Best way to send a pension abroad

[Varrius]

Hi,    I may be in the wrong part of the forum, but I just needed some advice.   I am retired, but below the UK pension age. I receive a monthly pension from my former employer, and this is paid into a UK bank.  My pension company will only pay my pension into a foreign bank by Western Union.  Does anyone have a better option to get my money from a UK bank to Thailand. It is quite imprtant that my wife is able to access the funds should the scenario occurs where I cannot.

Many Thanks

Steve

[colinneil]

One possibility is set up a direct debit with your UK bank to transfer a set amount each month to a Thai bank account.

I am not sure if this is possible, but you can only ask.

[Jip99]

There is an option to have it paid via Bangkok Bank London which will involve your employer sending Sterling via  FPS/BACS system.

 

 

Obviously only works if you have a Bangkok Bank account in Thailand.

 

 

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUK/Pages/ReceivingFundsfromUK.aspx

 

 

[CharlieH]

You could transfer from your UK account direct to  Thai account. The banks charges will vary depending on who you are with. If you transfer via Bangkok Bank London you will pay £25 plus upto a max 500 baht in Bangkok dependin on the amount.

 

Halifax UK charge 9.50

 

Shop around the banks for charges.

[phuketjock]

2 hours ago, CharlieH said:

You could transfer from your UK account direct to  Thai account. The banks charges will vary depending on who you are with. If you transfer via Bangkok Bank London you will pay £25 plus upto a max 500 baht in Bangkok dependin on the amount.

 

Halifax UK charge 9.50

 

Shop around the banks for charges.

I used to do this with my 2 banks in UK but a couple of years ago, out of the blue, they informed me that 

they will no longer be making standing order transfers to overseas banks and that i would have to give

notice to them, by way of a bank transfer form, every time i wished to transfer money from my UK accounts

to my Thai accounts. Luckily my UK pension provider does send my pension to my Thai account.

The Banks concerned were Natwest and Clydesdale, and neither saw fit to tell me why this inconvenience

had been thrust upon me?? I don't know but I would think this change would probable affect all banks? 

[Jip99]

2 hours ago, CharlieH said:

You could transfer from your UK account direct to  Thai account. The banks charges will vary depending on who you are with. If you transfer via Bangkok Bank London you will pay £25 plus upto a max 500 baht in Bangkok dependin on the amount.

 

Halifax UK charge 9.50

 

Shop around the banks for charges.

 

I THINK that BKB London only offer the 'convert in London' option on 3rd party pension/salary payments (I will stand corrected....). They attract £20 charge I believe and there is no fee at the Thai end.

 

I mentioned this option because I assumed that the OP was looking for an alternative to payment to his UK bank account.

 

HSBC charge £4 and are quicker; all slightly academic because if he is non-resident there is no chance of opening a different UK bank account.

[perthperson]

3 minutes ago, Jip99 said:

I THINK that BKB London only offer the 'convert in London' option on 3rd party pension/salary payments

 

You are wrong. Check the BKB website for detail.  

 

Picking up on the word "convert".  If you mean convert £ to Bht this should never be done other than in Thailand where a such better rate of exchange can be had

[OJAS]

38 minutes ago, Jip99 said:

I THINK that BKB London only offer the 'convert in London' option on 3rd party pension/salary payments (I will stand corrected....). They attract £20 charge I believe and there is no fee at the Thai end.

If the payments are made into a UK account then the 'convert in Bangkok' option is also available at charges of £20 at the London end plus 0.25% (subject to a maximum of 500 THB and a minimum of 200 THB) at the Bangkok end. This is how I periodically transfer my pension/rental income which is credited to my UK account to my BKKB account here via their London branch.

 

In any case, the 'convert in London' option attracts a flat-rate £15 (and not £20 as you have stated) charge!

 

http://www.bangkokbank.com/bangkokbank/personalbanking/dailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUK/Pages/ReceivingFundsfromUK.aspx

 

Edited July 19, 2017 by OJAS

[perthperson]

Just now, OJAS said:

If the payments are made into a UK account then the 'convert in Bangkok' option is also available at charges of £15 at the London end plus 0.25% at the Bangkok end.

