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How does Wise work for international transfers to Thailand, and will it be accepted for the NON-O visa requirements?
Aug 25, 2021
5 years ago
Bonnie *******
ORIGINAL POSTERMaking this it's own question as I need a quicker response.
Getting ready to pull the trigger on the transfer but there's a new twist I'll get to later.
Using Wise, how do they remove the money from the USA bank account, by ACH? If the Thai baht is already in Thailand and just deposited by Wise, is it still shown as an overseas transfer, which seems to be important for the non-o visa? This is a usd transfer from America to KrungSri bank in Thailand. Thank you.
Edit - also, wise indicates it will be deposited within two days. What would be typical?
Getting ready to pull the trigger on the transfer but there's a new twist I'll get to later.
Using Wise, how do they remove the money from the USA bank account, by ACH? If the Thai baht is already in Thailand and just deposited by Wise, is it still shown as an overseas transfer, which seems to be important for the non-o visa? This is a usd transfer from America to KrungSri bank in Thailand. Thank you.
Edit - also, wise indicates it will be deposited within two days. What would be typical?
TLDR : Answer Summary
The post discusses transferring funds from a US account to a Krungsri Bank account in Thailand using Wise. Users express concerns about how transfers are labeled (international vs. domestic) which is crucial for the NON-O visa application. It appears that only transfers done through Bangkok Bank reliably register as international transfers on Thai bank statements, which immigration requires. While Wise can handle transfers, users have had mixed results regarding the international labeling based on the Thai bank used. Overall, a direct SWIFT transfer might be more dependable for visa purposes.
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Ivan ************
Open an account with Wise. That way you skip the ACH/wire fee and get a better exchange rate. If you do it this way, they'll give you US ACH details you can "push" to from your US bank using ACH which is typically free, this is cheaper than having Wise "pull" the money through ACH debit.
For 800k THB:
* Send with Wise account: $24,503
Send without account:
* ACH $24,552
* Wire $24,517 (plus your bank wire fee)
This is general advice. I'd agree with George though if you don't use Bangkok Bank and need this to 100% definitely appear as international, maybe just do a wire direct from your US bank to KrungSri. It will likely work out a bit more expensive but won't be much in the difference. Send it in USD, have the Thai bank convert it.
Checking KrungSri's incoming USD rate, it's 32.47. So presuming 500B incoming fee, you'd need to send $24,654 to get 800k. Plus US bank wire fee. So $150-200 more than Wise with an account, but it would be sure to work as international without you opening a new account.
For 800k THB:
* Send with Wise account: $24,503
Send without account:
* ACH $24,552
* Wire $24,517 (plus your bank wire fee)
This is general advice. I'd agree with George though if you don't use Bangkok Bank and need this to 100% definitely appear as international, maybe just do a wire direct from your US bank to KrungSri. It will likely work out a bit more expensive but won't be much in the difference. Send it in USD, have the Thai bank convert it.
Checking KrungSri's incoming USD rate, it's 32.47. So presuming 500B incoming fee, you'd need to send $24,654 to get 800k. Plus US bank wire fee. So $150-200 more than Wise with an account, but it would be sure to work as international without you opening a new account.
Ivan ************
@Ted *******
how you fund Wise doesn't matter, it's more that you select "Funds for Long Stay in Thailand" and your account is with Bangkok Bank. If you do that it should code as international. Funding Wise transfer with debit card you'll get a much worse rate though.Sid *******
@Ivan ***********
if you are sending the full amount to meet the 800k requirement and want to season in a Thai Bank account it doesn’t matter if it has the Swift code or not. They don’t check. You only need the Swift code if it is for the monthly deposit requirement. It has to show that it is Retirement income coming from outside the country on a monthly basis.
Ted ********
@Sid ******
So the typical WISE transfer from a US bank via the bank debit card will not have the SWIFT code and therefore will not be properly identified as coming from out of the country?Reply to
Ted ********
Reply
Sid *******
When they ask you the reason for transferring funds make sure that you put “For general living expenses in Thailand “
I have seen this question asked a few times on Wise Facebook page .
They are aware that transfers to Thailand for that reason need the swift code . They say that because if that it may take a little longer for the funds to reach your Thai account.
I have seen this question asked a few times on Wise Facebook page .
They are aware that transfers to Thailand for that reason need the swift code . They say that because if that it may take a little longer for the funds to reach your Thai account.
