Retirement Visa Extension and Wise (Transferwise)

[Governor]

Can somebody please confirm what I actually need to satisfy Hua Hin Immigration that I meet the 65k a month for a twelve month period?
I have had a a BKK account at Bluport and now have 12 monthly transactions of the correct amount all coded FTT.
I understood that all I needed was to ask for a statement confirming these transactions.
I needed to attend a hospital appoint in Silom so asked if I could obtain one there, they advised I could.
I asked a friend who is a senior manager in another department there, she confirmed likewise, adding that it should take 10 - 15 mins.
I pitched up at Silom and they insisted I still need credit advice notes for 12 months, they relieved me of 600 Baht and said they would try and get them ready by Friday but I would still need to get a statement.
I really seem to have got this wrong, can anybody confirm what actually need for Immigration?


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[sateeb]

I got an e mail from Transferwise the other day saying that during the current crisis transfer MAY take longer to process. Mine are usually completed in the afternoon of the same day.

Has anyone made a transfer in the past few days and if so did it take longer?

Thanks.

[HHTel]

I did one a week ago. It took 2 hours.

[huahinjim]

Last transfer I did was on the 12th. Literally took seconds to arrive in my account here from UK.

[Big Boy]

I'm hoping I'm reading this wrong, else it's going to cost me about £130/month extra. A friend got wind of a change meaning we could no longer use Transferwise. This was the response to her enquiry:

Hello XXXXX,

Hope you're doing well.

Due to the changes in the foreign remittance licensing in Malaysia and Thailand, we're no longer able to provide the borderless account feature for Malaysian and Thai residents.

It means that you won't be able to have the multi-currency account with the account details to receive payments from 3rd parties in different currencies and the TransferWise debit Mastercard.

However, you still will be able to keep your TransferWise account and transfer between local bank accounts.

We're working on the solution, however, for now at least, we had to suspend these feature we used to offer until we can agree with the Malaysian and Thai government.

I hope it helps.

If you have any further question, please feel free to contact us.

Best,
Fruzsi
TransferWise Support

Do any of you clever guys know what this means please?

[Dannie Boy]

I don’t think you need to be clever - looks like unless/until they can come up with a solution, you’re stuffed!!

[Governor]

That seems to refer to the “Borderless Accounts” not the regular transfers funded by an overseas bank into a TW account, and paid into a Thai bank.
I’ve read this discussed on social media.

[pitsch]

I just tried the steps to transfer money to my Thai account and it worked. But I did not transfer money, I just stopped before. It says you cannot receive money from 3rd parties, but I think you can receive money from your own account.

[pitsch]

AS far as I read at Transferwise all accounts are "Borderless Accounts", this is not something special.

[sateeb]

I've just made a transfer with TW from Halifax UK to Bangkok Bank. Nooo problem.

[Governor]

AS far as I read at Transferwise all accounts are "Borderless Accounts", this is not something special.

No, not all accounts are Borderless Accounts, a Borderless Account is where funds are paid directly into the account and drawn out at will in a currency of your choice.
Regular accounts, which is what I suspect most people use, is where you set up a transaction, in my case to my Thai bank in Baht, and then send the required amount from your home bank, in my case a Sterling account in the IoM, as far as I'm aware that can still be done, and indeed that is what the TW note, posted by BB, says.

[huahin4ever]

I have done 2 transfers with TW the last week. No issue whatsoever. Local transfer in my home country from my national account to TW's account in my home country. Both times credited my regular Bangkok Bank account stating International Transfer. So the issue must only be for TW's borderless accounts.

YNWA

[squire]

Governor is correct. I called the TW Customer Service number in Singapore yesterday to clarify. The policy change affects customers who have registered/verified their address in Thailand (or Malaysia) only. I was able to fix the issue for myself by amending & verifying my address to an Australian residential address which TW verified within the day, and also confirmed via email last night.

As a result, I can continue to use the Borderless bank account numbers that TW have issued to me (for EUR/GBP/AUD), and I'm now eligible to apply for the TW Debit Card (which is not available to Thailand residents).

If you simply use TW to transfer funds from your overseas bank account to your Thai bank account (without using the 'borderless account' numbers) then the change should not impact you. By the way, the policy change takes effect from 14th May.

[ahandpatsy]

Yeah i have one of their mastercard borderless accounts. It was supposed to allow me to put money in borderless account in thai baht and draw it out with no overseas banking charges.using their bright green debit card.
Without having to set up thai bank account. Looks like i will be begging the boss get money out of her account or caxton again. Bye the way its 1 degree here in uk in may!!!!

[Big Boy]

Thanks guys, very reassuring.

I can also confirm my friend successfully transferred funds from UK to her Thai bank after receiving that message.