Check and you will discover that the £15 charge made in London results in a £/Bht exchange (at poor rates) in London. 

 

Post definitive evidence if you can prove otherwise.

[OJAS]

6 minutes ago, perthperson said:

Check and you will discover that the £15 charge made in London results in a £/Bht exchange (at poor rates) in London. 

 

Post definitive evidence if you can prove otherwise.

Actually it's a flat-rate £15 if the conversion is done in London (and not £20 as stated by Jip99) OR £20 + 0.25% if the conversion is done in Bangkok, according to the BKKB website:

http://www.bangkokbank.com/bangkokbank/personalbanking/dailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUK/Pages/ReceivingFundsfromUK.aspx

 

I have now edited my posting with the correct £20 figure. Perceived wisdom on here is that the Bangkok conversion option is the one providing better value for money, and I am personally happy to go with that.

[monsieurhappy]

Have a look at this site:-

 

Transfer Money Online | Send Money Abroad with TransferWise

[Jip99]

1 hour ago, OJAS said:

If the payments are made into a UK account then the 'convert in Bangkok' option is also available at charges of £20 at the London end plus 0.25% (subject to a maximum of 500 THB and a minimum of 200 THB) at the Bangkok end. This is how I periodically transfer my pension/rental income which is credited to my UK account to my BKKB account here via their London branch.

 

In any case, the 'convert in London' option attracts a flat-rate £15 (and not £20 as you have stated) charge!

 

http://www.bangkokbank.com/bangkokbank/personalbanking/dailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUK/Pages/ReceivingFundsfromUK.aspx

 

 

 

Sorry OJAS (and Perthperson) but I do not think that applies to "Third party pension/salary payments". BKB (a) don't give the option of a Sterling transfer and (B ) increase the charge to £20.

 

I arranged this for 2 friends who's former employer would not remit to Thailand.

 

Can't see specific reference to the fees on their website but we did a calculation based on the first payment received under that system - I believe that the £20 was computed from the numbers on the day.

 

Can't be ar5ed to check it again but feel free to play with these:-

 

Pension date 23rd June - GBP 594.44 remitted to BKB London

 

TT exchange rate 23 June 43.555 (didn't change after round 1)

 

Funds received Thailand 26th June   24,336.48 Baht

 

TT exchange rate 26th June 43.695 (didn't change after round 1)

 

 

Simplistically, if Sterling had been sent, with a £20 deduction, the £574.44 would have generated 24,600.16 Baht after the 500 Baht max charge.

 

 

 

 

Edit....... My recollection is that when they allocated the reference number (for forwarding to the payroll department) they only gave the account detail option for conversion in London.

 

Time has passed so I will get my friend to seek clarification from BKB.

 

Edited July 19, 2017 by Jip99
Afterthought...

[Knee Jerk Reaction]

I have 2 private pensions paid into my Citibank account in the UK. Citibank then transfers the money fee free every month to my Thai bank account. Exchange rate is close to the inter bank exchange rate, therefore much higher than the high street banks rate of exchange.

[sometimewoodworker]

is 

 

 

Edited July 19, 2017 by sometimewoodworker

[perthperson]

24 minutes ago, Jip99 said:

Sorry OJAS (and Perthperson) but I do not think that applies to "Third party pension/salary payments". BKB (a) don't give the option of a Sterling transfer

I really do not know why I am bothering to respond to this-------------------- However ........ They will and you should read the BKB.s website.

 

1.  "When transferring funds in Pound Sterling:  92 00 20 00

 

2........

Exchange rate applied

Pounds Sterling converted to Thai Baht using the London Branch's exchange rate

Pounds Sterling converted to Thai Baht using the daily TT buying rate at Bangkok

[Jip99]

12 minutes ago, perthperson said:

I really do not know why I am bothering to respond to this-------------------- However ........ They will and you should read the BKB.s website.

 

1.  "When transferring funds in Pound Sterling:  92 00 20 00

 

2........

