Paying Uk Government Pension Into Thai Bank

[Daffy D]

As of April HSBC is increasing it's monthly charge, if you have less than 25k in the account, from 20 to 25 pounds, and with the additional % for every ATM withdrawal AND the Thai bank ATM charge AND the collapse of the Pound it's time to get the pension paid directly into my Thai bank and save on some of those costs.

The option for the UK Pension to be paid into a Thai bank is quite recent and before trying to make the change I just wonder if anyone has tried it and did it work?

[fredob43]

I dont know if this is a new thing from the UK, but up untill last year the Britist goverment would not pay any goverment pension into any Thai bank. Private pension's maybe a different matter. More comment's please as it an interesting subject. Well if British.

[Daffy D]

I dont know if this is a new thing from the UK, but up untill last year the Britist goverment would not pay any goverment pension into any Thai bank. Private pension's maybe a different matter. More comment's please as it an interesting subject. Well if British.

You are correct that Thailand was one of the excluded countries but last year it was added to the list and you can now have your UK Government pension paid into a Thai bank.

There was a post some weeks ago of someone trying to get it to work but there was some problem with the bank code or something so don't know if they got it to work eventually.

I don't want to make an application and then find because of administration foul-ups I don't get any payments for several months.

[fredob43]

I dont know if this is a new thing from the UK, but up untill last year the Britist goverment would not pay any goverment pension into any Thai bank. Private pension's maybe a different matter. More comment's please as it an interesting subject. Well if British.

You are correct that Thailand was one of the excluded countries but last year it was added to the list and you can now have your UK Government pension paid into a Thai bank.

There was a post some weeks ago of someone trying to get it to work but there was some problem with the bank code or something so don't know if they got it to work eventually.

I don't want to make an application and then find because of administration foul-ups I don't get any payments for several months.

Thank you, I have my pension paid into my off shore acc, But when on the rare occasion's, Ive had money sent over it alway's go's via BKK to my local branch. It's never been a problem. But TIT so who know's. If you decide to go ahead and it work's out ok a little posting, would help. thank's again for the update.

[lungbing]

I suspect that one problem would be that HMG would use UK bank exchange rates and transfer in Thai baht. 5 minutes ago Thomas Cook were offering baht at 46.08 to the pound, whereas the baht rates here are about 48. And that spread is much closer than normal. It's only a couple of baht per pound, yes, but that must add up when done on a regular basis.

I have my pension paid into a Nationwide Flexaccount at the end of each month. Then early in the new month by standing order I move the pension to a high (misnomer!) interest internet account linked to my Flex account. Once a year I transfer all this back to the Flex account and then SWIFT transfer it over here at a cost of 20 quid. I transfer GB pounds which are converted to Thai baht on arrival. That system has worked for 7 or 8 years now.

The only problem doing it this way is that you have to take the going rate that day, once a year. If you transfer monthly you average out the ups and downs.