Retirement Visa Extension and Wise (Transferwise)

[PeteC]

Has anyone determine if deposits into a Thai branch of a foreign owned bank qualify?

[Big Boy]

And that is the problem with TransferWise, it shows as a local deposit, and why fees are low.

This appears to be a Kbank problem. Surely, it would be easier to just open a Bangkok Bank account. Transferwise shows on their statements as an international transfer. It would certainly solve all the hassle some guys are going through.

Most of the time, not all of the time. It will be easy to become complacent, not check and no renewal.

[Dannie Boy]

Reading all of this, I’m just grateful that I managed to put aside 800,000 Baht when I came here back in 2011, so none of this nonsense to contend with.



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[Nereus]

Reading all of this, I’m just grateful that I managed to put aside 800,000 Baht when I came here back in 2011, so none of this nonsense to contend with.
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Hear, Hear!

[HHTel]

I wish I'd done that back in 2011 instead of being forced to do it this year which cost in excess of 20,000 quid.

[Dannie Boy]

I wish I'd done that back in 2011 instead of being forced to do it this year which cost in excess of 20,000 quid.

I think it was about £15k back then, but today it’s more than £21k!!


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[hhinner]

Has anyone determine if deposits into a Thai branch of a foreign owned bank qualify?

Well Krungsri (Bank of Ayuthaya) is foreign owned (MUFG) these days and qualifies.

[Scout]

And that is the problem with TransferWise, it shows as a local deposit, and why fees are low.

This appears to be a Kbank problem. Surely, it would be easier to just open a Bangkok Bank account. Transferwise shows on their statements as an international transfer. It would certainly solve all the hassle some guys are going through.

I don’t have any experience with Kbank, but I’ve never had any problems with my Bangkok Bank account and I’ve used it for some large complicated transfers. Plus, since they have local branches in both New York and London it looks to me like there would be no need to use Transferwise at all, which would simplify the process even more. Earlier this year there was a lot of discussion that due to new US laws there would be new data requirements for ACH (ETF) transfers using the routing number of the New York branch of Bangkok Bank. I can confirm that ACH (ETF) transfers are still working fine using the routing number of the New York Branch of Bangkok Bank combined with my local Hua Hin Bangkok Bank savings account number. I don’t know if this is because my US financial company (Fidelity) is supplying any additional data or not, I only know that many years ago I logged into my Fidelity account and configured it to ETF to the combination of the routing number of the New York Branch Bangkok Bank and my Hua Hin savings account number and it’s still working fine, well past the date Bangkok Bank said the additional data would be required. I can also confirm that it’s working for a new Bangkok Bank savings account that I created earlier this year. I’ve never talked with anyone using the London branch in the same way but I would think it would work the same as the New York Branch.

[machersjohn]

I have been in contact with Transferwise re depositing my monies into Bangkok Bank. They have confirmed that they will endeavor to do this but advise that they cannot guarantee this will happen every time.

I have therefore decided to revert to transfering from my uk account to my thai account as i feel the additional cost ,about 500bht , will be well worth while. I do not want the misery of trying to get ftt on a monthly transfer when it goes to some other bank and is designated an internal transfer. Only my take on it, but imm were forgiving this year next year i am assured if not perfect no extension.

[caller]

I have therefore decided to revert to transfering from my uk account to my thai account as i feel the additional cost ,about 500bht , will be well worth while.

I had been planning to start using TW for a few months, but decided to wait until after I had extended my visa last month. But without even exploring further as you did, I decided it all seemed too much hassle, in view of what was reported here and elsewhere. Peace of mind counts for a lot!

[HHTel]

I've been using TW for a year or so now. I can't believe how easy it is and it arrives in hours. I'm with BKK bank and the entry always show it as an FTT.

[lomuamart]

Without looking through all the posts again, just a thought for those with B Bank.

If there was a glitch and for some reason a transfer didn't show as FTT, can't you get a credit advice to show that the money came from abroad instead?

For those, like me, who are with KBank, all my transfers, direct from my UK bank, show as domestic transfers on statements and the bank book as they've come through a correspondent bank (usually B Bank in BKK) first. 12 of those were perfectly acceptable to Imm last month. They show the code for my UK bank, my "address" in the UK as recorded by that bank, the amount transferred in GBP, the amount converted into THB in BKK and then the transfer from BKK to HH with the KBank code and my address here.

Just a thought.

[Chazz14]

As TFW only seem to use three banks in Thailand (Bangkok, Kasikorn and TMB), my having an account with Siam Commercial (SCB) is causing problems as my pension always arrives in SCB via one the three “Agent Banks.”

It would be difficult for me now to obtain the Credit Advice Receipts (CAR) retrospectively e.g. TMB don't have a branch in CA.

My Ret. Visa expires on 24/02/20, and I’m going to let it expire. I will then leave the country for a day or so, re-enter and start the Ret. Visa process again i.e. 30 days/90 days/ Ret. Visa...

I will open an a/c with BB now and continue using TFW which (fingers crossed) will give me the entries in my bank book that are acceptable to Immi.

TFW are a real breath of fresh air. Changing to them from TorFx has given a 4.5% pay rise!

[Big Boy]

Chazz, my last renewal was based on Transferwise statements and UK Bank statements only. The simply told me it had to be Credit Advices next time.

[Chazz14]

Thanks for that BB.

Thinking some more about it there's no reason why I can't take all the docs. I've got and attempt to extend.

IF that fails, then my only Plan B is to leave, come back and start again using Bangkok Bank.