Exchange rate applied

Pounds Sterling converted to Thai Baht using the London Branch's exchange rate

Pounds Sterling converted to Thai Baht using the daily TT buying rate at Bangkok

 

 

 

.... and if YOU read my reply you will see that my recollection was that BKB did not permit the second option for the pension payment.

 

 

I have no reason to make it up because I would always recommend remitting Sterling - the only reason that is not happening is because that option was not made available. Personally, I made several payments under option 2 or my own account.

 

 

Do you have personal experience of remitting pension/salary payments DIRECTLY from an employer ?

[perthperson]

3 minutes ago, Jip99 said:

.. and if YOU read my reply you will see that my recollection

Your "recollection is faulty ---  

 

However if you cannot be bothered to refresh your memory I cannot be bothered spending any more time here.

 

NB

 

Not that it is any of your business but I receive funds (from a variety of sources in the UK) via the BKB  transferred in £s

[Jip99]

34 minutes ago, perthperson said:

 I receive funds (from a variety of sources in the UK) via the BKB  transferred in £s

 

 

Ha Ha.... then you are a mug for paying excessive bank charges!

[SunsetT]

It is very easy now to do it online with much lower charges than the banks. I find transferwise.com offer the most straightforward user-friendly service, the best exchange rate GBP to THB, and for some reason, my Thai bank, Kasikorn, charge absolutely nothing to receive the funds unlike other companies I have previously used.  Worldfirst.co.uk and Xe.com both offer so-called  'free' transfers but transferwise rates are better even after their transfer charge.

 

The only possible drawback is that u may need to use a UK address to open an account with them.

 

Use this link to get a 1st £500 transfer for free: https://transferwise.com

They may ask u for my name and/or email address . I just noticed my first name is in the link....lol. Tell them u forgot my last name, but PM me for my email address if u want to use it.

 

PS: Dont touch Xe.com with a bargepole for transfers.

 

Good Luck!

[Dario]

I use www.xendpay.com since about 2 years now. I transfer from Europe to Thailand twice a month. I get pension from 2 different countries. Less than 48 hours travel time if no public holidays are in between. The last time I transferred was yesterday and the money will be in my account tomorrow at 14:02. Works only that fast if the receiving bank account is with Bangkok Bank. Fee is 1% of the amount you transfer. The first transfers per year are free. I will get an exchange rate of 38.61079 for the Euro, BBL only paid 38.3775 Baht today and deducts a minimum fee of 200 Baht. Transfers with Transferwise from England and the USA have higher fees. I don't think with Xendpay.

Edited July 19, 2017 by Dario

[maximillian]

6 hours ago, monsieurhappy said:

Have a look at this site:-

 

Transfer Money Online | Send Money Abroad with TransferWise

 

TransferWise gives the best exchange rate and the lowest fee.

 

[JAS21]

34 minutes ago, maximillian said:

 

TransferWise gives the best exchange rate and the lowest fee.

 

Yes ... better than XendPay who I used to use. Very quick 2-3 days.

[Raybangkok]

I have my monthly private pension paid into one of my English banks I transfer it into Bangkok Bank London. They transfer it into my Bangkok branch here usually in 12 hours to 3 days depending if it falls over a weekend. The amount I receive is very close to the standard exchange rate. Transferring through Western Union is not a good idea as it does not show proof of income just a monthly payment. Mine is listed as a pension payment at the three banks so shows proof of pension. A short time ago a lot of Australians were deported as the money they received was paid through Western Union so they could not show proof of a genuine fixed income each month.

[SteveMack]

Hi, Its easy to send money from uk bank  to thai Bank, anytime Online, Charge 9.50, I do it many time , LLOYDS Bank, ( you have the option to convert to Baht in UK or in Thai Bank, Better to send in British money and convert in Thai bank )

Edited July 20, 2017 by SteveMack
more info.

[SantiSuk]

As someone said above HSBC is now very competitive, but also - as said elsewhere - not normally possible to open a new account with them if they know you are non-resident (or if you would be as sqeamish as I would be at the thought of lying that you are still UK-resident).

