Uk Pension Payments.

[Kwasaki]

So far, I tend to agree with "theoldgit" and have my pension paid into Nationwide International I.O.M. and then transfer it over every three months. At £20 a time that would equate to £80 per annum in charges. At least the money will arrive in Thailand in sterling and will get exchanged into Thai Baht at the telex transfer rate.

If I have my pension paid direct then it would be converted into Thai Baht in the UK and this might be lower than the tourist (cash) rate thus losing at least 2-3 baht on each pound against the telex transfer rate.

However, I'm open to all suggestions

Your first point £80 charges a year that's £6.65 a month. ???

Your second point !!! there are a few people on here that have posted and stated they get the going rate of exchange when they receive their monthly pension with no extra charges.

Regards K

[prodriver]

<br />

<br />So far, I tend to agree with "theoldgit" and have my pension paid into Nationwide International I.O.M. and then transfer it over every three months. At £20 a time that would equate to £80 per annum in charges. At least the money will arrive in Thailand in sterling and will get exchanged into Thai Baht at the telex transfer rate. <br /><br />If I have my pension paid direct then it would be converted into Thai Baht in the UK  and this might be lower than the tourist (cash) rate thus losing at least 2-3 baht on each pound against the telex transfer rate. <br />However, I'm open to all suggestions <img src='http://static.thaivisa.com/forum/public/style_emoticons/default/unsure.gif' class='bbc_emoticon' alt='' /> <br />

<br /><br />Your first point £80 charges a year that's £6.65 a month. ???<br /><br />Your second point !!!  there are a few people on here that have posted and stated they get the going rate of exchange when they receive their monthly pension with no extra charges.<br /><br />Regards K<br />

<br /><br /><br />

£80 per annum is if I transferred 4 times a year. Nationwide Int. charge £20 per transaction. If I transferred every month then it would cost £240 per annum.

'DaffyD' states "on a par with the going rate of the day". 'JohnC' states "the same as that quoted on the international market" but which rate are they referring to? Rate offered when converted to Baht before sending to Thailand, rate offered when sent in sterling and converted into Thai Baht once it reaches Thailand (T/T rate)or rate given for banknotes?

CitiBank deal with the transfers but they convert it into baht before sending. Admittedly no fees but it must surely be at a lesser rate than the T/T rate? I would really like to see figures and the date of transaction and then I could compare rates on that day.

Halifax deal looks good but I would have to go to the UK to open an account with them. No thank you!

[Kwasaki]

" prodriver " said :-

So far, I tend to agree with & quote; theoldgit & quote; and have my pension paid into Nationwide International I.O.M. and then transfer it over every three months. At £20 a time that would equate to £80 per annum in charges.

Your first point £80 charges a year that's £6.65 a month.

Your second point !!! there are a few people on here that have posted and stated they get the going rate of exchange when they receive their monthly pension with no extra charges.

" prodriver " reply :-

£80 per annum is if I transferred 4 times a year. Nationwide Int. charge £20 per transaction. If I transferred every month then it would cost £240 per annum.

With repect I disagree because the Nationwide statement I have in front of me now when I used a Thai ATM with my N/W debit flex account card, states :-

Cash withdrawel Date 07 Nov 2010, 13,500 THB + 150THB = 13,650 @ 47.997 rate = £284.39p.

Non UK commission fee 7/11/10 = £5.68p = Non UK cash " wdI " fee £1.00 whatever that is ?? = £6.68p.

Say six times a year at same approx price !!! £6.68 x 6 = £40.08p. I rest my case.

Regards K

[theoldgit]

" prodriver " said :-

So far, I tend to agree with & quote; theoldgit & quote; and have my pension paid into Nationwide International I.O.M. and then transfer it over every three months. At £20 a time that would equate to £80 per annum in charges.

Your first point £80 charges a year that's £6.65 a month.

Your second point !!! there are a few people on here that have posted and stated they get the going rate of exchange when they receive their monthly pension with no extra charges.

