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Author Topic: TransferWise  (Read 3113 times)

Rex (Admin)

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TransferWise
« on: January 25, 2019, 10:00:25 AM »
Fri 25 Jan 2019, 9:53 am

TransferWise  https://transferwise.com/  seems like a good solution for getting cash into your Thailand bank account from overseas. Unfortunately, it doesn't appear to be a good way to prove to Immigration that the funds originated from a foreign source.  A reply I just rec'd from TransferWise support:


Quote from: Cagri C. TransferWise
Cagri C. wrote:

Hi Rex,

Thank you for contacting us!

Our transfers to Thailand are completed from our bank account in Thailand, which means they are domestic transfers.

With your inquiry, I’d recommend to you to talk to a relevant authority in Thailand to get a better insight about the issue since we are only a money transfer institution that doesn’t have the capability to determine how these transfers should be treated.

If you have any other questions or need further assistance, feel free to contact us!

Çağrı
TransferWise
Customer Support



Reuben

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Re: TransferWise
« Reply #1 on: January 25, 2019, 06:25:21 PM »
Well I'm now really confused.  I have received two transfers using TransferWise.  One on 4 Jan the other on 7 Jan.  Both show on my i banking statement as International Transfer.  What to do?  What to do?

fceligoj

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Re: TransferWise
« Reply #2 on: January 25, 2019, 08:32:55 PM »

That is interesting about your response from TransferWise.  I too was leary at the beginning and contacted TransferWise support.  I was more interested in making sure the transfers were completed by using the IAT (International ACH Transfer) format vs Domestic Transfers.  They told me all the TransferWise transfers met the IAT format.  I have also been told, UK Banks as well as Australian Banks use the IAT format.  So I applied.


SO EVERY TRANSFER I HAVE DONE IS STATED IN MY BANK ACCOUNT AS "INTERNATIONAL TRANSFERS".  From the SMS msgs I get from Bangkok Bank after the transfer has been completed and deposited into my BBL account, it says "[my full name] has transferred THBxx,xxx.xx(THBxx,xxx.xx@1.00-THB0.00) from abroad into [my BBL bank account number.]"  Simple as that.  Nowhere does it say anything about a Domestic Transfer. When I go online and request my bank statement for up to 6 months, it displays every transfer in as an INTERNATIONAL TRANSFER.  When doing the transfer, TransferWise asks you what the money is for, "living expenses" is the most used answer.  That meets the intent of the IAT format.


Enough said.  You have to make up your own minds as to what you want to do.  If you want the transfer to bounce between Thai banks, as I have been told for some of the banks since a majority on the TransferWise transfers seem to go through BBL I think, then you will get a "Domestic Transfer" notice if the final leg of the transfer shows up as from one Thai bank to another, which is just like when I transfer funds to my wife's bank account at BBL, SCB, KTB, etc., just "TRANSFER" shows up.  If I purchase something like topping up my phone, it says "Payment for Goods/Services".


Do as you like but I feel very comfortable that the system works correctly and is as required by Thai Immigration.  From my discussions with the supervisor in the Khon Kaen IMM Office, she said that the transfers have to show on the bank statement as coming from an international source.  I gave her a copy of what I printed off my online iBanking application, the current six month statement, and she said it is exactly for which they will be looking.  Asked me if she could keep a copy as an example.

Windy

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Re: TransferWise
« Reply #3 on: January 25, 2019, 09:11:24 PM »
I have been using TransferWise for over a year.
I am the same as Frank, all my transfers show in my account as "International Transfers".

Rex (Admin)

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Re: TransferWise
« Reply #4 on: January 25, 2019, 09:14:52 PM »
Thanks. I guess until now, TransferWise has not heard this question.  The obvious answer on their part would be "All we do is send the money, we don't know how the receiving bank codes it."

kowpot

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Re: TransferWise
« Reply #5 on: January 26, 2019, 10:31:43 AM »
You must be sending to a bank that Transferwise does not use.

Rex (Admin)

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Re: TransferWise
« Reply #6 on: January 26, 2019, 04:58:50 PM »
You must be sending to a bank that Transferwise does not use.


What does "a bank that TransferWise does not use" mean, Kowpot?

kowpot

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Re: TransferWise
« Reply #7 on: January 26, 2019, 05:40:40 PM »
Transferwise only has accounts in Thailand with I believe are 3 banks. Bangkok Bank being the main one.  If you for instance (hypothetically) you send funds to your account at KTB Bank which is not one of Transferwise prefered banks, your funds will probably be routed through Bangkok Bank, Thailand to KTB bank. Which of course because it went to Bangkok Bank first, it became an in country transfer, it will show up as a domestic transfer.
 But, if you had an account with Bangkok Bank, Thailand and sent money directly from overseas to your account at Bangkok Bank, Thailand, then it would show up as an international transfer.


