Capita Pensions Uk

[riepan963]

I'm posting this 3 part question in general topics to reach more people.

Does any thaivisa member receive their civil-service pension from Capita Hartshead?

If yes, how is it sent? On their website Capita don't include Thailand on their main list of countries they transfer pensions to and the Pound Sterling is changed into Thai Baht before sending. I presume this must cost the recipient a lot of money. However, in their 'any other country' paragraph they quote using wire transfers or Swift Code which must be better if sent in Pounds. I would be grateful if anyone can advise me of their personal transfer experience and how it compares to having the cash sent by a British Bank as I currently do.

Finally, does anyone have their State (old age) Pension sent direct to a Thai Bank or must it be paid direct to a UK Bank first as most of my friends do?

Replies by pm or open forum is OK..

[theoldgit]

I receive my Civil Service Pension, paid by Capita, they pay it directly into my Thai Bank electronically, and it usually arrives on the due date, subject to Thai banking holidays, Songkran, Buddhist Lent and anything else that takes their fancy, when it is delayed by a few days.

Capita will purchase Baht in the UK, I have challenged this and they advised that it's a requirement of their contract with The Cabinet Office, and that that their are no plans to change it. The rate I got last week worked out at about 46.5 Baht to the Pound, typically it seems to be a tad below the tourist rate though it's difficult to to be sure as I don't know on what day they actually purchase the Baht.

They pay the cost of the transfer though the receiving bank charge a minimal fee, I think it's about 100 Baht.

I'm not receiving my State Pension yet, but I have made enquiries and they will pay directly into my Thai Bank, again purchasing the Baht in the UK.

I don't have a bank account in the UK, and neither can I open one as I'm no longer resident. I am opening an account with the Nationwide in the IOM and will have my pensions paid into that account, lump them together and transfer monthly, or less frequently if I can afford it. The Nationwide charges twenty quid and will transfer GBP's, so it should save money and I will have some control over when I transfer my pensions.

[richardjm65]

Can't comment on Capita Hartshead, but never allow them to convert to baht at the UK end - you will lose on the conversion.

The Pension Service advised me that I could have my state pension transferred, by them, to my Thai bank account. But I don't do this.

If you're here with the intention of staying and have an "O"visa, you'll know that you can apply for a further year's extension by virtue of retirement or marriage. The former requires 800,000 baht in a Thai bank in your name, the latter 400,000. If it's affordable, the former is preferable since it takes some Thai elements out of the equation and you can pretty well handle the extension by yourself. Have your pension(s) paid into an interest bearing offshore account (Channel Islands or Isle of Man) and do a SWIFT transfer to your Thai account once a year, three months prior to visa extension date, or more frequently if you're a bit "spendy". The SWIFT transfer costs about 20 pounds.

If your state pension, plus your civil service pension (or any other provable income) amounts to 800,000 or, (in the case of marriage), 400,000, then a letter from the British Embassy can be shown to Immigration. Whatever your pension income, it can be offset against the 800K or the 400K. The caveat here is that you will require a new letter from the Brit Emb every year, and they charge for that service.

[theoldgit]

Can't comment on Capita Hartshead, but never allow them to convert to baht at the UK end - you will lose on the conversion.

As I said there is no other choice with Capita, their contract with the Cabinet Office dictates they must send Baht.

[Penkoprod]

Can't comment on Capita Hartshead, but never allow them to convert to baht at the UK end - you will lose on the conversion.

As I said there is no other choice with Capita, their contract with the Cabinet Office dictates they must send Baht.

Have you looked into one of these "online only" banks?

The likes of Egg, or First Direct are 2 that come to mind.

Might be worth a bit of research.

Penkoprod

[richardjm65]

Sorry, the oldgit, due to ISP problems I did not see your post before I came in. Anyway, I note that you expect to open an IOM account in due time and that you'll be getting your pensions paid into that.

A thought has just occurred!! I don't suppose I could offer my Jersey bank acc as a safe destination for your Capita pension, could I? No?? Well just a thought, you know, just a thought.

[theoldgit]

Have you looked into one of these "online only" banks?

The likes of Egg, or First Direct are 2 that come to mind.

Might be worth a bit of research.

Yes I have, but thanks for the suggestion. Egg and First Direct whilst conducting their business online, are UK based banks and you need to be a UK resident to open one. Friends have offered to let me use their address but I am reluctant to do so.

The Nationwide International offshoot in the IOM, and no doubt other offshore banks, allow you to open an account from Thailand, and transfer funds electronically to a Thai bank. Just wish they would let me have an ATM card, so I could draw funds in the UK.

[theoldgit]

A thought has just occurred!! I don't suppose I could offer my Jersey bank acc as a safe destination for your Capita pension, could I? No?? Well just a thought, you know, just a thought.

Kind of you to offer, I will keep your offer on file. In fact a young lady in Soi Nana made a similar offer recently, it's amazing how helpful some people can be.

