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UK Pension Transferwise


Stuart

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1 minute ago, Just Weird said:

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.

I have had 2 payments in one month...As my pension is paid every 28 days I was paid twice in a 31 day month...

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7 minutes ago, Just Weird said:
On ‎6‎/‎20‎/‎2019 at 1:06 PM, essox essox said:

a friend of mine uses transfer wise...says they are very good. 

 

7 minutes ago, Just Weird said:

Not for his UK state pension, he can't be, DWP will only transfer to a bank approved by them.

 

30 minutes ago, billd766 said:

The state pension is paid to TW every 4th Friday and I get it transferred on the Monday following.

??????????????????????????

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3 minutes ago, transam said:

I have had 2 payments in one month...As my pension is paid every 28 days I was paid twice in a 31 day month...

Me too, but that doesn't mean that you will get nothing in the next month.  Just looking at mine since Feb 2017, had a few land twice in a month but no months have had no deposits.

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4 minutes ago, Moonlover said:
16 minutes ago, Just Weird said:
On ‎6‎/‎20‎/‎2019 at 1:06 PM, essox essox said:

a friend of mine uses transfer wise...says they are very good. 

 

16 minutes ago, Just Weird said:

Not for his UK state pension, he can't be, DWP will only transfer to a bank approved by them.

 

35 minutes ago, billd766 said:

The state pension is paid to TW every 4th Friday and I get it transferred on the Monday following.

??????????????????????????

 

Maybe he has a special arrangement, I was led to believe that normal retail banks were the only place Citibank could send DWP state pensions and it seems that the OP has been told that also, hence the thread...I can't explain it.

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1 hour ago, Just Weird said:

Not for his UK state pension, he can't be, DWP will only transfer to a bank approved by them.

Of course the DWP has approved TransferWise for the State pension.

 

My pension is paid directly into it every 4th Friday and many others get their state pension paid there also.

 

I set up my TW account in November 2018 and my state pension was paid in during December.

 

I have no special arrangement or privileges.

 

I rang them up and gave the TW bank details, and they sorted the new transfer arrangements over the phone.

 

Of course if you know better than me,

1 hour ago, Moonlover said:

Sorry wrong post

 

 

 

 

 

please explain how my state pension appears in my TW account every 4th Friday.

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1 hour ago, Just Weird said:

 

Maybe he has a special arrangement, I was led to believe that normal retail banks were the only place Citibank could send DWP state pensions and it seems that the OP has been told that also, hence the thread...I can't explain it.

Sorry, that is misinformation. Citibank only handle DWP payments that are destined for foreign banks. Payments to domestic accounts are handled by domestic banking arrangements, probably Barclays who seem to be responsible for most government business.

 

Personally, I have mine paid into Nationwide and then transferred into my Borderless account when I'm ready to transfer it. However, I have read several times on this very forum that folks are having their pension paid directly into their T/W account, including the reference above.

 

So, for the sake of the O/P who raised this topic, perhaps someone could step in and state, categorically that their state pension is paid directly to their T/W Borderless account. That will settle the issue once and for all.

 

Update: Already done! Thanks @billd766

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1 hour ago, Moonlover said:

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.

 

 

 

 

 

It used to take 3 to 4 days from being paid in the UK to arriving in my KBank account in Thailand.

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5 minutes ago, Moonlover said:

Sorry, that is misinformation. Citibank only handle DWP payments that are destined for foreign banks. Payments to domestic accounts are handled by domestic banking arrangements, probably Barclays who seem to be responsible for most government business.

 

Personally, I have mine paid into Nationwide and then transferred into my Borderless account when I'm ready to transfer it. However, I have read several times on this very forum that folks are having their pension paid directly into their T/W account, including the reference above.

 

So, for the sake of the O/P who raised this topic, perhaps someone could step in and state, categorically that their state pension is paid directly to their T/W Borderless account. That will settle the issue once and for all.

 

Update already done! Thanks @billd766

I categorically state that my state pension is paid directly to my T/W Borderless account and has been since December 2018 and I have the downloaded statements from T/W and Bangkok Bank to prove it.

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I categorically state that my state pension is paid directly to my T/W Borderless account and has been since December 2018 and I have the downloaded statements from T/W and Bangkok Bank to prove it.
Bild766 is it possible to get your info to support my application? Stuart

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I have just received a letter from DWP stating that my pension will be transferred to my new account. No mention of Transferwise! Should hit my account in a week. I will let you know if all goes well. Many thanks for your support.

Sent from my CLT-L29 using Tapatalk

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I have just received a letter from DWP stating that my pension will be transferred to my new account. No mention of Transferwise! Should hit my account in a week. I will let you know if all goes well. Many thanks for your support.

Sent from my CLT-L29 using Tapatalk


To Billd766

Sent from my CLT-L29 using Tapatalk

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On 6/22/2019 at 4:04 PM, 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.

 

looking into next retirement extension renewal financial requirement details...I thought these transfer services would not appear as funds from abroad in thai banks so that would qualify for the 65k a month - is it actually so that using this transferwise service, it actually appears as coming from abroad in BKK bank (which I am using)?

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2 hours ago, mran66 said:

 

looking into next retirement extension renewal financial requirement details...I thought these transfer services would not appear as funds from abroad in thai banks so that would qualify for the 65k a month - is it actually so that using this transferwise service, it actually appears as coming from abroad in BKK bank (which I am using)?

My KBank account did not show the TW transfers as FTT even though they are are partner bank for TW here in Thailand. I had read on TVF that BBL showed up correctly so I managed to open an account there and it is correct that the transfers are shown as FTT.

 

My last transfer was on 21st of June and showed up on time on 21st June. My next one is on 5th July in the UK and due paid in Thailand on 8th July due to the weekend.

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My KBank account did not show the TW transfers as FTT even though they are are partner bank for TW here in Thailand. I had read on TVF that BBL showed up correctly so I managed to open an account there and it is correct that the transfers are shown as FTT.
 
My last transfer was on 21st of June and showed up on time on 21st June. My next one is on 5th July in the UK and due paid in Thailand on 8th July due to the weekend.
Okay that's good news as thinking of changing to the monthly system after next one which still need to do with 800k. Need to test tw to bbl

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this may be a dumb question but I noticed theres an App my wife told me about where you can pay into your Thai bank via credit/debit ... I haven't tested it yet but intend to.. I wonder what code this shows as if its a Farrang credit/debit?  I'm going to use my fee free Transferwise Debit Card to test it

 

I will report back after I've tested it... I'm guessing you can use a Farrang card on there because it asks for Farrang passport as ID but not sure yet as Shopee used the Thai date for cards 2556...  but Truemove online accepts farrang cards

 

If it goes through the App then it may show as a domestic bank but who knows how these things work until testing!

 

Image result for airpay appImage result for ktb netbank

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