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How does your UK pension arrive and what code?

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On 9/12/2019 at 9:13 AM, Hotrats said:

I receive my UK State Pension directly every 28 days into my Bangkok Bank account in Thailand. It comes into my local account with the reference BAHTNET. My understanding is the UK pension office send the payments for pensioners living in Thailand in bulk to a central clearing bank here, from where it is distributed to all the individual accounts. Hence the receiving account does not register it as an international payment (with FTT) because it has been received from the local clearing bank in Thai Baht.

"I receive my UK State Pension directly every 28 days into my Bangkok Bank account in Thailand. It comes into my local account with the reference BAHTNET".

 

You don't receive it "directly into your BBL account", Citibank receives it directly from the DWP, UK.  Your Thai bank receives it directly from Citibank in Thailand. 

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On 9/12/2019 at 10:24 AM, Bangkok Barry said:

 

Interesting that the use of English in the UK Pensions Office has fallen to such a low level. Three errors in one short message is quite extraordinary. I've received poor English emails from the UK passport people at the Trendy Building, but they are Thais and you might expect them not to be perfect, but in the UK?

The chances are that is the English grammar of the OP, not the DWP!

Edited by Just Weird

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On 9/12/2019 at 11:14 AM, spornb said:

All too often we are told if you do not like it leave, by some junior civil servant

I very much doubt that you could come up with just one verifiable quote along those lines, never mind quotes where it has been said "all too often".

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On 9/12/2019 at 12:31 PM, chilly07 said:

Pension payed into UK NatWest account then to Transferwise for the best exchange rate and lowest fee then into Bangkok Bank always showing as an International Transfer FTT for no additional fee. Don't see where the problem is?

The problem for a lot of expats is not having a UK bank account!

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5 hours ago, Moonlover said:

 

However @trubrit is correct in saying that it is difficult to initially open an account unless one is resident in the UK.

It's not difficult, it's impossible.

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26 minutes ago, Just Weird said:

"I receive my UK State Pension directly every 28 days into my Bangkok Bank account in Thailand. It comes into my local account with the reference BAHTNET".

 

You don't receive it "directly into your BBL account", Citibank receives it directly from the DWP, UK.  Your Thai bank receives it directly from Citibank in Thailand. 

You are correct, and that's why the transfers never will show up as international/foreign, and no FTT in the BBL bankbook. These are Interbank Transfers. 

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With regard to TRANSFERWISE, in very simplified terms, this (as explained to me) is how their system operates:

 

TW have many accounts held in various countries throughout the world and maintain a healthy balance in each by electronically transferring funds between them in a continually ongoing system.

They have holding accounts in various SE Asian countries eg:‘Singapore’. In turn TW have three partner Thai banks (Bangkok bank, Kasikorn and TMB) that they use to actually route the transfers into Thailand.

So, when we initiate a transfer via TW, the transfer is initiated as the final international part of the route is from that SE country to one of the three partner banks in Thailand.

If you use, for example, Bangkok Bank and asked your transfer to be routed directly to them, your transfer will go directly into your account with an International FTT coding. Likewise if you use the correct procedure with Kasikorn and TMB banks.

If however, you use a different Thai bank, TW will simply route to to one of their partner banks who will immediately initiate a transfer to your own Thai account. This will mean the final leg of the transfer is an internal one between the Thai banks and the coding in your account will reflect this. Likewise if you use BKKB but didn’t register your preferred route with TW and they use Kasikorn or TMB for that transfer it will be shown as an internal transfer.

 

The advantage of TW is that they:

1. Use an account in a local country as a holding account to transfer into Thailand and

2. Have three partner banks so, providing your Thai account is with one of those banks and you have routed correctly, you will get an international (FTT) coding in your account.

 

Other institutions, such as CITIBANK use a similar transfer system with one main difference, the holding bank they use to transfer the funds to each individual’s account is situated within Thailand so the final leg is always an internal transfer between Thai banks and is designated as an internal transfer, even though it originated from abroad.

 

As I said, this is a very simplified version of a complex system but, in principal, is basically correct.

Edited by john terry1001
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8 minutes ago, john terry1001 said:

With regard to TRANSFERWISE, in very simplified terms, this (as explained to me) is how their system operates:

 

TW have many accounts held in various countries throughout the world and maintain a healthy balance in each by electronically transferring funds between them in a continually ongoing system.

