UK Pension Payments into Thai Bank Account

[piston broke]

 

Not long now until i phone the pension people to "claim" my pension ....

 

Other posts i've read say the UK government use a third party company, who transfer Thai Baht to your Thai Bank account each month....

 

My question:

 

is there an option to have the money sent to my Thai account each month in GBP ? - My Bank's "TT Rate" looks better than the rates i understand the agency uses (today, K Bank TT rate is 44.40)

 

TIA ....

[scubascuba3]

You won't get 44.4 for buying baht, currently 43.8

[Moonlover]

1 hour ago, piston broke said:

 

Not long now until i phone the pension people to "claim" my pension ....

 

Other posts i've read say the UK government use a third party company, who transfer Thai Baht to your Thai Bank account each month....

 

My question:

 

is there an option to have the money sent to my Thai account each month in GBP ? - My Bank's "TT Rate" looks better than the rates i understand the agency uses (today, K Bank TT rate is 44.40)

 

TIA ....

No you have no options regarding the currency or the exchange rate. DWP uses Citicorp as their paying agent to all foreign banks including Thailand of course. 

 

The rate you get will be the mid market rate on the day of payment less a small charge of around 120 THB and it will be credited to your account 2 working days after your due payment date (public holiday excepted)

 

You will normally be paid 4 weekly in arrears. 

 

Hope you find that useful.

[Jerzy Swirski]

I concur with Moonlover.

 

The exchange rate I get is always better than Bangkok Bank rate for that day

So it works out at a fairly good deal

[piston broke]

2 hours ago, scubascuba3 said:

You won't get 44.4 for buying baht, currently 43.8

 

banks pay more for TT transfers than rocking up with cash - K bank currently paying 44.40

 

Link:

 

https://www.kasikornbank.com/en/rate/pages/foreign-exchange.aspx

[piston broke]

1 hour ago, Moonlover said:

No you have no options regarding the currency or the exchange rate. DWP uses Citicorp as their paying agent to all foreign banks including Thailand of course. 

 

The rate you get will be the mid market rate on the day of payment less a small charge of around 120 THB and it will be credited to your account 2 working days after your due payment date (public holiday excepted)

 

You will normally be paid 4 weekly in arrears. 

 

Hope you find that useful.

+

understood ....

 

thanks for reply ...

[Jeff the Chef]

Just a thought, wait until after the, I think it's 3.1% rise in April, that will then be the most you can get in Thailand.

[treetops]

11 hours ago, piston broke said:

My Bank's "TT Rate" looks better than the rates i understand the agency uses (today, K Bank TT rate is 44.40)

 

8 hours ago, piston broke said:

banks pay more for TT transfers than rocking up with cash - K bank currently paying 44.40

 

Not that it affects your  state pension transfers as explained already, but that's the selling rate - what they will sell you GBP for - you want to look at the buying rate which is what they'll buy your GBP for and give you THB in exchange.  The current rate for that is 43.5 with the sell rate still the 44.4 you saw earlier.

[scubascuba3]

9 hours ago, piston broke said:

 

banks pay more for TT transfers than rocking up with cash - K bank currently paying 44.40

 

Link:

 

https://www.kasikornbank.com/en/rate/pages/foreign-exchange.aspx

You're confused, there are 2 rates you would get 43.06 not 44.63, ones a buying rate one's a selling rate

[piston broke]

6 hours ago, treetops said:

 

 

Not that it affects your  state pension transfers as explained already, but that's the selling rate - what they will sell you GBP for - you want to look at the buying rate which is what they'll buy your GBP for and give you THB in exchange.  The current rate for that is 43.5 with the sell rate still the 44.4 you saw earlier.

 

Got it ! - now you know why i'm renting a 25m2 roon in Nurun Condo ...  lol

[piston broke]

5 hours ago, scubascuba3 said:

You're confused, there are 2 rates you would get 43.06 not 44.63, ones a buying rate one's a selling rate

 

Got it ! - now you know why i'm renting a 25m2 roon in Nurun Condo ...  lol

 

 

[jwest10]

18 hours ago, Jerzy Swirski said:

I concur with Moonlover.

 

The exchange rate I get is always better than Bangkok Bank rate for that day

So it works out at a fairly good deal

Hope you abiding with the rules and frozen for life!!