Stuart Posted June 19, 2019 Share Posted June 19, 2019 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? Sent from my CLT-L29 using Tapatalk Link to comment Share on other sites More sharing options...
CharlieH Posted June 19, 2019 Share Posted June 19, 2019 So why not have it paid into an ordinary account then transfer it to your Transferwise account online ? Link to comment Share on other sites More sharing options...
jonwilly Posted June 19, 2019 Share Posted June 19, 2019 My UK State old age pension is paid direct into my Thai bank account, no charge, every 28 days. john Link to comment Share on other sites More sharing options...
chickenslegs Posted June 19, 2019 Share Posted June 19, 2019 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. Link to comment Share on other sites More sharing options...
DaRoadrunner Posted June 19, 2019 Share Posted June 19, 2019 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! Link to comment Share on other sites More sharing options...
Stuart Posted June 20, 2019 Author Share Posted June 20, 2019 My UK State old age pension is paid direct into my Thai bank account, no charge, every 28 days. johnPension 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. Sent from my CLT-L29 using Tapatalk Link to comment Share on other sites More sharing options...
essox essox Posted June 20, 2019 Share Posted June 20, 2019 a friend of mine uses transfer wise...says they are very good. Link to comment Share on other sites More sharing options...
essox essox Posted June 20, 2019 Share Posted June 20, 2019 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... Link to comment Share on other sites More sharing options...
wgdanson Posted June 20, 2019 Share Posted June 20, 2019 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 Link to comment Share on other sites More sharing options...
wgdanson Posted June 20, 2019 Share Posted June 20, 2019 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? Link to comment Share on other sites More sharing options...
Stuart Posted June 22, 2019 Author Share Posted June 22, 2019 a friend of mine uses transfer wise...says they are very good. He has his state pension into Transferwise? No problem with the DWP? Sent from my CLT-L29 using Tapatalk Link to comment Share on other sites More sharing options...
Stuart Posted June 22, 2019 Author Share Posted June 22, 2019 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). Sent from my CLT-L29 using Tapatalk Link to comment Share on other sites More sharing options...
Stuart Posted June 22, 2019 Author Share Posted June 22, 2019 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 Sent from my CLT-L29 using Tapatalk Link to comment Share on other sites More sharing options...
transam Posted June 22, 2019 Share Posted June 22, 2019 On 6/20/2019 at 12:41 PM, Stuart said: 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. Sent from my CLT-L29 using Tapatalk I think it is paid via Citibank Ireland. The pension service in their literature says using this method of transfer has a better exchange rate, plus there are no fees.. Link to comment Share on other sites More sharing options...
billd766 Posted June 22, 2019 Share Posted June 22, 2019 2 hours ago, Stuart said: He has his state pension into Transferwise? No problem with the DWP? Sent from my CLT-L29 using Tapatalk 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 Sent from my CLT-L29 using Tapatalk 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. Link to comment Share on other sites More sharing options...
billd766 Posted June 22, 2019 Share Posted June 22, 2019 2 hours ago, transam said: I think it is paid via Citibank Ireland. The pension service in their literature says using this method of transfer has a better exchange rate, plus there are no fees.. They lie like a cheap Chinese watch. There are always fees and if they park the money in their bank overnight and lend it out they make money on your money. If it takes 3 days to reach your account they earn interest each day. Link to comment Share on other sites More sharing options...
wgdanson Posted June 22, 2019 Share Posted June 22, 2019 2 hours ago, Stuart said: I do not live in the UK Sent from my CLT-L29 using Tapatalk Nor do I, but I still have a Nationwide account. Link to comment Share on other sites More sharing options...
wgdanson Posted June 22, 2019 Share Posted June 22, 2019 19 minutes ago, billd766 said: 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. I don't live in the UK either and I had no problem opening a TW account. Not correct as if you opt for the 4 weekly payment you actually get 13 transfers per year. Sorry, yes you will get one month with TWO transfers. And that will f..k up the dates you need to show the Immigration. Link to comment Share on other sites More sharing options...
steve73 Posted June 22, 2019 Share Posted June 22, 2019 DWP probably can't initiate a transfer using Transferwise, but if you open a "Borderless Account" with them it'll have a sort code & account number like any UK bank - DWP can send it there, and you can then initiate the transfer yourself to your Thai bank, and you can make the transfers monthly rather than 4 weekly. Link to comment Share on other sites More sharing options...
billd766 Posted June 22, 2019 Share Posted June 22, 2019 1 hour ago, wgdanson said: Sorry, yes you will get one month with TWO transfers. And that will f..k up the dates you need to show the Immigration. No it won't. When I do my extension it will show 37 transfers, 12 each of my RAF pension and company pension and 13 of my state pension. What Immigration are looking for is the amount of pension per month and not the number of transfers per month. Link to comment Share on other sites More sharing options...
