Kasikorn...SCB...Bangkok Bank
All others are limited to single transfers not more than 50,000
Baht
Transferwise Allows Only 3 Thai Banks to Receive Transfers More Than 50,000 baht
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Undaunted
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Transferwise Allows Only 3 Thai Banks to Receive Transfers More Than 50,000 baht
"In the land of the blind the one eyed man is king"
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Gaybutton
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Re: Transferwise Allows Only 3 Thai Banks to Receive Transfers More Than 50,000 baht
Just so there is no confusion, Transferwise shortened its name and is now Wise.
You did not include your source for this information. Where is this coming from?
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Undaunted
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Re: Transferwise Allows Only 3 Thai Banks to Receive Transfers More Than 50,000 baht
The information is direct from the Wise app..If U attempt to transfer more other than these 3 banks U will get the message...I have pic of the message however, it is not easy posting a pic on this board....
"In the land of the blind the one eyed man is king"
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Undaunted
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Re: Transferwise Allows Only 3 Thai Banks to Receive Transfers More Than 50,000 baht
"In the land of the blind the one eyed man is king"
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Gaybutton
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Re: Transferwise Allows Only 3 Thai Banks to Receive Transfers More Than 50,000 baht
Thank you very much for letting us know. Apparently this already has been in effect for two weeks (today is January 21), but I knew nothing about this until your post. I did not receive that notice, probably because I've had them transferring to my Bangkok Bank account ever since I first started using them. While I was writing this post, I received an Email with the same notice.
For those anticipating retiring in Thailand or a long stay in Thailand, if you don't have an account at any of those three banks, if you want to use Wise I suggest opening an account at all three of those banks - just in case.
For years I have urged people to open a Thai bank account while it is still easy enough to do, but over the past few years without a retirement visa it has been getting very difficult to open a Thai bank account at all. And as far as I know you can't get the retirement visa unless you do hold a Thai bank account. Kasikorn bank was still relatively easy even without a retirement visa a few years ago. Whether it still is, I have no idea.
I suppose if for some reason those of you who do hold accounts at other Thai banks, if for some reason you can't open an account at any of the three listed, you'll just have to transfer in about 49,000 baht at a time over however many days it takes to end up with the full amount you want, if that is allowable. If that loophole exists, I would be worried that Thailand might close it.
Did they say why regulations have changed and why those three banks are exempt from the restriction? I would imagine those who have been using Wise to transfer in money to other Thai banks must have received some sort of notice directly from Wise since this regulation went into effect January 7. If they gave you any additional information, especially if they explained why Thailand did this, please let us know.
For those anticipating retiring in Thailand or a long stay in Thailand, if you don't have an account at any of those three banks, if you want to use Wise I suggest opening an account at all three of those banks - just in case.
For years I have urged people to open a Thai bank account while it is still easy enough to do, but over the past few years without a retirement visa it has been getting very difficult to open a Thai bank account at all. And as far as I know you can't get the retirement visa unless you do hold a Thai bank account. Kasikorn bank was still relatively easy even without a retirement visa a few years ago. Whether it still is, I have no idea.
I suppose if for some reason those of you who do hold accounts at other Thai banks, if for some reason you can't open an account at any of the three listed, you'll just have to transfer in about 49,000 baht at a time over however many days it takes to end up with the full amount you want, if that is allowable. If that loophole exists, I would be worried that Thailand might close it.
Did they say why regulations have changed and why those three banks are exempt from the restriction? I would imagine those who have been using Wise to transfer in money to other Thai banks must have received some sort of notice directly from Wise since this regulation went into effect January 7. If they gave you any additional information, especially if they explained why Thailand did this, please let us know.