UK Pension

[beachbuggy]

Fellow UK pensioners, I can get my pension either weekly or every 13 weeks. Anyone tested to see which is better regarding the varying exchange rates and charges if any. I am with SCB bank and I can manage either option. Cheers

 

 

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[HullyGully]

I receive my pension monthly, its paid into a UK bank account

 

To save on charges, I transfer to Thailand when I need it

[Rimmer]

Moved to home country forum

[Dante99]

"Anyone tested to see which is better regarding the varying exchange rates and charges if any."

 

If anybody had this really figured out they would have made billions in the currency markets and be long gone.

[John_Betong]

Check out their web site and look for pensions paid into overseas bank accounts.

 

Bank charges are virtually eliminated!

 

i was also recommended to try Transferwise which is available as an App that gives the current rate of exchange and calculates the Baht mount  amount paid into your local Thai bank.

 

https://transferwise.com/

[hocuspocus]

9 minutes ago, John_Betong said:

Check out their web site and look for pensions paid into overseas bank accounts.

 

Bank charges are virtually eliminated!

 

i was also recommended to try Transferwise which is available as an App that gives the current rate of exchange and calculates the Baht mount  amount paid into your local Thai bank.

 

https://transferwise.com/

Beware of having you pension transfered to Thailand as suggested as this means you have re-located here and your pension will be frozen. Have it paid into a UK bank, weekly is best and transfer it though your UK bank's website , keep it in pounds for the transfer for the best rates. This way you can pick the best time with regards to exchange rates as long as you are not in a hurry to get your money transfered. Actual transfers that I do from HSBC have taken as little as 10 minutes to arrive in my Bangkok bank account changed into Bahts. On average I lose 0.7 baht per pound when it is changed into bahts on arrival. HSBC only charge 4 pounds for the transfer.

[RayD]

I think you'll find the options are weekly or every four weeks. There was no quarterly option when I applied for mine.

[keithcresswell]

I have my pension paid into my UK bank account, and for the last six months or so have been using Transferwise. It now takes me less than 30 seconds to send a transfer using my iPhone and it takes about 2 working days to go into my K bank. There are no receiving fees from K bank as the transfer is peer to peer.

[NorfolkBoy]

The best rate by far is to have your pension paid direct into your Thai bank account. I have used both methods and the rate you get by paying into a Thai bank is actually better than the daily rate quoted on Thaivissa.

 

I know this alerts the UK government to the fact that you are resident in Thailand but not to do so is in my view verging on the fraudulent

[theoldgit]

Please just stick to the question of the actual payment of pensions, there's already a long running thread in respect of the frozen pension issue.

 

 

[Phulublub]

I used to use TransferWise - who do provide a useful and very competitive sewrvice - but have found a better method.

 

For those who can obtain a UK Credit Card, then the best rate for a pension paid into a UK account (or, indeed for absolulety every other transfer of GBP to THB)  is to be had by obtaining either an Aqua Card or the Halifax Clarity Card.

 

Neither of these cards do charge for foreign transactions, INCLUDING taking cash out.  You will get the interbank rate.  The danger is that  they will charge interest from the date of the transaction until it isd paid off - but by logging in to your UK bank online and transferring enough to cover the withdrawal, there are absolutely no costs at all.  Both Cards will also allow you to overpay so as to have a credit balance if you are worried that you might forget to transfer after taking cash out.

 

I have both and do this regularly to maintain my THB account balance.  I also charge as many purchases as I can to one or other (and paying off in full each month).  Way better than bringing a large fistful of high denomination GBP notes every time you travel, and a saving of the TransferWise fees every time you do a transfer.

 

Paul

[worrab]

I have my railway pension paid into an account I have with RationalFX. This is paid 4 weekly and then I contact RationalFX either by email or a Skype phonecall to ask them to exchange into baht and send to my bank over here. If the rate is no good I do not transfer money here. In the future when I am old enough for the State Pension then I will have that paid into my UK bank account and then send that over here in sterling and then have my bank over here change it to baht and put into another account.

The reason I do not do this with the railway pension is because I had already set up the money to RationalFX which involves a few emails to get clear of money laundering, so I stay with this system. I would not attempt this with Department of Work and Pensions as I am not confident of their getting everything correct, so they can pay into my UK account. Will be back in the UK soon to check with the bank that there will be no charges involved as they will be sending sterling here. I hope there will be no charges, will soon find out!!

[theoldgit]

2 hours ago, theoldgit said:

Please just stick to the question of the actual payment of pensions, there's already a long running thread in respect of the frozen pension issue.

 

Some of you clearly missed this request, so I'll post it again.

I've removed a couple of posts.

[Pilotman]

1 hour ago, Phulublub said:

I used to use TransferWise - who do provide a useful and very competitive sewrvice - but have found a better method.

