Paying U K State Pension Directly Into Thai Bank

[theoldgit]

Could anybody who is having their UK State Pension paid directly into their Thai Bank advise how competitive the Baht rate that they actually receive is.

I realise that the UK authorities insist on buying Baht in the UK and the rate varies day by day, but an indicitive rate would be helpful.

Thanks

[thaimate]

Forget it ,you will lose out big time.

[ianguygil]

You can transfer to Bangkok Bank via our branch in London.

Please follow this link for instructions

http://www.bangkokba...%20pension.aspx

Edited July 5, 2011 by ianguygil

[Penkoprod]

The selling rate, GBP to THB is currently 47.10 (Thomas Cook)

Plus any service charge levied

The Bangkok Bank mentioned above charge £15 to send THB (probably at the rate of around 47) or £20 to send Sterling

Penkoprod

[theoldgit]

Forget it ,you will lose out big time.

Thanks, but I was hoping for a more factual reply, i.e. does anybody actually have their UK State Pension paid directly into their Thai bank account, and if so how does the rate compare?

I no longer have a UK bank account and as I live in Thailand I am not able to open one, the pension authorities will pay into a Thai bank, but only in Baht.

Obviously just forgetting it isn't an option, my pension isn't going to be a great amount, about £87 per week after tax, but every little bit helps.

Thanks for the details of the Bangkok Bank service 'ianguygil' that's certainly an option worth considering, looks like it wouldn't be cost effective just for my state pension, the transmission fee would probably wipe out any savings, but I also receive a retirement pension from my employers, which would probably make it cost effective, this is why I really need an indicative rate to enable me to make a comparison.

Could you answer me one thing 'ianguygil' my private pension and employers pension will be paid on different days of the month, I'm assuming they would be forwarded automatically, each having their own fee, and there would be no way I could control transfers so they were lumped together.

Thanks all for your replies so far.

[NorfolkBoy]

Hi

It is not true that as a UK non resident you are unable to open a UK Bank Account. I previously opened an account with LloydsTSB while resident here in Thailand. However as they have recently imposed a 20GBP a month charge I have in the past two months opened an account with the CO 0p Bank on Guernsy and have found their service to be excellent.

You can rhen either get them to make a wire transfer for 13 pounds or use withdrawals via an ATM.

Norfolkboy

[JAS21]

So firstly have you tried to open a UK Bank account. Have you asked them if you can open just a saving account and operate it electronically. The other option is to get a family member or good friend to bank the pension for you OR open an acount in their name but give you the details to operate it.

It is going to be very costly doing it the way that you are describing. Don't you have a trusted friend here who would say bank three months worth for you and then transfer it into your account here.

[theoldgit]

^^^^^

Thanks for that, I was advised that I needed to be a UK resident to open a bog standard account.

It's worth knowing about the Co-Op Bank in Guernsey. The other option I'm looking at is the Nationwide in the IOM, I can certainly open that one from from Thailand, bit of hassle but it can be done, both my pensions can be paid into that account and I can transfer online to suit me at £20 a pop.

With the Nationwide account I was seeing if there was any way I could draw Stirling if I was on holiday in the UK to save the double transaction fees, it was the Nationwide who said the only way I could do this is with a UK account and to get one I would need to be resident in the UK.

[JohnC]

I have a UK war pension which is paid by the government, I transferred it to direct payment into my Bangkok Bank account last year, the payment last month equalled 48.53baht to the pound, the international exchange rate shown by Bangkok Bank that day was 48.68 therefore for every pound, which means it cost 15baht per hundred pounds. Compare that to my Uk bank (Nationwide) which charges 2% plus one pound for every foreign withdrawal it would cost me three pounds or 146baht to withdraw my pension! plus any Thai atm charges! SWIFT transfer from Nationwide is currently 25 pounds!

The only downside is of course the time lapse between my pension hitting the government's preferred transfer bank (citibank) and it reaching my Bangkok Bank which is two days!

On the subject of the UK state pension it currently stands at 102 pounds if fully paid up that is 30 years contributions but of course added to that is any SERPS or GP contributions you may have made during your working life, in addition you also get your annual tax allowance which for over 65s is 9900 pounds so effectively you will pay no tax on your pension as you allowance is set against this with any other income taxed with the balance of your allowance.

I have already decided to have my state pension paid into the same account next year as I have found it much less hassle and cheaper to do this, I have also signed up for internet banking with the bangkok bank which means I can pay bills and top up my mobile from home!

[pontious]

Hi

It is not true that as a UK non resident you are unable to open a UK Bank Account. I previously opened an account with LloydsTSB while resident here in Thailand. However as they have recently imposed a 20GBP a month charge I have in the past two months opened an account with the CO 0p Bank on Guernsy and have found their service to be excellent.

