UK state pension payments to Thailand

[hathairat2711]

A couple of questions please.

I understand payments can be made every 4 weeks (13 payments a year). In my case Friday every 4 weeks and the transfer is actioned by Citibank in the UK.

1. How many days before the payment is due, i.e. in my case Friday, is the transfer actually made and,

2. what payment method is used, i.e. SWIFT, BACS?

Rather than telephone the Pensions overseas centre in the UK to ask the above questions, perhaps a member in this forum can provide the answers.

Cheers

[delboy]

My pension is paid in Baht directly to my Bangkok Bank account in Thailand. I don't know the form of transfer, but it is always credited to my account on the Friday that it is due.

Bangkok Bank charge a flat fee of 100 Baht plus 0.1% of the amount. Even allowing for this, the exchange rate is still very good, compared to the T/T rate on the day, despite the fact that is transfered in Baht.

Edited July 4, 2014 by delboy

[chris1101]

If there are 13 payments per annum then the date it is payable will move forward by a couple of days or so every lunar month - that is how you get 13 payments per annum and not 12.

[dave2]

re

My pension is paid in Baht directly to my Bangkok Bank account in Thailand. I don't know the form of transfer, but it is always credited to my account on the Friday that it is due.

and me ... mine gets here around the 16 or 17 but who cares how it gets here ?

when my government is giving me nearly a thousand baht a day for life on top of my rentokil pension dave2s a very happy bunny

dave2

[billd766]

Mine is paid every 4th Friday fram the Pensions people via I think Citybank in GBP and it is generally available mid morning on the following Monday assuming that the Monday is not a holiday in Thailand.

It is usually sent on the Friday from the UK but the 13th payment date will vary due to the longer Xmas holiday in the UK and that one is normally paid before Xmas.

I sent them all my bank details and it is routed via the Swift code.

I hope this answers your enquiry.

[wgdanson]

Mine is paid into my Nationwide account in UK, then I can do a Swift whenever I need to, into my Foreign Currency account at Bangkok Bank. I can then transfer when and however much I want, when exchange rate is favourable.

Who pays the monthly Swift transfer when Pensions folk send it to Thailand?

[Daffy D]

Same as most of the above.

The Pension office pays directly into my Thai bank. Due every 4th Friday and in the account by the following Monday.

On special occasions like Xmas the Pension Office has always sent the money some days earlier, which is nice of them.

[simple1]

Same as most of the above.

The Pension office pays directly into my Thai bank. Due every 4th Friday and in the account by the following Monday.

On special occasions like Xmas the Pension Office has always sent the money some days earlier, which is nice of them.

I will soon start receiving pension from the UK. Currently requested payment every three months, thinking of changing to every four weeks. Would you mind advising the processing fee charged by your Thai bank?

[i claudius]

I get mine every week ,why let them hold on to it when it can be in your bank earning interest (however low it may be)

[Expattaff1308]

Mine is paid into my Nationwide account in UK, then I can do a Swift whenever I need to, into my Foreign Currency account at Bangkok Bank. I can then transfer when and however much I want, when exchange rate is favourable.

Who pays the monthly Swift transfer when Pensions folk send it to Thailand?

They send it for free at a very favourable rate often better than the TT rate. I believe there is a small charge this end as per normal transfers.

[denby45]

Is there a way to circumvent the locked in rate by declaring you live in Philippines. Thus availing yourself of the entitlement for an index linked state pension rather than a fixed for retirement in Thailand.

Den

[Daffy D]

Same as most of the above.

The Pension office pays directly into my Thai bank. Due every 4th Friday and in the account by the following Monday.

On special occasions like Xmas the Pension Office has always sent the money some days earlier, which is nice of them.

I will soon start receiving pension from the UK. Currently requested payment every three months, thinking of changing to every four weeks. Would you mind advising the processing fee charged by your Thai bank?

As Expattaff says;- They send it for free at a very favourable rate often better than the TT rate. I believe there is a small charge this end as per normal transfers.

I'm not sure about any "small charge at this end" I never noticed anything on my statements.

And yes the exchange rate is favorable,

[billd766]

Is there a way to circumvent the locked in rate by declaring you live in Philippines. Thus availing yourself of the entitlement for an index linked state pension rather than a fixed for retirement in Thailand.

Den

There most probably is but I expect that you would need an address, probably a bank account and afew other things as well.

If you are lucky it will work.

On the downside if you get caught the UK government has its hands on your money before you do and will block the pension and you will be heavily fined, have to pay back the money you gained illegally, and you will most probably be put on a watch list somewhere.

Will it be worth it? That would be your choice but certainly not mine.

[lumply]

There is obviously a great deal of state pension experience here so hopefully someone can answer this question please.

In a couple of weeks I become eligible but I've not received (at my UK address) the application to claim. I will need to make a call, I know but in the likely event that I overshoot the mark, am I right in thinking that any late payments due will be made despite the late initial claim. I guess it would be easier to do it on line(?).

[theoldgit]

Is there a way to circumvent the locked in rate by declaring you live in Philippines. Thus availing yourself of the entitlement for an index linked state pension rather than a fixed for retirement in Thailand.

Den

Other than actually moving to The Philippines, I think probably not.

[theoldgit]

As Expattaff says;- They send it for free at a very favourable rate often better than the TT rate. I believe there is a small charge this end as per normal transfers.

I'm not sure about any "small charge at this end" I never noticed anything on my statements.

And yes the exchange rate is favorable,

I think you'll that most, if not all, Thai banks charge a fee of .25% to receive money from overseas, most have a minimum charge of 200-300 Baht and a cap of 500 Baht.

The fee is taken before the funds are credited and are not shown as a stand alone charge.

