Retirement Visa Extension and Wise (Transferwise)

[Governor]

Transferwise use three local banking partners, Bangkok Bank, Kasikorn and TMB, they choose either one of them into our accounts here, the cash is already here, our funds don't actually leave the UK, US, Oz or wherever.
As the funds are transferred from a local bank they are coded as a local transfer. I was advised that if you asked TW to route via Bankok Bank it would show as coming from overseas, I tried that and asked for it to be routed via Bangkok Bank into my KK account, and it still showed as "Dummy Branch", but that was to my KK bank in Bangkok.
I then opened an account with Bangkok Bank here and all subsequent transfers have beed coded "FTT", which has put my mind at rest.
It all depends how KK code deposits locally and how the local Immigration teams interpret the codes.
I think it's fair to say that IO's don't want to be wading through paper trails from different countries confirming bank transfers and pension payments, though it would be far easier for us if they would.

[MrTea]

I'm not sure it's worth applying for a retirement visa at this stage. Aussie pensions are cut by about 10% for long term expats (6 months or more). I may just go for the marriage visa, but whichever path, they all look complicated. I hate bureaucracy and paperwork.
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Like most people I have family to visit in the home country, so at this stage I'm planning on five months in Thai then one month in Australia.
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Having said that, I haven't been able to get a clear answer on whether the 26 week limit is cumulative over one year or in a single trip.
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Transferwise have bumped up their fees to a bit under 1%. I'm considering using a crypto exchange (typically around 0.25% fee) to move money. If anybody has done this and saved some money, please tell us about your experience...
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Does money in Super count as money in the bank? I don't want to move it because I get a very good rate with my super fund (First State Super).

[buksida]

I'm considering using a crypto exchange (typically around 0.25% fee) to move money. If anybody has done this and saved some money, please tell us about your experience...
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Yes, it is the cheapest and fastest way to move money around the planet, but the likelihood of immigration accepting statements in crypto is about the same as them making the extension process easier for once!

[Big Boy]

OK guys, my transfer has been made. Now this isn't going to be as easy as they originally made it sound. There wil be several parts to this, and I don't know how soon I will be able to post a conclusion.

Part 1 - visit to Kasikorn

I sit down and explain what I want. Girl pulls out a blank proforma similar to to the proforma shown to me as an example at Immigration - so far so good.

Next she updates my passbook, and looks for the relevant entry. TILT!!! There is no transfer from the UK there. I produce my Transferwise slip, and explain. She could see what I was saying, but the computer was saying, "No."

This was 2nd in command in the bank and she also consulted with her boss. Incidentally, my transfer code was MCL for the banking anoraks here - doesn't mean much to me

So it's impasse time. They could see the transaction, they could see it had come from UK, but their rules said the transaction had not come the UK. A bit like going into the shop, seeing what you want on the shelf, but you can't buy it because the computer sees zero stock.

There were numerous phone calls to head office. To cut a long story short, I am now at home, awaiting the outcome of their deliberations.

Even though I was getting annoyed deep down, I kept my cool throughout (unusual for me ). The bank were very pleasant about the entire thing, and I could see they were trying their best and I was fed coffee and water during my 75 minute sat in their chair.

My personal thoughts on how this will turn out at this moment in time:

Transferwise is saving me about £50/month. This means that banks are losing about £50/month from every expat using the income method, I expect the head office decision to be negative.

I will update further later, but I'm resigned to doing a second transfer via my UK bank to Kasikorn this month.

Watch this space.

[Big Boy]

Part 2 - Verdict from Head Office

Well, that came as I pressed the Submit button on the previous post.

First thing, before I get into the verdict........ I generally hate speaking to Thais on the telephone - I usually struggle a lot, even with my wife. I've talked to 3 different Thai girls/ladies on the phone today - their English was perfect - probably better than mine.

So, the verdict............ They will send me the transfer document by e-mail within the next 2 days. They think Immigration should accept it. I will take it to Immigration when I receive it. Wait for the next thrilling installment.

Kasikorn, whilst probably misleading me initially, have been totally professional about this, Credit where credit is due. If Transferwise is not accepted, it won't be for lack of effort on their side.

