I thought WISE deals only with Bangkok Bank and Kasikorn Bank (K-Bank), but I just noticed this on their web site:
"You can send up to 2,000,000 THB to Kasikorn Bank and Bangkok Bank, 1,499,999 THB to Siam Commercial Bank, and 500,000 THB to other banks."
Something I did not know about WISE
-
Gaybutton
- Posts: 24325
- Joined: Sat Jul 31, 2010 11:21 am
- Location: Thailand
- Has thanked: 3 times
- Been thanked: 1671 times
-
2lz2p
- Posts: 1074
- Joined: Sun Aug 01, 2010 8:08 am
- Location: Pattaya, Thailand (Jomtien)
- Has thanked: 170 times
- Been thanked: 143 times
Re: Something I did not know about WISE
They have Bangkok Bank and Kasikorn (Kbank) as partner banks. When they transfer funds to the other Thai banks, the funds usually come from one of their partner banks and will show up as a domestic transfer - if using the 65k + monthly transfer for Extension of Stay renewals, if it shows up as a domestic transfer by their recipient bank, they usually have to get a "credit advice" from the partner bank to show its foreign source. Jomtien Immigration apparently will not accept the Wise receipt that shows the funds are from outside Thailand routed through their partner bank.
As I understand it, they keep a deposit in their partner bank(s) and it is the actual source of funds transferred rather than by individual wire transfers. If the receiving bank is one of their partner bank, by using "long term stay in Thailand" as the reason , Wise is supposed to send it to that bank - both Bangkok Bank and Kbank will record them as a foreign transfer.
Although I used that reason last September, they sent the funds to my Bangkok Bank account through Kbank and it was recorded as domestic transfer - this was also the time Pattaya branches were not issuing verification letters to Immigration if using the monthly transfer method.
Since Immigration requires the transfer in each and every month for the 12 months preceding the application for the next extension of stay, I opened a Kbank account in September and sent another transfer of 65k+ to that account so that I could show I met the requirement rather than getting a credit advice from Kbank for the earlier transfer.
Since then, I have been sending the 65k+ to Kbank at the beginning of each month. So far they have gone direct to that account. Kbank's passbook simply says transfer for the deposit and the English language bank statement which one can order online to be sent by email makes reference a "Trade" number. However, the Thai language statement when translated does say "foreign". One thing I really like about my Wise transfer to Kbank is it only takes seconds from the time I tell Wise to send it - unlike Bangkok Bank which if done early will usually arrive at 2pm in the afternoon or if done later in the day, arrives at 2pm the following day.
As I understand it, they keep a deposit in their partner bank(s) and it is the actual source of funds transferred rather than by individual wire transfers. If the receiving bank is one of their partner bank, by using "long term stay in Thailand" as the reason , Wise is supposed to send it to that bank - both Bangkok Bank and Kbank will record them as a foreign transfer.
Although I used that reason last September, they sent the funds to my Bangkok Bank account through Kbank and it was recorded as domestic transfer - this was also the time Pattaya branches were not issuing verification letters to Immigration if using the monthly transfer method.
Since Immigration requires the transfer in each and every month for the 12 months preceding the application for the next extension of stay, I opened a Kbank account in September and sent another transfer of 65k+ to that account so that I could show I met the requirement rather than getting a credit advice from Kbank for the earlier transfer.
Since then, I have been sending the 65k+ to Kbank at the beginning of each month. So far they have gone direct to that account. Kbank's passbook simply says transfer for the deposit and the English language bank statement which one can order online to be sent by email makes reference a "Trade" number. However, the Thai language statement when translated does say "foreign". One thing I really like about my Wise transfer to Kbank is it only takes seconds from the time I tell Wise to send it - unlike Bangkok Bank which if done early will usually arrive at 2pm in the afternoon or if done later in the day, arrives at 2pm the following day.
Re: Something I did not know about WISE
I don't use WISE, but if I did they would have to guarantee that my money transfers from my home country get deposited directly into the receiving bank in Thailand that I requested. If they couldn't provide that service without routing the transfers through so-called partners I wouldn't use them.
As expats we simply rely too much on the proper designation of foreign transfers when using the 65k method and I'm sure WISE is already well-aware of this.
I would also sign-up at my Thai bank for automatic monthly e:mail credit advices as proof of foreign transfers. Both BKK Bank and K-Bank offer these free services for account holders.
I did this myself and now receive monthly credit advices like clock-work the same day that my money is transferred from my home country into my BKK Bank account. This puts me in a position where I can always provide proof to Immigration that the transfers come from a foreign source - and that they meet the minimum monthly amounts (65k) as displayed in my bank book.
Good luck!
As expats we simply rely too much on the proper designation of foreign transfers when using the 65k method and I'm sure WISE is already well-aware of this.
I would also sign-up at my Thai bank for automatic monthly e:mail credit advices as proof of foreign transfers. Both BKK Bank and K-Bank offer these free services for account holders.
I did this myself and now receive monthly credit advices like clock-work the same day that my money is transferred from my home country into my BKK Bank account. This puts me in a position where I can always provide proof to Immigration that the transfers come from a foreign source - and that they meet the minimum monthly amounts (65k) as displayed in my bank book.
Good luck!
-
Gaybutton
- Posts: 24325
- Joined: Sat Jul 31, 2010 11:21 am
- Location: Thailand
- Has thanked: 3 times
- Been thanked: 1671 times
Re: Something I did not know about WISE
While I don't like having to keep 800,000 baht just sitting there in a Thai bank account in order to use the 800,000 baht method for extending the retirement visa, so far I have had no need to let the amount fall below the 800,000 baht minimum. The only reason I use that method rather than yours is because I have seen too many times when immigration rules change - and I haven't seen any changes yet that benefit expats. I've seen plenty that make things more difficult, but I don't remember any changes that ever made things easier.
I would switch over to your method if I ever do need to let the account fall below 800,000.