Uk Old Age Pension

[astral]

I qualify for my OAP in a couple of months time.

I can have it paid to an overseas bank, and the Pension Office push the fact

that buy bulk buying currency they get better rates.

Is this really true?

What are the costs of having it paid overseas?

If you are on a UK pension what exchange rate are you getting, compared to quoted rates,

and how much is the transfer cost?

Please advise.

Thanks

For the moment I will have the money paid to a UK account and then

bring it over 6 monthly.

[nong38]

I would always have the money into my UK account, dont know what the future may hold. I know I get a better rate when I make a withdrawal here. I dont use ATM's I go inside the Bank I have an account at, deal with a person and avoid the 150bts charge. The only downside I see to this strategy is that if I want a larger amount of cash quick I will have to make several daily trips to the bank or make sure that my account has sufficient funds.

Edited January 23, 2012 by nong38

[theoldgit]

They do say that the rates are competitive, but I haven't reached State Retirement age yet, so I don't know what they call competitive.

I am in a receipt of a Civil Service Pension, that was paid into my Thai bank at what they call a competitive rate, but that was usually about 2/3 Baht to the GBP less than the current Telex Transfer rate, but they don't charge a fee.

I now have my CS Pension paid into my Nationwide Offshore Account and transfer over when I need it, it costs me £20 a go, but I'm still better off. My State Pension will be paid into this account when it's due later in the year.

I'm sure someone can advise what sort of rate you get and then you will have to do the sums. The Nationwide method works for me.

[prodriver]

They do say that the rates are competitive, but I haven't reached State Retirement age yet, so I don't know what they call competitive.

I am in a receipt of a Civil Service Pension, that was paid into my Thai bank at what they call a competitive rate, but that was usually about 2/3 Baht to the GBP less than the current Telex Transfer rate, but they don't charge a fee.

I now have my CS Pension paid into my Nationwide Offshore Account and transfer over when I need it, it costs me £20 a go, but I'm still better off. My State Pension will be paid into this account when it's due later in the year.

I'm sure someone can advise what sort of rate you get and then you will have to do the sums. The Nationwide method works for me.

I reached 65 in October last year and after considering the options, I opted to have my state pension paid into my account with Nationwide Int. I.O.M. The pension people informed me that they would pay it every 13 weeks (although I did ask for it to be paid every 4 weeks) but never mind.....I only intended to transfer it over to Thailand a few times in each year anyway. In fact I've just posted a letter today to Nationwide Int. requesting a money transfer (as 'theoldgit' says it's £20 a pop regardless of the amount). Fairly confident that I fare better than having it paid direct to my bank account in Thailand.

[F1fanatic]

I'm receiving a widow's private pension and it is paid into the Natwest in Jersey, with whom I have an internet account.

Transferring 1,500 pounds a time costs me 15 pounds. I haven't tried a higher amount as I no longer have that kind of money.

Edit - must add that I always transfer the money in sterling as last I heard we receive a better exchange rate in Thailand than in the UK.

Edited January 23, 2012 by F1fanatic

[JohnC]

I received a government pension today paid direct into my Bangkok Bank. The UK government user Citibank to transfer pensions abroad, the rate I got was 47.96 baht per £ and the exchange rate at the Bangkok Bank today was 48.03 so a difference of only .07 satang! If I used my UK Nationwide account they would charge me 2% plus a £ for every withdrawal , I do not have a UK address so do not want to open an offshore account. I have opted to have my state pension paid direct to my Bangkok Bank when due in a few months. Then I do not pay atm fees or swift transfer fees, if my world here falls apart its very easy to change my bank details and withdraw any cash here.

[astral]

Thanks for that info,

it rather confirms what I expected.

[Ricardo]

I received a government pension today paid direct into my Bangkok Bank. The UK government user Citibank to transfer pensions abroad, the rate I got was 47.96 baht per £ and the exchange rate at the Bangkok Bank today was 48.03 so a difference of only .07 satang! If I used my UK Nationwide account they would charge me 2% plus a £ for every withdrawal , I do not have a UK address so do not want to open an offshore account. I have opted to have my state pension paid direct to my Bangkok Bank when due in a few months. Then I do not pay atm fees or swift transfer fees, if my world here falls apart its very easy to change my bank details and withdraw any cash here.

