This was posted today on Thai Visa Advice Facebook forum page...it may be a new OPTION to select for those who use TRANSFERWISE.
And recent reports also say there are immigration offices which have DENIED an Extension due to one month NOT showing INTERNATIONAL TRANSFER.
WORD TO WISE...BE WATCHFUL AND CAREFUL.
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"Please let this stay up for a few hours. I believe it is important to TransferWise users.
I use TransferWise Borderless and have for been for about six months. In my BB Account I have been seeing FTT except for the last which said SMART. I don't know what SMART stands for, except I am pretty sure it is a Domestic Transfer.
The real point of my comment is that I use the Android TransferWise App. I was recently helping a friend transfer his funds using this same App on his phone (as he is a bit of a technophobe).
Anyway when we got near the end of the SEND transfer sequence there is a requirement that one choose one of the 6 to 8 options...
1St. One is "For Monthly Living Expenses...
The last option choice is (paraphrasing) "To help document funds transfer compliance with Thailand Immigration for long term stay"...
I can't simulate this and get the exact wording as it requires the actual completion of the funds transfer to Thailand.
Has anyone else seen this option? Does anyone know if the option is chosen for the funds transfer... what happens on the other end here in Thailand at bank?"
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GOOD LUCK...
Tj
New Transferwise OPTION reported.. .
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travelerjim1
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travelerjim1
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Re: New Transferwise OPTION reported.. .
A post in reply...
As this is likely to stay awhile this was the info I got from TransferWise this morning.
As this is likely to stay awhile this was the info I got from TransferWise this morning.
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travelerjim1
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Re: New Transferwise OPTION reported.. .
Another reply...
TransferWise whole business model is built around not doing actual international transfers. You pay the money IN your country and they use your money to pay out transfers TO your country. They use the reverse in the other country. Your money doesn't travel internationally. Unless you use the swift option of course but will be more expensive
TransferWise whole business model is built around not doing actual international transfers. You pay the money IN your country and they use your money to pay out transfers TO your country. They use the reverse in the other country. Your money doesn't travel internationally. Unless you use the swift option of course but will be more expensive
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travelerjim1
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Jun
Re: New Transferwise OPTION reported.. .
If I were resident in Thailand, I think I would rather keep the THB 800,000 in the bank and pay Transferwise 0.6% than pay a bank 3% & have the proof of monthly income from overseas.
Of course, it must the said this application of the rules is a little silly. In an ideal world, authorities would be more flexible when people comply with the spirit of the regulations.
Transferwise don't offer transfers from Thailand to Europe or the US. Therefore it follows they must be moving money across borders at some point in order to balance the books, even if that's not occurring for your specific transaction.
Of course, it must the said this application of the rules is a little silly. In an ideal world, authorities would be more flexible when people comply with the spirit of the regulations.
Transferwise don't offer transfers from Thailand to Europe or the US. Therefore it follows they must be moving money across borders at some point in order to balance the books, even if that's not occurring for your specific transaction.
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travelerjim1
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Re: New Transferwise OPTION reported.. .
A reply from Transferwise to an inquiry sent to them regarding the INTERNATIONAL TRANSFER
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"Ok I have the answer to my question back. Nothing seems to of changed from there previous answers. Good luck attempting to sort it out!
Diane Ogechi Tobias (TransferWise)
Aug 4, 22:35 CEST
Hello...
Thank you for contacting us.
Transfers to THB would still be sent locally but we are able to route your transfer using certain banks that could provide you with a document proving that the transfer was a foreign exchange transfer.
These banks are:
Bangkok Bank.
Kasikorn Bank.
The way through this would be for you to always give us a call once you have made a transfer for the funds to be sent through any of these bank alternately, we could enable that your transfers are routed through any of the bank of your choice as much as we are able to do so.
Should the funds be sent through Bangkok bank and you have an account with Bangkok, you would need to reach out to Bangkok Bank branch where you have an account and provide the following documents:
1) Bangkok Bank Savings Passbook or Statement showing the specific transaction
2) Passport of Recipient
3) Agreement of the purchase of Condominium (for purchasing accommodation purposes)
If you do not have an account with Bangkok, you would need to provide the following to Bangkok Bank's HEAD office
Credit receipt of recipient bank transaction of the specific bank transaction
2. Passport of Recipient
3. Agreement of the purchase of Condominium (for purchasing accommodation purposes)
Once you have done so, Bangkok bank will provide you with a Confirmation Letter of International Funds Transfer and there would be a fee of 100 THB payable to Bangkok Bank .
Should the payment be sent through Kasikorn Bank to a Kasikorn bank account , you would need to provide the following documents to nearest Kbank International Trade center where you have an account and provide the following documents:
1) Recipient Bank Savings Passbook or Statement showing the specific transaction
2) Passport of Recipient
3) Visa of Recipient
These are the only 2 partners that are able to provide this document to prove that the transfer is a FET transfer. And we would be willing to cooperate with you in the best of our ability to ensure that your transfers are sent using a particular partner.
