Pension Paid Into Thai Bank Account

[phutoie2]

My UK pension provider will now pay my monthly pension into my Thai Bank Account using something called an Overseas Direct Credit Transfer. They will use Citi Group/Bank.

What is not clear in their letter to myself is; will they send the amount per month in Sterling and will it be converted to Thai Baht once in Thailand or do they send Thai Baht from London??.

I have spoken to my pension administrator and wait for this___

' Well Mr-----, if you lived in France, they would send you French Franc's.

Another insight into the UK educational system.!!

I have been on Citi Banks website, a lot of stuff on Swifts but could not find the info I really need.

[Tafia]

My UK pension provider will now pay my monthly pension into my Thai Bank Account using something called an Overseas Direct Credit Transfer. They will use Citi Group/Bank.

What is not clear in their letter to myself is; will they send the amount per month in Sterling and will it be converted to Thai Baht once in Thailand or do they send Thai Baht from London??.

I have spoken to my pension administrator and wait for this___

' Well Mr-----, if you lived in France, they would send you French Franc's.

Another insight into the UK educational system.!!

I have been on Citi Banks website, a lot of stuff on Swifts but could not find the info I really need.

That wouldnt be much help as France now uses the Euro; I have been looking into this myself with a civil service pension and as far as I know they will send it in the currency of the country you reside whether I can get them to send stirling remains to be seen, I see a loss of funds if sent in baht. Would be interested to know how you get on.

[theoldgit]

I am in receipt of a Civil Service pension and have just started having it paid into my Thai bank, I no longer have a UK address and have had to give up my UK bank account.

The Civil Service pension is converted into Baht a few days before my pension is due and the Thai Baht credited on my account, so far on the due date. I was a bit worried about the conversion rate, but the rate equalled the telex transfer rate.

[phutoie2]

Thanks for the input so far chaps, I did not want to give too much away, a I am indeed one of those lucky enough to be awarded a Government Service Pension at quite an early age.

I have also cut my ties with the UK and have no permanent address back there. My Thai bank account provides all I need to live comfortably within Thailand and I have no commitments within the UK re- paying of DD's/STO's etc.

As a long standing member of the Nationwide BS, I have either withdrawn cash from ATM'S - charge free or received extra funds via Swift these last 4 years.

Having the pension paid directly into my Bangkok Bank account would mean less reliance on using my NW account, though I do have ISA & E- Bonds, now both paying a much reduced income.

Anyway I have initially signed up to this and will await what exchange rate and perhaps fee's from BKB.

Tafia, did not the Euro recently celebrate its 10th anniversary???, would you not expect trained staff at a customer service centre to at least have a handle on Geography/Currency?- perhaps not!.

[Tafia]

Thanks for the input so far chaps, I did not want to give too much away, a I am indeed one of those lucky enough to be awarded a Government Service Pension at quite an early age.

I have also cut my ties with the UK and have no permanent address back there. My Thai bank account provides all I need to live comfortably within Thailand and I have no commitments within the UK re- paying of DD's/STO's etc.

As a long standing member of the Nationwide BS, I have either withdrawn cash from ATM'S - charge free or received extra funds via Swift these last 4 years.

Having the pension paid directly into my Bangkok Bank account would mean less reliance on using my NW account, though I do have ISA & E- Bonds, now both paying a much reduced income.

Anyway I have initially signed up to this and will await what exchange rate and perhaps fee's from BKB.

Tafia, did not the Euro recently celebrate its 10th anniversary???, would you not expect trained staff at a customer service centre to at least have a handle on Geography/Currency?- perhaps not!.

I would!! But then on second thoughts it may be asking quite a bit.........

Capita are my providers, and as Thailand isnt listed with them they say they will do a swift transfer...am waiting to their reply to see if this is in stirling, tho am assuming as you guys are also civil service pensions Capita may be your provider too??

Edited April 29, 2009 by Tafia

[theoldgit]

Capita are my providers, and as Thailand isnt listed with them they say they will do a swift transfer...am waiting to their reply to see if this is in stirling, tho am assuming as you guys are also civil service pensions Capita may be your provider too??

Capita send it in Thai Baht, via Nat West, I understand they purchase the Baht a few days before payment is due, my pension a couple of weeks ago was at the rate of 51.25, not too bad in the current climate, but could be a lot better, it reached my account on the due date - least I got the 5% increase.

[PattayaParent]

I am in receipt of a Civil Service pension and have just started having it paid into my Thai bank, I no longer have a UK address and have had to give up my UK bank account.

It's possible to open a bank account offshore in Channel Islands / Isle of Man with a Thai address.

