poppysdad Posted November 19, 2022 Share Posted November 19, 2022 It seems that after a great many loyal years with Santander that I might well have to find a new bank for my uk pensions to be paid into as they’re checking up on me to see if I comply with the current banking rules and the decision is still to be made by them. Up to now everything has worked perfectly for both parties so why do they suddenly want to change things, anyway. I’ve done a search on the forum and found some useful info but was wondering if I can use Wise both as my bank and for transfers as I’ve been with them almost since they started for my transfers to my Bangkok Bank account. So my question is can I simply have my pensions paid into my Wise account and has anyone done so and is it working out well. 1 1 Link to comment Share on other sites More sharing options...
scubascuba3 Posted November 19, 2022 Share Posted November 19, 2022 For Santander is your address Thailand? Link to comment Share on other sites More sharing options...
Popular Post KannikaP Posted November 19, 2022 Popular Post Share Posted November 19, 2022 (edited) I can't see why not as the Wise account has a 'normal' sort code and account number.. My Pension is paid into my UK bank account which I then transfer immediately to Wise GBP account, and convert to THB if & when the rate is good. Got it at 44 last week or so but now back down to 42.5. I would like to tell DWP to pay directly into my Wise, but it has worked fine like this for many years, so I think I shall let sleeping dogs lie. Edited November 19, 2022 by KannikaP 6 Link to comment Share on other sites More sharing options...
lopburi3 Posted November 19, 2022 Share Posted November 19, 2022 Suspect it depends on your country - for USA they highly advertise doing so (all information is provided including physical address). But as long as have another bank account working suspect best to continue and only use as an option in case needed. Easy enough to transfer into Wise account as needed. 1 Link to comment Share on other sites More sharing options...
Popular Post Tom H Posted November 19, 2022 Popular Post Share Posted November 19, 2022 (edited) wise is not a bank. therefore the money is not secured with any funds. have fun when you have an issue with them.:) Dont park too much money there. just use it as transfer machine. Edited November 19, 2022 by Tom H 7 1 4 Link to comment Share on other sites More sharing options...
Popular Post lopburi3 Posted November 19, 2022 Popular Post Share Posted November 19, 2022 4 minutes ago, Tom H said: wise is not a bank. therefore the money is not secured with any funds. have fun when you have an issue with them.:) Dont park too much money there. just use it as transfer machine. They are not a bank but the funds are held in escrow so unless total failure not much real risk. But as said not a place to park our suspected/expected millions if we actually have it. 2 1 1 Link to comment Share on other sites More sharing options...
Popular Post poppysdad Posted November 19, 2022 Author Popular Post Share Posted November 19, 2022 But my main problem is if Santander close my account which is what they suggest will happen if I haven’t passed their criteria then I need a bank account to have my pensions paid into in the first place. If I can have them paid into Wise I can transfer into my Bangkok Bank account as soon as they are paid into my Wise account minimising any risk of a Wise problem. Scubascuba3, I have never hidden the fact that I live in Thailand from them in the 16 years I’ve lived here and in fact they send me sms on my Thai mobile from time to time for security reasons although I do have a uk accommodation address for most things. When I go to the online bank site I never use a vpn so they would have always been able to check where I was if the wanted to. Was I just a random check victim because it does seem strange why now the checking on me. 4 Link to comment Share on other sites More sharing options...
Harveyboy Posted November 19, 2022 Share Posted November 19, 2022 (edited) 31 minutes ago, KannikaP said: I can't see why not as the Wise account has a 'normal' sort code and account number.. My Pension is paid into my UK bank account which I then transfer immediately to Wise GBP account, and convert to THB if & when the rate is good. Got it at 44 last week or so but now back down to 42.5. I would like to tell DWP to pay directly into my Wise, but it has worked fine like this for many years, so I think I shall let sleeping dogs lie. same here I have my pension paid directly into wise from France but my UK into UK account then transfer it as and when rate is good ..I'm registered as living in Thailand Edited November 19, 2022 by Harveyboy error 1 Link to comment Share on other sites More sharing options...
foreverlomsak Posted November 19, 2022 Share Posted November 19, 2022 your pensions may or may not be paid into your Wise account depends on pension provider, in my case neither of my 2 pension providers were prepared to deposit into my Wise account - reason given by one was that Wise is not a bank it is a financial institution therefore not secure. Good luck 2 Link to comment Share on other sites More sharing options...
scubascuba3 Posted November 19, 2022 Share Posted November 19, 2022 2 hours ago, poppysdad said: Scubascuba3, I have never hidden the fact that I live in Thailand from them in the 16 years I’ve lived here and in fact they send me sms on my Thai mobile from time to time for security reasons although I do have a uk accommodation address for most things. When I go to the online bank site I never use a vpn so they would have always been able to check where I was if the wanted to. Was I just a random check victim because it does seem strange why now the checking on me. I imagine like other banks they may be slowly closing accounts with a foreign address, that's why it's best to keep a UK address if possible. Wise will work fine for you though, if i closed my Santander account i would open a Wise £ account, fine for pension transfers 1 Link to comment Share on other sites More sharing options...