They have holding accounts in various SE Asian countries eg:‘Singapore’. In turn TW have three partner Thai banks (Bangkok bank, Kasikorn and TMB) that they use to actually route the transfers into Thailand.

So, when we initiate a transfer via TW, the transfer is initiated as the final international part of the route is from that SE country to one of the three partner banks in Thailand.

If you use, for example, Bangkok Bank and asked your transfer to be routed directly to them, your transfer will go directly into your account with an International FTT coding. Likewise if you use the correct procedure with Kasikorn and TMB banks.

If however, you use a different Thai bank, TW will simply route to to one of their partner banks who will immediately initiate a transfer to your own Thai account. This will mean the final leg of the transfer is an internal one between the Thai banks and the coding in your account will reflect this. Likewise if you use BKKB but didn’t register your preferred route with TW and they use Kasikorn or TMB for that transfer it will be shown as an internal transfer.

 

The advantage of TW is that they:

1. Use an account in a local country as a holding account to transfer into Thailand and

2. Have three partner banks so, providing your Thai account is with one of those banks and you have routed correctly, you will get an international (FTT) coding in your account.

 

Other institutions CITIBANK use a similar transfer system with one main difference, the holding bank they use to transfer the funds to each individual’s account is situated within Thailand so the final leg is always an internal transfer between Thai banks and is designated as an internal transfer, even though it originated from abroad.

 

As I said, this is a very simplified version of a complex system but, in principal, is basically correct.

You are correct. Recently TW added a new reason for a transfer:

Funds for long term stay in Thailand. So if you you're sending money to BBL,K-Bank or TMB, the chances your money gets routed to wrong bank is even smaller. 

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16 hours ago, Gilltom said:

How did they find out.

Apparently they checked with the local council and I wasn't on record for paying council tax at my daughters UK address that I was using .

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8 minutes ago, trubrit said:

Apparently they checked with the local council and I wasn't on record for paying council tax at my daughters UK address that I was using .

Read this:

How to open a borderless account

Ready to see how much you could save using a TransferWise borderless account? Here’s what you'll need to do:

  1. Create your account. There’s no fee, but you might need to provide some documents to verify your identity to keep your account safe.
  2. Select a currency. Set up balances in any of dozens of currencies, with just one click.
  3. Add money to your account. Top up your account via debit card or bank transfer, or give your account details to anyone who wants to make an international payment to you.

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1 hour ago, Just Weird said:

The chances are that is the English grammar of the OP, not the DWP!

 

That crossed my mind but the OP was quoting, and if they were doing that then they made an appalling job of copying what they had in front of them. Nothing would surprise me from UK 'institutions'. I once received a letter by email from HSBC containing enough grammatical errors for me to contact them and confirm it wasn't a phishing letter. Dumber and dumber. I do wonder how things will be 30, 40, 50 years down the line by which time, I'm beginning to think, most people will be illiterate.

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17 hours ago, Gilltom said:

How did they find out.

 

         On Line, log in ,  gives  you location . 

         I was asked to provide proof of UK residence. 

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2 hours ago, Just Weird said:

The chances are that is the English grammar of the OP, not the DWP!

It was a quote.

I gave a clue by the use of quotation marks.

 

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4 hours ago, Max69xl said:

Swift codes are international, every bank has an 8 digit Swift code. That code is always used when transferring money using the Swift system.

If an European bank transfers money to an account in Thailand,and let's say that bank are routing their transfers through Bangkok Bank, then transfers to Bangkok Bank will show up as international in the statement, and in the bankbook it will say FTT. In every other bank the transfers will show up as Interbank Transfers (SMT in some banks bankbooks).

I do not know what you are trying to say, my comment made no reference to codes in bankbooks.

I use TMB and this is the Swift code TMBKTHBKXXX, every TMB bank in Thailand has the same Swift code and if you look up the Swift directory you will find that code is for the head office in Bangkok. Yes Swift codes are international and most countries use 11 character, this is the Swift code for my UK account HBUKGB4154F, the last 3 characters being the branch in Barnsley. Europe and the middle east use IBAN, Swift is only used for transactions that would go outside the IBAN areas

Fifteen years ago I was a self employed IT consultant and was working for a company where one of my tasks was to investigate failed BACS payments. the most common problem was operator error with lack of software validation. Validation is much better these days and all swift codes must be represented by 11 characters whether they have them or not.

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2 hours ago, Just Weird said:

The problem for a lot of expats is not having a UK bank account!

I have managed without one for about 10 years quite successfully.

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