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Hi..I currently have a UK company pension paid into a UK Bank which I am thinking about having paid into my Kasikorn account.Will I incur any charges here in Thailand from Kasikorn for this service?Also for when I qualify in a couple of years does anyone know if a UK state pension paid into Kasikorn incurs charges also?Thanks.

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I bank with Kasikorn but I'm not of pensionable age yet but in the past if I sent money from a halifax account I would get charged in the UK plus <deleted> exchange rate then get charged by Kasikorn here as well. I use an fx company now and what I agree to contractually (when I press the go button on the computer) in UK is the what I would receive here. My friend before he died got his pensions sent here (can't remember which bank) and he would send it straight from his government pension in pounds to the bank here and I've heard a few others say to send it direct but in pounds, don't exchange it in the UK. I'm sure you will get better advice in the morning when people get up.

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41 minutes ago, sandrabbit said:

I bank with Kasikorn but I'm not of pensionable age yet but in the past if I sent money from a halifax account I would get charged in the UK plus <deleted> exchange rate then get charged by Kasikorn here as well. I use an fx company now and what I agree to contractually (when I press the go button on the computer) in UK is the what I would receive here. My friend before he died got his pensions sent here (can't remember which bank) and he would send it straight from his government pension in pounds to the bank here and I've heard a few others say to send it direct but in pounds, don't exchange it in the UK. I'm sure you will get better advice in the morning when people get up.

Thanks.

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Yes as far as I am aware every Thai bank has a charge . I have my pensions paid into my U.K. bank and 3 times a year I make a transfer to Thailand however if I send money from my natwest account it would cost me £20+ so I send it to my daughter who then sends it through her Halifax account cost £9 it is sent as Sterling and when it hit BKK ITS TRANSFERRED into baht I think I am then charged between 300/500 baht from my Thai bank

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15 hours ago, chang50 said:

I currently have a UK company pension paid into a UK Bank

Use Transferwise to move the money to Thailand, I find the phone app easiest.

Costs around 7 pounds for a 40,000bht transfer, and you get the XE.com exchange rate, no deductions at the Thai bank.

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15 minutes ago, BritManToo said:

Use Transferwise to move the money to Thailand, I find the phone app easiest.

Costs around 7 pounds for a 40,000bht transfer, and you get the XE.com exchange rate, no deductions at the Thai bank.

ditto. fast, safe and cheap transfers. it just doesnt show as a foreign transfer but that doesnt affect me.

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I can't speak for your private pension of course but I can tell you about the state pension. Yes it can be paid directly into a local bank account. It is handled by Citicorp and the exchange rates a quite favourable due to bulk handling. There is a small handling fee for the service. (2 or 3 GBP if I remember rightly)

 

The receiving bank does not impose a charge. Also, contrary to earlier information, it can only be paid in local currency, not sterling. See website below for info.

 

TransferWise has also been mentioned. This is an alternative method which I switched to about a year ago. You can have your pension(s) paid into an account with them and you arrange the transfer to suit you.

 

I did some number crunching on this and there is little difference in the received sum between the 2 methods. This can be useful if you receive multiple pensions. (I have 3) All mine are paid into TransferWise and then I make one transfer a month. It's easier when it comes to presenting my monthly incomes to Immigration. See T/W website below.

 

https://www.gov.uk/state-pension-if-you-retire-abroad

 

https://transferwise.com

 

 

 

Edited by Moonlover

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I have my government pension paid into my UK bank. That way no extra charges just the same. 

I am with Kasikorn too! Halifax UK £9.50 whatever you send and I send mine in pounds! I did try Transferwise but it came up on my K account as 'Dummy Branch' not the usual 'International transaction'!!

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50 minutes ago, Moonlover said:

I can't speak for your private pension of course but I can tell you about the state pension. Yes it can be paid directly into a local bank account. It is handled by Citicorp and the exchange rates a quite favourable due to bulk handling. There is a small handling fee for the service. (2 or 3 GBP if I remember rightly)

 

The receiving bank does not impose a charge. Also, contrary to earlier information, it can only be paid in local currency, not sterling. See website below for info.

 

TransferWise has also been mentioned. This is an alternative method which I switched to about a year ago. You can have your pension(s) paid into an account with them and you arrange the transfer to suit you.

 

I did some number crunching on this and there is little difference in the received sum between the 2 methods. This can be useful if you receive multiple pensions. (I have 3) All mine are paid into TransferWise and then I make one transfer a month. It's easier when it comes to presenting my monthly incomes to Immigration. See T/W website below.

 

https://www.gov.uk/state-pension-if-you-retire-abroad

 

https://transferwise.com

 

 

 

Thank you I already use Transferwise i will look into that.

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there is no charge for this but it will be coverted into BHT in the uk  no choice 

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Chang 50.

I have been told by two private pensions "cannot". Must be UK bank. Would you be so kind as to let us know if you succeed. Charges or not. 🙏🙏 Paul

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5 minutes ago, lagavulin1 said:

Chang 50.

I have been told by two private pensions "cannot". Must be UK bank. Would you be so kind as to let us know if you succeed. Charges or not. 🙏🙏 Paul

Transferwise is a UK bank.

They'll even send you a debit card if you have an address in Europe.

Edited by BritManToo

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16 hours ago, chang50 said:

Thanks.

The fee for receiving money in Thailand is normally a minimum of 200 baht and maximum of 500 baht. Bangkok Banks fee is 0.15% = 200 baht up to ~133000 baht. 

When transferring money you never send THB. If I was you I would have your pension paid to your UK account and then use TransferWise  to send the money to your Thai bank. Faster, cheaper and better exchange rate.

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2 hours ago, BritManToo said:

Transferwise is a UK bank.

They'll even send you a debit card if you have an address in Europe.

Transferwise is not a bank but is regulated.

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5 hours ago, Nyezhov said:
5 hours ago, BritManToo said:

Use Transferwise to move the money to Thailand, I find the phone app easiest.

Costs around 7 pounds for a 40,000bht transfer, and you get the XE.com exchange rate, no deductions at the Thai bank.

ditto. fast, safe and cheap transfers. it just doesnt show as a foreign transfer but that doesnt affect me.

It does if you use the correct Thai bank and the transfer process recommended by Transferwise.

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