 

For those who can obtain a UK Credit Card, then the best rate for a pension paid into a UK account (or, indeed for absolulety every other transfer of GBP to THB)  is to be had by obtaining either an Aqua Card or the Halifax Clarity Card.

 

Neither of these cards do charge for foreign transactions, INCLUDING taking cash out.  You will get the interbank rate.  The danger is that  they will charge interest from the date of the transaction until it isd paid off - but by logging in to your UK bank online and transferring enough to cover the withdrawal, there are absolutely no costs at all.  Both Cards will also allow you to overpay so as to have a credit balance if you are worried that you might forget to transfer after taking cash out.

 

I have both and do this regularly to maintain my THB account balance.  I also charge as many purchases as I can to one or other (and paying off in full each month).  Way better than bringing a large fistful of high denomination GBP notes every time you travel, and a saving of the TransferWise fees every time you do a transfer.

 

Paul

On a similar theme, I use pre paid credit cards that can be loaded from your uk bank account using an online portal. I use the AA pre paid card or the Caxton card. No fees for loading and non for withdrawing. Obviously they make their money on exchange rate, but I have found them competitive. I have used both for many ye are to transfer smallish amounts to my in laws and my wife has her own pre paid card for holiday cash. Works well for us. 

[transam]

2 hours ago, keithcresswell said:

I have my pension paid into my UK bank account, and for the last six months or so have been using Transferwise. It now takes me less than 30 seconds to send a transfer using my iPhone and it takes about 2 working days to go into my K bank. There are no receiving fees from K bank as the transfer is peer to peer.

Direct UK pension service payment has the best rate...

[Bangkok Barry]

5 hours ago, NorfolkBoy said:

The best rate by far is to have your pension paid direct into your Thai bank account. I have used both methods and the rate you get by paying into a Thai bank is actually better than the daily rate quoted on Thaivissa.

 

I know this alerts the UK government to the fact that you are resident in Thailand but not to do so is in my view verging on the fraudulent

Indeed. When I applied for my pension I toyed with the idea of giving a UK or Spain address where I have family, but that would have been false information and I decided it wasn't worth the risk. Okay, I lose inflation increases but that amounts to next to nothing anyway.

[Putmak]

On 25/05/2017 at 7:21 PM, Dante99 said:

"Anyone tested to see which is better regarding the varying exchange rates and charges if any."

 

If anybody had this really figured out they would have made billions in the currency markets and be long gone.

.....what a helpful post, nice one !

[transam]

1 minute ago, Bangkok Barry said:

Indeed. When I applied for my pension I toyed with the idea of giving a UK or Spain address where I have family, but that would have been false information and I decided it wasn't worth the risk. Okay, I lose inflation increases but that amounts to next to nothing anyway.

Just been told of a third bloke that has been sussed....Had to pay all the back stuff plus a 1000 quid fine to clear it .....

[juice777]

I used to use TransferWise - who do provide a useful and very competitive sewrvice - but have found a better method.
 
For those who can obtain a UK Credit Card, then the best rate for a pension paid into a UK account (or, indeed for absolulety every other transfer of GBP to THB)  is to be had by obtaining either an Aqua Card or the Halifax Clarity Card.
 
Neither of these cards do charge for foreign transactions, INCLUDING taking cash out.  You will get the interbank rate.  The danger is that  they will charge interest from the date of the transaction until it isd paid off - but by logging in to your UK bank online and transferring enough to cover the withdrawal, there are absolutely no costs at all.  Both Cards will also allow you to overpay so as to have a credit balance if you are worried that you might forget to transfer after taking cash out.
 
I have both and do this regularly to maintain my THB account balance.  I also charge as many purchases as I can to one or other (and paying off in full each month).  Way better than bringing a large fistful of high denomination GBP notes every time you travel, and a saving of the TransferWise fees every time you do a transfer.
 
Paul

I do the same with Halifax credit card. I take out 20000 at a time. Then I go straight on xe.com put in 20220THB (220 for the Atm fee). Add 50p to the total then transfer the money straight away on my banks mobile phone app, that way I never pay any interest the 50p takes care of the difference in exchange rate. I heard I can take money out inside the bank with my card and not pay the Atm fee but just haven't tried this yet. I've worked out I pay about 1% to get at my money here.

Sent from my SM-G900F using Tapatalk

[colinneil]

On 5/25/2017 at 5:15 PM, HullyGully said:

I receive my pension monthly, its paid into a UK bank account

 

To save on charges, I transfer to Thailand when I need it

Why get your pension paid in the UK?

I get my pension paid every 13 weeks, and paid direct in to my Krung Thai account.

Good exchange rate, and no charges whatsoever.

[colinneil]

8 hours ago, RayD said:

I think you'll find the options are weekly or every four weeks. There was no quarterly option when I applied for mine.

