Retirement Visa Extension and Wise (Transferwise)

[lomuamart]

That's interesting.

My understanding is that BKK Bank is the main clearing house for transfers into Thailand regardless of which Thai bank you're with.

Hence, on my credit advices, the paper chase is always through BKK bank and then on to Kasikorn.

I do direct transfers, not through Wise.

[Big Boy]

Normally, Wise have got it wrong once or twice each year and I have a couple of Bangkok Bank Credit Advices in the mix. However, for my last extension I presented 100% Kasikorn. I panicked the first couple of times it went wrong, but after being shown the door by Bangkok Bank in Bluport, I found the branch outside Market Village to be very helpful.

[Scout]

My financial institution in the US provides free bank wire transfers (no fees for sending). I have “standing bank wire instructions” registered with them that identify my Bangkok Bank account as the receiving bank. Once a month I place a call to them, instructing them to initiate a bank wire transaction using my standing instructions. During this call I tell them how many dollars to send. The money is debited from my US account the next business day morning (US business day and time) and arrives in my Bangkok Bank account the next business day morning (Thailand business day and time). My funds are exchanged using the TT Buying Rate currently in effect / published on the Bangkok Bank website at that moment, minus a Bangkok Bank fee, usually 200 baht but the fee increases if I make a larger transfer. I get an automated SMS (text) message the instant my funds arrive in my Bangkok Bank account, this SMS details how many US dollars were transferred, the TT exchange rate, fee, and how many baht were credited to my account. Within 30 minutes I get an automated email from Bangkok Bank with the Credit Advice Receipt attached, which I print and file for use at Immigration. This works like clockwork, every time. My US financial institution does not allow me to pre-schedule monthly transfers, I have to telephone them every month to initiate the transfer, I use Skype so the call is free.

I’m wondering, would there be any benefit to me exploring the use of Transfer Wise ?

[Dannie Boy]

My financial institution in the US provides free bank wire transfers (no fees for sending). I have “standing bank wire instructions” registered with them that identify my Bangkok Bank account as the receiving bank. Once a month I place a call to them, instructing them to initiate a bank wire transaction using my standing instructions. During this call I tell them how many dollars to send. The money is debited from my US account the next business day morning (US business day and time) and arrives in my Bangkok Bank account the next business day morning (Thailand business day and time). My funds are exchanged using the TT Buying Rate currently in effect / published on the Bangkok Bank website at that moment, minus a Bangkok Bank fee, usually 200 baht but the fee increases if I make a larger transfer. I get an automated SMS (text) message the instant my funds arrive in my Bangkok Bank account, this SMS details how many US dollars were transferred, the TT exchange rate, fee, and how many baht were credited to my account. Within 30 minutes I get an automated email from Bangkok Bank with the Credit Advice Receipt attached, which I print and file for use at Immigration. This works like clockwork, every time. My US financial institution does not allow me to pre-schedule monthly transfers, I have to telephone them every month to initiate the transfer, I use Skype so the call is free.

I’m wondering, would there be any benefit to me exploring the use of Transfer Wise ?

Having a current system that works so well, I would continue as you are!!

[migrant]

My US bank also doesn't charge and acts similar to Scouts. I can do a transfer up to 50,000 through their website

[Scout]

My US bank also doesn't charge and acts similar to Scouts. I can do a transfer up to 50,000 through their website

Migrant, If you don’t mind me asking, which US bank do you use ? My parents need to switch banks but don’t want to use a non-bank financial institution like I do. I use Fidelity.

[migrant]

My US bank also doesn't charge and acts similar to Scouts. I can do a transfer up to 50,000 through their website

Migrant, If you don’t mind me asking, which US bank do you use ? My parents need to switch banks but don’t want to use a non-bank financial institution like I do. I use Fidelity.

I use Chase. I had my business account with them also, they have always been great.

[404cameljockey]

EDIT:

Now BB directed me to this thread I see that people remitting from the UK do use Wise for visa extension purposes, but can only get statements from BKK Bank (they are authorised to receive from Wise somehow) who charge 100 Baht per monthly statement requested. Do they charge account holders also? If so then I may not bother opening a BKK Bank account just for this purpose, as Krungsri will issue a year's worth of monthly income statements free.




Original post:
+++
Hi all. I don't see any posts on this hence my question.

Will the HH immigration accept monthly bank statements showing inward remittances via Wise? I guess it depends on how the remitter's details are shown on the monthly bank letters (my bank is Krungsri). I remit dollars or sterling from the UK or from Channel Islands.

I know I could make a small remittance and get a bank letter to see how it's shown, but that still doesn't tell me if it's actually accepted by immigration for yearly visa extensions, so I'm wondering if anyone can tell me that they use Wise remittances from UK banks which have been accepted by immigration in HH?

[Big Boy]

No, you have to provide monthly Credit Advices from your bank. A very easy process.

I will merge this with the existing thread,

[404cameljockey]

No, you have to provide monthly Credit Advices from your bank. A very easy process.

I will merge this with the existing thread,

Hi BB, strange that this thread didn't appear the first time I used the search box, but did now. Thanks.

Yes I was talking about the monthly Krungsri income statements. I asked if they would be acceptable to immigration if they show remitter as Wise or even another partner of theirs (as I read happens with remittances from Australia, they don't show Wise as the remitting party).

[Big Boy]

No Immigration insist on Credit Advices. It's a free service (at Kasikorn and Bangkok Bank at least). Just go in and ask - they will do the rest. The Credit advices have to be supported by an annual statement. At least, that is what the I/Os ask from me. Look at the How To thread, and you will see what they ask from me is not what they ask from everybody else.

[PJG]

Credit Advice not free at Bankgok Bank. They charge B100.

[Big Boy]

Really? Is that something new? I'm not a member of Bangkok Bank, but when Wise have got it wrong several times in the past (last time March 2021), I've had to get the advice from Bangkok Bank. They have never charged me.

[404cameljockey]

No Immigration insist on Credit Advices. It's a free service (at Kasikorn and Bangkok Bank at least). Just go in and ask - they will do the rest. The Credit advices have to be supported by an annual statement. At least, that is what the I/Os ask from me. Look at the How To thread, and you will see what they ask from me is not what they ask from everybody else.

BB, I am talking about credit advices, the monthly income letters that your bank provide for you on request which must show that the remittance originated from outside Thailand!

And yes, Bangkok Bangkok charge. hence my further question. At Kasikorn they used to provide (I have no experience in the last 2 years there) the previous three months free, and charge for earlier, so go regularly. At Krungsri this year I requested and received the previous 6 months' worth free.

And Immigration I believe should ask everyone for a full yearly bank statement in addition to the income letters, plus a bank letter showing your bank balance on the date of your extension application (or at least the day before). Even if a particular IO doesn't ask a particular applicant, obviously it's wise to take all the paperwork that might be asked for.

[404cameljockey]

Really? Is that something new? I'm not a member of Bangkok Bank, but when Wise have got it wrong several times in the past (last time March 2021), I've had to get the advice from Bangkok Bank. They have never charged me.

You seem to have partly answered my question, in that HH immigration accept monthly income letters showing Wise transfers, but how were the Wise remittances in 2021 to you 'wrong'? I mentioned that I have read on the forum Wise transfers from Australia don't show Wise as the remitter, but instead a third party which they use. Was that your problem?

I don't want to make my last few month's worth of remittances via Wise to find that an IO will kick me out and I have to pay a wedge to an agent or a friend in Immigration to get my next extension.