Letter from my Private pension company

[n210mp]

informing me that if I want my private pension sent in the currency of the Country that I am now residing (Thailand) it is possible where as before it could only be sent in GBP

From what I have previously learned about banks sending money at a very reduced rate of exchange than the ones that I get from the BKK Bank I wondered if this would be the same with a Private pension company sending my pension to Thailand

As far as I am aware I am not paying any fees to the BKK Bank when I recieve my private pension from the UK and was informed via TVF that they always gave a good rate of exchange for sterling sent to them, whereas money sent in Thai Baht from a UK bank was always at a poorer rate of exchange

Could anyone help with my question of would it be better to leave things as they are and receive my PP in Sterling at the BKK bank or let the PP company indeed send my PP in Thai Baht tot the BKK bank?

Thanks for your help

[Brit_Doggie]

My private pension fund from uk is handled as per via a private exchange company who convert to baht then forward to my named branch here in thailand,with little or no obvious fees involved depending on the number of transactions they deal with per month.

As my pension is paid 4 weekly maybe this is why i not see charges occur.

Im pretty sure this is the case with many uk pension providers.

Maybe you could ask your provider if the same is possible you never know until you try gl.

PS: The method i choose takes a little longer to deposit here as in paid uk friday and deposited here the following wednesday,no biggie.

;

Edited March 4, 2015 by Brit_Doggie

[Naam]

Could anyone help with my question of would it be better to leave things as they are

YES!

[Pib]

My guess is the only reason the private pension company now offers the ability to send in the currency of the country you are residing (baht in this case) is because they will make an indirect fee from a lower exchange rate. Continue to send in your home country currency and let the Thai bank accomplish the exchange as the Thai bank TT Buying Rate is about the best rate the common man can get for electronic transfers. Plus, even if the international funds transfer arrive the Thai bank already converted to baht, the receiving Thai bank still charges the typical -0.25% (Bt200 min, Bt500 max) receipt/conversion fee.

[Suradit69]

Could anyone help with my question of would it be better to leave things as they are

YES!

You almost always do better sending in foreign currency and allowing your Thai bank to make the change into baht, both in terms of the exchange rate and the Thai bank charge for the transfer.

The Thai Baht doesn't generate much volume in most foreign markets so the bid/ask is likely to be wide and you'll lost on that.

Also, if you need to show foreign exchange deposits into your Thai bank account, transferring in baht would not qualify as a foreign exchange transaction.

Edited March 4, 2015 by Suradit69

[n210mp]

Thanks for the heads up guys.

There has never ever been a "free dinner" from any financial institution which is why I didn't accept their kind offer before finding out if the offer was too good to be true

Pibs post reflected my doubts as to their reasons.

[colinneil]

If money is sent in sterling, you will get approx 4 baht more per pound than it being sent in baht.

[n210mp]

If money is sent in sterling, you will get approx 4 baht more per pound than it being sent in baht.

I wouldn't have been able to know the difference Col really apart from a friend of mine who used to have his pension paid into a UK bank in GPB and then transfer to a Thai bank in Baht was shocked at the difference when he got his pension straight into his Thai BKK account and this was plus a tranfers fee from the UK bank