Problems with Wise transfers to Bangkok Bank

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2lz2p
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Problems with Wise transfers to Bangkok Bank

Post by 2lz2p »

I am posting this as an alert for those that use 65k per month transfers to qualify for their retirement extensions and rely on Wise transfers to their Bangkok Bank account using the "Long Stay" in Thailand purpose as their reason for transfer.

There is a thread on AseanNow regarding very recent problems for those that transfer funds by using the "Long Stay in Thailand" reason for the transfer as it did not result in the funds going direct to their Bangkok Bank accounts, but rather being routed through Kasikorn Bank, thus showing up in their Bangkok Bank as a domestic transfer rather than international.

I made my usual first of the month transfer thru Wise using the "Long Stay" reason receiving the money on 4 October with no problem, it went to my Bangkok Bank account, I rec'd my usual text message, and it was coded in my account as "FTT".

After seeing the posts on AseanNow, I sent another transfer using Wise. The information on the transfer was as usual EXCEPT it said it would arrive at 5pm the next day instead of the usual 2pm.

When I received my email notification from Wise on 11 October, the linked receipt showed the transfer was to my Bangkok Bank account via Kasikorn Bank and that it would arrive at 5pm. At 5pm, I did not receive my usual text message stating I had an international transfer. I went online to my Bangkok Bank account and it showed the deposit was made but without the FTT code (a domestic transfer).

I have sent an inquiry to Wise this morning on why it happened and if it will be corrected and received a reply that I should receive a response in about 24 hours.

Fortunately, this occurred early enough in the month that I can seek alternate means to transfer funds for November if it appears the problem will not be corrected by Wise.

There is a way for US bank account holders to send through Bangkok Bank's NY Branch (not an ACH transfer) that involves using a paper check sent to the NY Branch by postal mail. A slower process which I may use if the problem with Wise continues. Of course there are other methods such as wire transfers using SWIFT code, etc.

AseanNow thread: https://aseannow.com/topic/1234763-wise ... gkok-bank/

Bangkok Bank https://www.bangkokbank.com/en/Personal ... Remittance

PCEC page: https://pcec.club/BangkokBankNY

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Jun
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Re: Problems with Wise transfers to Bangkok Bank

Post by Jun »

Theoretically, Wise don't actually transfer your money abroad during the transaction.
They pay a sum into a Wise account in the origin country and make a separate payment from a Wise account in the destination country.

That's one way they keep costs down, particularly for other country pairs where there is a relatively balanced two way flow of money.
That also means, when receiving money to my UK account, my bank does not levy it's usual obscene charge for receiving funds from overseas, as it is a domestic transfer. Same with Singapore, no charge for receiving foreign currency.
I don't actually know if Kasikorn charge for receiving foreign currency as I've only ever funded it via cash or Transferwise.

So I'm slightly surprised that Wise transfers showed up as foreign transfers in the first place.

Fortunately, since the business is still run by the founder, your chances of getting a sensible answer to queries are better than average. Whether it's the answer you need is another matter.

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Gaybutton
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Re: Problems with Wise transfers to Bangkok Bank

Post by Gaybutton »

I hope this doesn't mean everybody has to go back to 800,000 baht in a Thai bank account.

Maybe the thing to do is go to immigration long before your visa is going to expire, show and explain what is going on, and ask them what to do so you don't have to lose your visa.

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