Bonnie *******
ORIGINAL POSTER@Sid ******
- and @Gar****
said use a different code. And others said it doesn't work except for bkk bank. I don't know what to think.Brett **********
@Bonnie ******
have you tried messaging Wise for clarification?George *************
@Bonnie ******
Do the SWIFT wire from your US bank to your Krungsri Bank in Thailand. It will show up as an international transfer.If you use Wise it may or may not show up as an international transfer in your Krungsri Bank. If you have a Bangkok Bank account and you use a Wise transfer "for purpose of long term stay in Thailand" it will show up as an international transfer in your Bangkok Bank. People have been doing this for over a year.
Reply to
George *************
Reply
Bob **********
If it's for your visa always check funds for long stay
Bonnie *******
ORIGINAL POSTERGrrr, we got this bank account because it was recommended as an easy one to open. It was. We do not have time to open another account now. We may not have time to wire money.
George *************
@Bonnie ******
Sending the money to your Krungsri Bank account via SWIFT wire from your US Bank should work just fine. It will be labeled correctly as an international transfer originating outside Thailand. It's only a problem using Wise with Krungsri Bank.By the way, Krungsri is an easy bank at which to open an account (maybe the easiest) and they have a really nice savings account Mee Tae Dai paying 1.00% APR interest. Money transfers visa Wise are just not reliably marked as being international. With Bangkok Bank they are (as long as "for purpose of long term stay in Thailand).
Wise does not use Krungsri as a Thai partner bank and therefore Wise transfers from overseas are more than likely going to show up in your Krungsri Bank account as domestic transfers from another Thai bank. This leaves you in a position of explaining to your immigration officer that while it's labeled domestic in your passbook/bank statement it's "really" an international transfer. I would not relish being in that position. With Bangkok Bank that is not a problem.
Please see the TransferWise Solutions Thailand group for the lengthy explanation and the gory details of why this is the case. The short synopsis is that Wise is able to do transfers economically because in many cases it is able to accomplish your "international transfer" by doing a domestic transfer between its Bangkok Bank Thai corporate account and your Thai bank account. When your Thai bank account happens to be Bangkok Bank this shows up as a FTT, an international transfer. When your bank is another Thai bank it often shows up as a domestic transfer. You then have to demonstrate that while it shows up as a domestic transfer it's really an international transfer.
Reply to
George *************
Reply
Jennifer ****
Only Bangkok bank shows up as an international transfer to Thailand using Wise.
From what I know wise uses Bkk bank as their main local branch.
If you use another bank it first goes through Bkk bank and after appears as a local transfer.
(I’d open a Bangkok bank account and confirm it will show up as overseas transfer)
You must select “money sent for long term visa” on wise.
The method it is removed from your USA account is up to you during the transaction. Each method has a different fee.
Yes. It’s typical 2 business days or less for transfers by wise (holiday on either end can slow it down)
From what I know wise uses Bkk bank as their main local branch.
If you use another bank it first goes through Bkk bank and after appears as a local transfer.
(I’d open a Bangkok bank account and confirm it will show up as overseas transfer)
You must select “money sent for long term visa” on wise.
The method it is removed from your USA account is up to you during the transaction. Each method has a different fee.
Yes. It’s typical 2 business days or less for transfers by wise (holiday on either end can slow it down)
Kevin *******
If you call them and tell them you want it tagged as an International transfer they will as all my transfers from the UK from Wise to my Bangkok Bank Account show as International transfers whether its £50 or £500 The only small problem is you won't get the money in minutes it may take 24 hours so no great deal.
Frédéric ******************
@Jennifer ***
I sent money by Wise to a Kasikorn account, credited within minutes without passing by Bangkok Bank.Jennifer ****
@Frédéric ****************
credited and deposited yes. To any bank. But did immigration accept it as an international transfer in the coding? Maybe they have fixed their 3rd party step in the past year. Frédéric ******************
@Jennifer ***
Just show them the transfer order matching the credited amount and bank account.George *************
@Frédéric ****************
If you use Bangkok Bank with Wise all that's necessary is to show your passbook or statement, both will show that the transaction was international rather than domestic. If your immigration officer is patient enough to wade through a number of transfer orders then I guess other banks might be usable. If instead, you want your immigration office to be satisfied with just looking at your passbook or bank statement then recommend you use Bangkok Bank and chose the "for purpose of long term stay in Thailand" as the reason for your Wise transfer.
Take a look at the TransferWISE Solutions Thailand facebook group (referenced above). 1.8K members with some real-world experience using Wise and Bangkok Bank to demonstrate to Thai immigration that the money transferred into Thailand originates outside Thailand.
