uk private pension

[chang50]

Hi..I currently have a UK company pension paid into a UK Bank which I am thinking about having paid into my Kasikorn account.Will I incur any charges here in Thailand from Kasikorn for this service?Also for when I qualify in a couple of years does anyone know if a UK state pension paid into Kasikorn incurs charges also?Thanks.

[sandrabbit]

I bank with Kasikorn but I'm not of pensionable age yet but in the past if I sent money from a halifax account I would get charged in the UK plus <deleted> exchange rate then get charged by Kasikorn here as well. I use an fx company now and what I agree to contractually (when I press the go button on the computer) in UK is the what I would receive here. My friend before he died got his pensions sent here (can't remember which bank) and he would send it straight from his government pension in pounds to the bank here and I've heard a few others say to send it direct but in pounds, don't exchange it in the UK. I'm sure you will get better advice in the morning when people get up.

[chang50]

41 minutes ago, sandrabbit said:

I bank with Kasikorn but I'm not of pensionable age yet but in the past if I sent money from a halifax account I would get charged in the UK plus <deleted> exchange rate then get charged by Kasikorn here as well. I use an fx company now and what I agree to contractually (when I press the go button on the computer) in UK is the what I would receive here. My friend before he died got his pensions sent here (can't remember which bank) and he would send it straight from his government pension in pounds to the bank here and I've heard a few others say to send it direct but in pounds, don't exchange it in the UK. I'm sure you will get better advice in the morning when people get up.

Thanks.

[crazykopite]

Yes as far as I am aware every Thai bank has a charge . I have my pensions paid into my U.K. bank and 3 times a year I make a transfer to Thailand however if I send money from my natwest account it would cost me £20+ so I send it to my daughter who then sends it through her Halifax account cost £9 it is sent as Sterling and when it hit BKK ITS TRANSFERRED into baht I think I am then charged between 300/500 baht from my Thai bank

[BritManToo]

15 hours ago, chang50 said:

I currently have a UK company pension paid into a UK Bank

Use Transferwise to move the money to Thailand, I find the phone app easiest.

Costs around 7 pounds for a 40,000bht transfer, and you get the XE.com exchange rate, no deductions at the Thai bank.

[Nyezhov]

15 minutes ago, BritManToo said:

Use Transferwise to move the money to Thailand, I find the phone app easiest.

Costs around 7 pounds for a 40,000bht transfer, and you get the XE.com exchange rate, no deductions at the Thai bank.

ditto. fast, safe and cheap transfers. it just doesnt show as a foreign transfer but that doesnt affect me.

[Moonlover]

I can't speak for your private pension of course but I can tell you about the state pension. Yes it can be paid directly into a local bank account. It is handled by Citicorp and the exchange rates a quite favourable due to bulk handling. There is a small handling fee for the service. (2 or 3 GBP if I remember rightly)

 

The receiving bank does not impose a charge. Also, contrary to earlier information, it can only be paid in local currency, not sterling. See website below for info.

 

TransferWise has also been mentioned. This is an alternative method which I switched to about a year ago. You can have your pension(s) paid into an account with them and you arrange the transfer to suit you.

 

I did some number crunching on this and there is little difference in the received sum between the 2 methods. This can be useful if you receive multiple pensions. (I have 3) All mine are paid into TransferWise and then I make one transfer a month. It's easier when it comes to presenting my monthly incomes to Immigration. See T/W website below.

 

https://www.gov.uk/state-pension-if-you-retire-abroad

 

https://transferwise.com

 

 

 

Edited December 4, 2019 by Moonlover

[DPKANKAN]

I have my government pension paid into my UK bank. That way no extra charges just the same. 

I am with Kasikorn too! Halifax UK £9.50 whatever you send and I send mine in pounds! I did try Transferwise but it came up on my K account as 'Dummy Branch' not the usual 'International transaction'!!

[chang50]

50 minutes ago, Moonlover said:

I can't speak for your private pension of course but I can tell you about the state pension. Yes it can be paid directly into a local bank account. It is handled by Citicorp and the exchange rates a quite favourable due to bulk handling. There is a small handling fee for the service. (2 or 3 GBP if I remember rightly)

 

The receiving bank does not impose a charge. Also, contrary to earlier information, it can only be paid in local currency, not sterling. See website below for info.

