Acceptabel Reasons For Swift Transfer To Thailand

[RoastLamb]

I'm sending some money over to Thailand to buy some things that i will sell over here in the UK.

First I need to transfer money over to my Thai contact... etc etc etc

So - what shall i put in as a reason?

It seems a bit invasive to me, what if it's personal? There must be some standard responses to this question that I can use...

Thanks

[Chaimai]

I'm sending some money over to Thailand to buy some things that i will sell over here in the UK.

First I need to transfer money over to my Thai contact... etc etc etc

So - what shall i put in as a reason?

It seems a bit invasive to me, what if it's personal? There must be some standard responses to this question that I can use...

Thanks

Why do you need a reason ?

How much are you sending ?

[RoastLamb]

Not much, only a few hundred pounds. I looked at the transfer form from my bank (Nationwide) and it says something along the lines of 'A reason must be given for Thailand transfers'. It doesn't say anything about amounts.

[Chaimai]

Not much, only a few hundred pounds. I looked at the transfer form from my bank (Nationwide) and it says something along the lines of 'A reason must be given for Thailand transfers'. It doesn't say anything about amounts.

I wonder if you put gambling debt, or narcotics fine, they would actually notice ?

In my opinion the reason is unnecessary. I sent 2m Baht via HSBC with no reason required.

I (or my G/F) withdraw over £500 p.m. from an ATM with a Nationwide card, so no logic for the question you have been asked.

However, they make the rules and you have to play by them, therefore, if you have to put something I would suggest "personal expenditure". If they delve further (which I doubt) say you are repaying a friend some money he helped you out with etc etc

I suspect the question goes back to the time when you would put "for purchase of property in XYZ" on large SWIFT transfers to satisfy a Bank of Thailand (I think) requirement.

Edited July 28, 2008 by Chaimai

[RoastLamb]

'Personal Expenditure' sounds spot-on. Thanks

[g00dgirl]

Yes, I agree, "personal living expenses" never caused problems for me for personal account transfers to Thailand.

This should be in the banking forum.

[dclaryjr]

Yes, I agree, "personal living expenses" never caused problems for me for personal account transfers to Thailand.

This should be in the banking forum.

Interesting--I do a SWIFT xfer every month from a Wells Fargo bank in the U.S. and there is no place on the form where they ask for a reason

[ovenman]

Interesting--I do a SWIFT xfer every month from a Wells Fargo bank in the U.S. and there is no place on the form where they ask for a reason

Same here. Must be a UK banking thing. What do they really expect somebody is going to say, something like financing terrorism?

[chiang mai]

It's not just a "UK bank thing", it applies to many banks globally including, from personal experience, those in Hong Kong and Europe. I believe that the basis for it all began with JWB's war on terrorism earlier this century and am surprised to see that UK/European banks have adopted the measures whilst apparently some US banks have not. HSBC Hong Kong, UK and Bangkok all require this information.

[JetsetBkk]

I usually put: "for retirement visa extension, required by immigration department."

I put that because it is usually for retirement visa extension, required by immigration department.

Once it was for buying a pick-up, so I put "for buying a pick-up".

Hope this helps.

[Lazy Sod]

How about "beer".

Only joking. , but I'd bet it would go through.

[Jingthing]

I sometimes state: living expenses

[Sophon]

It's not just a "UK bank thing", it applies to many banks globally including, from personal experience, those in Hong Kong and Europe.

Not true.

There are no uniform rules for European banks and while some banks may require a reason for transfer most will not. It's true that some countries have requirements for Central Bank reporting which would then of course apply to all banks in that country, but in such cases reporting is only necessary for transfers over certain amounts. Very few countries/banks require a reason when transferring "a few hundred pounds".

Now if you had said "some banks in" instead of "those in" I would have agreed with you.

Sophon

[chiang mai]

It's not just a "UK bank thing", it applies to many banks globally including, from personal experience, those in Hong Kong and Europe.

Not true.

There are no uniform rules for European banks and while some banks may require a reason for transfer most will not. It's true that some countries have requirements for Central Bank reporting which would then of course apply to all banks in that country, but in such cases reporting is only necessary for transfers over certain amounts. Very few countries/banks require a reason when transferring "a few hundred pounds".

Now if you had said "some banks in" instead of "those in" I would have agreed with you.

Sophon

OK, how does All UK and Hong Kong banks and SOME European Banks grab you.

[cophen]

It's not just a "UK bank thing", it applies to many banks globally including, from personal experience, those in Hong Kong and Europe. I believe that the basis for it all began with JWB's war on terrorism earlier this century and am surprised to see that UK/European banks have adopted the measures whilst apparently some US banks have not. HSBC Hong Kong, UK and Bangkok all require this information.

Don't forget that the British Civil Service is well-known for 'gold plating' any regulations that it vomits forth.

[RoastLamb]

I usually put: "for retirement visa extension, required by immigration department."

I put that because it is usually for retirement visa extension, required by immigration department.

Once it was for buying a pick-up, so I put "for buying a pick-up".

Hope this helps.

