Transfer of 800K using Wise for 1 Year Extension Visa

[Wyabcp]

Hi all, I'm currently in Bangkok on my first week on a Non O Visa from the UK. I need to transfer the 800,000 Baht, so that I can apply for the 1 year extension. I have setup a bank account at Krungsri Bank in Bangkok Phrom Phong. Can I send the 800K Baht using Wise ? I know that maximum that can be transferred is 500K each time, so I would need to do 2 x transfers.

Will the Immigration office be ok with a transfer from Wise for the 1 year extension ? I could use Barclays Swift payment, but would be much more expensive.

thanks!

[Upnotover]

When I did my first extension last year all my transfers to my account were done using Wise from the UK.  I always selected "funds for long term stay" as the reason for the transfer but at least for my bank, Kasikorn, it makes no difference to how they show on the statement, all transfers, irrespective of reason, show up as international (I'm not entirely sure that's even important).

[howerde]

I  thought the maximum amount to Krungsri was 50 000 baht per transaction, or has it changed?

[Wyabcp]

2 minutes ago, Upnotover said:

When I did my first extension last year all my transfers to my account were done using Wise from the UK.  I always selected "funds for long term stay" as the reason for the transfer but at least for my bank, Kasikorn, it makes no difference to how they show on the statement, all transfers, irrespective of reason, show up as international (I'm not entirely sure that's even important).

Many thanks for the quick reply, did you transfer the total amount in one attempt ? I'm concerned it might attract more attention as I would have to do 2 transfers.

[MalcolmB]

Make sure you get a letter from your Thai bank which confirms the money came from overseas through wise.

Call immigration for an example letter of what is required so the bank staff know what is required

[Wyabcp]

Just now, howerde said:

I  thought the maximum amount to Krungsri was 50 000 baht per transaction, or has it changed?

ah.. maybe, let me double check

[Upnotover]

Just now, Wyabcp said:

Many thanks for the quick reply, did you transfer the total amount in one attempt ? I'm concerned it might attract more attention as I would have to do 2 transfers.

No, I did probably 4 or 5 transfers in the 6 months before applying.  I originally came in on a tourist visa and subsequently a non-O on a UK trip.

[DrJack54]

OP, you can you WISE no problem. 

Good option. 

As indicated choose reason "funds for long term stay" 

Be aware that for extension money in bank account does not need to be shown to have come from abroad. 

 

 Note to others: Kasikorn and BBL have limit of 2 mill babt per transaction. Better choice of bank imo

[Upnotover]

4 minutes ago, howerde said:

I  thought the maximum amount to Krungsri was 50 000 baht per transaction, or has it changed?

Godd point that!  Website says;

 

Bangkok Bank Public Company: 2,000,000 Thai baht (THB).
Kasikorn Bank: 2,000,000 Thai baht (THB).
Siam Commercial Bank: 1,499,999 Thai baht (THB).
Other recipient banks: 49,999 Thai baht (THB).

[DrJack54]

4 minutes ago, howerde said:

I  thought the maximum amount to Krungsri was 50 000 baht per transaction, or has it changed?

From Wise advice: 

"For Bangkok Bank, Kasikorn Bank, and Siam Commercial Bank, the limit is 2,000,000 THB per transfer. However, for other recipient banks, the limit is 49,999 THB."

[KhunBENQ]

Unfortunately yes: 

only with Kasikorn Bank, Bangkok Bank and SCB such transfers (in one) are possible.

SCB has 1.5 million limit from last what I read 

This 50k crazyness goes since a while.

Who wants to do 17 transfers to reach 800k+.

[Upnotover]

Actually just checked the app which now says other banks are 500,000.

 

Recipient bank	Maximum per transfer (THB)
Bangkok Bank Public Company	2,000,000
Kasikorn Bank	2,000,000
Siam Commercial Bank	1,499,999
Other recipient banks	500,000

[BeastOfBodmin]

27 minutes ago, Wyabcp said:

Hi all, I'm currently in Bangkok on my first week on a Non O Visa from the UK. I need to transfer the 800,000 Baht, so that I can apply for the 1 year extension. I have setup a bank account at Krungsri Bank in Bangkok Phrom Phong. Can I send the 800K Baht using Wise ? I know that maximum that can be transferred is 500K each time, so I would need to do 2 x transfers.

Will the Immigration office be ok with a transfer from Wise for the 1 year extension ? I could use Barclays Swift payment, but would be much more expensive.

thanks!

Yes you can.

 

Split it into two if you must.

 

I can't think why immigration would not be happy with a Wise transfer. Print out or screenshot the Wise proof of transfer and take it with you if you are nervous.

[KhunBENQ]

1 minute ago, Upnotover said:

Actually just checked the app which now says other banks are 500,000.

Confusion to the max 😁

Don't hold WISE responsible.

Thai bank (BoT) get paranoid.

[Equatorial]

21 minutes ago, Wyabcp said:

I could use Barclays Swift payment, but would be much more expensive.

 

There is typically a fixed cost to do a SWIFT, ranging from $15 to $50. It is more expensive for transferring small amounts, but it may actually be less expensive if you transfer the entire amount of THB800k in one transaction using SWIFT.

[Wyabcp]

4 minutes ago, Equatorial said:

 

There is typically a fixed cost to do a SWIFT, ranging from $15 to $50. It is more expensive for transferring small amounts, but it may actually be less expensive if you transfer the entire amount of THB800k in one transaction using SWIFT.

Yes I agree, but the problem is the Barclays Bank exchange rate is very bad. And this I think makes  Wise cheaper

[Wyabcp]

10 minutes ago, Upnotover said:

Actually just checked the app which now says other banks are 500,000.

