WISE - Banks that can receive money in Thailand

[billd766]

I make 37 transfers a year from my Wise borderless account in the UK to my BKK bank account in Thailand.

 

When I make a transfer, Wise tell me how much it will cost, how many thb I will get, the forex rate (which will be frozen until the transfer has been completed), the time and date when I can withdraw the funds from my BKK bank account.

 

It also shows up as a an FTT in my bank book and on the BKK bank statements.

 

I have had my Wise and BKK account running for nearly 7 years and only 1 small problem in the first year (easily sorted out with the Wise help centre.

[Everyman]

51 minutes ago, RafPinto said:

The question is not if I have money in my local account or not. It is to highlight the problems to send now money to Thailand;

 

I have enough money here but with the new tax implications, I am sure that many pay now bigger bills like rent, insurance, school fees etc from a foreign source instead to first send it to your own Thai account and then to make the payment.
I did send the rent money a few months without any problem but suddenly WISE requesting DOB, address and full name of landlord.
I can't even cancel the transfer and it will take until Wednesday.

I will stop to use WISE because the last month, you never know if your transfer takes seconds or days or is completely rejected.

 

There are no new tax implications. It was hysteria cooked up unscrupulous tax consultants. 

 

Yes I know there were changes in paper, but no enforcement and they are already walking it back. 

[RafPinto]

51 minutes ago, billd766 said:

I make 37 transfers a year from my Wise borderless account in the UK to my BKK bank account in Thailand.

 

When I make a transfer, Wise tell me how much it will cost, how many thb I will get, the forex rate (which will be frozen until the transfer has been completed), the time and date when I can withdraw the funds from my BKK bank account.

 

It also shows up as a an FTT in my bank book and on the BKK bank statements.

 

I have had my Wise and BKK account running for nearly 7 years and only 1 small problem in the first year (easily sorted out with the Wise help centre.

I use WISE for 11 years now but the last few weeks it has started.

Set up a new beneficiary and see how it works.

Last 2 months, no problem, this payment now under review until Wednesday.

Same when I paid last month my insurance. Came up as being paid but a few days later, money back to my bank account.

I contacted insurance company and they contacted Krungsri. Krungsri didn't reject any payment and WISE said it must have been the receiving bank.

[oldcpu]

5 hours ago, RafPinto said:

The question is not if I have money in my local account or not. It is to highlight the problems to send now money to Thailand;

 

I have enough money here but with the new tax implications, I am sure that many pay now bigger bills like rent, insurance, school fees etc from a foreign source instead to first send it to your own Thai account and then to make the payment.

 

 

As noted before, I am sorry to read of your timing issues with Wise.  I hope you end up with a more satisfactory setup.

 

In regards to what I highlighted in bold, I do not believe that by simply paying Thailand bills by direct transfers from outside of Thailand, you will be legally able to avoid such 'remitted money' being subject to consideration for taxation. 

 

It is still money that you are remitting to Thailand. 

 

I do thou concede, that by transferring money that way (direct to an organisation/company, as opposed into your account), you do complicate the government ability to track and understand the implications of the money transfer.  However it is still money you are remitting to Thailand.

 

I think in such a case you still should still maintain records (if you have the money outside of Thailand to support what I note) to show that the money you remit to Thailand to directly pay Thailand bills, is from pre-1-Jan-2024 savings.

 

Best wishes in your efforts.