 

TransferWise has also been mentioned. This is an alternative method which I switched to about a year ago. You can have your pension(s) paid into an account with them and you arrange the transfer to suit you.

 

I did some number crunching on this and there is little difference in the received sum between the 2 methods. This can be useful if you receive multiple pensions. (I have 3) All mine are paid into TransferWise and then I make one transfer a month. It's easier when it comes to presenting my monthly incomes to Immigration. See T/W website below.

 

https://www.gov.uk/state-pension-if-you-retire-abroad

 

https://transferwise.com

 

 

 

Thank you I already use Transferwise i will look into that.

[Lamkyong]

there is no charge for this but it will be coverted into BHT in the uk  no choice 

[lagavulin1]

Chang 50.

I have been told by two private pensions "cannot". Must be UK bank. Would you be so kind as to let us know if you succeed. Charges or not. ???????? Paul

[BritManToo]

5 minutes ago, lagavulin1 said:

Chang 50.

I have been told by two private pensions "cannot". Must be UK bank. Would you be so kind as to let us know if you succeed. Charges or not. ???????? Paul

Transferwise is a UK bank.

They'll even send you a debit card if you have an address in Europe.

Edited December 4, 2019 by BritManToo

[Max69xl]

16 hours ago, chang50 said:

Thanks.

The fee for receiving money in Thailand is normally a minimum of 200 baht and maximum of 500 baht. Bangkok Banks fee is 0.15% = 200 baht up to ~133000 baht. 

When transferring money you never send THB. If I was you I would have your pension paid to your UK account and then use TransferWise  to send the money to your Thai bank. Faster, cheaper and better exchange rate.

[emptypockets]

2 hours ago, BritManToo said:

Transferwise is a UK bank.

They'll even send you a debit card if you have an address in Europe.

Transferwise is not a bank but is regulated.

[john terry1001]

5 hours ago, Nyezhov said:

5 hours ago, BritManToo said:

Use Transferwise to move the money to Thailand, I find the phone app easiest.

Costs around 7 pounds for a 40,000bht transfer, and you get the XE.com exchange rate, no deductions at the Thai bank.

ditto. fast, safe and cheap transfers. it just doesnt show as a foreign transfer but that doesnt affect me.

It does if you use the correct Thai bank and the transfer process recommended by Transferwise.

[Max69xl]

13 minutes ago, john terry1001 said:

It does if you use the correct Thai bank and the transfer process recommended by Transferwise.

And choosing the correct reason for transfer. "Funds for long term stay in Thailand". 

[Jaggg88]

7 hours ago, crazykopite said:

Yes as far as I am aware every Thai bank has a charge . I have my pensions paid into my U.K. bank and 3 times a year I make a transfer to Thailand however if I send money from my natwest account it would cost me £20+ so I send it to my daughter who then sends it through her Halifax account cost £9 it is sent as Sterling and when it hit BKK ITS TRANSFERRED into baht I think I am then charged between 300/500 baht from my Thai bank

HSBC charge only £4 for swift payments. When I send Sterling to my BKK Bank they give me a better exchange rate than the UK and I don't incur any other charges. When I used to send Thai Baht they always charged me as they are not making any money on the transaction. However, I now use Transferwise which is better for me.

[soalbundy]

No charge

[saengd]

Your UK pension will incur a receiving charge by Kasikorn in Thailand, typically under 500 baht, but only if the pension is received by them in a foreign currency. If your UK bank transfers THB to Thailand, there will be no receiving charge. The exchange rate is nearly always better in Thailand than it is in the UK, all fees considered. An exception to that rule appears to be the UK State Pension which can be converted to THB at a favorable rate.

[chang50]

4 hours ago, saengd said:

Your UK pension will incur a receiving charge by Kasikorn in Thailand, typically under 500 baht, but only if the pension is received by them in a foreign currency. If your UK bank transfers THB to Thailand, there will be no receiving charge. The exchange rate is nearly always better in Thailand than it is in the UK, all fees considered. An exception to that rule appears to be the UK State Pension which can be converted to THB at a favorable rate.

