UK CPS Pension paid directly to Thai Bank....

[vistana]

Having spoken to CPS about how to have my Civil Service pension paid directly in to our Thai bank account, they refered me to a mandate form to complete which says funds will be transferred in Thai Baht to Thailand, but they could not tell me where they get the exchange rate they use from..... Any other UK expats having this done and what exchange rate do you get, compared to if I continue to transfer it myself in pounds sterling and get the exchange rate from Bangkok Bank at the time of the money is received into  our Bangkok Bank account.

[Kwasaki]

1 hour ago, vistana said:

Any other UK expats having this done and what exchange rate do you get,

You being a civil servant I guess your pension exchange rate will use the same as a UK state pension rate which is calculated by Citibank UK.

[vistana]

Kwasaki

 

Thanks for that info.... will take a look at their exchange rates..... 

Regards 

Vistana

[DPKANKAN]

Have it paid into your UK bank account then send it here by transferwise. I do with my UK pensions and it is the best form of transfer arriving in seconds with a pre known rate & fee.????????????????

[Kwasaki]

41 minutes ago, DPKANKAN said:

Have it paid into your UK bank account then send it here by transferwise. I do with my UK pensions and it is the best form of transfer arriving in seconds with a pre known rate & fee.????????????????

May be you like that way but I don't, if you arrange the pension to be paid into your Thai bank and it's arranged by Citibank it's there and nothing to do the rates are the same and my pension rate works out better because "Wise" charges for transferring.

[Golden Triangle]

You could move your pension Into a QUROPS scheme, that's what I did and only pay 2% tax.

[KannikaP]

20 minutes ago, Golden Triangle said:

You could move your pension Into a QUROPS scheme, that's what I did and only pay 2% tax.

Have you gone into the charges involved in a ROPS (formerly QROPS) scheme. And the British Government are really clamping down on which countries you can hold one. A bad idea in my opinion, from experience.

[Kwasaki]

1 hour ago, Golden Triangle said:

You could move your pension Into a QUROPS scheme, that's what I did and only pay 2% tax.

I guess the pension is big so I will bail out,  I only can tell my experience of receiving a UK govt pension directly into my Thai bank a/c..

[Andycoops]

13 hours ago, Kwasaki said:

May be you like that way but I don't, if you arrange the pension to be paid into your Thai bank and it's arranged by Citibank it's there and nothing to do the rates are the same and my pension rate works out better because "Wise" charges for transferring.

Is your Thai bank charging a fee for the transaction?

When I used a UK bank to send money I got charged by the sending and receiving ends.

I use Wise now because you get the live mid market Forex rate and the fee is a fraction of what a UK bank charges.

[steve187]

13 hours ago, Kwasaki said:

May be you like that way but I don't, if you arrange the pension to be paid into your Thai bank and it's arranged by Citibank it's there and nothing to do the rates are the same and my pension rate works out better because "Wise" charges for transferring.

looking at citibank rates today they are 42.46, transferwise (wise) are 43.31, after fees  for a £1000 transfer you would get 43.05, of course the actual rate may be different from the UK pension funds.

[Kwasaki]

2 hours ago, steve187 said:

looking at citibank rates today they are 42.46, transferwise (wise) are 43.31, after fees  for a £1000 transfer you would get 43.05, of course the actual rate may be different from the UK pension funds.

Yeah that's a good call is always the discussion when you compare rates, there was a thread not so long ago, I only know from my UK bank you can get a better rate if you order bigger amounts.

 

I use 'Wise' now that such a company has come into existence and it's a very good way for me to get my private pension money which they will only pay into a UK bank.

 

Whenever I've checked the Citibank UK rate it's never the same as I get with my UK govt pension even when checking different approximate day dates the IPC give the funds to Citibank to distribute.

 

Now rates are reasonable steady the last time I checked it was only because of the ' Wise'  charge I was better of by 56 baht. ????

 

 

 

   

[Kwasaki]

3 hours ago, Andycoops said:

Is your Thai bank charging a fee for the transaction?

When I used a UK bank to send money I got charged by the sending and receiving ends.

I use Wise now because you get the live mid market Forex rate and the fee is a fraction of what a UK bank charges.

See above reply to Steve187  I use 'Wise' for private pensions but not for my UK pension it's more convenient to get it every 4 weeks. 

[Surelynot]

16 hours ago, Golden Triangle said:

You could move your pension Into a QUROPS scheme, that's what I did and only pay 2% tax.

