Jezz Posted January 10, 2009 Share Posted January 10, 2009 I'm planning to have my UK state retirement pension paid into Bangkok Bank, London branch. They offer a pension transfer scheme enabling the pension provider to remit to a special account in London. For a fee of 15 pounds per transaction they transfer up to 600 pounds. Over 600 pounds, plus 0.25% of total. Question - is anybody using this method, or what other options would you suggest? Link to comment Share on other sites More sharing options...
misterman21 Posted January 10, 2009 Share Posted January 10, 2009 I'm planning to have my UK state retirement pension paid into Bangkok Bank, London branch. They offer a pension transfer scheme enabling the pension provider to remit to a special account in London. For a fee of 15 pounds per transaction they transfer up to 600 pounds. Over 600 pounds, plus 0.25% of total.Question - is anybody using this method, or what other options would you suggest? Why not just have it paid into a UK account and use an ATM for withdrawels. Or have it paid into a friends or family members UK account (opened for the sole purpose of the pension) and use the ATM Link to comment Share on other sites More sharing options...
Boo Posted January 10, 2009 Share Posted January 10, 2009 check out the nationwide flex account, no fee for overseas withdrawals Link to comment Share on other sites More sharing options...
Dave the Dude Posted January 10, 2009 Share Posted January 10, 2009 check out the nationwide flex account, no fee for overseas withdrawals As an ex bank manager, I checked out all possibilities and arrived at the same conclusion as Boo. Opening a second Bangkok Bank account in the city did not mean any cost savings in getting at your money, whereas Nationwide fee ATM withdrawals (at a good/fare Ex Rate) are the easiest/cheapest option. I have been doing it for years AND REMEMBER you need a UK address INITIALLY then it can be changed to a Thai one. Dave Link to comment Share on other sites More sharing options...
torrenova Posted January 10, 2009 Share Posted January 10, 2009 And remember not to tell the buggers that you are out of the UK or they will freeze your pension at the rate you leave. Some poor sods in South Africa are getting about £10 a week as that was what it was when they left. I don't care how you get around it. perhaps fly to an EU country first if they are onto the airlines but don't let them screw you over every year as you get older. Personally, I would have it paid into an account and leave it there until you need it or perhaps you don't. You could wait for more favourable FX rates but they could move the other way. It could be used to pay UK bills or £ based insurance policies etc. Even for cash when you go back for a while on holiday etc. Link to comment Share on other sites More sharing options...
dave2 Posted January 10, 2009 Share Posted January 10, 2009 jezz . boo and dave the dude have got this 100 % RIGHT ... ! open a nationwide flex account ( nothing else ) Quickly ! get your pension paid into that account and draw the money from wherever you want there are NO charges to withdraw money through their ATM cards ANYWHERE in the world . f### the bangkok bank ( and all the others ) and their charges enjoy ..... as i do : ) .... dave2 Link to comment Share on other sites More sharing options...
Rinrada Posted January 10, 2009 Share Posted January 10, 2009 jezz .boo and dave the dude have got this 100 % RIGHT ... ! open a nationwide flex account ( nothing else ) Quickly ! get your pension paid into that account and draw the money from wherever you want there are NO charges to withdraw money through their ATM cards ANYWHERE in the world . f### the bangkok bank ( and all the others ) and their charges enjoy ..... as i do : ) .... dave2 Absolutely...CORRECT......... and try and keep some sort of UK address even if its only your grannys dog kennel........ also dont forget to apply for your winters fuel allowance...£250...before you scoot off....gets cold in CM and you only have to do it the once...... finally.....Shush..... Link to comment Share on other sites More sharing options...
JetsetBkk Posted January 10, 2009 Share Posted January 10, 2009 And remember not to tell the buggers that you are out of the UK ... ...and spend the rest of your life worrying about whether they find out. Link to comment Share on other sites More sharing options...
