A friend of mine just retired have a UK Government pension £400 per month approx,

Can anyone recommend the cheapest way to get the monies to Thailand.

He has a Bangkok Bank and a Nationwide BC account.

Many Thanks,

If he opens a Nationwide Offshore account he could have his pension paid into that in Stirling, he can then transfer funds electronically into Bangkok Bank and get a slightly better rate. It does cost £20 a pop so, if he can afford to do so, it might be better doing two or three months at a time.

My Civil Service pension is paid into my Thai Bank, in Stirling, and I lose about 1 to 2 Baht in the Pound, depending on when they purchase the Baht.

On one months pension he would probably lose out but anything over that he would be in profit.

Not sure if that makes sense, but I know what I mean.

My pension is sent to HSBC, did cost 600baht at a time, I have opted to have it sent quarterly now but have not checked if the charge is based on the amount or per transaction.

Surely this should be in 'General topics', not 'Thailand Travel forum?

Or is it because the money is travelling?

Edited November 29, 200916 yr by davyboy

With the Nationwide "FlexAccount" it was free of THEIR charge to withdraw at an ATM. BUT now there is a small cash withdraw charge. Almost all ATM's have a 150 Baht charge for use of the ATM. I get a better currency rate from the Kasikorn than others so far.

There is "Currencies Direct" that after setting up a Direct Debit will send for free but the rate I got on the 21 November was 51.75 Baht per GBP. The bank's rate at the time was 54.30.

"Foreign Currency Exchange" were charging GBP 8 pounds for each transfer.

Look these up on the internet for details.

I have been told that you can go inside the bank with your Debitcard and Passport provide you have a Thai bank account and get the rate without the ATM 150 charge. This is useful for higher withdaws then you can deposit any surplus into your Thai Bank account

The first thing to say is that if your pension is going to be paid out in Thailand he UK government will freeze any annual increases. 13 expats have taken the UK Government to the European court about this and a judgement is expected in April 2010. The best way to get round this is to have your money paid into a uk account and transfer it to a nationwide flext account, you will get a good market rate and you can use in thailand. Most ATMs will charge you 150 bahts for a withdrawal,but, there is a way round this, go into the Bank with your card and passport and make the withdrawal there for no charge. I did this 3 times in october/november at Bank of Ayudayha? Very helpful, even without a thai for company. Hope that is of help.

The first thing to say is that if your pension is going to be paid out in Thailand he UK government will freeze any annual increases. 13 expats have taken the UK Government to the European court about this and a judgement is expected in April 2010. The best way to get round this is to have your money paid into a uk account and transfer it to a nationwide flext account, you will get a good market rate and you can use in thailand. Most ATMs will charge you 150 bahts for a withdrawal,but, there is a way round this, go into the Bank with your card and passport and make the withdrawal there for no charge. I did this 3 times in october/november at Bank of Ayudayha? Very helpful, even without a thai for company. Hope that is of help.

The Bank of Ayudayha do NOT charge the 150b Foriegn ATM charge, they charge 15b and I use them all the time.

Dave

I have mine paid into my UK Barclays account. At the moment the rate when I take money from the Thai atm is at about 53 baht to the pound, and there is a small fee.

Every so often the bank security stop me withdrawing money, because it is oo-er Thailand. I have to ring for tbem to unlock it. This in spite o the fact I tell them I'm 'permenant'.