[JohnC]

It would be interesting to know what the final charges were from your provider for paying into a Thai bank account, that plus the exchange rate could be considerable added up over a year. I am in a similar situation but so far have refrained from having my pension paid direct to my Bangkok Bank for these reasons. With the new introduced Thai Banks 150baht atm withdrawal charge for foreign credit/debit cards plus nationwide 1% charge from 1st July it may well be cheaper going down the direct payment to my thai bank. I will monitor this for a couple of months and see how it pans out.

[theoldgit]

My pension provider do not make any charges for paying my pension into my Thai Bank, I took the decision to do this because I had to give up my UK account because I have no UK address. My old bank charged £9.50 to transfer sterling online, or a 2.75% charge plus £1.50 for an atm transaction plus the new 150 Baht fee.

I had thought about opening an offshore account, but I still need to pay to transfer funds as I need them, though I might consider that when I become eligible for my state retirement pension, as they will not pay that into a Thai bank, only send a cheque.

[phutoie2]

Yes the recent ATM charge from Thai Banks and Nationwide's introduction of the 1% withdrawal fee were certainly part of my thinking, plus the costs of Swifts when required.

Recently I just find it convenient to use my Bangkok Bank. I have a BE1st card and find I am using it more & more, in Tesco's/filling up the motor in the towns garage, paying hotel bills etc.

My pension was acquired through a long slog in HM forces, the provider is Xafinity Paymaster and generally they are quite good. P60's, annual newsletters are sent over to my home address in Thailand, in fact they first wrote to myself last October about the overseas pension credit.

Citi-bank charge a monthly fee of 2:74 GBP and from what I have read from Bangkok Banks website there may be a fee of 200 Baht monthly charge.

Will give it a go and monitor the situation.

My nearest neighbour - has a different approach, he Swifts over an amount he feels he requires for the year to his Thai account via HSBC so just pays a one off fee.

[Tafia]

Capita are my providers, and as Thailand isnt listed with them they say they will do a swift transfer...am waiting to their reply to see if this is in stirling, tho am assuming as you guys are also civil service pensions Capita may be your provider too??

Capita send it in Thai Baht, via Nat West, I understand they purchase the Baht a few days before payment is due, my pension a couple of weeks ago was at the rate of 51.25, not too bad in the current climate, but could be a lot better, it reached my account on the due date - least I got the 5% increase.

As you say 51.25 wouldnt be far off the mark at the rate these days, wonder whether thats more luck than judgement?? or is there a policy to get it as near as the onshore rate??

Were there any charges via Nat West or this end?

I also see the advantages of satisfying Immigration with regular deposits this way.

I will watch with interest and monitor for a while and see what answers Capita send.

Yep 5% cannot complain at that God Bless the CC and index linked pensions!!

[Tafia]

I am in receipt of a Civil Service pension and have just started having it paid into my Thai bank, I no longer have a UK address and have had to give up my UK bank account.

It's possible to open a bank account offshore in Channel Islands / Isle of Man with a Thai address.

I think it can be done I have been looking at Nationwides off shore there are a couple of requirements try their website, they sent details by post when I requested them so Im sure theres a way.

No doubt theres someone on here who will let us know for sure and how to go about it.

[macb]

I have just been searching within the banking sector on Pensions and this seems to be the Topic to re-vitalise.

My Pension Provider about 2 years ago were using RBS to move pensions around. when I asked if I could have my pension paid into my Thai bank account the reply was RBS do not have this facility, I recently sent another request to my Civil Service Pension provider about this facility by email but no reply as yet, I would be much more convenient to me to have money p[aid into Thailand instead of using a proxy UK address and having to have third parties send new cards every three years .

[theoldgit]

I have just been searching within the banking sector on Pensions and this seems to be the Topic to re-vitalise.

My Pension Provider about 2 years ago were using RBS to move pensions around. when I asked if I could have my pension paid into my Thai bank account the reply was RBS do not have this facility, I recently sent another request to my Civil Service Pension provider about this facility by email but no reply as yet, I would be much more convenient to me to have money p[aid into Thailand instead of using a proxy UK address and having to have third parties send new cards every three years .

You will see from my earlier posts that Capita, my Civil Service Pension payer, will, and do pay directly into a Thai Bank. I have been receiving my pension into my Thai bank for a few months and it's credited the same day. The pension is paid in Thai Baht and so far is pretty much on the mark. There is no charge from Capita or the Natwest, their bankers, but I think I pay about 100 Baht this end.

When it comes to my state pension in a few years they will only send a Stirling cheque, but they have confirmed that they will pay into an offshore account in the IOM or Chanel Islands, and you can open a Nationwide Offshore Account online, though you have to send them certified documentary evidence, or pop into a Nationwide in the UK.

I personally will monitor the rate it's paid over the next couple of years and could possibly arrange to pay both pensions into a IOM account, though I have to say that having it paid directly is very convienient.