Canada Pension Direct Deposit Foreign Bank

[Beerburi]

Good afternoon,

I am in the process of applying for my Canada Pension and OAS and I see there is an option to have the funds deposited directly to a foreign bank. Thailand is one of the countries eligible for this option. Are there any Canadian expats on the forum who might have some experience doing this? If so, can you tell me if it is possible to have the funds transferred in CAD rather than THB? The currency field on the online form defaults to THB when I select Thailand as the country in the address field. If it is not possible do they offer a fair exchange rate? Mid market rate possibly?

Thanks,

BB

[gamb00ler]

I have not set up the direct deposit of my Canadian benefits to a Thai bank.  I can't help with any information about receiving CPP/OAS directly to a Thai bank.

 

I just want to make sure that you know about filing a Section 217 Canadian tax return or an NR5 form to see if you can reduce the amount of Canadian tax withheld from your benefits.  If you don't file either of the above tax forms 25% of your benefits will be withheld from any amounts sent to Thailand.

[Beerburi]

Noted, thanks.

[steven.g]

I suggest you use a transfer platform such as WISE to avoid any tax 

[Celsius]

With the exchange rate that;s like 400 baht

[gamb00ler]

5 hours ago, steven.g said:

I suggest you use a transfer platform such as WISE to avoid any tax 

You obviously know little about the subject matter in this topic.

 

The Canada-Thai tax treaty specifies that only Canada has the right to tax Canada Pension and Old Age Supplement.  No need to try and hide any transfers of those funds to Thailand.  Canada will withhold what is determined to be the appropriate tax due before the money ever reaches any financial institution.

[garygooner]

When transferring money from abroad to Bangkok Bank for whatever reason can you just give the 8 digit swift code or does it have to be 11 digits including the specific branch number. 

[Beerburi]

22 hours ago, gamb00ler said:

 Canada will withhold what is determined to be the appropriate tax due before the money ever reaches any financial institution.

This is my understanding as well.

[Beerburi]

On 8/22/2024 at 9:01 AM, steven.g said:

I suggest you use a transfer platform such as WISE to avoid any tax 

Considering Wise as an option, thanks.

[Beerburi]

3 hours ago, garygooner said:

When transferring money from abroad to Bangkok Bank for whatever reason can you just give the 8 digit swift code or does it have to be 11 digits including the specific branch number. 

I cannot comment on Bangkok Bank but my experience with SCB when transferring from abroad they require:  Bank name,  branch address,  Swift Code (8 letters),  name on the account and the account number.  I believe the branch number is the first part of the account number. Not sure if in your case you will require intermediary bank info.

[gamb00ler]

On 8/21/2024 at 2:13 PM, Beerburi said:

The currency field on the online form defaults to THB when I select Thailand as the country in the address field.

I tried to use the downloadable PDF but I could only fill in about half of it and then couldn't proceed.

 

I then tried the online HTML version and when I entered the country as THAILAND the currency was set to THB with no opportunity to change it. I think it is very unlikely that you would be able to receive the transfer in Canadian $$. 

Edited August 23 by gamb00ler

[Beerburi]

18 hours ago, gamb00ler said:

I tried to use the downloadable PDF

The PDF worked fine for me and I was able to backspace through THB and type in CAD. I know it's not likely that CRA will accept it but maybe worth a try.