[JohnC]

Lumply, just fill in the online claim form, print it and send it with the requested documentation by registered post.

[JohnC]

Well I have always been interested in who pays the charges as my pension always appears to be on a favourable exchange rate!

My pension is normally paid every fourth Thursday and it arrives in my Bangkok Bank on a Friday, this month it did not arrive until today, I guess it is because Citibank is an American Bank and they had a holiday on Friday for some reason.

However, out of interest I did some comparisons on today's exchange rates:

Superrich Bank: 55.40

Bangkok Bank: 54.72

I received 55.18

Superrich has the highest rates so not sure where I fit in and where any charges sit but at 55.18 I am quite happy, no swift charges, no ATM fees , I have noticed however when another smaller pension is transferred there is a lower exchange rate!

Edited July 7, 2014 by JohnC

[pontious]

Well I have always been interested in who pays the charges as my pension always appears to be on a favourable exchange rate!

My pension is normally paid every fourth Thursday and it arrives in my Bangkok Bank on a Friday, this month it did not arrive until today, I guess it is because Citibank is an American Bank and they had a holiday on Friday for some reason.

However, out of interest I did some comparisons on today's exchange rates:

Superrich Bank: 55.40

Bangkok Bank: 54.72

I received 55.18

Superrich has the highest rates so not sure where I fit in and where any charges sit but at 55.18 I am quite happy, no swift charges, no ATM fees , I have noticed however when another smaller pension is transferred there is a lower exchange rate!

John, are they sending GPB to Thailand ? I was under the impression they sent Thai Baht?

P

[billd766]

Well I have always been interested in who pays the charges as my pension always appears to be on a favourable exchange rate!

My pension is normally paid every fourth Thursday and it arrives in my Bangkok Bank on a Friday, this month it did not arrive until today, I guess it is because Citibank is an American Bank and they had a holiday on Friday for some reason.

However, out of interest I did some comparisons on today's exchange rates:

Superrich Bank: 55.40

Bangkok Bank: 54.72

I received 55.18

Superrich has the highest rates so not sure where I fit in and where any charges sit but at 55.18 I am quite happy, no swift charges, no ATM fees , I have noticed however when another smaller pension is transferred there is a lower exchange rate!

John, are they sending GPB to Thailand ? I was under the impression they sent Thai Baht?

P

I told them I wanted GBP and that is what they send to KBank. The exchange rate is better this way.

[JohnC]

I'm guessing they send baht as I didn't stipulate when I set it up but given the exchange rates I have received I don't see any major difference that would make me want to change.

[delboy]

I think you'll that most, if not all, Thai banks charge a fee of .25% to receive money from overseas, most have a minimum charge of 200-300 Baht and a cap of 500 Baht.

The fee is taken before the funds are credited and are not shown as a stand alone charge.

In the case of Bangkok Bank, the charge you are quoting only applies to transfers into the account in Sterling. Just last week I enqured at my Bangkok Bank Branch and asked to see the transfer documents for my latest Pension transfer (in Baht) and my latest SWIFT transfer from my UK Bank (in Sterling).

For the transfer in Baht they charge a commission of 0.1% and a flat charge of 100 baht per transfer.

If in doubt, just go to your local branch and ask to see the Credit Note/Receipt Set for your transfer. It takes them only a few seconds to print it out, and it's free. It shows the amount transferred in, and the charges deducted.

[pontious]

I am obviously missing something - most people agree that you get a better exchange rate if you send GBP to Thailand-

That is why I pay mine into my UK account.

How are they sending Baht and getting a better exchange rate than the TT rate.?

[delboy]

It is certainly the case with SWIFT transfers from a UK bank that if transferred in Sterling, the rate is always a lot lower than the TT rate. Whether, as they say, the UK pensions people get a better rate by buying in bulk, I don't know, but it is very near to the current TT rate.

Last month, the TT rate on the day I received my pension was 54.98. Using the gross amount, before the bank took it's commision, the rate was 55.07, and the rate on the net amount that I received was 54.95.

[pontious]

It is certainly the case with SWIFT transfers from a UK bank that if transferred in Sterling, the rate is always a lot lower than the TT rate. Whether, as they say, the UK pensions people get a better rate by buying in bulk, I don't know, but it is very near to the current TT rate.

Last month, the TT rate on the day I received my pension was 54.98. Using the gross amount, before the bank took it's commision, the rate was 55.07, and the rate on the net amount that I received was 54.95.

DB -thanks for the reply - I transfer my main pension to Thailand in (GBP) and always get the TT rate -less the 0.25%

min 200 max 500 Baht. Your reply said the opposite so I think that was incorrect.

I wonder if they send GBP to Citibank Thailand and they then send it in Baht to your account.?

[delboy]

It is certainly the case with SWIFT transfers from a UK bank that if transferred in Sterling, the rate is always a lot lower than the TT rate. Whether, as they say, the UK pensions people get a better rate by buying in bulk, I don't know, but it is very near to the current TT rate.

Last month, the TT rate on the day I received my pension was 54.98. Using the gross amount, before the bank took it's commision, the rate was 55.07, and the rate on the net amount that I received was 54.95.

DB -thanks for the reply - I transfer my main pension to Thailand in (GBP) and always get the TT rate -less the 0.25%

min 200 max 500 Baht. Your reply said the opposite so I think that was incorrect.

I wonder if they send GBP to Citibank Thailand and they then send it in Baht to your account.?

I said that if money is transfered in Sterling/GBP then the bank will give you the TT rate less the 0.25% min 200 max 500 baht, if the transfer is in Baht they charge 0.1% plus 100 Baht. This, as I said, is my experience at Bangkok Bank, other banks may have a different policy.