Should you have any question, feel free to contact us.
Regards,
Diane T
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Tj
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"Ok I have the answer to my question back. Nothing seems to of changed from there previous answers. Good luck attempting to sort it out!
Diane Ogechi Tobias (TransferWise)
Aug 4, 22:35 CEST
Hello...
Thank you for contacting us.
Transfers to THB would still be sent locally but we are able to route your transfer using certain banks that could provide you with a document proving that the transfer was a foreign exchange transfer.
These banks are:
Bangkok Bank.
Kasikorn Bank.
The way through this would be for you to always give us a call once you have made a transfer for the funds to be sent through any of these bank alternately, we could enable that your transfers are routed through any of the bank of your choice as much as we are able to do so.
Should the funds be sent through Bangkok bank and you have an account with Bangkok, you would need to reach out to Bangkok Bank branch where you have an account and provide the following documents:
1) Bangkok Bank Savings Passbook or Statement showing the specific transaction
2) Passport of Recipient
3) Agreement of the purchase of Condominium (for purchasing accommodation purposes)
If you do not have an account with Bangkok, you would need to provide the following to Bangkok Bank's HEAD office
Credit receipt of recipient bank transaction of the specific bank transaction
2. Passport of Recipient
3. Agreement of the purchase of Condominium (for purchasing accommodation purposes)
Once you have done so, Bangkok bank will provide you with a Confirmation Letter of International Funds Transfer and there would be a fee of 100 THB payable to Bangkok Bank .
Should the payment be sent through Kasikorn Bank to a Kasikorn bank account , you would need to provide the following documents to nearest Kbank International Trade center where you have an account and provide the following documents:
1) Recipient Bank Savings Passbook or Statement showing the specific transaction
2) Passport of Recipient
3) Visa of Recipient
These are the only 2 partners that are able to provide this document to prove that the transfer is a FET transfer. And we would be willing to cooperate with you in the best of our ability to ensure that your transfers are sent using a particular partner.
Should you have any question, feel free to contact us.
Regards,
Diane T
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Tj
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Gaybutton
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Re: New Transferwise OPTION reported.. .
In my opinion, if it is possible for people to do, the safest thing is to keep the 800,000 baht option available. Even if you can jump through all the hoops and get approval via the 65,000 baht per month method or the combo method, until immigration provides rules that are engraved in stone, how can anyone know whether the same approval will be available the following year? And if it isn't and you also no longer have 800,000 baht, there is a certain creek you're up without a paddle.
While retirement visa approval remains, at least in part, according to the whim of the immigration officer you happen to be dealing with, there is simply no assurance that what they will approve this year will also be approved next year, or the year after that.
It's too risky for my taste and I don't want worrying about it hanging over my head. Unless immigration comes out with rigid rules we can all follow and be sure there won't be a problem about getting the visa or renewal, I'm going to stick with the 800,000 baht method. I hate having to tie up 800,000 baht, at current exchange rates about US $26000 or £22000, but I'd rather be safe than sorry.
While retirement visa approval remains, at least in part, according to the whim of the immigration officer you happen to be dealing with, there is simply no assurance that what they will approve this year will also be approved next year, or the year after that.
It's too risky for my taste and I don't want worrying about it hanging over my head. Unless immigration comes out with rigid rules we can all follow and be sure there won't be a problem about getting the visa or renewal, I'm going to stick with the 800,000 baht method. I hate having to tie up 800,000 baht, at current exchange rates about US $26000 or £22000, but I'd rather be safe than sorry.
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fountainhall
Re: New Transferwise OPTION reported.. .
From my brief readings about Transferwise, it can change its policies at any time without reference to those using its service. That, for me, would make it undependable and therefore a complete no-no.
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Gaybutton
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Re: New Transferwise OPTION reported.. .
Please have a look at this post. I think TransferWise has solved the problem:
viewtopic.php?f=3&t=9694&p=95521#p95521
viewtopic.php?f=3&t=9694&p=95521#p95521
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travelerjim1
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Re: New TransferWise Solutions Facebook group.
A NEW Facebook group formed...
To discuss TRANSFERWISE experiences.
TransferWise Solutions
https://www.facebook.com/groups/TWSOL/
Now has 130+ members...and growing.
I recommend it to any expat concerned about their
INTERNATIONAL transfers to Thailand.
Tj
To discuss TRANSFERWISE experiences.
TransferWise Solutions
https://www.facebook.com/groups/TWSOL/
Now has 130+ members...and growing.
I recommend it to any expat concerned about their
INTERNATIONAL transfers to Thailand.
Tj