Official Statement from BKK Bank in NY for US Fund Transfers

[T.O.M.]

Transferwise is simple. Log on and try it - you can do that without giving up information, paying money etc. It's there, have a look, no obligation. That way you can decide for yourself - I personally love it.

If you are going to use TW for your monthly transfers to meet immigration's requirements regarding income from abroad, be aware of that the transfers through TW will show up in your bank book as domestic transfers, since your money from the UK will first go to TW's main account in BKK and from there to your local branch in Hua Hin = Domestic transfer.
Might be worth looking into before extension time, so you are not caught off guard at the immigration office.

[StevePIraq]

Actually I do not believe that is correct.
My transfer utilizing TransferWise to Bangkok Bank states "International Transfer" delivered via "Local Bank Transfer" on my Bangkok Bank statement. Plus my statement from TransferWise shows the transfer direct from my overseas bank via Transferwise and the Banking Partner being Bangkok Bank.

I have checked with BKK Bank and they confirmed 100% that this is an "International Transfer" and that these funds can also be taken out of Thailand at any time.

[PJG]

I use TW to transfer funds from UK to my BKK Bank account at Bluport. Each transfer is shown in the account as International Transfer.

[RCer]

TW is definitely more favorable for UK than US. UK 5000GBP fee is 27+. US 5000USD is 40+. Which is more than my bank charges me.

[moater]

BBL currently shows TW transfers as international. There's no guarantee it'll keep showing as international in the future though. Most banks show them as domestic.

TW is definitely more favorable for UK than US. UK 5000GBP fee is 27+. US 5000USD is 40+. Which is more than my bank charges me.

If you reveal the calculation you should be able to see that the TW fee itself is not that different (a quick test for $5K now shows it's $30.65 = £23.48). The rest of the fee is wire/ACH cost. In GBP the transfer costs are zero (except via a debit card), so you only pay the TW fee.

You can actually easily avoid/minimize these transfer fees by opening a TW Borderless account. Once you do that, you can simply ACH USD to your Borderless account (free), convert to THB (~0.56%), and then transfer the THB to a Thai account at a fixed rate (~฿80). So to transfer $5K you would end up paying $30.5.

Notes:
* As I mentioned in another post, wiring USD directly to the Thai bank will end up cheaper at some point (usually around $4-5 K, depending on your wire fees and the current spread).

* Wiring directly doesn't only cost you $40. It costs you $40 only at your US bank. Then it costs you ฿500 at your Thai bank (receiving wire fee max). Then it costs you the conversion spread. So if we look at a $5K wire done today to, say, BBL ($1=฿31.15), you would end up with ฿154,004. With TW Borderless you would end up with ฿155,596.

* Repeating here, but it's worth it - transferring via ATM withdrawals (FTF 0% + ATM fee rebates) will save you much more. If you can't do that, at least look into lowering your wire fee, it's at the very high end.

[StevePIraq]

BBL currently shows TW transfers as international. There's no guarantee it'll keep showing as international in the future though. Most banks show them as domestic.

W

"There's no guarantee it'll keep showing as international in the future though." What a ridiculous statement, there is no guarantee the sun will come out.

"Most banks show them as domestic." Which banks?
Bangkok Bank, Kasikorn and Ayudthaya all show as international transfer. I have no idea of others however the classification will most likely be set by the central bank and will be standard across all banks.

[moater]

"There's no guarantee it'll keep showing as international in the future though." What a ridiculous statement, there is no guarantee the sun will come out.

"Most banks show them as domestic." Which banks?
Bangkok Bank, Kasikorn and Ayudthaya all show as international transfer. I have no idea of others however the classification will most likely be set by the central bank and will be standard across all banks.

You obviously have no idea how TW works. TW transfers normally *actually* come from a local Thai account (TMB, KSK or BBL). That's how they're able to offer the terms they offer - there's no actual international wire taking place. So any bank classifying the transfer as domestic is correct, and that's most banks, including the other ones you mentioned. BBL is the only one showing it as FTT for unknown reasons currently. TW changes its methods constantly and it very well may stop showing up as FTT at some point.

[RCer]

I tried TW again for a 5600USD transfer. They wanted 40.67USD plus their cut on the conversion rate.

I went with my bank and the standard 40USD. Conversion will be done at BKK Bank. Usually costs me an extra 10USD.

[T.O.M.]

BBL currently shows TW transfers as international. There's no guarantee it'll keep showing as international in the future though. Most banks show them as domestic.

W

"There's no guarantee it'll keep showing as international in the future though." What a ridiculous statement, there is no guarantee the sun will come out.

"Most banks show them as domestic." Which banks?
Bangkok Bank, Kasikorn and Ayudthaya all show as international transfer. I have no idea of others however the classification will most likely be set by the central bank and will be standard across all banks.

