UK state pension

[Mosha]

I am 66 next year. Is it correct that the State Pension is paid via Citibank in Thailand and shows up in other Thai bank accounts as an internal Thailand transfer? If so when the time comes, how do I prove it is a foreign sourced payment to immigration?

[KannikaP]

Your UK State Pension will be paid to wherever you ask them to.

Have it put in a UK Bank and use Wise each month to a Bkk Bank account. It will be classed as a foreign transfer FTT.

[Moonlover]

No problem if you choose to have it paid directly into your Thai account. You pop into your branch and ask for a Foreign Exchange Transaction (FET) notification.

It's ok if you just have just one income from the UK, but for multiple payments, consolidating them into one single monthly payment via a Wise account is more convenient and much less paperwork to have to prepare for Immigration.

 

[Mosha]

2 minutes ago, Moonlover said:

No problem if you choose to have it paid directly into your Thai account. You pop into your branch and ask for a Foreign Exchange Transaction (FET) notification.

It's ok if you just have just one income from the UK, but for multiple payments, consolidating them into one single payment via a Wise account is more convenient and much less paperwork to have to prepare for Immigration.

 

OK Thanks for the info. 

[PAWNEESE]

I requested my State Pension to be paid into my UK bank account (but they know I am in Thailand .. I have to prove Im still alive every 2 years). 

I then move money to my Thai bank (Kbank) each month making sure it at least equals the required 65k baht.

It shows up as an international transfer.

Simple.  

The only very minor problem is my bank provides no way to have a standing order to do repeat payments abroad.  I have to have electronic and diary reminders not to have brain fade and forget one month. The months flash by so quick when your in retirement longterm holiday mode.

[chickenslegs]

6 minutes ago, PAWNEESE said:

I requested my State Pension to be paid into my UK bank account (but they know I am in Thailand .. I have to prove Im still alive every 2 years). 

I then move money to my Thai bank (Kbank) each month making sure it at least equals the required 65k baht.

It shows up as an international transfer.

Simple.  

The only very minor problem is my bank provides no way to have a standing order to do repeat payments abroad.  I have to have electronic and diary reminders not to have brain fade and forget one month. The months flash by so quick when your in retirement longterm holiday mode.

If you have a WISE (Transferwise) account you can set up a regular transfer from your UK account to WISE (UK).

[Surelynot]

2 minutes ago, chickenslegs said:

If you have a WISE (Transferwise) account you can set up a regular transfer from your UK account to WISE (UK).

How much does that cost?......if you would be so kind......I'm in the same boat as the OP.

[chickenslegs]

1 minute ago, Surelynot said:

How much does that cost?......if you would be so kind......I'm in the same boat as the OP.

There is no cost in setting up a WISE account.

Fees for transfers are on a sliding scale. Right now you would pay 5.91 GBP to transfer 1000 GBP, and get 42,436 THB paid into your Thai bank.

[Surelynot]

Just now, chickenslegs said:

There is no cost in setting up a WISE account.

Fees for transfers are on a sliding scale. Right now you would pay 5.91 GBP to transfer 1000 GBP, and get 42,436 THB paid into your Thai bank.

Wow...thanks for that...brilliant.

[KannikaP]

17 minutes ago, PAWNEESE said:

I requested my State Pension to be paid into my UK bank account (but they know I am in Thailand .. I have to prove Im still alive every 2 years). 

I then move money to my Thai bank (Kbank) each month making sure it at least equals the required 65k baht.

Are you saying that your State Pension is over £1500 a month?

[KannikaP]

2 minutes ago, chickenslegs said:

There is no cost in setting up a WISE account.

Fees for transfers are on a sliding scale. Right now you would pay 5.91 GBP to transfer 1000 GBP, and get 42,436 THB paid into your Thai bank.

And as I have said several times previously, with a Wise Borderless account, you can change your GBP into THB several times a month when the rates look favourable, and then simply transfer that THB to your Thai Bank once a month, as an FTT. 

