Problems with Wise transfers to Bangkok Bank

Anything and everything about Thailand
billyhouston
Posts: 101
Joined: Sun Aug 01, 2010 5:16 am
Location: Chiang Mai
Has thanked: 19 times
Been thanked: 10 times

Re: Problems with Wise transfers to Bangkok Bank

Post by billyhouston »

Yesterday I used Wise to transfer funds from a UK account to my account at Kasikorn. The transfer took less than a minute but, in spite of my having selected "Funds for long term stay in Thailand", it appeared as "Trade finance deposit". As it happens I use the 800K for my extension, so it doesn't matter to me but others may need an 'International transfer' designation.

User avatar
2lz2p
Posts: 851
Joined: Sun Aug 01, 2010 8:08 am
Location: Pattaya, Thailand (Jomtien)
Has thanked: 136 times
Been thanked: 91 times

Re: Problems with Wise transfers to Bangkok Bank

Post by 2lz2p »

billyhouston wrote:
Sat Jan 08, 2022 10:13 am
Yesterday I used Wise to transfer funds from a UK account to my account at Kasikorn. The transfer took less than a minute but, in spite of my having selected "Funds for long term stay in Thailand", it appeared as "Trade finance deposit". As it happens I use the 800K for my extension, so it doesn't matter to me but others may need an 'International transfer' designation.
I don't bank with Kasikorn, but seem to recall that previous Wise (Transferwise) deposits used a domestic transfer code. Folks were advised to go a Kasikorn Trade center to get a Foreign Exchange Transaction (FET) document to show the source was from outside of Thailand [the one for Pattaya is located on the 2nd floor of Kasikorn's Central Road branch].

So, it may be a change to identify it as an International deposit (based on the earlier mentioned Wise Notice about using the "long stay" in Thailand purpose to ensure deposits to Kasikorn or Bangkok Bank accounts were coded as international transactions). Thus, Kasikorn Bank's coding it as a "Trade finance deposit" may be the equivalent of Bangkok Bank's FTT code.

If so, Kasikorn Branches will recognize it as a foreign source transaction and include it as such in the bank letter needed by those renewing retirement extensions on the basis of monthly income. You can check with a Kasikorn branch to see if that the case.

Up2u
Posts: 1568
Joined: Sun Aug 01, 2010 12:06 am
Has thanked: 313 times
Been thanked: 94 times

Re: Problems with Wise transfers to Bangkok Bank

Post by Up2u »

I have done 3 wire transfers using Charles Schwab since Wise decided to go AWOL. The total costs when including all fees were the same or slightly cheaper than Wise. The Schwab transfers took on average 28 hours. If I need a FTT coded transfer, Wise has lost my trust and I will use Schwab. A friend is making a very large purchase and will use Schwab as Wise fees are percentage based.

Post Reply