Jezz Posted January 11, 2009 Author Share Posted January 11, 2009 I'm planning to have my UK state retirement pension paid into Bangkok Bank, London branch. They offer a pension transfer scheme enabling the pension provider to remit to a special account in London. For a fee of 15 pounds per transaction they transfer up to 600 pounds. Over 600 pounds, plus 0.25% of total.Question - is anybody using this method, or what other options would you suggest? Why not just have it paid into a UK account and use an ATM for withdrawels. Or have it paid into a friends or family members UK account (opened for the sole purpose of the pension) and use the ATM. Difficult to go the family or friends route. Also am officially non-resident UK but still have a UK bank account because they don't know! However would need someone to activate new debit card every two years and send to Thailand. Hmm! Thanks. Link to comment Share on other sites More sharing options...
Jezz Posted January 11, 2009 Author Share Posted January 11, 2009 check out the nationwide flex account, no fee for overseas withdrawals Makes lot of sense. Thanks Link to comment Share on other sites More sharing options...
Jezz Posted January 11, 2009 Author Share Posted January 11, 2009 check out the nationwide flex account, no fee for overseas withdrawals As an ex bank manager, I checked out all possibilities and arrived at the same conclusion as Boo. Opening a second Bangkok Bank account in the city did not mean any cost savings in getting at your money, whereas Nationwide fee ATM withdrawals (at a good/fare Ex Rate) are the easiest/cheapest option. I have been doing it for years AND REMEMBER you need a UK address INITIALLY then it can be changed to a Thai one. Dave Yes, obviously the wise choice, but I'm not sure I can open a Nationwide account from within Thailand. I'll look more closely. Thanks. Link to comment Share on other sites More sharing options...
Jezz Posted January 11, 2009 Author Share Posted January 11, 2009 And remember not to tell the buggers that you are out of the UK or they will freeze your pension at the rate you leave. Some poor sods in South Africa are getting about £10 a week as that was what it was when they left.I don't care how you get around it. perhaps fly to an EU country first if they are onto the airlines but don't let them screw you over every year as you get older. Personally, I would have it paid into an account and leave it there until you need it or perhaps you don't. You could wait for more favourable FX rates but they could move the other way. It could be used to pay UK bills or £ based insurance policies etc. Even for cash when you go back for a while on holiday etc. You're right! But I'm officially non-resident. That's life! Link to comment Share on other sites More sharing options...
Jezz Posted January 11, 2009 Author Share Posted January 11, 2009 jezz .boo and dave the dude have got this 100 % RIGHT ... ! open a nationwide flex account ( nothing else ) Quickly ! get your pension paid into that account and draw the money from wherever you want there are NO charges to withdraw money through their ATM cards ANYWHERE in the world . f### the bangkok bank ( and all the others ) and their charges enjoy ..... as i do : ) .... dave2 Yep, but as I said to the others, it getting the Nationwide account from Thailand. Link to comment Share on other sites More sharing options...
Jezz Posted January 11, 2009 Author Share Posted January 11, 2009 jezz .boo and dave the dude have got this 100 % RIGHT ... ! open a nationwide flex account ( nothing else ) Quickly ! get your pension paid into that account and draw the money from wherever you want there are NO charges to withdraw money through their ATM cards ANYWHERE in the world . f### the bangkok bank ( and all the others ) and their charges enjoy ..... as i do : ) .... dave2 Absolutely...CORRECT......... and try and keep some sort of UK address even if its only your grannys dog kennel........ also dont forget to apply for your winters fuel allowance...£250...before you scoot off....gets cold in CM and you only have to do it the once...... finally.....Shush..... would be closing the stable door after the horse has bolted! Link to comment Share on other sites More sharing options...
Jezz Posted January 11, 2009 Author Share Posted January 11, 2009 And remember not to tell the buggers that you are out of the UK ... ...and spend the rest of your life worrying about whether they find out. At least I sleep well at night! Link to comment Share on other sites More sharing options...
dave2 Posted January 11, 2009 Share Posted January 11, 2009 rinrada. dont forget to apply for your winters fuel allowance...£250...before you scoot off f # # # .... i missed out on that one ! thats a months rent and ten happy ending massages ive lost every year ! f # # # f # # # f # # # : ( really p # # d off ..... dave2 Link to comment Share on other sites More sharing options...
