Pension V Exchange Rate

[Mosha]

I have my pension paid into the Kasikorn direct from a UK based pension company, set up by my previous employer Syngenta. There is amassive discrepency from what I am paid by them, and what appears in the bank. It works out at an exchange rate of about 63 to the pound. Any ideas as to why such a massive discrepancy?

[naka]

Transfer charges.

Bad idea to do small weekly/monthly international transfers.

Better to let it build up in your UK bank and do bulk transfers once or twice a year.

Naka.

[Khonwan]

I have my pension paid into the Kasikorn direct from a UK based pension company, set up by my previous employer Syngenta. There is amassive discrepency from what I am paid by them, and what appears in the bank. It works out at an exchange rate of about 63 to the pound. Any ideas as to why such a massive discrepancy?

Make sure your pension company are sending sterling, not baht - that could certainly account for the difference.

[rak sa_ngop]

I have my pension paid into the Kasikorn direct from a UK based pension company, set up by my previous employer Syngenta. There is amassive discrepency from what I am paid by them, and what appears in the bank. It works out at an exchange rate of about 63 to the pound. Any ideas as to why such a massive discrepancy?

Make sure your pension company are sending sterling, not baht - that could certainly account for the difference.

Maybe the pension company has a cosy deal with a UK bank, i.e. reduced transfer costs (especially if borne by the pension company) in exchange for conversion of GBP to baht (at poor UK rates) before transfer.

The pension company wins, the bank wins, guess who loses!

[Khonwan]

I have my pension paid into the Kasikorn direct from a UK based pension company, set up by my previous employer Syngenta. There is amassive discrepency from what I am paid by them, and what appears in the bank. It works out at an exchange rate of about 63 to the pound. Any ideas as to why such a massive discrepancy?

Make sure your pension company are sending sterling, not baht - that could certainly account for the difference.

Maybe the pension company has a cosy deal with a UK bank, i.e. reduced transfer costs (especially if borne by the pension company) in exchange for conversion of GBP to baht (at poor UK rates) before transfer.

The pension company wins, the bank wins, guess who loses!

Doesn't merit a response!

[Mosha]

Thx guys. I did notice one thing. The link at the top for the Baht rate, gives a mid range rate at the top end of 69 Baht. While at another site its down at just over 65 Baht. I'll check with my pension company, but I believe the pay in sterling.

[Luckydog]

Open a Nationwide Flexaccount. Get your pension paid into that.

Use your Flexaccount Debit Card to draw from Thia Atms. Good exchange Rates and no charges.

[naka]

Transfer charges.

Bad idea to do small weekly/monthly international transfers.

Better to let it build up in your UK bank and do bulk transfers once or twice a year.

Naka.

Mosha ... Like I said before .............................................

Naka.

[macb]

Nationwide good idea:

If you use Moneycorp to get your exchange rate update Nationwide are almost exchanging at same rate, at the moment they are exchanging at 69+

http://www.moneycorp.com/

[astral]

Your bank is buying baht in London, and the rate is awful.

Tell them to remit your persion in pounds and the exchange will be done in Thailand and be 69-70.

[JAS21]

I have my pension paid into the Kasikorn direct from a UK based pension company, set up by my previous employer Syngenta. There is amassive discrepency from what I am paid by them, and what appears in the bank. It works out at an exchange rate of about 63 to the pound. Any ideas as to why such a massive discrepancy?

Maybe to do with on shore..off shore rates. Get it paid into a UK bank and then SWIFT it yourself as infrequently as you can..or as elsewhere get a Nationwide Debit card..almost the same rate as TT.

[jobsworth]

Just out of curiousity.

Does anybody know what happens if you SELL Thai Baht in London?

Do you really get one pound for 63 Thai Baht?

Or as somebody told me there is a hefty commission charge

which effectively reduces the price of a pound to 69 Thai Baht.

Has anybody done this recently?