RedArmy Posted November 19, 2022 Share Posted November 19, 2022 Open yourself up a "Starling" account as a quick back up plan - Can be opened up easy on line if you have a UK address. Pension - Starling - Wise - Bangkok Bank. 1 Link to comment Share on other sites More sharing options...
Popular Post billd766 Posted November 19, 2022 Popular Post Share Posted November 19, 2022 3 hours ago, foreverlomsak said: your pensions may or may not be paid into your Wise account depends on pension provider, in my case neither of my 2 pension providers were prepared to deposit into my Wise account - reason given by one was that Wise is not a bank it is a financial institution therefore not secure. Good luck I have my State, Military and Company pensions paid directly into my Wise borderless account and then transfer the funds to Thailand. All my pension providers were quite happy to pay into my Wise account for over 3 years now and they, plus Wise know that I live in Thailand. Wise notify me by my email, also registered with them, every time a provider makes a payment, and I simply make the transfer using internet banking on my desktop pc. 3 2 Link to comment Share on other sites More sharing options...
nickmondo Posted November 19, 2022 Share Posted November 19, 2022 5 hours ago, KannikaP said: I can't see why not as the Wise account has a 'normal' sort code and account number.. My Pension is paid into my UK bank account which I then transfer immediately to Wise GBP account, and convert to THB if & when the rate is good. Got it at 44 last week or so but now back down to 42.5. I would like to tell DWP to pay directly into my Wise, but it has worked fine like this for many years, so I think I shall let sleeping dogs lie. did you tell DWP that you live in Thailand? ie, do you get the yearly increases for your Pension or set at the level when you retired? interested because I get mine in January next year, and dont know to tell them I am in Thailand or not. 1 Link to comment Share on other sites More sharing options...
nickmondo Posted November 19, 2022 Share Posted November 19, 2022 9 minutes ago, billd766 said: I have my State, Military and Company pensions paid directly into my Wise borderless account and then transfer the funds to Thailand. All my pension providers were quite happy to pay into my Wise account for over 3 years now and they, plus Wise know that I live in Thailand. Wise notify me by my email, also registered with them, every time a provider makes a payment, and I simply make the transfer using internet banking on my desktop pc. did you declare to the state pension that you live in Thailand? 1 1 Link to comment Share on other sites More sharing options...
Popular Post KannikaP Posted November 19, 2022 Popular Post Share Posted November 19, 2022 1 minute ago, nickmondo said: did you tell DWP that you live in Thailand? ie, do you get the yearly increases for your Pension or set at the level when you retired? interested because I get mine in January next year, and dont know to tell them I am in Thailand or not. No, and Yes., and Don't. 1 2 Link to comment Share on other sites More sharing options...
nickmondo Posted November 19, 2022 Share Posted November 19, 2022 4 hours ago, Harveyboy said: same here I have my pension paid directly into wise from France but my UK into UK account then transfer it as and when rate is good ..I'm registered as living in Thailand so you dont get the increases each year with the UK state pension? Link to comment Share on other sites More sharing options...
billd766 Posted November 19, 2022 Share Posted November 19, 2022 (edited) 5 minutes ago, nickmondo said: did you declare to the state pension that you live in Thailand? Yes I did back in 2009 before I received it, and now I am a frozen pensioner. Edited November 19, 2022 by billd766 added extra text Link to comment Share on other sites More sharing options...
Seppius Posted November 19, 2022 Share Posted November 19, 2022 4 hours ago, poppysdad said: But my main problem is if Santander close my account which is what they suggest will happen if I haven’t passed their criteria then I need a bank account to have my pensions paid into in the first place. If I can have them paid into Wise I can transfer into my Bangkok Bank account as soon as they are paid into my Wise account minimising any risk of a Wise problem. Scubascuba3, I have never hidden the fact that I live in Thailand from them in the 16 years I’ve lived here and in fact they send me sms on my Thai mobile from time to time for security reasons although I do have a uk accommodation address for most things. When I go to the online bank site I never use a vpn so they would have always been able to check where I was if the wanted to. Was I just a random check victim because it does seem strange why now the checking on me. What is the issue with Santander? I have my pension paid into them, no problems so far, I still have a UK address 1 Link to comment Share on other sites More sharing options...