You can rhen either get them to make a wire transfer for 13 pounds or use withdrawals via an ATM.

Norfolkboy

1. Guernsy banks are offshore banks

2. What residential address did you put on opening a Lloyds / Tsb account? Assuming it was a UK mainland bank account.? not offshore IOM etc

.

[nontabury]

[On the subject of the UK state pension it currently stands at 102 pounds if fully paid up that is 30 years contributions but of course added to that is any SERPS or GP contributions you may have made during your working life, in addition you also get your annual tax allowance which for over 65s is 9900 pounds so effectively you will pay no tax on your pension as you allowance is set against this with any other income taxed with the balance of your allowance.

I have already decided to have my state pension paid into the same account next year as I have found it much less hassle and cheaper to do this, I have also signed up for internet banking with the bangkok bank which means I can pay bills and top up my mobile from home!

I've been receiving my state pension direct into my Thai bank a/c for the last 18months,always seems to be a better rate than quoted by Siam Commercial,always on time.

Unfortunately I paid 44yrs contributions,but do not receive 102 pounds,and of course,because I was honest(stupid) in informing the UK autorities that I am no longer resident in the UK, I will never receive an increase in my UK pension. My contributions have possible gone to support some benifit cheat who has never paid into the system.

[aurelius]

<br />

<br />Forget it ,you will lose out big time.  

<br /><br />Thanks, but I was hoping for a more factual reply, i.e. does anybody actually have their UK State Pension paid directly into their Thai bank account, and if so how does the rate compare?<br /><br />I no longer have a UK bank account and as I live in Thailand I am not able to open one, the pension authorities will pay into a Thai bank, but only in Baht. <br /><br />Obviously just forgetting it isn't an option, my pension isn't going to be a great amount, about £87 per week after tax, but every little bit helps. <br /><br />Thanks for the details of the Bangkok Bank service 'ianguygil' that's certainly an option worth considering, looks like it wouldn't be cost effective just for my state pension, the transmission fee would probably wipe out any savings, but I also receive a retirement pension from my employers, which would probably make it cost effective, this is why I really need an indicative rate to enable me to make a comparison.<br /><br />Could you answer me one thing 'ianguygil' my private pension and employers pension will be paid on different days of the month, I'm assuming they would be forwarded automatically, each having their own fee, and there would be no way I could control transfers so they were lumped together.<br /><br />Thanks all for your replies so far.<br /><br /><br />

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

The source of these transfers are different so I doubt they could be lumped together. The work-around is for you to open the UK account and then execute a single transfer after you have received deposits from both payers.

[Chivas]

One of the reasons I always tell people to maintain 3 or 4 accounts online or otherwise, even if only 2 or 3 minor transactions a year.

Never close totally valid accounts. You never know when you may need one.

[pkrv]

On the subject of the UK state pension it currently stands at 102 pounds if fully paid up that is 30 years contributions but of course added to that is any SERPS or GP contributions you may have made during your working life, in addition you also get your annual tax allowance Unfortunately I paid 44yrs contributions,but do not receive 102 pounds,and of course,because I was honest(stupid) in informing the UK autorities that I am no longer resident in the UK, I will never receive an increase in my UK pension. My contributions have possible gone to support some benifit cheat who has never paid into the system.

Probably a politician /diplomat or high court judge - They need to prop up their gold plated pension schemes - sorry to tell you not a level playing field out there - I think the Jolly Hockey sticks may have been used for one of their 'state occasion's' bon fires.

[Chivas]

I dont decry your honesty in informing UK authorities but can absolutely tell you that they view people who do as stupid beyond belief !!

I really dont want to elaborate but a few on the forum who know me will note my point.

But again WHY break all ties with the UK ??

What purpose does it serve ? (Taxation ?)

Having had Cancer myself at aged 41 (but not resurfaced touch wood 9 years later) I would never ex-pat myself on the romantic notion some seem to derive from it ??

No-I want to be on the first flight home when the medical shit hits the fan !! That's not cheating the system but it is using the rights those of us lucky enough to be born in the UK are entitled to.

[Darrel]

When I looked into it (for someone else) the advantage in having the state pension paid directly was that you dont pay the bank transfer fees. If you were intending to transfer the money yourself it could cost you GBP15-GBP30 every time, so the potential saving is quite large.

[pkrv]

When I looked into it (for someone else) the advantage in having the state pension paid directly was that you dont pay the bank transfer fees. If you were intending to transfer the money yourself it could cost you GBP15-GBP30 every time, so the potential saving is quite large.

Wrong BIG TIME. The benefit to the UK goverment is they freeze your pension. Roughly speaking things double every seven years. Think about it. BIG TIME.

Ohh they are so fluffy and helpful aren’t they?

