bank’s BIC/SWIFT code

The BIC/SWIFT is a bit like a US routing number or a zip code. It denotes the exact bank the recipient account is in.

https://wise.com/us/blog/making-an-international-wire-transfer#:~:text=To complete a SWIFT international,money market%2C etc.).

 

Thai banks use the SWIFT codes to identify the various banks, for International transfers.
The FTT request sent to Thailand has to include the SWIFT code in order to identify which Thai bank the recipient is with.

 

[Liquorice]

As an aside, my IO also accept printed Wise transfer receipts as evidence of overseas transfers.

These detail the original currency, overseas bank, the exchange rate and amount deposit in BHT in the Thai bank.

[norbra]

  On 9/20/2024 at 6:08 AM, Liquorice said:

It's possible that the particular transfer was through Wises Bangkok bank account, hence it's coded differently than the normal TRN code when transferred through Wises Kasikorn account. Requesting a credit advice receipt should show who it went through.
HQ statement for that transaction should be logged as an International transfer.

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Kasikorn bank ,I have the credit advice for all deposits as well as Wise receipts indicating Kasikorn bank as receiver bank

[KannikaP]

  On 9/20/2024 at 6:39 AM, Liquorice said:

As an aside, my IO also accept printed Wise transfer receipts as evidence of overseas transfers.

These detail the original currency, overseas bank, the exchange rate and amount deposit in BHT in the Thai bank.

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OK, I shall try that in December when I do my Extension, but shall have the Bank statements and books ready.

On the Wise FAQ site, Sending GBP to counties outside of UK, it says that you CAN opt for a SWIFT, but it will take longer and cost more. However, in the list of countries Where you can send GBP, Thailand is not included. And I thought I knew all about Wise.

Never mind, as long as my monthly transfer goes through as an FTT, and my IO accepts it, I don't really give a monkey's.

[mackayae]

  On 9/20/2024 at 6:39 AM, Liquorice said:

As an aside, my IO also accept printed Wise transfer receipts as evidence of overseas transfers.

These detail the original currency, overseas bank, the exchange rate and amount deposit in BHT in the Thai bank.

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My IO only accepts SSA transfers to a Thai bank. All other tranfsers via Wise are not accepted.

[Liquorice]

  On 9/20/2024 at 6:49 AM, mackayae said:

You're lucky. My IO only accepts SSA transfers to a Thai bank. All other tranfsers via Wise are not accepted.

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There is nothing in the passbook or bank statements to indicate you used Wise.
Provided you can provide evidence the monthly transfer came from overseas is the only requirement.

[KannikaP]

  On 9/20/2024 at 6:49 AM, mackayae said:

My IO only accepts SSA transfers to a Thai bank. All other tranfsers via Wise are not accepted.

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Please, which IO so that others can avoid it.

[Upnotover]

  On 9/20/2024 at 5:55 AM, Liquorice said:

It should certainly do so if you request a statement from their HQ, as my friend does.

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Kasikorn branch will be fine. I got a 12 month statement from CW branch on the day I did my extension, in Thai, all transfers noted as foreign.

[Liquorice]

  On 9/20/2024 at 7:01 AM, Upnotover said:

Kasikorn branch will be fine. I got a 12 month statement from CW branch on the day I did my extension, in Thai, all transfers noted as foreign.

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Confirms what I have been stating - thanks.

[orchidfan]

  On 9/20/2024 at 4:11 AM, Liquorice said:

2 banks now, to my knowledge, they dropped the TMB bank.

If you use BKK and the transfer is made from Wise's BKK account, it will be coded international.
The same cannot be said if you have a Kasikorn account and the transfer is made from Wise's Kasikorn account, as @DrJack54 has pointed out.
In this case, you need to request a credit advice receipt.

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Strangely, I have used Wise for years to transfer funds deposited  by my (Oz) Commonwealth Super Fund into my Oz bank (their rules require them to pay out ONLY into an Oz bank account in my name only).

 

I checked the passbook (BBL) and the deposits are coded as "Transfer from another bank".

 

I'm on Marriage Extensions using "money...400k..in the bank" method, so do not need these to show as "overseas/international transfers".

 

I've always selected "monthly living expenses " BUT this option has also disappeared, leaving only "personal expenses".

So, for last Wise transfer, done yesterday, I selected this and it was there within a minute or so.

 

Also it shows as just "Transfer from Another bank"

 

I don't know if this has any beneficial implications on the proposed future tax.....not showing as an international remittance, but a local bank to bank transfer ??

[FritsSikkink]

  On 9/20/2024 at 2:57 AM, ThaiFelix said:

But its illegal for farang to buy property in Thailand?  Might be all fine and dandy today but 6 months down the road you got the entire Thai S.W.A.T. kicking your door down searching for this illegaly obtained property.  Id want to check a bit further before I pressed that button.

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It is not illegal for a foreigner to buy property in Thailand.

[KhunBENQ]

  On 9/20/2024 at 7:01 AM, Upnotover said:

Kasikorn branch will be fine. I got a 12 month statement from CW branch on the day I did my extension, in Thai, all transfers noted as foreign.

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And statement same day is a reason for me to change to Kasikorn.

This order statement and wait 5 days or so at Bangkok Bank is really annoying.

[KannikaP]

  On 9/20/2024 at 8:10 AM, KhunBENQ said:

And statement same day is a reason for me to change to Kasikorn.

This order statement and wait 5 days or so at Bangkok Bank is really annoying.

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How often do you need a statement printed by the Bank branch?

Once a year for your Extension. 

But if YOUR IO would accept Wise Transfer evidence as it does for Mr Liquorice, is the signed and stamped Bank Statement really needed, or the updated Book.

[KannikaP]

  On 9/20/2024 at 6:24 AM, Liquorice said:

Because of your failing to understand.

Using the combination method doesn't exempt you from still providing evidence of 12 monthly overseas transfers as part of the income requirement of the combo method.

 

If that methods suits you, fine.

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It certainly does suit me Sir. So you carry on your way and I shall mine. We'll both get there in the end.

[billd766]

  On 9/20/2024 at 12:19 AM, bastco said:

By any of the methods offered by Wise when you select "send" .

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I use Wise from the UK and the funds for long term stay option. I have done for 5 years and it works without a problem every time. The funds arrive in my BBK account the next day unless it is sent on a Friday evening, when it arrives on a Monday just after 2pm or the next banking day if there is a Thai Bank or public holiday.

[SouthThailand]

  On 9/20/2024 at 5:27 AM, KannikaP said:

And I am telling you, and others, that most Wise Transfers get here instantly as LOCAL transfers unless the Buying Property, and previously Long Stay, buttons were selected.  Then it takes until 14.03 the next WORKING day, hence Monday for my second transfer, and noted as an International Transfer with Bkk or Kasikorn. 

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If you transfer on working day before 10:00 Thailand time, it will arrive same day 14:03.

 

ST

[KannikaP]

  On 9/20/2024 at 9:24 AM, SouthThailand said:

If you transfer on working day before 10:00 Thailand time, it will arrive same day 14:03.

 

ST

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I found it to be before 6am here, which would be on the day before if in UK.