Retirement extension

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2lz2p
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Re: Retirement extension

Post by 2lz2p »

Dodger wrote:
Thu Jul 04, 2019 3:22 pm
Just before retiring I considered using Transferwise due to the ultra- low international transfer rates but opted against it.

For U.S. citizens Bangkok Bank was (and still may be) the only provider in Thailand offering a direct deposit service into a Thai bank account. I have no idea what the status is in other countries. International transfers between U.S. $2,000 - $50,000 are charged a flat rate of $10 (300 THB) at the sending end (Bangkok Bank New York) - and .25% of the amount being transferred at the receiving end (Bangkok Bank Thailand). For example if you were transferring $4,000/month the total transfer charges would be 600 THB/month just to give you an idea.

For me, this is economical enough, and who needs all the headaches. From the comments I'm reading here Travelwise is not customer oriented at all and just leave people who need help hanging on a limb. As I mentioned before, I would cut them off in a heart beat, low rates or not.
If you want your entire USA Gov't pension/social security/etc. deposited into your Thai bank account via International Direct Deposit (IDD) which just recently became available, then that may be the best way to go (IDD is also supposed to be available for other banks in Thailand, but at present Bangkok Bank is the only one I am aware of that has joined their system) -- BUT, I have other financial obligations in USA that keeps me from going this route as it is easier to have my direct deposit to my USA bank and transfer a portion to cover my living expenses in Thailand.

If you are referring to their previous system of sending a domestic ACH transfer from your USA bank through Bangkok Bank's New York Branch (using their ACH routing number) to your bank account in Thailand, that was supposed to have ceased on April 1 (but although Bangkok Bank has said it can no longer be done after that date such transfers are apparently still being processed by their NY branch). However, they could cease doing so at anytime UNLESS it is an International ACH Transfer (IAT) which requires a different format than the domestic ACH transfer (requires more information). However, from everything I have seen, no USA bank provides the ability to send funds using the IAT format to their retail customers - it appears some USA banks do have it available for their commercial clients).

Up2u
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Re: Retirement extension

Post by Up2u »

I have become a TransferWise casualty. My July 1 transfer from my US Bank via TW has showed up as an "Interbank Transfer via SMART" and not as an International Transfer (or FTT in your passbook). Consequently, I must now jump through hoops to satisfy TI the transfer was from a foreign source. BB will only provide a tracking number and then it would be up to me to contact the intermediary bank and get the Credit Advice form. Good luck with that. It will be reassuring for me to now send some money either by SWIFT or BB ACH if still available (thank you richsilver). I will be using the 65k method and fortunately I have options but pity the person who is on a tight budget. I now must do risk and reward rethinking if TransferWise is a viable option. User beware!

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Gaybutton
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Re: Retirement extension

Post by Gaybutton »

For those who wish to use the 65,000 baht per month method, why not go to immigration now, explain and show what is going on, and ask if there is going to be a problem before jumping through hoops? If immigration becomes aware of the problem, maybe you won't have to jump through those hoops.

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Re: Retirement extension

Post by Dodger »

2lz2p wrote:
Thu Jul 04, 2019 3:40 pm
However, they could cease doing so at anytime UNLESS it is an International ACH Transfer (IAT) which requires a different format than the domestic ACH transfer (requires more information). However, from everything I have seen, no USA bank provides the ability to send funds using the IAT format to their retail customers
USBank in America transitioned to the IAT format about 3 years ago, and, unless I'm mistaken, I thought most if not all U.S. banks did the same. The old ACH format is becoming a thing of the past.

Up2u wrote:
Thu Jul 04, 2019 10:54 pm
Consequently, I must now jump through hoops to satisfy TI the transfer was from a foreign source. BB will only provide a tracking number and then it would be up to me to contact the intermediary bank and get the Credit Advice form.
Unless I'm missing something (and I have a feeling I am), why couldn't those using TransferWise simply open a direct deposit account with the Thai intermediary bank that TransferWise is using for its international transfers. It sounds like they're using Kasikorn. This way the transfers coming into Kasikorn would always be coded FTT (Foreign Transfer) and the problem would be solved. Having said that, I'm wondering what exactly changed at TransferWise to create this problem.

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Re: Retirement extension

Post by Gaybutton »

Dodger wrote:
Fri Jul 05, 2019 8:57 am
why couldn't those using TransferWise simply open a direct deposit account with the Thai intermediary bank that TransferWise is using for its international transfers.
If it were me, before jumping through that hoop, or any other hoop, first I would do as I said above - check all this with immigration to see if doing anything at all will even be necessary.