It will be coded FTT in a Bangkok Bank account passbook if Bangkok Bank also happen to be the agency bank which TW use at the Thai end in a particular case. However TW also use TMB and Kasikorn as their agency banks - in which cases transfers will be assigned a non-international coding (most likely SMT) in Bangkok Bank passbooks. Since it is entirely in the lap of the gods as to which of these 3 banks TW choose to use at the Thai end in individual cases, it is, I think, a case of taking the rough with the smooth in using them for monthly 40k/65k transfer purposes.

Look further here....ttps://transferwise.com/help/article/1779442/basic-information/how-does-it-work-a-video-guide

[moater]

I tried TW again for a 5600USD transfer. They wanted 40.67USD plus their cut on the conversion rate.

I went with my bank and the standard 40USD. Conversion will be done at BKK Bank. Usually costs me an extra 10USD.

I guess my post above went over your head. You just lost yourself some money.

Summary:

1. You can lower TW's $40 to $34 easily as explained above.
2. The fee is inclusive of everything, there's no "plus their cut on the conversion rate", it's the real mid-market rate.
3. That $34 is the ONLY thing you pay, no lower conversion rate and wire fee on the Thai side, since it's a local transfer.
4. If you had gone with TW (at the price *you* stated) you would've ended up with ฿178,149 (assuming a transfer of $5640 to cover TW cost and get $5600). See how much you end up with using the direct wire. My bet: ฿176,XXX.

Let us know.

[T.I.G.R.]

O.K., color me dumb but in my prior post I thought everyone was talking about transfers from a U.S. account to a Thai account using a U.S. bank account.

So.......to get it right this time why don't people having this problem open a U.S. bank account? to get the SS deposit to originally, then transfer out whenever you want in any amount? You can open internet accounts easily.

[RCer]

I tried TW again for a 5600USD transfer. They wanted 40.67USD plus their cut on the conversion rate.

I went with my bank and the standard 40USD. Conversion will be done at BKK Bank. Usually costs me an extra 10USD.

I guess my post above went over your head. You just lost yourself some money.

Summary:

1. You can lower TW's $40 to $34 easily as explained above.
2. The fee is inclusive of everything, there's no "plus their cut on the conversion rate", it's the real mid-market rate.
3. That $34 is the ONLY thing you pay, no lower conversion rate and wire fee on the Thai side, since it's a local transfer.
4. If you had gone with TW (at the price *you* stated) you would've ended up with ฿178,149 (assuming a transfer of $5640 to cover TW cost and get $5600). See how much you end up with using the direct wire. My bet: ฿176,XXX.

Let us know.

Yup, assuming you're okay with having your US Government retirement and SS deposited into an internet bank that is not FDIC insured.

I don't transfer my entire account, just a portion of my monthly income.

Also, their exchange rate is listed as a separate fee.

[StevePIraq]

"There's no guarantee it'll keep showing as international in the future though." What a ridiculous statement, there is no guarantee the sun will come out.

"Most banks show them as domestic." Which banks?
Bangkok Bank, Kasikorn and Ayudthaya all show as international transfer. I have no idea of others however the classification will most likely be set by the central bank and will be standard across all banks.

You obviously have no idea how TW works. TW transfers normally *actually* come from a local Thai account (TMB, KSK or BBL). That's how they're able to offer the terms they offer - there's no actual international wire taking place. So any bank classifying the transfer as domestic is correct, and that's most banks, including the other ones you mentioned. BBL is the only one showing it as FTT for unknown reasons currently. TW changes its methods constantly and it very well may stop showing up as FTT at some point.

I actually do know how TW works, I have been using for quite some time. I don't waste my time looking at a thousand comments on here trying to interpret things I go straight to the bank and ask. They have advised it is an International transfer, the local transfer is from the "International Trade and Factoring Centre" (that is what you are calling a domestic transfer, however it is tracakble as an international transfer. The bank HAS CONFIRMED this.

[T.I.G.R.]

T.I.G.R.

The change takes effect 1 March. If you're using BKK Bank in NY, let us know how things go in April.

Well, it's April and to my dismay I received the letter yesterday. What exasperates me is they already have the information they want:

" 1)Your name and address in Thailand - obviously they have that.

2)Your bank account name and account number, together with the name of Bangkok Bank branch and it's address in Thailand - Obviously they have that as well.

3)Bangkok Bank New York branches 9-digit routing number which is 026008691. "

They have given me two options, use their own "Thai Baht Remittance Service" or use a SWIFT transfer which I thought they were doing already. I'll give the first a try, and since Wells Fargo makes no mention of SWIFT as an alternative I'll skip that one. If those choices don't work I'll try Transferwise.

Also they make reference to "trying" to trying their best to continue making transfers until June 30". Not sure what may happen on June 30 but not likely it will be anything we'll be happy about.

[Scout]

I received the same letter yesterday.