The options are 4 weekly or 13 weekly, not weekly.

[al007]

5 minutes ago, colinneil said:

The options are 4 weekly or 13 weekly, not weekly.

All I know is mine is paid weekly on a Monday, and if the Monday is a holiday,  paid on previous working day, at easter paid on the Thursday early 

 

IF 13 weeks is it in advance or arrears

[maxcorrigan]

5 hours ago, colinneil said:

The options are 4 weekly or 13 weekly, not weekly.

Well my DWP pension is paid weekly and has been for the last 13 yrs if that's any help!

 

[ableguy]

10 hours ago, Phulublub said:

I used to use TransferWise - who do provide a useful and very competitive sewrvice - but have found a better method.

 

For those who can obtain a UK Credit Card, then the best rate for a pension paid into a UK account (or, indeed for absolulety every other transfer of GBP to THB)  is to be had by obtaining either an Aqua Card or the Halifax Clarity Card.

 

Neither of these cards do charge for foreign transactions, INCLUDING taking cash out.  You will get the interbank rate.  The danger is that  they will charge interest from the date of the transaction until it isd paid off - but by logging in to your UK bank online and transferring enough to cover the withdrawal, there are absolutely no costs at all.  Both Cards will also allow you to overpay so as to have a credit balance if you are worried that you might forget to transfer after taking cash out.

 

I have both and do this regularly to maintain my THB account balance.  I also charge as many purchases as I can to one or other (and paying off in full each month).  Way better than bringing a large fistful of high denomination GBP notes every time you travel, and a saving of the TransferWise fees every time you do a transfer.

 

Paul

Use ing your credit card here not a good idea as almost every business want two or three percent  for the privelage.

[ableguy]

4 hours ago, colinneil said:

Why get your pension paid in the UK?

I get my pension paid every 13 weeks, and paid direct in to my Krung Thai account.

Good exchange rate, and no charges whatsoever.

If you transfer in pounds the Thai bank gives you the buying rate, if you transfer in Thai baht the U.K. Bank charges you the exchange rate, you cannot avoid this nor should you expect to all banks must make money they do not work for free., they will not show their fee seperatly but for sure it will have been deducted, to think otherwise is naive to say the least.

[colinneil]

7 hours ago, ableguy said:

If you transfer in pounds the Thai bank gives you the buying rate, if you transfer in Thai baht the U.K. Bank charges you the exchange rate, you cannot avoid this nor should you expect to all banks must make money they do not work for free., they will not show their fee seperatly but for sure it will have been deducted, to think otherwise is naive to say the least.

This thread is about UK pension payments, not a person transferring money.

First point, are you recieving a pension from the UK government?

Second point if you are, is it paid direct to a Thai bank account?

If the answers are no, then you are not in a position to know.

 

Last time i got my pension daily rate published rate was 43.46, my pension was paid at43.69.

So no charges were taken out..

 

Another point, i chose to get my pension every 13 weeks to save on bank charges.

Yes after seeing the rate my pension was paid at , i made a mistake.

[Phuket Man]

The state pension is paid every 4 weeks or every 13 weeks. You have a choice.

Get it paid directly to your Thai bank and get a very good rate.

 

[Keesters]

21 hours ago, hocuspocus said:

Beware of having you pension transfered to Thailand as suggested as this means you have re-located here and your pension will be frozen. Have it paid into a UK bank, weekly is best and transfer it though your UK bank's website , keep it in pounds for the transfer for the best rates. This way you can pick the best time with regards to exchange rates as long as you are not in a hurry to get your money transfered. Actual transfers that I do from HSBC have taken as little as 10 minutes to arrive in my Bangkok bank account changed into Bahts. On average I lose 0.7 baht per pound when it is changed into bahts on arrival. HSBC only charge 4 pounds for the transfer.

If you are residing here your pension will be frozen regardless of where it is paid.  If you're suggesting residing here but claiming it as a UK resident then that is FRAUD.

[transam]

UK pension is sent to Citibank in LOS via Ireland, well it was the last time I looked...

 

Citibank forwards it to my BKK bank account, there are no charges and my BKKB ATM use is free. If you read the UK pension site it will tell you you will get a favourable rate using their system. I check the rate on receipt of my pension and it is always about the same as rate quotes on the Net.

 

You have the choice of every 4 or 13 weeks..

 

At least I will not be on a "radar" for the Gov fishing for naughty folk who "don't" live here eh...

[Chongalulu]

12 hours ago, ableguy said:

Use ing your credit card here not a good idea as almost every business want two or three percent  for the privelage.

Not supermarkets,petrol stations,Global diy,most hotels including booking sites, restaurants,larger retail outlets. Apart from that what have the Romans ever done for us.....