Indeed, I see your point. However, you didn't see mine. For me to simply tell the truth I would have to put 'Business', and from my previous - albeit brief - flirtations with the use of that particular word in Thailand, I have learned that it can lead very quickly to some dangerously complicated financial situations. This I would rather avoid. But now is not the time for nit-picking, the required information has been gathered and for that I offer my gratitude. Preparations are complete and tomorrow is the day I shall visit the bank.

[Chaimai]

[

Preparations are complete and tomorrow is the day I shall visit the bank.

Roast Lamb - I maintain that this is just a Nationwide thing, a 'tick box ' exercise. I have not had a reply from them but I was with HSBC for many years and they DO NOT have a 'reason for transfer' section on their SWIFT instructions.

Go for "personal expenditure" but I have to admit that I prefer Lazy Sods recommendation of "beer". Either way - anything in the box should work.

[Cuban]

Roast Lamb - I maintain that this is just a Nationwide thing, a 'tick box ' exercise. I have not had a reply from them but I was with HSBC for many years and they DO NOT have a 'reason for transfer' section on their SWIFT instructions.

Most banking and other organizations that come under or have a connection with the Fed or FSA (UK) money laundering laws do have a legal requirement to "...know your customer..." and as part of that process ask the reason for the transfer. The staff that you deal with could not give a rat's rectum as to what you put in that box, the above responses are fine, as is "Holiday Money', 'Car Purchase' & 'New Kitchen' etc.

'Funding the fight against the infadels.' is the wrong answer.

Some banking organizations will have in place different local policies as to at what questions they ask/record depending on the amount transfered, USD 20,000 is a trigger point to draw more interest from the bank's back office - or rather their duty to report the transfer up the chain.

Direct advice for the OP. Set up an account with a Thai bank (Yes I know there are threads running elsewhere about the difficuilty/ease of doing this.) then transfer a large amont from your home country. Then you can transfer directly to your suppliers' accounts via online banking (I use SCB) and avoid the Swift tranfer fee - which is biting into your profit margin each time you move a few hundred $ worth internationally.

HTH.

[NotNew2You]

So - what shall i put in as a reason?

I do a monthly transfer from the US. The online SWIFT transfer form for my bank will not complete the transaction without the "reason" field being completed. Just use "merchandise purchase" for any and all transactions. No problem as long as something is put in this field.

[sweetchariot]

OK, how does All UK and Hong Kong banks and SOME European Banks grab you.

Definitely not all UK banks. I recently made a couple of SWIFT transfers totalling over 1.5m baht, this was all done over the phone, and no reason was asked for. (From Lloyds TSB).

Cuban makes a valid point about the KYC rules for banks, and as an ex banker (with a 'b'), I know what a pain in the arse they can be, but in this case it seems that all banks have a different interpretation of the rules.

I reckon there is probably a threshold where they are required to ask by their regulator, but some banks have decided to cover their arse by asking every time.

As said before, nobody really cares what the reason is, they are just asking because they have to fill in the box. As you rightly said probably best not to mention business as the reason.

[Jingthing]

So - what shall i put in as a reason?

I do a monthly transfer from the US. The online SWIFT transfer form for my bank will not complete the transaction without the "reason" field being completed. Just use "merchandise purchase" for any and all transactions. No problem as long as something is put in this field.

Which US bank are you using that does ONLINE SWIFT transfers?

[brahmburgers]

how much is swift transfer fee?

Is it per transaction regardless of amount, or is it a % predicated on amount of money transferred?

[Jingthing]

how much is swift transfer fee?

Is it per transaction regardless of amount, or is it a % predicated on amount of money transferred?

SWIFT fees from the US vary from free (if you are a preferred customer) to 50 or 60 dollars max. I have never seen this charged by percentage, always by transaction.

[pampal]

I always write property purchase

[Cuban]

I always write property purchase

I would never write such words - if your home country seeks tax revenue from you at a future date for overseas properties there is the chance that these words would follow/haunt you.

"Personal holiday expeniture" would not encourage any such follow up.

[Tafia]

Nationwide Flex & SWIFT

Can you do this by post from Thailand?

I understand they do not accept email or fax?

There seems to be some conflicting reports that you need a UK address? Is your Thai address sufficient?

The Nationwide Fee is £20. Do they use an agent Bank or is the £20 the only Fee payable?

What fee is charged by the Thai Bank?

Is depositing cheques or succesion of cheques cheaper than SWIFT? (Regular say Qtly for living expenses etc)

What charge is made for cheque deposits by the Thai bank? I assume there is no charge by Nationwide?

Thanks for any info

Edited August 25, 2008 by Tafia

[glyph]

"So - what shall i put in as a reason? "

i want to lern how to spel gud in english.

[Ricardo]

Living-Costs is fine.

I have also used "School Fees" without problems.

[AlexLah]

When sending through TT I always state the reason for sending: Family support.

I once made the mistake to be honest and stated : CC payment.......

That time it took me about an hour to get it approved, I will spare you all the details.

Kind regards,

Alex

[EmptyMind]

"So - what shall i put in as a reason? "

i want to lern how to spel gud in english.

Write "Bulk Purchase Of Crack Cocaine" and see if it goes through.