Hope I made it clear enough. Not sure which other banks Transferwise uses. But, I have been told there are 3.

Rex (Admin)

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Re: TransferWise
« Reply #8 on: January 26, 2019, 06:20:03 PM »
Got it!  Thanks a million!

Rex (Admin)

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Re: TransferWise
« Reply #9 on: February 04, 2019, 02:05:04 PM »
A lot of seemingly smart people have various and conflicting opinions, theories and experiences using TransferWise as a means of moving funds into Thailand to satisfy Imm requirements. The main point of concern seems to be that even though funds clearly, unambiguously originate offshore and then end up in Thailand, will your Thailand bank back you up and certify them as foreign transfers? Will the I/O accept TransferWise receipts as acceptable documentation?  As the route the money takes may change, does it matter if all deposits to Bangkok Bank are coded as foreign?

The problem with the uncertainty is that you could find yourself up the creek without a paddle if I/O fails to accept your dutiful 12 months of TransferWise deposits.  See the discussion on TV which gets into the nooks and crannies better than I have done here =>

https://forum.thaivisa.com/topic/1082148-email-from-transferwiseall-deposits-actually-local/

fceligoj

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Re: TransferWise
« Reply #10 on: February 04, 2019, 06:32:14 PM »

Maybe just maybe, since TransferWise uses the IAT format to transfer funds, that is INTERNATIONAL ACH TRANSFER format, it shows up in your BBL bank account as an International Transfer or FTT.  When I get an SMS from BBL that funds have been transferred and deposited into my account, it says the funds are from 'Me to me' And transferred from abroad.  I AM HAPPY!


If your Thai bank DOES NOT have a direct deal with TransferWise and TransferWise has to send the money (borderless yes) to one of their associate banks' bank account before transferring it to your bank account, it is designated as a domestic transfer since domestic transfers do not use the IAT format but they use the standard ACH exchange of funds.


WORRY, WORRY, WORRY!

Windy

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Re: TransferWise
« Reply #11 on: February 04, 2019, 06:51:03 PM »
My TransferWise transfers show in my Bangkok Bank account as "International Transfer".

If the new way of proving monthly funds is a copy or your bank statement showing transfers, how can they say they are not International?

Rex (Admin)

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Re: TransferWise
« Reply #12 on: February 04, 2019, 09:29:56 PM »
Why worry?  Personally, I would prefer to worry NOW, rather than wait and  worry about about a problem that might come up at my next extension when it may be too late or too expensive to fix. Hopefully, the worry is unfounded.  However, the issues raised in the discussion I linked to in TV => https://forum.thaivisa.com/topic/1082148-email-from-transferwiseall-deposits-actually-local/
are more complicated than I can paraphrase here, but are at least worthy of taking into consideration.



fceligoj

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Re: TransferWise
« Reply #13 on: February 05, 2019, 09:11:10 AM »

Several weeks ago, I went to the Sri Chan Branch of BBL and got a copy of my account, signed by the Bank Manager.  They would only give me a max 6-month table of my bank account transactions.  (I have been told that if you go to the Central Plaza Branch, they will provide you with a full year letter about your bank account transactions.)  I have attached a copy with certain personal items deleted.  I still left several of the transactions as representative.


Please note: "FOREIGN T/T" is all it says.  There is nothing about who sent it or who the transfer agent was.  Some of the original ones were directly from my US Bank or direct pension deposits from my employer, and then later ones are through TransferWise.  As you can see, there is no other connotations of anything that shows the transactions are different.  (By the way, I would immediately transfer the funds to my wife's account since I did not want to exceed the $10,000 USD account balance so I would have had to submit forms to the USG.  (Rex, you are right, "you do something that you do not want to have someone else take issue".


If you go online and print out your account transactions, the wording is slightly different.  Instead of stating "FORIGN T/T", it says "International Transfer".

Rex (Admin)

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Re: TransferWise
« Reply #14 on: February 06, 2019, 11:17:06 AM »
We were at Bangkok Bank, Na Muang branch today and among other things asked about bank providing a statement covering  12 months vs. 6 months of past transactions. She said that if need it immediately, the bank will only give you 6 months. However, if you wait 3 days, you can get 12 months.