Thai baht: Good news for British pensioners in Thailand

[Leaver]

7 hours ago, BritManToo said:

There are no records that show who is outside the UK.

 

Do you truly believe that?  ????

[BritManToo]

8 hours ago, Leaver said:

Do you truly believe that?  ????

Yes I do.

The British government and security forces are incompetent on so many levels.

[nausea]

Let's make a risk assessment:

vs. Maybe the UK government will get its act together.

[Leaver]

7 hours ago, BritManToo said:

Yes I do.

The British government and security forces are incompetent on so many levels.

 

They only have to know a pensioner is outside the UK.  They don't have to know what country the pensioner is in.   

[scubascuba3]

12 minutes ago, Leaver said:

 

They only have to know a pensioner is outside the UK.  They don't have to know what country the pensioner is in.   

I'm not sure they know, remember the issue with them not knowing how many people from the EU are still here as they didn't keep records of them leaving

[Leaver]

23 minutes ago, scubascuba3 said:

I'm not sure they know, remember the issue with them not knowing how many people from the EU are still here as they didn't keep records of them leaving

 

Sure, but I think it will be different under Brexit.  

[OJAS]

On 4/7/2021 at 11:08 AM, Kwasaki said:

How about Thailand making an agreement like the Philippines has.

 

Unfortunately they might well hit a brick wall with UK officialdom (and in particular DWP) like Canada and Australia have done:-☹️

 

https://www.ftadviser.com/pensions/2020/12/16/canada-and-australia-call-for-end-to-unfair-uk-pension-policy/

 

[Kwasaki]

15 minutes ago, OJAS said:

 

Unfortunately they might well hit a brick wall with UK officialdom (and in particular DWP) like Canada and Australia have done:-☹️

 

https://www.ftadviser.com/pensions/2020/12/16/canada-and-australia-call-for-end-to-unfair-uk-pension-policy/

 

I don't think it will ever happen I reckon in time the UK pensions will be done away with. 

Just find it weird that an Asian country like the Philippines has an agreement and not Thailand. 

[BeastOfBodmin]

I don't know if this is off topic...

 

I have a UK, ex-pat, retired friend who lives in Thailand off his UK pension. The pension is paid into a UK bank account and then the funds are transferred to a Thai bank account.

 

I don't have exact numbers at the moment, but I think he is taxed 30% at source and I think he is paying too much tax versus what hew would pay if he was resident in the UK. Also, the way he converts GBP to THB is via his bank so he is probably getting hammered to the tune of 5% versus Wise or Currencyfair, etc.

 

I want to hook him up with an accountant, but I don't know if it is best to find an accountant in the UK or an accountant in Thailand.

 

Does anyone have a similar situation?

 

Do you have any tips to share?

[lodstewart]

1 hour ago, BeastOfBodmin said:

I don't know if this is off topic...

 

I have a UK, ex-pat, retired friend who lives in Thailand off his UK pension. The pension is paid into a UK bank account and then the funds are transferred to a Thai bank account.

 

I don't have exact numbers at the moment, but I think he is taxed 30% at source and I think he is paying too much tax versus what hew would pay if he was resident in the UK. Also, the way he converts GBP to THB is via his bank so he is probably getting hammered to the tune of 5% versus Wise or Currencyfair, etc.

 

I want to hook him up with an accountant, but I don't know if it is best to find an accountant in the UK or an accountant in Thailand.

 

Does anyone have a similar situation?

 

Do you have any tips to share?

are you talking about the UK government pension ? He wouldn't be paying any tax , so a private pension taxed at source is losing him a lot of money as he has to reach the allowance before tax , He can do this himself easily, all the info is online as are the forms   all on the uk gov website, no accountant needed.

[HuskerDo]

On 4/7/2021 at 4:20 AM, salavan said:

If the idiots hadn't voted to leave the EU it would be over 55 baht to the £ now

 

Another "what if". A woulda, coulda, shoulda situation. Why talk about things that are done and over with? You can't change the situation. 

 

What if the doctor hadn't cut that nerve when he was operating on me? What if I still had all my hair? What if all women found me stunningly handsome? What if the idiots hadn't voted to leave the EU? Who cares. It is what it is. You'll have to deal with it.

[scubascuba3]

5 hours ago, BeastOfBodmin said:

I don't know if this is off topic...

 

I have a UK, ex-pat, retired friend who lives in Thailand off his UK pension. The pension is paid into a UK bank account and then the funds are transferred to a Thai bank account.

 

I don't have exact numbers at the moment, but I think he is taxed 30% at source and I think he is paying too much tax versus what hew would pay if he was resident in the UK. Also, the way he converts GBP to THB is via his bank so he is probably getting hammered to the tune of 5% versus Wise or Currencyfair, etc.

 

I want to hook him up with an accountant, but I don't know if it is best to find an accountant in the UK or an accountant in Thailand.

 

Does anyone have a similar situation?

 

Do you have any tips to share?

I agree with the poster above, no accountant needed, you're just bringing in scope for him to pay more money in fees and a dodgy accountant. As well as the tax already mentioned he needs to find out if he can do the transfer himself via Wise, so he needs to look on the relevant website or make a phone call (Skype so its cheap). I appreciate it's not easy if he's one of those elderly expats who get bamboozled by this stuff

[theoldgit]

9 hours ago, BeastOfBodmin said:

I don't have exact numbers at the moment, but I think he is taxed 30% at source and I think he is paying too much tax versus what hew would pay if he was resident in the UK. Also, the way he converts GBP to THB is via his bank so he is probably getting hammered to the tune of 5% versus Wise or Currencyfair, etc.

 

Your friend should be paying income tax at 20% on everything he receives above the Personal Allowance of £12,570, anything over £50,271 would be taxed at 40%, tax would be deducted at source.

 

If your friend receives a State Pension it wouldn't be taxed at source but his PA would be reduced by the same amount meaning that he would pay tax via his main pension provider.

 

Yes, buying Baht in the UK isn't cost effective, though some pension providers will pay pensions directly to a Thai bank at a slightly better rate and without transfer fees.

 

The other option, as has been pointed out, is to continue receiving pensions into his UK bank and then use Wise, or another company, to transfer what he needs every month, or whenever, this method is cost effective if you don't want to transfer all of your pensions evry month. 

[Chivas]

2 hours ago, theoldgit said:

 

Your friend should be paying income tax at 20% on everything he receives above the Personal Allowance of £12,570, anything over £50,271 would be taxed at 40%, tax would be deducted at source.

 

If your friend receives a State Pension it wouldn't be taxed at source but his PA would be reduced by the same amount meaning that he would pay tax via his main pension provider.

 

Yes, buying Baht in the UK isn't cost effective, though some pension providers will pay pensions directly to a Thai bank at a slightly better rate and without transfer fees.

 

The other option, as has been pointed out, is to continue receiving pensions into his UK bank and then use Wise, or another company, to transfer what he needs every month, or whenever, this method is cost effective if you don't want to transfer all of your pensions evry month. 

 

Rare to see accurate posts on exchange rates threads or related subjects....