In the meantime, I will:

• Send a second transfer NatWest to Kasikorn (just in case)

• Contact Transferwise - I have read on one of the many sources I was using to re-assure myself on the procedures that Transferwise can send the money in a slightly different way to ensure the correct transaction type.

[Big Boy]

Well there's Plan B out of the window

Tried to do a normal bank transfer - sorry, you aren't eligible. It's so long since I did one, my debit card has expired, and if you haven't made a transaction on your card for 13 months they don't automatically issue another one.

I've contacted them, and they've given me a Plan C option while I wait for my replacement card, but I'll wait to see what Immigration say about the Kasikorn e-mail first. Oh what fun.

[sateeb]

Plan C..Open an account with Bangkok bank. Thats what I have done, whats the point of flucking around with Kasikorn?

[Big Boy]

Thanks. Have you successfully used Bangkok Bank and Transferwise in this process? If yes, that could well be an option.

[Governor]

Thanks. Have you successfully used Bangkok Bank and Transferwise in this process? If yes, that could well be an option.

That's certainly what I did a couple of months ago, and all of my transfers since I opened the account have been logged as "FTT", mind you I only have to miss one and I might be back to square one.

That said, I've read in another forum that TW have been changing their routing of late, but my last one was a couple of weeks ago and that was certainly "correctly" logged.

[Big Boy]

I'm playing the waiting game at the moment. It might be that this e-mail from Kasikorn may make all of my problems go away. If not, Bangkok Bank will definitely be investigated. I estimate bank to bank will cast about £50 a month extra, so a small TW fee would be a bargain.

[migrant]

Forgive me if I missed this, but is the designation FTT sufficient?

[Governor]

Forgive me if I missed this, but is the designation FTT sufficient?

Yes, if you are using the income method to meet the requirements you are required to satisfy the IO handling your application that the monthly transfers come from overseas.
Whilst common sense might allow an IO to assume that the funds have come from overseas, especially if backed up with a paper trail from the overseas bank or TW, it seems that some offices up and down the country will only accept the overseas transfer coding in a bank book, some offices are also apparently requiring that the funds are deposited about the same time every month.
The whole system, in my humble opinion, is bonkers, some offices seem to be going out of their way to make things as difficult as they can.

[Big Boy]

Common sense is working this year at Hua Hin Immigration at least. However, the same leniency won't be shown next year. The officer made a point of showing me the letter I would need from the bank next year. They didn't seem bothered about the transaction code in the book (at least, not the officer I dealt with).

[sateeb]

Personally I don,t really care how other Immigration offices interpret the current Regs. Thus far it seems that HH are being flexible in respect of Transferwise transactions. Never In the 15 years living here dealing with IO in Korat, Khon Kaen and Hua Hin have I encountered any petty bureaucracy but having said that I never turned up wearing flip flops, shorts and the obligatory Beer Chang vest armed with a sense of entitlement and western arrogance!..and yes I have seen people given short thrift dressed in such a manner!

[Big Boy]

Plan C..Open an account with Bangkok bank. Thats what I have done, whats the point of flucking around with Kasikorn?

Plan C was looking increasingly like the way forward until the last 36 hours. Things have changed with both Transferwise and Bangkok Bank. This was highlighted to me in a message, then a friend who has happily been using Plan C confirmed it yesterday (small part of his message).

But guess what, that transfer of funds I initiated on July 1st came through today as SMT, the 1st for me as all others have been FTT

I have been in touch with Transferwise, but they show the compassion of an ice-cube. Probably writhing in their recent upturn in business, not realising that if they don't try to help, the people who are making them rich will have to go back to pre-Transferwise methods. Their words of comfort were:

I think the primary issue here might be the fact that we do not, technically, send funds internationally but accept payments domestically and then pay out domestically, in this case, as you know, from our Thai bank to your account.

Plan D will be to examine 'Instarem' which offers a very similar, but cheaper service than Transferwise, but is actually backed by Kasikorn Bank. I'd probably benefit about 150 Baht/month by switching, but even though a Kasikorn product, I doubt they will even know about it.

In the meantime, I have the Credit Advice from Kasikorn, which I will ask Immigration if it will be acceptable.

Watch this space.