Dave the Dude Posted January 11, 2009 Share Posted January 11, 2009 Yes, obviously the wise choice, but I'm not sure I can open a Nationwide account from within Thailand. I'll look more closely. Thanks. Hi I needed to provide 2 utility bill relating from a UK address when I opened my a/c in the UK a few years ago. Suggest you browse their website re a/c opening http://nationwide.co.uk/current_account/default.htm Dave Link to comment Share on other sites More sharing options...
prakhonchai nick Posted January 11, 2009 Share Posted January 11, 2009 Yes, obviously the wise choice, but I'm not sure I can open a Nationwide account from within Thailand. I'll look more closely. Thanks. Hi I needed to provide 2 utility bill relating from a UK address when I opened my a/c in the UK a few years ago. Suggest you browse their website re a/c opening http://nationwide.co.uk/current_account/default.htm Dave You could have a trusted family member open a Nationwide Flex A/c, and then forward you the debit card. No problem having your state pension paid into someone elses account. Note that the maximum daily ATM withdrawal in Thailand is £300. (approx 15,500bt) Link to comment Share on other sites More sharing options...
Tafia Posted January 11, 2009 Share Posted January 11, 2009 check out the nationwide flex account, no fee for overseas withdrawals As an ex bank manager, I checked out all possibilities and arrived at the same conclusion as Boo. Opening a second Bangkok Bank account in the city did not mean any cost savings in getting at your money, whereas Nationwide fee ATM withdrawals (at a good/fare Ex Rate) are the easiest/cheapest option. I have been doing it for years AND REMEMBER you need a UK address INITIALLY then it can be changed to a Thai one. Dave Even though you can change to a Thai address after initially opening the account with a UK address. Nationwide inform me they will not post debit or credit cards to Thailand, so you will require some address in the UK who can receive and send your new or replacement cards. Link to comment Share on other sites More sharing options...
JetsetBkk Posted January 11, 2009 Share Posted January 11, 2009 ... Note that the maximum daily ATM withdrawal in Thailand is £300. (approx 15,500bt) I don't think that limit is going to interfere with withdrawing the UK pension in one go... Link to comment Share on other sites More sharing options...
Rinrada Posted January 11, 2009 Share Posted January 11, 2009 Yes, obviously the wise choice, but I'm not sure I can open a Nationwide account from within Thailand. I'll look more closely. Thanks. Hi I needed to provide 2 utility bill relating from a UK address when I opened my a/c in the UK a few years ago. Suggest you browse their website re a/c opening http://nationwide.co.uk/current_account/default.htm Dave You could have a trusted family member open a Nationwide Flex A/c, and then forward you the debit card. No problem having your state pension paid into someone elses account. Note that the maximum daily ATM withdrawal in Thailand is £300. (approx 15,500bt) Between wiffee and me we have 6 accounts with Nationwide...and 2 always remain on LOS...solved. We do all our transfers for Free (and for half of North London T population) Link to comment Share on other sites More sharing options...
thaimate Posted January 12, 2009 Share Posted January 12, 2009 And remember not to tell the buggers that you are out of the UK ... ...and spend the rest of your life worrying about whether they find out. how? there are even guys here claiming the social,which i dont by the way approve of ,but you paid for your pension ,you earned it,dont let them take it away .unless someone phones them and splits on you they wont find out. Link to comment Share on other sites More sharing options...
prakhonchai nick Posted January 12, 2009 Share Posted January 12, 2009 And remember not to tell the buggers that you are out of the UK ... ...and spend the rest of your life worrying about whether they find out. how? there are even guys here claiming the social,which i dont by the way approve of ,but you paid for your pension ,you earned it,dont let them take it away .unless someone phones them and splits on you they wont find out. Don't be so sure! Link to comment Share on other sites More sharing options...