[KannikaP]

18 hours ago, chickenslegs said:

If you have a WISE (Transferwise) account you can set up a regular transfer from your UK account to WISE (UK).

Cut out one step and have your pension(s) paid directly into a Wise GBP account.

[Card]

20 hours ago, KannikaP said:

Your UK State Pension will be paid to wherever you ask them to.

Have it put in a UK Bank and use Wise each month to a Bkk Bank account. It will be classed as a foreign transfer FTT.

I use Wise but as far as I can tell:

1. In order to receive a FET from your Thai bank you have to transfer foreign currency from abroad to your Thai bank. Converting to Thai baht before you transfer is not considered a foreign exchange transfer.

2. Wise does not allow transfer of GB pounds to Thai banks. It first converts to thai baht then transfers. I guess part of its profits come from  the exchange rate.

[sandyf]

19 hours ago, Mosha said:

OK Thanks for the info. 

I used to have my state pension paid direct to my Thai account and it was a good way of doing it at the time.

When brexit came along I had it changed to my UK account and now transfer it each month. This turned out to have been a bit of a bonus when the rules changed on income method for extension. The transfer is consolidated already and with HSBC the fee is only £4, they automatically post a remittance advice to my account which I download and provide to immigration. No concerns over transfer codes.

[KannikaP]

17 minutes ago, Card said:

I use Wise but as far as I can tell:

1. In order to receive a FET from your Thai bank you have to transfer foreign currency from abroad to your Thai bank. Converting to Thai baht before you transfer is not considered a foreign exchange transfer.

2. Wise does not allow transfer of GB pounds to Thai banks. It first converts to thai baht then transfers. I guess part of its profits come from  the exchange rate.

1. I have been doing it for over a year now, converting to THB at various times during a month, and then sending it to my Bkk Bank once a month. It always says FTT in my book and International Transfer on my statement.

2. Correct. Unless you are transferring to a Foreign Currency Account

[flossie35]

My pension is paid to Bangkok Bank London branch, who transfer it to my Chiang Mai branch for 20GBP (was 15). This is cheaper than UK bank would be. There was a problem initially as this was treated as an internal not an international transfer; but the bank sorted this out so now no problem.

Your bank may not have a London branch, of course, in which my experience is not very helpful. 

[Card]

56 minutes ago, KannikaP said:

1. I have been doing it for over a year now, converting to THB at various times during a month, and then sending it to my Bkk Bank once a month. It always says FTT in my book and International Transfer on my statement.

2. Correct. Unless you are transferring to a Foreign Currency Account

Ok but can you obtain a FET form from your bank when you transfer baht to Thailand instead of pounds? I am thinking of using it to transfer funds to buy a condo and an FET will be needed.

[Andycoops]

I am getting mine next year as well but I will continue to have it paid into my Nationwide account the same as my current pension and use Wise as normal to transfer the money into my Thai accounts.

[KannikaP]

3 hours ago, Card said:

Ok but can you obtain a FET form from your bank when you transfer baht to Thailand instead of pounds? I am thinking of using it to transfer funds to buy a condo and an FET will be needed.

Ask at your bank.

[Disparate Dan]

On 3/21/2021 at 1:59 PM, PAWNEESE said:

I have to prove Im still alive every 2 years

Interesting. Anyone have more details? I've been getting a (small, annual) pension for over 10 years but never 'proved' anything and was wondering how long they will pay after I fall from the perch.

[Card]

22 minutes ago, KannikaP said:

Ask at your bank.

Transfering THB from UK to Thailand does not qualify as a FET (Foreign EXCHANGE Transaction) so I very much doubt you could use Wise to make the transfer because if you do a dummy run in Wise, you will see that there is no way to transfer UK pounds abroad except after forex.

[treetops]

23 minutes ago, Card said:

Transfering THB from UK to Thailand does not qualify as a FET (Foreign EXCHANGE Transaction) so I very much doubt you could use Wise to make the transfer because if you do a dummy run in Wise, you will see that there is no way to transfer UK pounds abroad except after forex.

