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HELP!! Thailand Elite Bank Transfer Missing

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newhorizons

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Dec 2, 2021
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Calling on all banking experts - in desperate need of advice!!

I decided to get myself a Thai Elite visa (for reasons outside this thread), and sent them the necessary 600,000 Baht on 22nd April. Despite giving them all the necessary information and confirmations, they decided to wait over 2 weeks until the 12th May to tell me that the money hadn't arrived (they also told me at COB on Thursday 12th when it was a long weekend, and they were not back until the 17th!!). The money was sent to their bank, Krung Thai Bank, but it appears that they have not forwarded it onto the visa company.

I initially spoke to my bank (Citibank) as soon as I found out on the 12th, and I gave them additional information (reason for payment, contact details), and they immediately raised investigation with their funds transfer team. They also initiated a trace on the payment, but despite calling them every day for the last 8 days, they continue to tell me it's with Krung Thai and there is nothing they can do. I have also chased the Thai Elite Visa Company daily, but their "finance department" are unable to find the funds, and they are not appearing particularly proactive.

I have the option of instructing Citibank to recall the funds, but I understand that any beneficiary needs to agree to any recall, and it might take 28 days. I am unclear on what date this starts, and have serious concerns as I passed the 28 day mark of the initial payment yesterday. I initially raised this with Citibank on the 12th, with the trace request was initiated on that day, so it would now only be approximately 10 days from then.

Do any of you have any experience with this type of onward delay, and more importantly, have any advice on anything I can do, other than wait. Surely, a reputable financial institution can't just keep the money? What about the regulators? (Bank Of Thailand?)

Also, would I have a legal case against Thailand Elite for delaying to tell me - especially as I was left with only 3 days until the 28 day mark?!?

Cheers
 
From your description, I'm concerned that your payment wasn't to a legitimate service provider and‌ instead to a scammer. The tactics described unfortunately sound a lot like it.

If Citibank‍ has done a SWIFT trace and the results of that trace is that the funds⁠ are now with the bank in Thailand, Citibank is probably out of options. You can⁤ speak with them about reversing the transaction but that's a difficult process and not always⁣ possible.

If you have a written agreement, you can probably︁ sue them. As for prosecution, that would be up to a Thai prosecutor. In either︂ case, you will probably need to contact a Thai lawyer.
 
Clearly this has gone through my mind on a‍ number of occasions, but this is not my base case. I did plenty of DD⁠ on them before engaging them (driven significantly by the OFFICIAL Thai Elite website looking like⁤ all the others) and all correspondence appears to have been genuine, including the background checks⁣ and timeline to approval. I verified the payment details from the application forms on at⁢ least three independent websites - probably more. The recipient of the payment was Thailand Privilege︀ Card Co (the official name of the company behind the scheme), and the address was︁ their head office in Bangkok, so that appears sound too.

Whilst not "pro-active" in resolution,︂ they have not disappeared - merely "we've checked our records and it's not in our︃ account". I will push harder on Monday when they are back in the office.
 
Very glad to hear it's most likely not a scam. That's more DD than a‌ lot of people do before wiring their money to strangers. It probably rules out the‍ risk that you had entered the wrong SWIFT/BIC. SWIFT transactions sent to BICs that have⁠ been changed but not yet disabled can take a long time to retrieve, and will⁤ look successful at a glance from a SWIFT trace.

Then in all likelihood it's just⁣ down to slow and/or overworked staff. The program works fine, with several reports from other⁢ members here.

If I were in your position, I'd be tempted to find a lawyer︀ in Thailand to go apply some pressure on the service provider. But you don't want︁ to start things off on the wrong foot with them and would need to be︂ cautious.

Maybe others with direct experience will chime in.
 
Yes, this had also crossed my mind - as it would‍ be horrendous to start off badly - but I'm seeing little other options at the⁠ moment (hence the post)

I hope that all is not lost, and pray⁣ that this is the case, but when it's your money, you fear the worst...
Let's hope so.⁢ Thanks.
 
that's your best chance to get it sorted out, be nice...
 
That's where the problem is perhaps⁠ if Citibank is to believed and your not the victim of a scam. The company⁤ needs to confirm the money has not arrived at their bank. Saying they can't see⁣ it credited on their account is not good enough. Could be held up by compliance⁢ at their bank awaiting a valid reason for the payment before crediting.

P.S I hope︀ you put a valid reason on the payment instruction as that will hold it up︁ from being credited also.
 
I hope that this is the case, and I'm ok with‍ that if it eventually goes through, but I clearly have 50 things running through my⁠ mind when it's my money that's in limbo.

In hindsight, not valid enough⁣ it would seem. I put "Visa Fee / Name / Application number" as per instructions.⁢ I'm learning the hard way that banking in Thailand is a challenge.

For anybody still︀ reading (/caring), there's one more small, but not insignificant, piece of this story worth adding.︁ I provided Citibank with the contact details on the sales team at Thai Elite, and︂ this was passed onto Krung Thai, but as far as I can ascertain, Krung Thai︃ have not yet contacted them directly about the payment. Read into that what you will.︄
 
This is not a government run programme - it's a seperate entity, co-owned with the‍ Tourism Authority Of Thailand - and is run by Thailand Privilege Card Ltd, to whom⁠ I paid directly. There ARE agents, and plenty of them, but I dealt with the⁤ parent entity directly
 
Do you mind sharing the website of⁤ the agent in question? Such that it can be avoided or a test transfer be⁣ made before.
 
I would get as much information from your own bank about the transaction as possible‌ and ask them to trace it. Should be easy enough for them.
 
They've provided me with an MT103 SWIFT statement confirming the‍ transaction - I'm not sure what else I can obtain?
They initiated a trace on the 12th (so they tell⁤ me), and are waiting for the beneficiary bank to respond to them (so they tell⁣ me).
You would think,⁢ wouldn't you?
 
did you pick up the‍ phone and spoke with someone human or only the keyboadr zombies they have sitting there?⁠

You must express your clear to someone there and tell them you want them to⁤ research where this transaction is and if it arrived, after that you can take the⁣ next step.
 
Initially, I wanted it all‍ in writing so that I might have some ammunition if the lawyers got involved, but⁠ I spoke to my contact at Thai Elite today - who is only acting as⁤ a middleman with her finance department - and she claims that they have spoken to⁣ Krung Thai, but I get the feeling it was a courtesy "oh, ok then" call.⁢

She's going to ask them to call the bank back, and apply some more pressure.︀
 
let's keep us posted, it's an insane situation. But it‍ may be normal in Thailand 😀
 
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