JetsetBkk Posted January 12, 2009 Share Posted January 12, 2009 ...We do all our transfers for Free (and for half of North London T population) Nice one! Link to comment Share on other sites More sharing options...
citizen33 Posted January 12, 2009 Share Posted January 12, 2009 ...We do all our transfers for Free (and for half of North London T population) Nice one! I never heard about the 15.5K limit before. For a long time I have been taking money out with my NW card in 20K portions (often from BKK bank). Just in the last year or so I have noticed some ATMs won't pay this amount out. Perhaps that is the reason. Link to comment Share on other sites More sharing options...
thaimate Posted January 13, 2009 Share Posted January 13, 2009 And remember not to tell the buggers that you are out of the UK ... ...and spend the rest of your life worrying about whether they find out. how? there are even guys here claiming the social,which i dont by the way approve of ,but you paid for your pension ,you earned it,dont let them take it away .unless someone phones them and splits on you they wont find out. Don't be so sure! how will they find out then? the pension that is ,if you have an address in britain.by the way i dont collect mine yet but know many that do . Link to comment Share on other sites More sharing options...
JetsetBkk Posted January 13, 2009 Share Posted January 13, 2009 how will they find out then? the pension that is ,if you have an address in britain.by the way i dont collect mine yet but know many that do . I guess it depends how simple or complicated your finances are and who in the UK knows you are in Thailand. Just how they find out - if you don't tell them - I don't know. But just imagine you've been here five years on an uprated pension and somehow they find out... what are they going to say? "Tut, tut, Mr thaimate. We'll cut your pension by an extra quid a week so you can pay us back in 237 years" OR "No more pension for you for the next x months until we are square, and we'll fine you another x months of pension for being a naughty boy." Doesn't seem worth it to me. Link to comment Share on other sites More sharing options...
prakhonchai nick Posted January 13, 2009 Share Posted January 13, 2009 They do have many ways of checking. I am currently paying back thousands in child tax credit that I legitimately received, having told them my true circumstances. They never asked where my children were, but were able to establish they were here in Thailand via their own systems. The pension application form asks detailed info re any time spent out of the UK other than holidays. To get regular increases you would have to give false answers. The simplest way to avoid being frozen would be to set up a address in the Phillipines, but you would still have to declare on the application that you lived there rather than the UK or Thailand - but it would possibly be harder for them to check. If you did get found out, it would probably result in more than just paying back the extra you received. It could mean a spell in prison if you ever set foot in the UK again. As Jetset says - it isn't worth it. And with low inflation likely for the forseeable future. we're not missing out on too much. Link to comment Share on other sites More sharing options...
thaimate Posted January 14, 2009 Share Posted January 14, 2009 They do have many ways of checking. I am currently paying back thousands in child tax credit that I legitimately received, having told them my true circumstances. They never asked where my children were, but were able to establish they were here in Thailand via their own systems.The pension application form asks detailed info re any time spent out of the UK other than holidays. To get regular increases you would have to give false answers. The simplest way to avoid being frozen would be to set up a address in the Phillipines, but you would still have to declare on the application that you lived there rather than the UK or Thailand - but it would possibly be harder for them to check. If you did get found out, it would probably result in more than just paying back the extra you received. It could mean a spell in prison if you ever set foot in the UK again. As Jetset says - it isn't worth it. And with low inflation likely for the forseeable future. we're not missing out on too much. i just did a quick check ofhow many people were actually caught , how many were prosecuted and how many actually went to prison in the uk for social security fraud . it looks like your on a winner if your cheating the social,as for pension fraud i suppose they lump that in with the other figures. honestly i think the chances of getting caught for anything are slim at the most. Link to comment Share on other sites More sharing options...
prakhonchai nick Posted January 14, 2009 Share Posted January 14, 2009 i just did a quick check ofhow many people were actually caught , how many were prosecuted and how many actually went to prison in the uk for social security fraud . it looks like your on a winner if your cheating the social,as for pension fraud i suppose they lump that in with the other figures.honestly i think the chances of getting caught for anything are slim at the most. I hope you won't be spending your twilight years dreaming of Thailand! Link to comment Share on other sites More sharing options...
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