mario299
Surin Founding Father
That's what I started doing several months ago with my monthly U.S. Social Security deposits, then I transfer to my Bangkok Bank account...usually everything complete same day by 2:00 p.m. here.
Wise - UK to Thailand Money Transfers (formerly Transferwise)
- Thread starter nomad97
- Start date
Yorky
Fullritis Member
Although it was not a tax refund, in the late 90s, the first year of the UK tax self assessment system, I was sent a bill by the IR for around £25,000.00. To my relief it was eventually sorted and they actually sent me a subsequent bill, by post to Kuala Lumpur, for £0.00.
nomad97
Resident Geek
I do that with one of my pensions, a direct payment from my pension provider to my account at TransferWise. TransferWise notify me by email of the receipt of said funds. I set this up earlier this year and to date the transfers have been flawless. Like Nick said, depending on the time of day, transfers to Thailand from the UK can be accomplished within minutes. Almost instantaneous one may say.
My other pensions are paid into my Isle of Man account. I log onto this account and transfer funds as necessary to TransferWise. This is usually instanteous too. By the time I log off and log on to TransferWise the funds are usually there.
Yorky
Fullritis Member
It's not the difference between 2 hours and 5 days that is of major concern (at 0.5% p.a. it's bugger all); it's that some organisation is lending out my money for their own gain (and I'm sure they will not be receiving 0.5% p.a.).
Prakhonchai Nick
You chose a custom title
BEWARE TRANSFERRING US DOLLARS
After singing the praises of TRANSFERWISE over recent months, I am now embroiled in a dispute with them.
I had 2 payments to make in US$ to organisations in Cambodia. Transferwise advised these payments they make using SWIFT, but their system cuts out intermediary costs, though there could be a charge made by the receiving bank.
To date I have only had feedback from one payment, but apart from a $10 charge deducted from the receiving bank only $517 was received from a remittance of $572. A shortfall of almost 10%
They are telling me that they have no control over fees charged by intermediary banks, but their web pages clearly state there are no intermediary bank charges. If necessary, in my usual way, I will pursue this matter up to any level until I receive justice
Type of fee International bank (SWIFT) charges TransferWise charges
Sending transfer fee Varies - often ranges from US$10-US$35 0.5% - 2.5%
Intermediary bank fees Yes - they vary depending on the intermediary bank,
and how many banks your money passes through Absolutely none
Exchange rate markup Yes None. We give you the real rate.
After singing the praises of TRANSFERWISE over recent months, I am now embroiled in a dispute with them.
I had 2 payments to make in US$ to organisations in Cambodia. Transferwise advised these payments they make using SWIFT, but their system cuts out intermediary costs, though there could be a charge made by the receiving bank.
To date I have only had feedback from one payment, but apart from a $10 charge deducted from the receiving bank only $517 was received from a remittance of $572. A shortfall of almost 10%
They are telling me that they have no control over fees charged by intermediary banks, but their web pages clearly state there are no intermediary bank charges. If necessary, in my usual way, I will pursue this matter up to any level until I receive justice
Type of fee International bank (SWIFT) charges TransferWise charges
Sending transfer fee Varies - often ranges from US$10-US$35 0.5% - 2.5%
Intermediary bank fees Yes - they vary depending on the intermediary bank,
and how many banks your money passes through Absolutely none
Exchange rate markup Yes None. We give you the real rate.
Prakhonchai Nick
You chose a custom title
Significant intermediary bank charges were deducted from both of my payments to Cambodian businesses, with the result that I had to make up the reduced amount received which totalled $130.
After much amicable correspondence with Transferwise, (with a touch of Thai "pak waan") they have today refunded these fees.
I will continue to use Transferwise for all remittances to Thailand and would recommend them to all those not currently using their services,. Just steer clear of any SWIFT transfers.
If anyone is interested here is a piece on recent developments at Transferwise
https://www.businesscloud.co.uk/news/uk-fintech-transferwise-now-valued-at-5bn/
https://www.businesscloud.co.uk/news/uk-fintech-transferwise-now-valued-at-5bn/
Ivor the Engine
Nowhere man
My friend was informed 2 weeks ago about this change and on that day, it took 24 hours to complete a transfer. He now has them back at completing within 2 minutes.
