Exchange rate for transferring UK Pension to Thailand?

[transam]

1 minute ago, scubascuba3 said:

if you knew what day and time the exchange rate you get is based on then at least you can do an accurate comparison with Transferwise

My ex UK wife worked for a bank at Canary Wharf, London. Her job was to find lost money from transfers. So now, because I heard her stories, I only want to deal with the pension service if a ...????...problem.................???? 

[transam]

On 5/26/2020 at 1:31 PM, transam said:

I get my pension this Thursday, direct from the pension service via Citibank into my BKK bank. As I know exactly what my pension is I will do the maths and tell you how it worked out in baht to the pound in my bank on that day....????

XE live exchange rate today is shown as 39.114, my pension came in via Citibank Bkk at 38.9, so a difference of 0.2 baht.

Citibank BKK rates today are..Buy  38.253, sell 39.9, buy cash 37.7, sell cash 40.24...

 

[Pib]

On 5/26/2020 at 12:47 PM, keithsimmonds said:

I am struggling with the fact that those rates are in many cases 15% higher than any exchange on any given month. Where poster,s have said you get a little more/better with a transfer from Uk to there Thai bank in my world 15% is not a little more/better.....it,s a whole new ball game.

Is this the same for all Banks or just Kasikornbank?  Or am i missing something??

Not due to get my pension for another 3 years yet so would really like know.....Thanks.

You rates can't be right....who ever is transmitting your payment is not going to be paying you more than the interbank rate like shown at XE or Transferwise....definitely not 15% more...not even 1% more.  I expect you have a calculation error in your spreadsheet....and you first need to know (be absolutely sure) exactly how much "net" GBP (i.e., after deductions, taxes, etc) is being paid to your each month before the exchange happens somewhere along the line.  Get that info from the agency making/sending the payment; not the Thai bank.

[Pib]

On 5/26/2020 at 1:31 PM, transam said:

I get my pension this Thursday, direct from the pension service via Citibank into my BKK bank. As I know exactly what my pension is I will do the maths and tell you how it worked out in baht to the pound in my bank on that day....????

For U.S. folks receiving their pension via the U.S. Treasury system  called "International Direct Deposit" where the US Treasury or its contractor bank the exchange rate received has been approx 0.25 baht/USD lower than the Bangkok Bank TT Buying Rate used for a typical incoming SWIFT transfer where foreign currency is arriving vs baht arriving. 

 

For the US Treasury IDD program their contractor bank is "Citibank".   Seems Citibank has contracts with the US and UK govts (and probably other countries) to handle many govt payments as Citibank also has a huge FX trading/transfers capability....one of their prime business units.   The pension payment starts off for the Federal Reserve Bank of New York....next stop Citibank Europe in Ireland....then to Citibank Thailand....then to the Bank of Thailand Bahtnet payment system.   I know this because I have Credit Advices showing the flow of money from start to end.  Thai baht arrives the Bangkok Bank acct; not US dollars. When the payment hits the Bangkok Bank acct it's coded as a Bahtnet transfer vs International transfer since the final leg of the transfer was via Bahtnet which is primarily a domestic transfer system.  

 

Now the monthly IDD payment is converted to baht, not on the receiving end but by the US Treasury or it's contractor bank accomplishing the IDD payment  "several days" before, repeat, several days before, the actual payment.  So, the local Citibank is not doing the exchange...they are just being used as a pass-thru/intermediary point; the exchange is being done on the sending end...usually done days earlier if a govt payment is being sent.

[keithsimmonds]

6 hours ago, Pib said:

You rates can't be right....who ever is transmitting your payment is not going to be paying you more than the interbank rate like shown at XE or Transferwise....definitely not 15% more...not even 1% more.  I expect you have a calculation error in your spreadsheet....and you first need to know (be absolutely sure) exactly how much "net" GBP (i.e., after deductions, taxes, etc) is being paid to your each month before the exchange happens somewhere along the line.  Get that info from the agency making/sending the payment; not the Thai bank.

Pssst there not MY rates ....i dont get a Pension Yet.....see post >48

[Pib]

3 minutes ago, keithsimmonds said:

Pssst there not MY rates ....i dont get a Pension Yet.....see post >48

whoops...sorry....meant for tonyrawson.  

[keithsimmonds]

14 minutes ago, Pib said:

whoops...sorry....meant for tonyrawson.  

No Probs