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Re: Retirement extension

Post by 2lz2p »

Dodger wrote:
Fri Jul 05, 2019 8:57 am
2lz2p wrote:
Thu Jul 04, 2019 3:40 pm
However, they could cease doing so at anytime UNLESS it is an International ACH Transfer (IAT) which requires a different format than the domestic ACH transfer (requires more information). However, from everything I have seen, no USA bank provides the ability to send funds using the IAT format to their retail customers
USBank in America transitioned to the IAT format about 3 years ago, and, unless I'm mistaken, I thought most if not all U.S. banks did the same. The old ACH format is becoming a thing of the past.

Up2u wrote:
Thu Jul 04, 2019 10:54 pm
Consequently, I must now jump through hoops to satisfy TI the transfer was from a foreign source. BB will only provide a tracking number and then it would be up to me to contact the intermediary bank and get the Credit Advice form.
Unless I'm missing something (and I have a feeling I am), why couldn't those using TransferWise simply open a direct deposit account with the Thai intermediary bank that TransferWise is using for its international transfers. It sounds like they're using Kasikorn. This way the transfers coming into Kasikorn would always be coded FTT (Foreign Transfer) and the problem would be solved. Having said that, I'm wondering what exactly changed at TransferWise to create this problem.
When Bangkok Bank made their initial announcement that they would no longer accept domestic ACH transfers, there were many postings on various message boards in latter part of 2018 and early 2019 re ability to send IAT transfers from US Banks - all reports were that the IAT format WAS NOT available to online retail banking customers -- this was also the case with two US banks that I use - they offered domestic ACH transfers only. I just checked US Bank website search feature for International ACH Transfers and it appears they offer it only to their business customers (or at least no reference is made to it for retail banking customers).

As to opening an account that Tranferwise sends money to, they have more than one bank - Bangkok Bank and Kasikorn are partner banks. The issue is that if you send funds to your Bangkok Bank (as I recently did), Transferwise sent the funds first to Kasikorn - likewise, if I had a Kasikorn account and sent funds to that account, transferwise could send it to Bangkok Bank first. Consequently, unless Transferwise has a means to code your account with them to ensure which partner bank they send the funds, then there will always be a problem of them sending it to a different bank and having it show up as a "domestic" transfer in your account instead of an International transfer (Bangkok Bank codes them as FTT).

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Re: Retirement extension

Post by Up2u »

I went to BB this MORNING. The passbook code is SMT not FTT. I explained and showed that my previous nine transfers via TW were coded FTT but not this last one. She explained the money did not come from outside Thailand(which it did). Rather than discussing, I asked her where the money came from, from what bank and provide tracking numbers. She said the local branch will contact head office in Bangkok and it might take one to two weeks. I send my transfers at the beginning of the month and supplement my income here with ATM withdrawals using Schwab. Fortunately, I have time to do a SWIFT wire transfer but if this had happened at the end of the month it would have been a major problem. Visa agents are looking better all the time.

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Re: Retirement extension

Post by Up2u »

Dodger wrote:
Fri Jul 05, 2019 8:57 am
Unless I'm missing something (and I have a feeling I am), why couldn't those using TransferWise simply open a direct deposit account with the Thai intermediary bank that TransferWise is using for its international transfers. It sounds like they're using Kasikorn. This way the transfers coming into Kasikorn would always be coded FTT (Foreign Transfer) and the problem would be solved. Having said that, I'm wondering what exactly changed at TransferWise to create this problem
Dodger, it is impractical for me to set up bank accounts with every intermediary bank that TW uses. There is no guarantee TW matches or links the intermediary bank to the depository bank account. This has always been the way TW does transfers. For me, their system is broken. They argue their email to you with all the transfer details should make everyone happy. Sorry, it doesn't work that way here.

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Re: Retirement extension

Post by Undaunted »

Up2u wrote:
Fri Jul 05, 2019 10:49 am
I Visa agents are looking better all the time.
Of the 8 pages of posts on this topic this is the best suggestion. I am using the 800,000 bank option however, a friend who is using the monthly 65,000 option was very happy with the service he had from “Key Visa”.
"In the land of the blind the one eyed man is king"

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Re: Retirement extension

Post by Gaybutton »

Undaunted wrote:
Fri Jul 05, 2019 11:15 am
a friend who is using the monthly 65,000 option was very happy with the service he had from “Key Visa”.
If you can find out from your friend what their fee is, please let us know. Also, I don't know what a visa agent does that people can't do themselves.

Once again I see panic needlessly brewing, at least at this point, considering as far as I know, nobody has even checked with immigration to find out if a problem actually even exists. And if it turns out a problem really does exist, before I would start trying to do anything I would want to know what immigration says to do.

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