Yorky
Fullritis Member
I was informed about 2 weeks ago and I am yet to open an account with them.
Wanderer
Surin Dinosaur
Normally that was correct.
In Covid-time they are different but equally difficult.
Wanderer
Surin Dinosaur
Some of us don't use Transfer Wise or unwise. I do a transfer each month direct from my UK bank account into my Bangkok Bank account, usually taking a couple of days and with an acceptable rate (I think).
On my Bangkok Bank bank book transaction details it reads - code FTT - which signifies international transfer. So I have been thinking that is clear proof that enough money is coming in every month to satisfy Immigration when needed. But maybe I will need to get a separate letter of confirmation from the bank.
Today there was a "happening" with Bangkok Bank. My bank book was full and I went into Robinsons for a new one with my ID card etc which has all my passport, home address etc. details on it. NO - you are Foreigner - we need your passport, we cannot accept your ID card. I got cross and we left.
Went to BigC for shopping and into Bangkok Bank with passport for a new bank book. Filled in all the forms, signed passport copies etc. then NO - you are Foreigner - has to be signed by a manager and we have only an assistant manager - you must go to Surin City or Robinsons.
Back to Robinsons, trying to behave nicely, and they take my passport. then NO - this passport number is not on our records. This is even though a few months ago I successfully got a second ATM card in the Surin City branch using my current passport, ID card etc, copy signatures etc, as well as signing many forms and confirming that I had no relatives engaged in Thai politics.
The passport number on my current record details was from 2011 and expired in 2017. It had never been automatically updated even as a result of all the info recorded from a few months ago. Therefore I should go to Surin City branch and they will contact Bangkok. I refused to do that (despite my wife's embarrassment). To be fair the manager there was then excellent (I assume he was the manager), they made various phone calls and I got a new bank book.
My thoughts on all this, apart from the obvious, are that in an emergency, with the hopelessness of Thai systems, don't assume anything and take everything with you, re-submit everything, re-tell them everything, et al. What a nonsense - if I was Thai then my ID card would have told them all they needed. Mine did too, but I'm a Foreigner and it isn't allowed in the rules.
On my Bangkok Bank bank book transaction details it reads - code FTT - which signifies international transfer. So I have been thinking that is clear proof that enough money is coming in every month to satisfy Immigration when needed. But maybe I will need to get a separate letter of confirmation from the bank.
Today there was a "happening" with Bangkok Bank. My bank book was full and I went into Robinsons for a new one with my ID card etc which has all my passport, home address etc. details on it. NO - you are Foreigner - we need your passport, we cannot accept your ID card. I got cross and we left.
Went to BigC for shopping and into Bangkok Bank with passport for a new bank book. Filled in all the forms, signed passport copies etc. then NO - you are Foreigner - has to be signed by a manager and we have only an assistant manager - you must go to Surin City or Robinsons.
Back to Robinsons, trying to behave nicely, and they take my passport. then NO - this passport number is not on our records. This is even though a few months ago I successfully got a second ATM card in the Surin City branch using my current passport, ID card etc, copy signatures etc, as well as signing many forms and confirming that I had no relatives engaged in Thai politics.
The passport number on my current record details was from 2011 and expired in 2017. It had never been automatically updated even as a result of all the info recorded from a few months ago. Therefore I should go to Surin City branch and they will contact Bangkok. I refused to do that (despite my wife's embarrassment). To be fair the manager there was then excellent (I assume he was the manager), they made various phone calls and I got a new bank book.
My thoughts on all this, apart from the obvious, are that in an emergency, with the hopelessness of Thai systems, don't assume anything and take everything with you, re-submit everything, re-tell them everything, et al. What a nonsense - if I was Thai then my ID card would have told them all they needed. Mine did too, but I'm a Foreigner and it isn't allowed in the rules.
CO-CO
Rather wrinkly & occasionally cantankerous member
Not wishing to sprinkle salt a wound - but the bank book is an irrelevance.
Kasikorn, for example, consolidate transactions to save space; for example, the most recent entries I have are for 'receipts' 2.190.500 Baht 'withdrawals' 2,152,500 Baht.... it does not show transaction by transaction when only updating periodically.
To evidence income for extension purposes you will likely need:-
1. Bank letter confirming that you maintain an account - and the current balance.
2. 12 months original bank statements duly stamped/signed by the bank.