[eyebee]

The Nationwide International offshoot in the IOM, and no doubt other offshore banks, allow you to open an account from Thailand, and transfer funds electronically to a Thai bank. Just wish they would let me have an ATM card, so I could draw funds in the UK.

I have an account with Lloyds Offshore in the IoM, no interest, but I do have an ATM card from them. They send a new one by DHL when the old one expires - costs 30 quid though. What I do is have my Local Government pension paid into my British onshore bank (Barclays), stick it in an interest bearing account, then transfer (for free) to the IoM bank when I need to bring money over to Thailand, then phone the IoM bank asking them to transfer the money. It costs a lot less than the Barclays rate, and as it is an offshore branch, they know what they are doing as they probably transfer money overseas several times a day. Takes 2 or 3 days to get to my Thai account.

[PattayaParent]

Have you looked into one of these "online only" banks?

The likes of Egg, or First Direct are 2 that come to mind.

Might be worth a bit of research.

Yes I have, but thanks for the suggestion. Egg and First Direct whilst conducting their business online, are UK based banks and you need to be a UK resident to open one. Friends have offered to let me use their address but I am reluctant to do so.

The Nationwide International offshoot in the IOM, and no doubt other offshore banks, allow you to open an account from Thailand, and transfer funds electronically to a Thai bank. Just wish they would let me have an ATM card, so I could draw funds in the UK.

If you open an offshore account with a regular bank rather than an ex building society then you can get an ATM card.

You have to keep around 3,000 Quid minimum and you won't get any interst on the money mind but if you plan on withdrawing it the day after it hits the account that's not a problem (except on the minimum balance)

[jimbeam1]

I thought about an offshore account. Please correct me if I am wrong, but don't they have quite a hefty monthly fee for their accounts?

jb1

[theoldgit]

I thought about an offshore account. Please correct me if I am wrong, but don't they have quite a hefty monthly fee for their accounts?

No.

Well certainly not The Nationwide http://www.nationwideinternational.com/

[Bagwan]

The Nationwide International offshoot in the IOM, and no doubt other offshore banks, allow you to open an account from Thailand, and transfer funds electronically to a Thai bank. Just wish they would let me have an ATM card, so I could draw funds in the UK.

I have an account with Lloyds Offshore in the IoM, no interest, but I do have an ATM card from them. They send a new one by DHL when the old one expires - costs 30 quid though. What I do is have my Local Government pension paid into my British onshore bank (Barclays), stick it in an interest bearing account, then transfer (for free) to the IoM bank when I need to bring money over to Thailand, then phone the IoM bank asking them to transfer the money. It costs a lot less than the Barclays rate, and as it is an offshore branch, they know what they are doing as they probably transfer money overseas several times a day. Takes 2 or 3 days to get to my Thai account.

I had a smile over this as your money is taking the pretty route. Ask for a copy of the routing instructions from your Thai bank. Ignore protests and denials, it is your right to have a copy. You will then see the route taken and who is charging you commissions. The Bank of Scotland had no chummy arrangements with a Thai bank so they sent the money from Jersey to Barclays Bank in London (who are in bed with many foreign banks), who then sent the money to KTB here. Money from Lloyds TSB in the IoM takes the same route. If I want the Lloyds TSB to send to my UOB account rather than the KTB one I think the dosh comes via HSBC. If you give a telephone order to telex transfer before 1200 UK time, it is not unusual for the money to be in your Thai bank the following day, weekends excepted of course.

Barclays deals with KTB in Thailand and if you are the customer of a bank other than KTB the money is held up for at least 24 hours and then KTB make hefty charges to transfer to your bank's account. To save time and money you need to know the routing instructions and relationships between banks. Ask your UK bank and they will tell you what you need to know.

[riepan963]

Thanks guys for all the useful information; saves emailing Capita & gov.uk.com.

Already been here 11 years and was looking at closing my UK Barclay a/c to save the 28 quid monthly transfer fee. If the State Pension people also change to Baht over there then I will really lose a lot of money. Unfortunately my resources don't run to offshore accounts and the like as I need that monthly top-up (or at least the missus does). I've been non-resident for 8 years but Barclays still renew my ATM card to my brother's address, so I'll keep the account open.

Next thing is how to avoid paying tax but again Capita say they are instructed to deduct as it's UK sourced income.

Thanks again.

[PattayaParent]

I thought about an offshore account. Please correct me if I am wrong, but don't they have quite a hefty monthly fee for their accounts?

jb1

Depends which ones you use.

There's some that have no monthly fee as long as you maintain the minimum balance.

[PattayaParent]

I thought about an offshore account. Please correct me if I am wrong, but don't they have quite a hefty monthly fee for their accounts?

No.

Well certainly not The Nationwide http://www.nationwid...ernational.com/

But that is for savings accounts so there would be no monthly charge.

The OP is looking for a bank account with an ATM card.

Edit: sorry, not the OP looking, it's you looking for an ATM card.

[PattayaParent]

Thanks guys for all the useful information; saves emailing Capita & gov.uk.com.

