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WISE TRANSFERS


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Hi @WilliamG

The following was emailed to Thaiger talk from this member and it was for you, please note they are a member and if you reply they will see the post.

 

Tjansen

     
 
 
Hi William, I spent part of the afternoon with my girlfriend at kbank with the purpose of getting an FET document.
 
We were taken upstairs to an open working area and a man working there, after a lengthy explanation of what we were looking for, was able to have his headquarters fax a document on their letterhead called an acknowledgement.
 
That document along with the PDF from transferwise would be enough to show that the money came from the US and was sent from England, with the address of transferwise, to Thailand. There was no mention of an FET on it and I thanked him profusely for persisting with several steps to get that document into our hands.
 
If I have nothing more promising at renewal time, that will be in my folder.
 
I have not heard back from ofx yet.

 

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5 hours ago, WilliamG said:

The FTT code is put on at this, the Thai end, nothing to do with Wise.

😂

FTT stands for Foreign Telex Transfer.
When you request a transfer from Nationwide to their UK account, it is sent using the 'faster payment's system and hits the Wise UK account within seconds.
The UK branch then send a 'Foreign Telex Transfer' to their Thai partner branch to initiate the payment process.
No funds are actually transferred from the UK to Thailand, funds are paid locally by one of their partner branches in Thailand. 

Because you already hold sufficient funds in your Wise account, to cover the small amounts requested, they can pay it directly from one of their Thai partner branches to your account. It is coded as a local transfer because they didn't receive an FTT request from their UK branch.

It cannot be coded as an FTT transfer if the request was never made from their UK account to one of their Thai partner accounts in the first instance.

I answered your question several pages ago, but you either don't appear to understand how the system works, or just fishing for an answer that doesn't exist, or something else ...........

It's Wise that inform the Thai bank when it was an FTT request.

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8 hours ago, Faz said:

Because you already hold sufficient funds in your Wise account, to cover the small amounts requested, they can pay it directly from one of their Thai partner branches to your account. It is coded as a local transfer because they didn't receive an FTT request from their UK branch.

Thanks for this explanation. However, how then could Bht 50,000 transfers from my Wise THB account  on 1st Sept. & Oct. go directly to my Bangkok Bank and be coded FTT and arrive at the normal time of 14.04 and not instantly? There is no foreign element to these transfers, but Bangkok Bank coded them as such.

I know you are trying to explain things to me, but I have learned from both emails from Wise, and other forums that it is Bangkok Bank who code it as FTT, not used by other Thai banks, and I must ask, say, Kasikorn for Credit Advice to show that it WAS an International Transfer if it did, as it has recently, gone through them. I do this yesterday for the £50 I sent on Monday.

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9 hours ago, Faz said:

😂

FTT stands for Foreign Telex Transfer.
When you request a transfer from Nationwide to their UK account, it is sent using the 'faster payment's system and hits the Wise UK account within seconds.
The UK branch then send a 'Foreign Telex Transfer' to their Thai partner branch to initiate the payment process.
No funds are actually transferred from the UK to Thailand, funds are paid locally by one of their partner branches in Thailand. 

Because you already hold sufficient funds in your Wise account, to cover the small amounts requested, they can pay it directly from one of their Thai partner branches to your account. It is coded as a local transfer because they didn't receive an FTT request from their UK branch.

It cannot be coded as an FTT transfer if the request was never made from their UK account to one of their Thai partner accounts in the first instance.

I answered your question several pages ago, but you either don't appear to understand how the system works, or just fishing for an answer that doesn't exist, or something else ...........

It's Wise that inform the Thai bank when it was an FTT request.

 

From recent Wise emails. Make of these what you will.

We can't guarantee exclusive routing that will show the payment as an international transfer, It’s because of how we work: when you send money with us, we use our Thai banking partners to send out your money locally. It doesn’t cross any borders, so it doesn’t show up as a foreign transaction.

Your primary bank account - which is the account that transfers will automatically go to is indeed with Bangkok Bank

I already coordinated your question to our Payments team and they mentioned that transfers sent through Bangkok Bank and Kbank will arrive as local transfers. 

Yes, choosing your transfer doesn't automatically mean that  your payment  will be  routed to Bangkok Bank. 

There's no issue on our end. Wise is not authorized by the Bank of Thailand to issue FET forms. It’s because of how we work: when you send money with us, we use our Thai banking partners to send out your money locally. Unfortunately, we cannot guarantee that  your money will be sent out through your preferred partner bank. As a resolution to this, you can always ask our partner bank for the FET form directly. 

Unfortunately, we cannot guarantee that the money will be sent out to your preferred partner bank. 

If you know you definitely need a FET, it’s best that you send a SWIFT transfer with your bank this time. SWIFT is a more expensive method, because it’s not a local transfer. But it does mean you’ll be able to prove that the money came from abroad.

Yes, it can be routed to Bangkok Bank. However, as mentioned in my previous email, we cannot guarantee that the money will be sent out to your preferred partner bank. There are unforeseen scenario where a certain partner might be facing a technical/liquidity issue and the system will route the payment via another available partner to ensure same day delivery.

We used different partner banks to process your transfer but our transfer method is still the same. You can also choose "Buying Property Abroad" or "Funds For Long Term Stay in Thailand" as transfer purpose so that it can be routed through Bangkok Bank. 

 

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12 hours ago, Andrew Reeve said:

Hi @WilliamG

The following was emailed to Thaiger talk from this member and it was for you, please note they are a member and if you reply they will see the post.

Tjansen

     
 
 
Hi William, I spent part of the afternoon with my girlfriend at kbank with the purpose of getting an FET document.
 
We were taken upstairs to an open working area and a man working there, after a lengthy explanation of what we were looking for, was able to have his headquarters fax a document on their letterhead called an acknowledgement.
 
That document along with the PDF from transferwise would be enough to show that the money came from the US and was sent from England, with the address of transferwise, to Thailand. There was no mention of an FET on it and I thanked him profusely for persisting with several steps to get that document into our hands.
 
If I have nothing more promising at renewal time, that will be in my folder.
 
I have not heard back from ofx yet.

I went to Kasikorn Bank yesterday because that was through whom my transfer on Monday to Bangkok Bank, my Preferred bank, went, arriving at Bkk as a Local transfer not International. After a while on Google Translate to show what Credit Advice meant, and a few phone calls to Head Office, they printed one out for me which showed the date, to whom the money went and my account number, who sent it, address and account number, and the amount. Free of charge! 

I hope this will be accepted by my IO next month.

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1 hour ago, WilliamG said:

I went to Kasikorn Bank yesterday because that was through whom my transfer on Monday to Bangkok Bank, my Preferred bank, went, arriving at Bkk as a Local transfer not International. After a while on Google Translate to show what Credit Advice meant, and a few phone calls to Head Office, they printed one out for me which showed the date, to whom the money went and my account number, who sent it, address and account number, and the amount. Free of charge! 

I hope this will be accepted by my IO next month.

I submit a number of extension applications on behalf of a few local disabled foreigners.

One has an SCB account, so his Wise transfers are always coded as 'local' in his Passbook, because the funds are always moved by either BKK, KK or TMB to his SCB account.
Last year and this year, Immigration have accepted the Wise PDF receipts as proof of monthly overseas transfers.

Another has a Kasikorn account, which are also coded as 'local' in his Passbook (although a 12 month statement from HQ would state 'International Transfers), but again, never needed a statement as Immigration have accepted the Wise PDF receipts as proof of monthly foreign transfers.

Enquire at your local Immigration if they accept the Wise PDF receipts as proof of foreign transfers ......... most do. I'll shortly send you a PM with some further detailed information.

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