UK Pension

[toofarnorth]

1 hour ago, transam said:

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...

Tell me transam , how much better is the rate at 13 weeks as opposed to 4 weeks.

[Chongalulu]

17 hours ago, juice777 said:

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
 

The 220 baht equates to the 1% on your 20k withdrawal which is probably still about 1% better than no fee transfers. Cash withdrawals on a credit card,even abroad,hit your credit rating though- check moneysavingexpert.com.

[transam]

54 minutes ago, toofarnorth said:

Tell me transam , how much better is the rate at 13 weeks as opposed to 4 weeks.

The exchange rate differs near every day so no one knows, I chose the 4 week thing cos I more or less knew a ball park figure arriving, if I chose 13 weeks and it was falling fast I would be.........stuffed. There are no fees involved, if there are this end it must be peanuts cos l can't spot any..

 

The rate given I believe is the day Citibank in Thailand sends it to your BKKB account. UK sends my dosh on a Friday and it turns up the next Thursday, it used to arrive on the Monday but LOS Gov changed something..

[theoldgit]

7 minutes ago, transam said:

sends my dosh on a Friday and it turns up the next Thursday, it used to arrive on the Monday but LOS Gov changed something..

 

Any idea what the change by this Government was?

I have my pensions paid into my Santander account in the UK, I then bring over what I need, more and more GBP now I'm afraid, I did a transfer last week, it left Santander at 09.00 UK time and was in my Kasikorn account an hour later.

[transam]

Just now, theoldgit said:

 

Any idea what the change by this Government was?

I have my pensions paid into my Santander account in the UK, I then bring over what I need, more and more GBP now I'm afraid, I did a transfer last week, it left Santander at 09.00 UK time and was in my Kasikorn account an hour later.

They imposed mandatory Swift code use, l thought we already had it but it takes an extra 3 days.

 

What does Santander charge for the transfer...?

 

My ex worked for HSBC, her job was to look for lost transfers, there were many.....and getting the money back was the real headache...an even bigger one for those wanting their dosh..

[theoldgit]

What does Santander charge for the transfer...?

Twenty five quid I'm afraid, I know I'd get no transaction charges with my State Pension, but I prefer to bring over only what I need, though with the free fall in the GBP, I might need to reconsider that.

[peleid]

I have a English Bank Account, they send my pension to that account, I transfer  the money in pound sterling  to my SCB account in Thailand when I want, HSBC charge is 4 pound

[Phuket Man]

The pension service gets a better rate because they deal with such large amounts of cash. 

Better than the rate you get with a Swift transfer. 

 

[eddysmit]

On 5/27/2017 at 11:14 AM, 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

When I moved here and I gave the Uk pension notice, Newcastle then, the lady I spoke to was very friendly and I could understand every word she said, so when she said "is there anything else I can help you with", I actually did ask her just for the crack seeing as we were getting so well if I should be informing them seeing as my pension was about to be frozen and losing normal medical cover, she said "you are doing the right thing because detection rates are going up and you should hear some of the excuses when they call us after they have just received a bill from us for ten thousand pounds and up, 

[eddysmit]

20 hours ago, al007 said:

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

Same here, weekly, I could have had four weekly.

[topt]

On ‎27‎/‎05‎/‎2017 at 11:17 AM, 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.

 

 

Would it not be useful to add the word Payment or similar to the thread title to avoid confusion and misposting?

[Phuket Man]

Again, the two options are four weeks or thirteen weeks. 

 

[Gashead]

Is there an option to get your pension paid into Thai bank in pounds  i.e into a GBP account?

[sandyf]

On 5/27/2017 at 11:14 AM, 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

I would agree. I used to get my pension paid direct from the DWP to my Thai bank accountand the rate into my account was always about 0.3 baht below the forex rate.

Since the referendum I moved my pension to my UK bank account as I usually spend a large chunk of my pension in the UK. Now I just transfer as and when and the rate into my Thai account is about 0.5 baht below the forex rate plus a £4 transfer fee.

 

There is no benefit of 13 weeks over 4 weeks as the rate of exchange is pot luck on the time of transfer. Several times over the years I was caught in an overnight dip.

[sandyf]

15 hours ago, Gashead said:

Is there an option to get your pension paid into Thai bank in pounds  i.e into a GBP account?

That should be possible if you open a foreign currency account with a Thai bank.

[JohnC]

I have my state pension paid into my BKK account, I actually went into the local branch once and got a print out of the transfer, there is a charge, now I have internet banking BKK send me a SMS when my pension arrives, they tell me the rate and the charges, usually 110 baht, as I use Internet banking to pay  my bills this suits me !

[transam]

27 minutes ago, JohnC said:

I have my state pension paid into my BKK account, I actually went into the local branch once and got a print out of the transfer, there is a charge, now I have internet banking BKK send me a SMS when my pension arrives, they tell me the rate and the charges, usually 110 baht, as I use Internet banking to pay  my bills this suits me !

I pay the BKKB cheapy, 15bht a moth, sends an SMS when dosh is paid in or taken out (ATM). When pension is paid in the amount is shown on the phone, l then divide it by my known 4 week pound sum and check it against the baht rate on the link below, roughly the same...

 

https://themoneyconverter.com/GBP/THB.aspx

 

 

[beachbuggy]

Thanks all for the comments. I thought payments were either weekly or thirteen weeks but if 4 weekly is possible that is the way to go for me. Again, thanks for all the feedback


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