 

I believe that UK mainstream banks are now the best (ie combination of reliability, transparency, cost and safety) way to transfer money and little point with messing around with non-mainstream banks.

 

If you go online with HSBC early in a Thai daytime and select the send GBP (not send ThB) you will be charged GBP 4 only and (if Krungsri Bank is representative of all Thai banks) your Thai bank will use the TT rate (I use Bangkok Banks ex rate web-page as my daily monitor of the sterling/baht generally), credit you the following day and make nil additional charges. I don't know what is the limit on the amount that can be sent for a GBP 4 charge - could find out easily enough if anyone is interested - most I have one-time-transferred in the 2 year period HSBC have introduced such a low rate (used to be GBP 37!) has been GBP 25,000.

 

Specify your existing UK and Thai bank set-up and I'm sure someone can replicate the above profile for you.

 

Someone also said it is "better" to specify sending in GBP. I would say it's "essential", particularly if sending non-trivial sums. Earlier this year I had to do a telephone transfer (my online code widget had failed) of 25k and I made the mistake of answering 'send baht'. I got 42.5 instead of 43.5. Difference ThB25,000!

 

 

Just a thought, but maybe a pension company, that insists on sending money to a UK account (as does my ex-company), would assist by writing a letter for your chosen bank to open a new account/banking relationship

[Expattaff1308]

Sent you a PM

[OJAS]

On 7/19/2017 at 3:22 PM, sometimewoodworker said:

is 

 

 

 

On 7/19/2017 at 3:56 PM, perthperson said:

Your "recollection is faulty ---  

 

However if you cannot be bothered to refresh your memory I cannot be bothered spending any more time here.

 

NB

 

Not that it is any of your business but I receive funds (from a variety of sources in the UK) via the BKB  transferred in £s

 

On 7/19/2017 at 4:32 PM, Jip99 said:

 

 

Ha Ha.... then you are a mug for paying excessive bank charges!

 

14 hours ago, Raybangkok said:

I have my monthly private pension paid into one of my English banks I transfer it into Bangkok Bank London. They transfer it into my Bangkok branch here usually in 12 hours to 3 days depending if it falls over a weekend. The amount I receive is very close to the standard exchange rate. Transferring through Western Union is not a good idea as it does not show proof of income just a monthly payment. Mine is listed as a pension payment at the three banks so shows proof of pension. A short time ago a lot of Australians were deported as the money they received was paid through Western Union so they could not show proof of a genuine fixed income each month.

BEWARE FOLKS!! Bangkok Bank have now decided, in their infinite wisdom, to discontinue transfers via their London branch until we have surmounted a number of formidable bureaucratic obstacles which are solely and avowedly aimed at causing us the maximum inconvenience and hassle possible - please read this thread on the Home Country forum for further info:-

 

[SunsetT]

On 19/07/2017 at 6:19 PM, Dario said:

I use www.xendpay.com since about 2 years now. I transfer from Europe to Thailand twice a month. I get pension from 2 different countries. Less than 48 hours travel time if no public holidays are in between. The last time I transferred was yesterday and the money will be in my account tomorrow at 14:02. Works only that fast if the receiving bank account is with Bangkok Bank. Fee is 1% of the amount you transfer. The first transfers per year are free. I will get an exchange rate of 38.61079 for the Euro, BBL only paid 38.3775 Baht today and deducts a minimum fee of 200 Baht. Transfers with Transferwise from England and the USA have higher fees. I don't think with Xendpay.

Thanks. I will compare their rate next time I make a transfer.

 

No I wont.....lol.....As I see others have done already and found transferwise better.

Edited July 21, 2017 by SunsetT

[rickudon]

I just use my credit card - no fees, MC Exchange rate (better than TT rates), only the ATM fee in Thailand to pay. Still cheaper than a bank transfer unless you send several thousand at a time. That way i get my money instantly when i need it, and also if i can use it to pay at the till no fee what so ever.

 

Of course, always have a backup method .....  and if needing to transfer money from your home country, best to maintain a home address (a relative?). If a bank refused to do international transfers for me, they wouldn't be my bank any more. Always keep at least 2 banks going.