Ever encountered someone from the British Empire before?

[pkrv]

Duplicate post - Gremlins - PKRV

Edited July 11, 2011 by pkrv

[theoldgit]

When I looked into it (for someone else) the advantage in having the state pension paid directly was that you dont pay the bank transfer fees. If you were intending to transfer the money yourself it could cost you GBP15-GBP30 every time, so the potential saving is quite large.

Wrong BIG TIME. The benefit to the UK goverment is they freeze your pension. Roughly speaking things double every seven years. Think about it. BIG TIME.

Darrel is not wrong "BIG TIME" at all. If you live in Thailand your pension is frozen whether you have your pension paid directly into a Thai bank or whether you still have it paid into a Thai bank, it's where you are resident that is the deciding factor.

Some people use relatives address and some people maintain an address address in the UK to circumnavigate the rules, but, IMHO, they are playing with fire, and if caught could find themselves in trouble "BIG TIME"

[Darrel]

Some people use relatives address and some people maintain an address address in the UK to circumnavigate the rules, but, IMHO, they are playing with fire, and if caught could find themselves in trouble "BIG TIME"

Indeed. Worth bearing in mind that the UK border agency already know exactly who leaves/enters the UK, and when, and how, and for how long: they scan every passport when you leave/enter on any commercial flight or commercial boat or train.

How long before they communicate this data automatically to the tax and pensions people? Not long at all, I suspect. If the previous Labour government hadn't wasted so much money on IT systems that didnt work it would surely be in place already.

[nontabury]

I dont decry your honesty in informing UK authorities but can absolutely tell you that they view people who do as stupid beyond belief !!

I really dont want to elaborate but a few on the forum who know me will note my point.

But again WHY break all ties with the UK ??

What purpose does it serve ? (Taxation ?)

Having had Cancer myself at aged 41 (but not resurfaced touch wood 9 years later) I would never ex-pat myself on the romantic notion some seem to derive from it ??

No-I want to be on the first flight home when the medical shit hits the fan !! That's not cheating the system but it is using the rights those of us lucky enough to be born in the UK are entitled to.

-------------------------------------------------------------

Many years before I claimed my pension,I received a letter from the UK pensions asking,where I was resident, I think they had have been tipped of by one of my private pension companies or the company

with whom I have an investment bond. I replied telling them the truth, not knowing that they discriminant againts fully paid up UK CITIZENS, who happen to live in a foreign country. It was shortly before I

reached my state pension age, that they kindle informed me of this ruling. I certainly never knew during all the years that I made my contributions that I would not receive my full entitlement, the same I suspect

that 99% of the people who are now paying their contribiutions. Strangely, consequentive British governments fail to advertise this quirk in the rule, but they are only to happy to encourage everybody to pay thier taxes

[pkrv]

Some people use relatives address and some people maintain an address address in the UK to circumnavigate the rules, but, IMHO, they are playing with fire, and if caught could find themselves in trouble "BIG TIME"

Indeed. Worth bearing in mind that the UK border agency already know exactly who leaves/enters the UK, and when, and how, and for how long: they scan every passport when you leave/enter on any commercial flight or commercial boat or train.

How long before they communicate this data automatically to the tax and pensions people? Not long at all, I suspect. If the previous Labour government hadn't wasted so much money on IT systems that didnt work it would surely be in place already.

Automated big brother?

edit I forget when we add room 101?

Edited July 12, 2011 by pkrv

[ianguygil]

Forget it ,you will lose out big time.

Thanks, but I was hoping for a more factual reply, i.e. does anybody actually have their UK State Pension paid directly into their Thai bank account, and if so how does the rate compare?

I no longer have a UK bank account and as I live in Thailand I am not able to open one, the pension authorities will pay into a Thai bank, but only in Baht.

Obviously just forgetting it isn't an option, my pension isn't going to be a great amount, about £87 per week after tax, but every little bit helps.

Thanks for the details of the Bangkok Bank service 'ianguygil' that's certainly an option worth considering, looks like it wouldn't be cost effective just for my state pension, the transmission fee would probably wipe out any savings, but I also receive a retirement pension from my employers, which would probably make it cost effective, this is why I really need an indicative rate to enable me to make a comparison.

Could you answer me one thing 'ianguygil' my private pension and employers pension will be paid on different days of the month, I'm assuming they would be forwarded automatically, each having their own fee, and there would be no way I could control transfers so they were lumped together.

Thanks all for your replies so far.

I am sorry for not replying. I was traveling then back and busy. So I just was not looking at this forum often.

Please PM me and I will get somebody in our Global Payments group or London Branch get in touch with you and take you through the options. All I will need as this is not a specific case of a transaction problem, is an email address. Please PM me with that and I will forward it to them. Thanks

Ian