What does the TransferWise option for complying with Thailand immigration requirements actually mean?

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 Ronald,

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

I'm still waiting for Transferwise to mail me back answering the question.....nothing forthcoming so far 🙄

As i don't use this, but seeing many people do and each time it is because it is cheaper, how much cheaper is it to send 65.000 Thb from your home country using transferwise into a Thai bank account?

I'm in the same boat as many here. I use Transferwize because it seems to be the least expensive and quickest way to get my money. And I'm using the 65k baht per month criteria to keep my Visa valid. My question, if I continue using Transferwize and the bank post as in-country transfer or ”SMART”, will it disqualify my 65k per month Visa criteria?

I didn't know that was an option. Sounds like they have taken notice of what is happening. Of the last 23 transfers I have done only 3 appeared as Thai bank transfers. I raised the problem with Transferwise some time ago.

These 3rd party transfer services are shaky to use & obviously not !00% reliable in meeting immigration expectations. However, unless you can walk into a bank in your home country to do a wire transfer, you may have no choice but to use these services. I was able to arrange wire transfer from my home country bank via the internet, but was no easy task,

Show your paper trail. In Chiang Mai isn't a problem. True they probably give up after the 3rd set of bank statements for the same transaction but it is possible

Transfered money Borderless USD to THB 2 months ago and this was not an option then, nor prior. Also, this same time was the first that didn't show as an International Transfer.

Following.

I have mailed them the question

Good evening. We are seeing a new funds transfer reason regarding sending money to Thailand. 'To help document funds transfer compliance with Thailand immigration for long term stay'. Using this option, will the funds transfer now 100% show as a foreign transfer rather than a local transfer as some incoming funds transfer do now?

Kind regards

Ron Angel

yep, but if you follow the advice of transferwise it will be more expensive and that is not what is liked. There must be a way to sent money from a random bank in a random country to a bank account in Thailand and get a bonus as thank you for using our service. BTW As posted already this is the advice from Transferwise: best to choose the SWIFT method in the payment step of your transfer. SWIFT is a more expensive method, because it’s not a local transfer. But it does mean it’s easier to prove your money came from abroad.

This page on the TransferWise site is quite informative

35/thb-transfers

Yes I just did a transfer today and came across this I think it's away of Thailand knowing what money comes in.

send a email to tranferwise and they change it to international transaktion

I just checked... It's there... I'll report back whether it comes in as an International transfer. My US Bank requires me to submit a wire in person, so that is not an option for me.

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

I see this kind of topics coming by regular and every time the outcome is the same. Transferwise is cheap cheap because they use a system of national transfers. As you need for Immigration foreign deposits this cheap app is not the way to go or it is a risk to use. Choice is yours, go cheap take the risk of the wrong codes and do not get the Extension of Stay and activate your plan B OR use the more expensive swift code. For me there is not much more to add or keep on starting a discussion about it.

As this is likely to stay awhile this was the info I got from TransferWise this morning.

Well, this certainly is an interesting development so lets run with it. I can't see any reason to close it at least until we know what's what.

@J**

, it's your topic, you keep people on point as much as you can okay?

Their website states, 'You'll need to give a reason for your transfer when sending to Thailand' so I guess its specific to Thailand.

I don't believe it does anything other than for compliance of UK banking law on international transfers. Transferwise simply don't move these funds internationaly but rely on partner banks in country.

Just seen it, I will use of in future, I'm sure it's for the right reasons.

I believe that one of these options (any one of them) must be selected to comply to UK law and has nothing to do the Thai athorities or transfer company's requirements.

I have seen and used that option many times without issue

SMART indicates an internal transfer.

This sounds promising. Following

If I'd have to guess, I'd say that transferwise have found a solution the fund not originating from overseas to cater for long term stay in Thailand with a recent update Will be interesting to see what happens

just initiated a test transfer to my Thai account.

The option is available...

will report on the result of the transfer

I just had a look on my TransferWise app and it says "Funds for long term stay in Thailand" I have no idea if, or how, it affects the method of transfer. I have, however, noticed that recently my transfers haveNOT been shown as international whereas they previously all have.

No I not seen that ...maybe that would indicate it would be done as a international transfer but take longer possibly...interesting