" prodriver " reply :-

£80 per annum is if I transferred 4 times a year. Nationwide Int. charge £20 per transaction. If I transferred every month then it would cost £240 per annum.

With repect I disagree because the Nationwide statement I have in front of me now when I used a Thai ATM with my N/W debit flex account card, states :-

Cash withdrawel Date 07 Nov 2010, 13,500 THB + 150THB = 13,650 @ 47.997 rate = £284.39p.

Non UK commission fee 7/11/10 = £5.68p = Non UK cash " wdI " fee £1.00 whatever that is ?? = £6.68p.

Say six times a year at same approx price !!! £6.68 x 6 = £40.08p. I rest my case.

Regards K

All very interesting, but we are not talking about withdrawals from your Nationwide account using your flex account card, we are talking about transfers from Nationwide International in the IOM, where the funds are transferred in Stirling to your Thai bank and transferred into Baht at the higher telex rate.

That said you got a good rate on the example you have given, the Kasikorn telex rate on the day you quote was 47.365.

But this thread is about pensions not ATM withdrawals. My Civil Service pension was paid into my Kasikorn account last month at the rate of a pretty awful 46 Baht to the Pound, though I don't know when they purchased the Baht, the Telex rate on the day it was paid was only slightly better at 46.55, the difference has usually been 1 - 1.5 Baht before so they seem to be getting better, but I will still be better off with my pension being paid into Nationwide Offshore account as the higher exchange rate out weighs the £20 cost of the transaction, and even better off by transferring it every three months or so. When I reach sate retirement age it will make even more of a difference.

I suppose each of us have different set of circumstances, so to each their own.

[Kwasaki]

" prodriver " said :-

So far, I tend to agree with & quote; theoldgit & quote; and have my pension paid into Nationwide International I.O.M. and then transfer it over every three months. At £20 a time that would equate to £80 per annum in charges.

Your first point £80 charges a year that's £6.65 a month.

Your second point !!! there are a few people on here that have posted and stated they get the going rate of exchange when they receive their monthly pension with no extra charges.

" prodriver " reply :-

£80 per annum is if I transferred 4 times a year. Nationwide Int. charge £20 per transaction. If I transferred every month then it would cost £240 per annum.

With respect I disagree because the Nationwide statement I have in front of me now when I used a Thai ATM with my N/W debit flex account card, states :-

Cash withdrawal Date 07 Nov 2010, 13,500 THB + 150THB = 13,650 @ 47.997 rate = £284.39p.

Non UK commission fee 7/11/10 = £5.68p = Non UK cash " wdI " fee £1.00 whatever that is ?? = £6.68p.

Say six times a year at same approx price !!! £6.68 x 6 = £40.08p. I rest my case.

Regards K

All very interesting, but we are not talking about withdrawals from your Nationwide account using your flex account card, we are talking about transfers from Nationwide International in the IOM, where the funds are transferred in Stirling to your Thai bank and transferred into Baht at the higher telex rate.

That said you got a good rate on the example you have given, the Kasikorn telex rate on the day you quote was 47.365.

But this thread is about pensions not ATM withdrawals. My Civil Service pension was paid into my Kasikorn account last month at the rate of a pretty awful 46 Baht to the Pound, though I don't know when they purchased the Baht, the Telex rate on the day it was paid was only slightly better at 46.55, the difference has usually been 1 - 1.5 Baht before so they seem to be getting better, but I will still be better off with my pension being paid into Nationwide Offshore account as the higher exchange rate out weighs the £20 cost of the transaction, and even better off by transferring it every three months or so. When I reach sate retirement age it will make even more of a difference.

I suppose each of us have different set of circumstances, so to each their own.

Yes " oldgit " as usual you are right !! I must apologize and really I am totally wrong, new year, too many beer Changs and my calculation are wrong but thinking through I will still get my pension paid direct into Thailand, I think this will be still the best option for me. Happy new year to you all. Regards K.