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Receiving your UK State Pension direct into you Thai Bank

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A question to all you Brits receiving your UK State Pension direct onto your Thai Bank account .....

I'm trying to work out what exchange rate the company the DWP uses to send the money (City Bank).

Take today - K Bank is showing an exchange rate of 43.55 for "Telegraphic transfers"

(Link - https://www.kasikornbank.com/en/rate/pages/foreign-exchange.aspx?utm_medium=organic_seo&utm_term=kbank!www.kasikornbank.com/en/rate/pages/foreign-exchange.aspx&utm_content=none!www.kasikornbank.com/en/rate/pages/foreign-exchange.aspx&utm_source=google

Whereas on Google, today's exchange rate is shown as 44.04

So, based on your experience, what exchange rate will be used ?

24 minutes ago, properperson said:

A question to all you Brits receiving your UK State Pension direct onto your Thai Bank account .....

I'm trying to work out what exchange rate the company the DWP uses to send the money (City Bank).

Take today - K Bank is showing an exchange rate of 43.55 for "Telegraphic transfers"

(Link - https://www.kasikornbank.com/en/rate/pages/foreign-exchange.aspx?utm_medium=organic_seo&utm_term=kbank!www.kasikornbank.com/en/rate/pages/foreign-exchange.aspx&utm_content=none!www.kasikornbank.com/en/rate/pages/foreign-exchange.aspx&utm_source=google

Whereas on Google, today's exchange rate is shown as 44.04

So, based on your experience, what exchange rate will be used ?

Not sure about the UK but I do receive my pension from Germany in Thai Baht, there is not any mention about the exchange rate used. My guess is that in my case the exchange rate in Germany is used which is not good. But at least there are no foreign bank charges, just 100 Baht local handling fee.

1 hour ago, properperson said:

A question to all you Brits receiving your UK State Pension direct onto your Thai Bank account .....

I'm trying to work out what exchange rate the company the DWP uses to send the money (City Bank).

Take today - K Bank is showing an exchange rate of 43.55 for "Telegraphic transfers"

(Link - https://www.kasikornbank.com/en/rate/pages/foreign-exchange.aspx?utm_medium=organic_seo&utm_term=kbank!www.kasikornbank.com/en/rate/pages/foreign-exchange.aspx&utm_content=none!www.kasikornbank.com/en/rate/pages/foreign-exchange.aspx&utm_source=google

Whereas on Google, today's exchange rate is shown as 44.04

So, based on your experience, what exchange rate will be used ?

44.04 is the mid-rate, if you were to buy THB with GBP you get the "Buy" rate & 43.55 sounds about right exchanging via Citi.

Alternatively you could have it paid into a UK Bank account like Revolut & send the money yourself, website suggests you can get 43.85 https://www.revolut.com/currency-converter/convert-gbp-to-thb-exchange-rate/)

Although there's no fees to do the exchange in APP, there will be a fee when it comes to send this to Thailand (Have just done a test and it would cost 60.08 THB to send 50,000 THB).

NB you can skip the conversion in the UK and send GBP to THB (unfortunately I recently moved all of my GBP into THB so can't tell you what the rate/charges for this would be).

Edited by SamSpade

Unless you are receiving a large amount, and if its a state pension it isnt, does a few points either side really matter that much?

Generally the difference in exchange rates only varies by less than 0.5 baht/£ !!

I can explain it for you - but I can't understand it for you 😀

 

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