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BANGKOK 20 July 2019 00:15
Stuart

UK Pension Transferwise

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Just been told by DWP UK that they cannot transfer my pension into my Transferwise account. Anyone had success using Transferwise for there UK pension transfers?

 

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My UK State old age pension is paid direct into my Thai bank account, no charge, every 28 days.

 

john

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3 minutes ago, jonwilly said:

My UK State old age pension is paid direct into my Thai bank account, no charge, every 28 days.

 

john

I'd be interested to know what exchange rate you get. Thanks.

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Have you considered having it transferred into a £ Sterling account at a Thai bank? Leave it there until after Brexit, when hopefully, it will eventually improve. Then transfer into Baht at a better rate.

 

I am informed that immigration will accept £ and US$ accounts as evidence of your 800k for the visa, though I have yet to confirm this myself. Like all things here, it may depend on the mood of the IO!

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My UK State old age pension is paid direct into my Thai bank account, no charge, every 28 days.
 
john
Pension is paid via Citibank in the US. They convert to Thai Baht. The currency exchange rate is costing you. Citibank refuse to pay transfer in pounds sterling.

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14 hours ago, chickenslegs said:

I'd be interested to know what exchange rate you get. Thanks.

it is not much less than the currwnt rate....not worth worrying about...

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15 hours ago, jonwilly said:

My UK State old age pension is paid direct into my Thai bank account, no charge, every 28 days.

 

john

That's OK if you are building up your 800k. But it is no good if using the 65k a month as you could get one month with no transfer, and one month with two. But hey, who gets £1650 UK old age pension?   LOL

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15 hours ago, jonwilly said:

My UK State old age pension is paid direct into my Thai bank account, no charge, every 28 days.

 

john

With no annual increase?

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a friend of mine uses transfer wise...says they are very good.
 
He has his state pension into Transferwise? No problem with the DWP?

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Have you considered having it transferred into a £ Sterling account at a Thai bank? Leave it there until after Brexit, when hopefully, it will eventually improve. Then transfer into Baht at a better rate.
 
I am informed that immigration will accept £ and US$ accounts as evidence of your 800k for the visa, though I have yet to confirm this myself. Like all things here, it may depend on the mood of the IO!
Citibank will not do a pound sterling transfer. Making too money on currency exchange with the UK governments blessing (blind eye politics).

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So why not have it paid into an ordinary account then transfer it to your Transferwise account online ?
I do not live in the UK

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2 hours ago, Stuart said:

He has his state pension into Transferwise? No problem with the DWP?

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Me neither, I have had my DWP pension paid into my TransferWise since December last year with no problem. My RAF pension and my company pension are also paid into TW. Each time a pension is paid into TW I get an SMS. 

 

I then transfer an amount into my Thai Bangkok bank account where it shows up as a FTT transfer and then transfer it to my KBank account for free.

 

As an example the forex rate for KBank yesterday was 38,75218 and for TW it was 39.1106 per GBP. So with TW you get a better forex rate and unless your pension is paid on a Friday it will be in your Thai Bank account within 24 hours instead of the 3 or 4 days with Citibank.

 

2 hours ago, Stuart said:

I do not live in the UK

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I don't live in the UK either and I had no problem opening a TW account.

 

On 6/20/2019 at 1:18 PM, wgdanson said:

That's OK if you are building up your 800k. But it is no good if using the 65k a month as you could get one month with no transfer, and one month with two. But hey, who gets £1650 UK old age pension?   LOL

Not correct as if you opt for the 4 weekly payment you actually get 13 transfers per year.

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