 

Read some of the many threads on here about it, but you're understanding of how Wise works is wrong.  I would wager that maybe as many as half of posters here using the monthly transfer method for visa extensions use Wise and get the required "International Transfer" coding.  Transferwise (as was) even helped facilitate this by adding a choice to the pull down menu showing reason for transfer.

[Card]

9 minutes ago, treetops said:

 

Read some of the many threads on here about it, but you're understanding of how Wise works is wrong.  I would wager that maybe as many as half of posters here using the monthly transfer method for visa extensions use Wise and get the required "International Transfer" coding.  Transferwise (as was) even helped facilitate this by adding a choice to the pull down menu showing reason for transfer.

You have completely misunderstood my comment or not read it carefully. Do you know the difference between an FET and an international transfer? Clearly not.

[treetops]

5 minutes ago, Card said:

You have completely misunderstood my comment or not read it carefully. Do you know the difference between an FET and an international transfer? Clearly not.

 

Apologies.  To clarify for anyone else distracted, Wise transfers, if done correctly, will provide the evidence required by immigration for monthly transfers, whatever it is called.  This includes transfers done within a Wise multi-currency account, from KannikaP's experience above.

[dabhand]

1 hour ago, Card said:

You have completely misunderstood my comment or not read it carefully. Do you know the difference between an FET and an international transfer? Clearly not.

 

Wise address the FET issue in the below link. They are quite open with the fact that sending by swift, rather than via Wise, may be a better option for some customers.

 

https://wise.com/help/articles/2932335/guide-to-thb-transfers

 

Most posters are only trying to assist. Harsh responses tend to put helpful posters off, which benefits no-one. Just saying.......

[sandyf]

17 hours ago, treetops said:

 

Apologies.  To clarify for anyone else distracted, Wise transfers, if done correctly, will provide the evidence required by immigration for monthly transfers, whatever it is called.  This includes transfers done within a Wise multi-currency account, from KannikaP's experience above.

It is my understanding that evidence for immigration need only show funds have originated from outside the country.  I have not seen any requirement that said funds have been exchanged from another currency, so foreign exchange transaction doesn't really come into it.

When I did my last extension in Aug based on income, they did not even ask to see my bankbook, only interested in the 12 month statement and remittance advice from originating bank. I normally send GBP but could just as well be THB.

[Al BB]

On 3/22/2021 at 2:24 PM, Disparate Dan said:

Interesting. Anyone have more details? I've been getting a (small, annual) pension for over 10 years but never 'proved' anything and was wondering how long they will pay after I fall from the perch.

DWP  (UK State Pension) sent me a form to fill out and have my signature witnessed. They attach a list of Suitable persons who bear witness, ( Pharmacist, Policeman,  Solicitor etc, etc). I also have a Private Pension and have had to fill one for that as well. (List attached)

Problem here is no one wants to witness a signature, (I think, THEY think,  they are signing some document that will come back to bite them in the ass) which is not the case.  Of course one has to pay for this and 500 Baht seems to be the going rate.

Is the Pension that you refer to a "State" (DWP) UK Pension ?  List 

Life_Certificate_Witness_Options.pdf

[ubonjoe]

14 minutes ago, Al BB said:

DWP  (UK State Pension) sent me a form to fill out and have my signature witnessed. They attach a list of Suitable persons who bear witness, ( Pharmacist, Policeman,  Solicitor etc, etc). I also have a Private Pension and have had to fill one for that as well. (List attached)

This is the wrong forum for you question.

Info is in this topic on the Home Country forum.

 

[tinca tinca]

On 3/21/2021 at 2:17 PM, KannikaP said:

Are you saying that your State Pension is over £1500 a month?

dont think it can be 1500 per month.....seem high figure !!!

[tinca tinca]

uk state pension is paid via citibank in the states......and is paid every 28 days.....NOT monthly !!!

I have mine paid into kassikron bank and have had no problems.......