treetops Posted June 22, 2019 Share Posted June 22, 2019 49 minutes ago, billd766 said: No it won't. When I do my extension it will show 37 transfers, 12 each of my RAF pension and company pension and 13 of my state pension. What Immigration are looking for is the amount of pension per month and not the number of transfers per month. That would make sense, but there has also been at least one report that one payment per month, at roughly the same date each month is what is required (by one IO at least). Link to comment Share on other sites More sharing options...
wgdanson Posted June 23, 2019 Share Posted June 23, 2019 9 hours ago, billd766 said: No it won't. When I do my extension it will show 37 transfers, 12 each of my RAF pension and company pension and 13 of my state pension. What Immigration are looking for is the amount of pension per month and not the number of transfers per month. I was just referring to the State Pension, sorry. Link to comment Share on other sites More sharing options...
wgdanson Posted June 23, 2019 Share Posted June 23, 2019 10 hours ago, steve73 said: DWP probably can't initiate a transfer using Transferwise, but if you open a "Borderless Account" with them it'll have a sort code & account number like any UK bank - DWP can send it there, and you can then initiate the transfer yourself to your Thai bank, and you can make the transfers monthly rather than 4 weekly. Totally correct. The best way to do it. Link to comment Share on other sites More sharing options...
Moonlover Posted June 23, 2019 Share Posted June 23, 2019 10 hours ago, billd766 said: 2 hours ago, wgdanson said: Sorry, yes you will get one month with TWO transfers. And that will f..k up the dates you need to show the Immigration. 10 hours ago, billd766 said: No it won't. When I do my extension it will show 37 transfers, 12 each of my RAF pension and company pension and 13 of my state pension. What Immigration are looking for is the amount of pension per month and not the number of transfers per month. I'll be putting this to the test next month in Sakon Nakhon. Like @billd766 above, I have 3 pensions and my monthly transfers in over the previous year vary between 1 and 3 per month. When convenient, I consolidate the transfers via my T/W Borderless account. I had a chat about this with Imm on Friday whilst doing my 90 day Report. He indicated that bank statements with a bank covering letter and my pension statements should be all I need. Just as well because that's all I've got! Watch this space next month for my feedback. Link to comment Share on other sites More sharing options...
billd766 Posted June 23, 2019 Share Posted June 23, 2019 12 hours ago, treetops said: That would make sense, but there has also been at least one report that one payment per month, at roughly the same date each month is what is required (by one IO at least). The RAF pension and my company pension are paid on the 15th and 20th monthly, the only variation is if they come on a weekend or bank holiday. The worst time of the year for that is Songkran. The state pension is paid to TW every 4th Friday and I get it transferred on the Monday following. Link to comment Share on other sites More sharing options...
billd766 Posted June 23, 2019 Share Posted June 23, 2019 4 hours ago, wgdanson said: Totally correct. The best way to do it. That is the way have done it since November 2018. Link to comment Share on other sites More sharing options...
billd766 Posted June 23, 2019 Share Posted June 23, 2019 2 hours ago, Moonlover said: I'll be putting this to the test next month in Sakon Nakhon. Like @billd766 above, I have 3 pensions and my monthly transfers in over the previous year vary between 1 and 3 per month. When convenient, I consolidate the transfers via my T/W Borderless account. I had a chat about this with Imm on Friday whilst doing my 90 day Report. He indicated that bank statements with a bank covering letter and my pension statements should be all I need. Just as well because that's all I've got! Watch this space next month for my feedback. I am a month behind you in August. Link to comment Share on other sites More sharing options...
Just Weird Posted June 23, 2019 Share Posted June 23, 2019 On 6/20/2019 at 1:06 PM, essox essox said: a friend of mine uses transfer wise...says they are very good. Not for his UK state pension, he can't be, DWP will only transfer to a bank approved by them. Link to comment Share on other sites More sharing options...
Just Weird Posted June 23, 2019 Share Posted June 23, 2019 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 Why would you not get your DWP pension one month and then get it twice the next month? Never happened to me, always get it paid on time every 4th Wednesday without exception. Link to comment Share on other sites More sharing options...
Moonlover Posted June 23, 2019 Share Posted June 23, 2019 16 hours ago, billd766 said: They lie like a cheap Chinese watch. There are always fees and if they park the money in their bank overnight and lend it out they make money on your money. If it takes 3 days to reach your account they earn interest each day. There are no lies involved at all. In the initial literature sent out by DWP it is mentioned that there is a small fee charged for having pensions sent to an overseas bank. If I recall correctly it was around 2 GBP per transaction. But this is largely offset by the favourable exchange rate one receives due to bulk currency exchanges. It is quite normal for banks to use cash assets for short term borrowing and lending. That's how they make much of their money. Pension payments take 2 days to reach the destination bank here in Thailand, not 3. Link to comment Share on other sites More sharing options...
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