Reasons of change

[ExpatOilWorker]

According to my (foreign) bank, you now also need to submit a 6 digit objective/purpose code to transfer money into Thailand. Is that really so and is a list of these numbers available?

Could it be that my (foreign) bank is trying to transfer Thai Baht and not local currency, as per the mail sniff below?

From my bank: "The objective code/purpose code is critical to enter the Thai Baht. We cannot process the wire without that code information."

[Pib]

Can't speak to what the objective/purpose codes may be, but don't let your bank convert to baht when sending as you'll surely get a lower exchange rate than the TT Buying Rate provided by Thai banks.

[ExpatOilWorker]

Can't speak to what the objective/purpose codes may be, but don't let your bank convert to baht when sending as you'll surely get a lower exchange rate than the TT Buying Rate provided by Thai banks.

That is pretty much where we stand now. I have ask my US bank to wire $ and the Thai bank head office came back and said they had no clue what codes are required other than the SWIFT code.

[Pib]

I've never heard of objective/purpose codes either...it's probably something unique to your sending bank in trying to comply with regulations XYZ. You sure there is not a help link somewhere on your bank's webpage/funds transfer page that lists the codes which represent a purpose versus asking the customer to type in some words describing the objective/purpose. From some googling I see some banks ask for a purpose/objective like this JP Morgan link but give little concrete info. I'm just wondering if your bank is "assuming" Thailand requires a objective/purpose code on a wire transfer since apparently some countries do require purpose/objective to be declared on an incoming transfer. Your post is the first one I can remember seeing asking for such info.

Edited May 6, 2014 by Pib

[Naam]

objective/purpose

is nothing but a declaration of purpose such as "personal expenses, purchase of real estate, running expenses mia noi, dog food." my bank in Singapore requested that when i made my first transfer to Thailand a decade ago. but even though i always state a purpose the chap or the lady phoning me to ask whether i accept a certain exchange rate want to know the purpose.

obviously they are not aware that the purpose is clearly stated in the SWIFT documentation.

p.s. never heard of a six-digit code!

Edited May 6, 2014 by Naam

[ExpatOilWorker]

objective/purpose

is nothing but a declaration of purpose such as "personal expenses, purchase of real estate, running expenses mia noi, dog food." my bank in Singapore requested that when i made my first transfer to Thailand a decade ago. but even though i always state a purpose the chap or the lady phoning me to ask whether i accept a certain exchange rate want to know the purpose.

obviously they are not aware that the purpose is clearly stated in the SWIFT documentation.

p.s. never heard of a six-digit code!

Well, now we have all heard about the secret 6 digit codes. The US bank actually came up with the list. My Thai bank have still no clue what I was asking about.

NB: Mia Noi and dog food is not on the list, so it is pretty useless really.

DMS Transaction Purpose Code.xls

Edited May 7, 2014 by ExpatOilWorker