Reply to
George *************
Reply
Garrett ***********
@Jenn****
I really don't believe that's correct. Jennifer ****
@Garrett **********
which part? I use wise all the time to transfer to Thailand. Maybe it recently changedGarrett ***********
@Jenn****
The part about Bangkok Bank being the only bank you can transfer money to from abroad and it codes as international. Ekkehard *******
@Garrett **********
I can confirm that from several people posting their experiences it is indeed correct what @Jennifer ***
stated.Jennifer ****
@Garrett **********
double check. But this has been stated in many visa groups regarding Wise. As so many people encounter this problem. I checked for my visa too. But luckily they didn’t care if it said overseas (SCB and krungsri) otherwise I would have had to use Bangkok bank. 🤷🏻♀️Tod *********
@Jennifer ***
& @Ekkehard ******
only bangkok bank will show every transfer as originating from overseas consistently if you select "long term stay" in the choice for your transfer. The other banks are hit or miss, some show it every transfer some don't and show it's a local origin transfer. that means you have to go to your bank and get a credit advice which shows the real "money trail" that it did come from overseas. Reply to
Tod *********
Reply
George *************
I believe you can only be (reasonably) certain that it will show up as an international transfer if you use Bangkok Bank as your Thai bank. I don't believe it will work correctly, as in marked as an international transfer, if you use Krungsri bank.
In view of your needing to do this quickly if there's not much of a financial advantage to using Wise over doing your SWIFT wire transfer directly from your US bank I would tend to think doing the direct SWIFT transfer is a better move. It will certainly (almost certainly) show up as an international transfer which is what it is. This is true of Krungsri Bank or indeed any other Thai bank I believe.
In view of your needing to do this quickly if there's not much of a financial advantage to using Wise over doing your SWIFT wire transfer directly from your US bank I would tend to think doing the direct SWIFT transfer is a better move. It will certainly (almost certainly) show up as an international transfer which is what it is. This is true of Krungsri Bank or indeed any other Thai bank I believe.
George *************
And just to be clear you would need to indicate the reason is for "long term stay in Thailand" in addition to using an existing Bangkok Bank account.
Reply to
George *************
Reply
Chris ****
My wise transfer to Krungsri did not show up as overseas. Had to re-do it with Chase. Sucked.
George *************
@Samurais ***********
Yes, Krungsri (while a fine bank) is not one of Wise's partner banks and so I'm not at all surprised it showed up as a domestic transfer rather than an international one.Chris ****
@George ************
yeah that’s what I gathered. Painful lesson but what isn’t ; )Reply to
Chris ****
Reply
Garrett ***********
Few different questions and answers here.
1. The method ACH, wire, debit/credit is up to you, you choose it when you make the transaction.
2. As for bringing money in from overseas, when you make the transaction is will ask you what the purpose is for. You MUST select the one that specifies "Buying property or investment (don't remember the exact wording)" so the money gets sources from outside Thailand and codes as an international deposit into the Thai account.
1. The method ACH, wire, debit/credit is up to you, you choose it when you make the transaction.
2. As for bringing money in from overseas, when you make the transaction is will ask you what the purpose is for. You MUST select the one that specifies "Buying property or investment (don't remember the exact wording)" so the money gets sources from outside Thailand and codes as an international deposit into the Thai account.
Terry ********
@Garrett **********
there is actually an option of "Funds for long term stay in Thailand".Bonnie *******
ORIGINAL POSTER@Garrett **********
- will that work for a KrungSri account? We went to the bank you recommended. If it doesn't, you might want to specify that in your recommendation. George *************
Check out this group which specializes in using Wise (formerly Transferwise) to bring money from overseas to Thailand and have it show up as an FTT (Foreign Telegraphic Transfer, something recognized by immigration as being an international transfer from outside Thailand) in your bank book. It's a private group. Their take is that this only works reliably with Bangkok Bank.
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6Garrett ***********
@Bon***
It works regardless of the bank you use. The transaction occurs on Transferwises end, not the banks end. Normally Transferwise (or Wise) will try to convert the money in country to reduce transaction fees for themselves and save time. If you specify that the money needs to come from abroad though, they will make sure the transaction going into the bank comes from abroad. Bonnie *******
ORIGINAL POSTER@Garrett **********
- it would seem that others think differently. You said put in a code, someone else said put in a different code. I would not at this time know how I might specify where the money needs to come from. You also wrote you need to look a bit.Reply to
Bonnie *******
Reply
George *************
@Garrett **********
regarding item 2: I think that will only work if your Thai Bank happens to be Bangkok Bank. That is to say, Wise seems to have a relationship with Bangkok Bank that allows Bangkok Bank to consistently mark the transfer as FTT or international in nature. While Wise uses other banks it doesn't seem to be able to offer any sort of guarantee that it will be marked correctly with respect to those banks.Garrett ***********
@Geo***
I've never specifically seen an issue for anyone using a non Bangkok Bank bank for the transfer. I could be wrong, let me look a bit.Reply to
Garrett ***********
Reply
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