You can highlight the monthly transfers to make it easy for the IO.
I believe Bangkok Bank MAY do a separate letter confirming the amounts received from overseas. Kasikorn bank do not.
Buriram Immigration did not need the 12 monthly PDFs from (Transfer)Wise...... other Immigration offices might.
nomad97
Resident Geek
If you have an online Internet banking account with Bangkok Bank, you can print your own bank statements. Be advised, you can only print the previous 6-months transactions. So, to satisfy the requirement for Immigration, put a note in your electronic diary to print out your statements twice a year. With the renewal date of my extension being the 30th December, I print out my statements for 1st Jan to 30 June, (on 30th June), and again from 1 July to 29th December (on 29th December). These statements were accepted by Immigration. And yes, as recommended, I highlight the monthly transfers with a highlight pen. In addition, I download my monthly transfers from'Wise' and manipulate the spreadsheet to give monthly totals ( I make several transfers a month).
Yorky
Fullritis Member
Many years ago when it was my wish to have a Bangkok Bank account in addition to those I have with Kasikorn, I was in Singapore when the Kasikorn Bank computer was down. I used my Bangkok Bank ATM but unfortunately, although I could remember the digits, I could not remember the order and after three goes, the ATM ate my card. The hour was late and I was due to travel early next day so I couldn't visit the bank to retrieve my lost card.
Within a few weeks I was back in Surin and called in Bangkok Bank (Tanasan Road) to replace my lost card. They wanted my passport (which I had) and a police report regarding the loss of my card. I told them that it wasn't lost, I knew where it was, in the bowells of a bank in Singapore. "We still need a police report" they said. "Do you expect me to travel to Singapore to obtain a police report?" "No, just get one from Surin Police". "If they give me one, it's only going to say what I've just told you" (and probably at a cost).
As it was Friday afternoon and I was travelling out on the Sunday, I gave up (I had a second account with Bangkok Bank so I applied and received a second ATM card on that account).
Some years later, I was in a position where I did not need the Bangkok Bank accounts any more so I went to close them and discovered that I had been charged ฿200.00 p.a. for the lost ATM (plus, of course ฿200.00 p.a. for the second one).
Within a few weeks I was back in Surin and called in Bangkok Bank (Tanasan Road) to replace my lost card. They wanted my passport (which I had) and a police report regarding the loss of my card. I told them that it wasn't lost, I knew where it was, in the bowells of a bank in Singapore. "We still need a police report" they said. "Do you expect me to travel to Singapore to obtain a police report?" "No, just get one from Surin Police". "If they give me one, it's only going to say what I've just told you" (and probably at a cost).
As it was Friday afternoon and I was travelling out on the Sunday, I gave up (I had a second account with Bangkok Bank so I applied and received a second ATM card on that account).
Some years later, I was in a position where I did not need the Bangkok Bank accounts any more so I went to close them and discovered that I had been charged ฿200.00 p.a. for the lost ATM (plus, of course ฿200.00 p.a. for the second one).
Yorky
Fullritis Member
Not in my case. Although they have not verbally confirmed it, I am convinced that the IO checks through my bank passbook during the extension application process to determine that I haven't withdrawn more than the accepted amount during the previous year.
CO-CO
Rather wrinkly & occasionally cantankerous member
Not relevant to Wanderer's situation...... you do money in the bank - I believe he is talking about the monthly income method.
There is no limit to the amount you can withdraw.
There are limits on the amount you must maintain in the bank.
Wanderer
Surin Dinosaur
You are correct Yorky - 200 baht per year fee - I had never noticed it.
But then having a UK 3-2-1 current account with Santander now costs £5/month
nomad97
Resident Geek
I do the 65,000+ monthly transfer method. For as long as I can remember, S.I. has always asked to see my bank book each time I seek an extension to remain a further year. Last time around, December 2020, they also asked to see the letter from the bank, something they had not asked to see previously. My advice to @Wanderer, have both an up-to-date bank book and a letter to confirm your balance on the account.
Yorky
Fullritis Member
And ensure that they are both dated the same, i.e. withdraw a few bob from the account before asking the bank to provide the letter. And also check that the sums are exactly the same. I know someone who had to return to the bank to obtain a new letter because the bank had transposed two of the digits.