Already been here 11 years and was looking at closing my UK Barclay a/c to save the 28 quid monthly transfer fee. If the State Pension people also change to Baht over there then I will really lose a lot of money. Unfortunately my resources don't run to offshore accounts and the like as I need that monthly top-up (or at least the missus does). I've been non-resident for 8 years but Barclays still renew my ATM card to my brother's address, so I'll keep the account open.

Next thing is how to avoid paying tax but again Capita say they are instructed to deduct as it's UK sourced income.

Thanks again.

You don't have £2,500~3,000 to maintain a minimum balance?

What about funds for emergencies?

[nontabury]

. I've been non-resident for 8 years but Barclays still renew my ATM card to my brother's address, so I'll keep the account open.

Next thing is how to avoid paying tax but again Capita say they are instructed to deduct as it's UK sourced income.

Thanks again.

I receive my state pension into my Thai bank a/c in pound sterling, It seems I receive it at a good exchange rate, with the added advantage that I do not pay any transfer cost.

I also am non-resident with a Barclays a/c ,they are in the process of renewing my replacement card, and posting direct to me here in Thailand. I HOPE.

[theoldgit]

But that is for savings accounts so there would be no monthly charge.

Edit: sorry, not the OP looking, it's you looking for an ATM card.

You are of course correct, that is for a savings account, but as I don't really need offshore banking facilities it suits my needs. By having this account I can have my pensions paid in Stirling and transfer when it suits. OK, I don't save or rather make, a great deal of money but, even allowing for transfer fees, it gives me enough extra to pay my annual car insurance, pay True for my cable tv and internet for a year as well as leaving me enough for a few decent meals out, so certainly not to be sniffed at.

Yes an ATM linked to this account would be handy but not essential as it it would allow me to draw funds during my occasional visits to the UK, I have got round this by transferring funds to a mate when we stay with him, and he pays me out.

[Eff1n2ret]

riepan, if you still have a Barclay's account, can't you get an online facility? I have a First Direct account and transfer sterling to my Thai bank via UKForex, which is one of several online companies. Transfers of 3000pounds or more are foc, less than that UKForex charge 7.50 which is a lot less than your current 28quid; you can choose when you want to deal and fix the rate, which is usually within 1/2 a baht of the telex transfer rate for a direct transfer of sterling received by my Thai bank, and always better than the tourist rate.

I just fix a deal with UK Forex and then transfer the requisite sterling amount online (foc) from my First Direct account. UK Forex have an account with HSBC in Bangkok, so they just instruct a payment to my Thai bank. I've once received it within 24 hours of leaving my FD account, and it never takes more than 4 days. The Thai bank (Kasikorn) usually help themselves to between 150 - 250 baht for the onerous task of receiving the dosh. That's all the whole transaction costs me, as I consolidate transfers of 3000 sterling at a time, rather than send monthly.

I was already based in Thailand when I set up the Forex account. They prefer a UK address for verification of identity - in a phone call I gave them my old UK address, and the young lady must have done a voter's list check because within seconds she said that was ok (at the time I would still have been showing on the voter's list) . If you can't give a UK address I think you can complete the verification process by supplying documents, so it would then take a week or two to activate your account.

Incidentally, although First Direct may not open an account without a UK address, they're quite happy to let you change to an overseas address. I've also renewed my HSBC Visa card, and they sent the replacement direct to me in Thailand.

[riepan963]

riepan, if you still have a Barclay's account, can't you get an online facility? I have a First Direct account and transfer sterling to my Thai bank via UKForex, which is one of several online companies. Transfers of 3000pounds or more are foc, less than that UKForex charge 7.50 which is a lot less than your current 28quid; you can choose when you want to deal and fix the rate, which is usually within 1/2 a baht of the telex transfer rate for a direct transfer of sterling received by my Thai bank, and always better than the tourist rate.

I just fix a deal with UK Forex and then transfer the requisite sterling amount online (foc) from my First Direct account. UK Forex have an account with HSBC in Bangkok, so they just instruct a payment to my Thai bank. I've once received it within 24 hours of leaving my FD account, and it never takes more than 4 days. The Thai bank (Kasikorn) usually help themselves to between 150 - 250 baht for the onerous task of receiving the dosh. That's all the whole transaction costs me, as I consolidate transfers of 3000 sterling at a time, rather than send monthly.

I was already based in Thailand when I set up the Forex account. They prefer a UK address for verification of identity - in a phone call I gave them my old UK address, and the young lady must have done a voter's list check because within seconds she said that was ok (at the time I would still have been showing on the voter's list) . If you can't give a UK address I think you can complete the verification process by supplying documents, so it would then take a week or two to activate your account.

Incidentally, although First Direct may not open an account without a UK address, they're quite happy to let you change to an overseas address. I've also renewed my HSBC Visa card, and they sent the replacement direct to me in Thailand.

Thanks for all that -- I've been with Barclays Online for 11 years but limited to what I can do using their network. That's one of the reasons I'm looking to change apart from saving a few bob. If you can wait until later in the day I will re-read your info and email you back direct.