Pretty sure that as he has a Civil Service pension there are no options to avoid tax.......regardless of tax residency, domicile status......Civil Service pensions are always subject to UK tax.

[DPKANKAN]

On 4/13/2021 at 4:24 PM, Kwasaki said:

May be you like that way but I don't, if you arrange the pension to be paid into your Thai bank and it's arranged by Citibank it's there and nothing to do the rates are the same and my pension rate works out better because "Wise" charges for transferring.

Not they are not. That is why I changed it. The banks exchange rate are like airport rates. Cr.p!!????????????????

[KannikaP]

On 4/13/2021 at 3:36 PM, DPKANKAN said:

Have it paid into your UK bank account then send it here by transferwise. I do with my UK pensions and it is the best form of transfer arriving in seconds with a pre known rate & fee.????????????????

Arriving in seconds.....I think not.

[UKresonant]

23 hours ago, Golden Triangle said:

You could move your pension Into a QUROPS scheme, that's what I did and only pay 2% tax.

Principle Civil service pension is not that kind of pension, it will be taxed in the UK, and is covered as tax exempt in Thailand within the Double Taxation treaty (Goverment service). Should the Thai authorities wish tax to be paid for some strange procedure, it should be immediately refunded under the treaty (so said HMRC in 2018..). As the civil service is transferring it for you, the saving in fees and hassle will probably offset any rate concerns. Getting the overseas transfer credit advices may be the issue?

 

Q ROPS are really dangerous for UK folks, one little bit out of place on the regs and they will slap a 55% tax charge on you, even if you had been scammed out all your pension, possible negative pension value from the get go!

[SussexExpat]

My BT pension, ex Civil Service, is transferred into my BKK bank account using Western Union.

[Kwasaki]

51 minutes ago, DPKANKAN said:

Not they are not. That is why I changed it. The banks exchange rate are like airport rates. Cr.p!!????????????????

I do not understand your reasoning, to have my UK Pension money coming every 4 weeks is what I like the loss of any exchange rate is small and not worth bothering about the money just comes and I don't have to do anything.

[DPKANKAN]

19 hours ago, KannikaP said:

Arriving in seconds.....I think not.

Yes it does. Fact!!!????????????????

[KannikaP]

4 minutes ago, DPKANKAN said:

Yes it does. Fact!!!????????????????

Not a 100% fact.

Never had it in over three years, GBP from Wise to Bkk Bank, and more often than not THB from Wise to Bkk Bank. Always 2pm the same day if I do it late night or early morning, but usually 2pm the next day. This has been discussed in previous threads, for some it is almost instant.

Edited April 15, 2021 by KannikaP

[treetops]

1 hour ago, KannikaP said:

Not a 100% fact.

 

Not 100% false either - I and many others have related almost instant transfers.  It can vary on which bank you are sending to and the reason for transfer selected (and maybe more).

[KannikaP]

42 minutes ago, treetops said:

 

Not 100% false either - I and many others have related almost instant transfers.  It can vary on which bank you are sending to and the reason for transfer selected (and maybe more).

Bangkok Bank, and funds for long term stay in Thailand.

Still, I never need an instant transfer anyway.

[treetops]

10 minutes ago, KannikaP said:

Bangkok Bank, and funds for long term stay in Thailand.

Still, I never need an instant transfer anyway.

 

Selecting funds for long term stay in Thailand changes the process and results in the 2:00pm transfer you have seen for Bangkok Bank deposits.

[KannikaP]

1 minute ago, treetops said:

 

Selecting funds for long term stay in Thailand changes the process and results in the 2:00pm transfer you have seen for Bangkok Bank deposits.

Well thank you for that information, which I guess many members did not know, 

[DPKANKAN]

On 4/15/2021 at 12:34 PM, KannikaP said:

Not a 100% fact.

Never had it in over three years, GBP from Wise to Bkk Bank, and more often than not THB from Wise to Bkk Bank. Always 2pm the same day if I do it late night or early morning, but usually 2pm the next day. This has been discussed in previous threads, for some it is almost instant.

Mine comes to my Kasikorn account. The only time it is (or was as I have changed it) delayed was went I sent over 100,000 and it went to my account, via BKK Bank!!!????????????????

[izod10]

On 4/15/2021 at 12:30 PM, DPKANKAN said:

Yes it does. Fact!!!????????????????

5 secs yesterday