 

Recipient bank	Maximum per transfer (THB)
Bangkok Bank Public Company	2,000,000
Kasikorn Bank	2,000,000
Siam Commercial Bank	1,499,999
Other recipient banks	500,000

Thanks yes I see the same on the Wise website.

Guide to THB transfers | Wise Help Centre

[Upnotover]

4 minutes ago, Equatorial said:

 

There is typically a fixed cost to do a SWIFT, ranging from $15 to $50. It is more expensive for transferring small amounts, but it may actually be less expensive if you transfer the entire amount of THB800k in one transaction using SWIFT.

Wise fees will be  £105.  But the extra fee will be covered by the  better exchange rate.  Wise right now is 44.24 against Kasikorn TT at 43.73.

[gamb00ler]

I don't deal with Barclays, but their website shows total fees for a SWIFT transfer to Thailand are 37 GBP.  Don't let Barclay's do the exchange.  Check the Thai bank's exchange rate... not Barclays.  The WISE website shows they would charge 108 GBP for a single transfer of 18,180 GBP (800k baht).

 

This doesn't seem to be a difficult decision.

 

https://www.barclays.co.uk/ways-to-bank/international-payments/s-t/

 

 

[BeastOfBodmin]

25 minutes ago, Wyabcp said:

Many thanks for the quick reply, did you transfer the total amount in one attempt ? I'm concerned it might attract more attention as I would have to do 2 transfers.

Sending over USD 10K (or equivalent) has been an automatic flag for decades (yep, not inflation-adjusted).

 

Of course, it's for our own good and is definitely not a way to keep tabs on innocent transactions. But I digress.

 

If you were to try to send multiple amounts less than or equal to USD 9999, that is spotted too and is known as "layering", which might attract more attention.

 

It seems the Thai banking system's guidelines make people look criminals on occasion, doesn't it?

[nrasmussen]

10 minutes ago, Wyabcp said:

Yes I agree, but the problem is the Barclays Bank exchange rate is very bad. And this I think makes  Wise cheaper

 

Transfer the foreign currency and let the receiving bank do the exchange.

[gamb00ler]

1 minute ago, BeastOfBodmin said:

Sending over USD 10K (or equivalent) has been an automatic flag for decades (yep, not inflation-adjusted).

I've sent >> 10K US$ dozens of times.  The only extra attention received was one time when the receiving Thai bank called to ask if I wanted to exchange for ฿ immediately or wait.

[BeastOfBodmin]

Just now, nrasmussen said:

 

Transfer the foreign currency and let the receiving bank do the exchange.

You'll still suffer a painful walletectomy on both the spread and/ or the fees. Use Wise, Revolut, currencyfair, xe.com or a host of other firms which specialise in currency conversion and transfer.

[BeastOfBodmin]

1 minute ago, gamb00ler said:

I've sent >> 10K US$ dozens of times.  The only extra attention received was one time when the receiving Thai bank called to ask if I wanted to exchange for ฿ immediately or wait.

Same here. I have never had a problem as far as I am aware. However, these transactions are automatically flagged and US.GOV gets to know about them.

[JB300]

18 minutes ago, gamb00ler said:

I don't deal with Barclays, but their website shows total fees for a SWIFT transfer to Thailand are 37 GBP.  Don't let Barclay's do the exchange.  Check the Thai bank's exchange rate... not Barclays.  The WISE website shows they would charge 108 GBP for a single transfer of 18,180 GBP (800k baht).

 

This doesn't seem to be a difficult decision.

 

https://www.barclays.co.uk/ways-to-bank/international-payments/s-t/

 

 

That page quotes the mid-market rate (Barclays adds a margin on top of this).

 

Comparing the numbers on Wise (https://wise.com/gb/send-money/send-money-to-thailand) sending £18,500 you’ll get approx 3,750 less with Barclays. 

 

Personally I’d still use Barclays in this instance, as you can do it in 1 transaction & guaranteed it will show up as FTT. 

[DrJack54]

@Wyabcp some misinformation in this thread. 

1. There is no need to show funds from abroad for immigration purposes. (extension) 

Funds are needed to be shown as international transfers if using income method. 

You are using money in bank method. 

 

2. You don't need to do smaller transfers.

 

As far as best way to transfer funds, that's discussed extensively in banking forum. 

You can do your own comparisons using Net. 

 

My transfers using WISE from Oz takes seconds. 

 

[fgmr]

I use XE every month for the last 3 years to transfer funds in excess of 50k bhat to my wife's bank. Not had any oroblems. The funds are usually available in the Thai bank within 48 hours.

[DrJack54]

18 minutes ago, fgmr said:

The funds are usually available in the Thai bank within 48 hours

And I transfer ~120k (baht) each month using WISE and takes 5 seconds (from Oz to Thailand) 

[Wyabcp]

2 hours ago, JB300 said:

That page quotes the mid-market rate (Barclays adds a margin on top of this).

 

Comparing the numbers on Wise (https://wise.com/gb/send-money/send-money-to-thailand) sending £18,500 you’ll get approx 3,750 less with Barclays. 

 

Personally I’d still use Barclays in this instance, as you can do it in 1 transaction & guaranteed it will show up as FTT. 

Thanks, I'll do a dummy run on the barclays Web site, to get the final cost difference. The first time i looked it was about £400 difference 

[Wyabcp]

2 hours ago, DrJack54 said:

@Wyabcp some misinformation in this thread. 

1. There is no need to show funds from abroad for immigration purposes. (extension) 

Funds are needed to be shown as international transfers if using income method. 

You are using money in bank method.

Got it thanks, but it had to be in the bank account for 8 weeks before application?