"I do not have a UK address so do not want to open an offshore account"

Just to point out that you don't need to have a UK address, to open an offshore account, indeed I suspect that having an address anywhere in the EEC (not just the UK) would mean that offshore banks (in places like the IoM or Channel Islands) would nowadays be required to report any interest-income to the relevant home-country's tax-authorities every year ?

My own Sterling-account (with a sometimes-useful cheque-book) with HSBC-Jersey uses my Thai home-address with no difficulty, except when their UK-based associate who they use to issue credit-cards has a problem, with my not having a UK-postcode.

I plan to get my UK-pension paid into my offshore-account, when I reach the magic-age, and will only convert the money to Thai-Baht whenever I decide to transfer funds (instruction by internet-banking) to my local account here, thus I retain full control of when I convert Sterling (and therefore at roughly what exchange-rate), and would also have minimal problems if I ever needed to move to another country.

[cardholder]

They do say that the rates are competitive, but I haven't reached State Retirement age yet, so I don't know what they call competitive.

I am in a receipt of a Civil Service Pension, that was paid into my Thai bank at what they call a competitive rate, but that was usually about 2/3 Baht to the GBP less than the current Telex Transfer rate, but they don't charge a fee.

I now have my CS Pension paid into my Nationwide Offshore Account and transfer over when I need it, it costs me £20 a go, but I'm still better off. My State Pension will be paid into this account when it's due later in the year.

I'm sure someone can advise what sort of rate you get and then you will have to do the sums. The Nationwide method works for me.

I reached 65 in October last year and after considering the options, I opted to have my state pension paid into my account with Nationwide Int. I.O.M. The pension people informed me that they would pay it every 13 weeks (although I did ask for it to be paid every 4 weeks) but never mind.....I only intended to transfer it over to Thailand a few times in each year anyway. In fact I've just posted a letter today to Nationwide Int. requesting a money transfer (as 'theoldgit' says it's £20 a pop regardless of the amount). Fairly confident that I fare better than having it paid direct to my bank account in Thailand.

You do not.

You may win (or lose, of course) by stockpiling Sterling for a 'few times a year' transfers.

[prodriver]

They do say that the rates are competitive, but I haven't reached State Retirement age yet, so I don't know what they call competitive.

I am in a receipt of a Civil Service Pension, that was paid into my Thai bank at what they call a competitive rate, but that was usually about 2/3 Baht to the GBP less than the current Telex Transfer rate, but they don't charge a fee.

I now have my CS Pension paid into my Nationwide Offshore Account and transfer over when I need it, it costs me £20 a go, but I'm still better off. My State Pension will be paid into this account when it's due later in the year.

I'm sure someone can advise what sort of rate you get and then you will have to do the sums. The Nationwide method works for me.

I reached 65 in October last year and after considering the options, I opted to have my state pension paid into my account with Nationwide Int. I.O.M. The pension people informed me that they would pay it every 13 weeks (although I did ask for it to be paid every 4 weeks) but never mind.....I only intended to transfer it over to Thailand a few times in each year anyway. In fact I've just posted a letter today to Nationwide Int. requesting a money transfer (as 'theoldgit' says it's £20 a pop regardless of the amount). Fairly confident that I fare better than having it paid direct to my bank account in Thailand.

You do not.

You may win (or lose, of course) by stockpiling Sterling for a 'few times a year' transfers.

Had to smile at your reply 'cardholder'. Seems like you're contradicting yourself all in one posting. (an emphatic 'You do not' followed by 'You may win').

Anyway, yes I do believe I fare better to transfer sterling three to four times a year from the I.O.M. to Thailand costing me £60-£80 per annum against having it sent directly in baht every four weeks by Citibank. I will concede that my way of doing it only works as long as I don't transfer every four weeks....that way would cost me £260 per annum in fees!