Expat68 Posted November 19, 2022 Share Posted November 19, 2022 Have you tried HSBC? Before I moved to Thailand I opened an account with them, never had any problems Link to comment Share on other sites More sharing options...
Popular Post RedArmy Posted November 19, 2022 Popular Post Share Posted November 19, 2022 20 minutes ago, nickmondo said: did you tell DWP that you live in Thailand? Tell them SFA 3 1 3 Link to comment Share on other sites More sharing options...
Popular Post Greenhill Posted November 19, 2022 Popular Post Share Posted November 19, 2022 56 minutes ago, KannikaP said: No, and Yes., and Don't. Anyone who doesn't tell DWP that they live abroad is committing fraud - sorry!!!! 1 4 Link to comment Share on other sites More sharing options...
theoldgit Posted November 19, 2022 Share Posted November 19, 2022 5 hours ago, poppysdad said: If I can have them paid into Wise I can transfer into my Bangkok Bank account as soon as they are paid into my Wise account minimising any risk of a Wise problem Have you considered this option? How to receive payments from a UK-based state/private pension provider or company. https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/Transfer-money-from-UK-to-Thailand-via-London-Branch Link to comment Share on other sites More sharing options...
Popular Post KannikaP Posted November 19, 2022 Popular Post Share Posted November 19, 2022 16 minutes ago, theoldgit said: Have you considered this option? How to receive payments from a UK-based state/private pension provider or company. https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/Transfer-money-from-UK-to-Thailand-via-London-Branch I'll stick with Wise! 3 Link to comment Share on other sites More sharing options...
Popular Post Surasak Posted November 19, 2022 Popular Post Share Posted November 19, 2022 23 minutes ago, Greenhill said: Anyone who doesn't tell DWP that they live abroad is committing fraud - sorry!!!! Yes they are, but what the eye doesn't see the heart can't grieve over. Three wise monkeys and all that. 2 1 Link to comment Share on other sites More sharing options...
chang50 Posted November 19, 2022 Share Posted November 19, 2022 I get both my UK state pension and a company pension paid into Wise with zero problems so far.I am also one of those mugs or honest ones depending on your moral compass who has told the DWP I live in Thailand. 1 Link to comment Share on other sites More sharing options...
Popular Post billd766 Posted November 19, 2022 Popular Post Share Posted November 19, 2022 1 hour ago, KannikaP said: I'll stick with Wise! Wise has a better Forex rate than Bangkok Bank. 1 1 1 Link to comment Share on other sites More sharing options...
Raphael Hythlodaeus Posted November 19, 2022 Share Posted November 19, 2022 I was in the same position with the ridiculous KYC requirements required by Santander Offshore. So my UK pension is now paid into my WISE account, no problem. I did not close the Santander account, but since there is no minimum balance required with them, I reduced the balance to just £1. If they ask for onerous KYC details I will just ignore them. WISE also has the advantage that (if you wish) you can exchange the GBP to THB in the account and transfer the funds in THB to Thailand. In that way avoiding the incoming foreign exchange charge (up to THB 500) charged by Thai banks. Of course, that option would only apply (I guess) if you do not need transfers in GBP to show the IO the income requirement to extend the Visa. I use the BHT 800k deposit method. 1 Link to comment Share on other sites More sharing options...
KannikaP Posted November 19, 2022 Share Posted November 19, 2022 (edited) 22 minutes ago, Raphael Hythlodaeus said: Of course, that option would only apply (I guess) if you do not need transfers in GBP to show the IO the income requirement to extend the Visa. I use the BHT 800k deposit method. Good way to do it. Even transferring from Wise THB account to Bkk Bank arrives as an FTT, so Mr IO is happy. I use the Combination Method ie 50k per month = 600k, plus 200k in the bank = 800k. My IO accepts it no problem, and I (sorry SHE) can spend the 50k every month. Edited November 19, 2022 by KannikaP 1 1 Link to comment Share on other sites More sharing options...
DPKANKAN Posted November 19, 2022 Share Posted November 19, 2022 You can have a bank account with Twise. I had to set one up for my 82 year old friend here when his UK bank closed his account and he could not return to the UK to open another one. It was the London branch where my transfers go through. Changed his pension funds to be paid in to it and he is notified by them when any money goes in. They were very helpful and sorted pretty quickly. 1 Link to comment Share on other sites More sharing options...
Popular Post NoshowJones Posted November 19, 2022 Popular Post Share Posted November 19, 2022 3 hours ago, Greenhill said: Anyone who doesn't tell DWP that they live abroad is committing fraud - sorry!!!! I would say it is the UK government who are committing the fraud. 1 1 1 3 1 Link to comment Share on other sites More sharing options...
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