Thanks for the info.

[Max69xl]

7 hours ago, saengd said:

Your UK pension will incur a receiving charge by Kasikorn in Thailand, typically under 500 baht, but only if the pension is received by them in a foreign currency. If your UK bank transfers THB to Thailand, there will be no receiving charge. The exchange rate is nearly always better in Thailand than it is in the UK, all fees considered. An exception to that rule appears to be the UK State Pension which can be converted to THB at a favorable rate.

"If your UK bank transfers THB to Thailand, there will be no receiving charge."

Is this really true? Where did you get that info? 

[spornb]

LLoyds Premier account Isle of Man

In Uk clearing system, so no Uk charges

Does overseas transfer free

Requires min bal £2500, if no account handling charges

Can do everything on Internet

[saengd]

2 hours ago, Max69xl said:

"If your UK bank transfers THB to Thailand, there will be no receiving charge."

Is this really true? Where did you get that info? 

It's in all the banks rules for customers, Thai banks don't charge to deposit THB, only to receive foreign currency. But no person in their right mind would buy THB in say the UK and remit it to Thailand, the ex. rates would eat you alive.

[Max69xl]

4 minutes ago, saengd said:

It's in all the banks rules for customers, Thai banks don't charge to deposit THB, only to receive foreign currency. But no person in their right mind would buy THB in say the UK and remit it to Thailand, the ex. rates would eat you alive.

I'm not convinced that you're entirely correct, I might be wrong. I know when sending THB via Bangkok Banks London Branch to a Bangkok Bank account in Thailand it's free, but I'm not sure that's the case using banks in other countries. I don't see the fee for receiving foreign currency as a cost because of the exchange into THB, I'm seeing it as a way to make money. I'm using TW myself, so it's not that important. I'm just curious. 

[saengd]

11 minutes ago, Max69xl said:

I'm not convinced that you're entirely correct, I might be wrong. I know when sending THB via Bangkok Banks London Branch to a Bangkok Bank account in Thailand it's free, but I'm not sure that's the case using banks in other countries. I don't see the fee for receiving foreign currency as a cost because of the exchange into THB, I'm seeing it as a way to make money. I'm using TW myself, so it's not that important. I'm just curious. 

Yes Thai banks charge for receiving foreign currency, no Thai banks do not charge for receiving THB, what different foreign banks might charge for sending one or the other varies.

[Max69xl]

5 minutes ago, saengd said:

Yes Thai banks charge for receiving foreign currency, no Thai banks do not charge for receiving THB, what different foreign banks might charge for sending one or the other varies.

Try to find any info about no fees for receiving THB at Bangkok Banks website. Except from maybe a couple of Bangkok Banks overseas. 

[spornb]

Its more complicated, often the THB/UK£ rate is not as good in the UK as here so the no fee for receipt actually more than eaten

BKK londn charge £20 to sens sterling here, to an external sterling account and again small fee on receipt

[saengd]

10 minutes ago, Max69xl said:

Try to find any info about no fees for receiving THB at Bangkok Banks website. Except from maybe a couple of Bangkok Banks overseas. 

The banks tend not to list the things they don't charge for, perhaps best to go ask your bank if you are unsure. Even better, try to find anyone who has ever been charged for depositing THB into a THB account, within their province.

[saengd]

12 minutes ago, spornb said:

Its more complicated, often the THB/UK£ rate is not as good in the UK as here so the no fee for receipt actually more than eaten

BKK londn charge £20 to sens sterling here, to an external sterling account and again small fee on receipt

Which is why I wrote, "The exchange rate is nearly always better in Thailand than it is in the UK, all fees considered. "

[Delight]

 The  way that Transferwise works is that the customer pays into the Transferwise UK bank-i.e.the requested amount to be exchanged.

The  Transferwise  bank in Thailand then transfers the agreed Baht into their customers Thai bank account.

So no SWIFT and no charges at  the receiving  Thai bank-it' s an internal transaction .

Possibly has limitations if money is being brought in for a property purchase.