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MrMuddle

Exchange rate for transferring UK Pension to Thailand?

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I've now qualified for my UK Government pension. I can either get it paid into a UK Bank, or paid into a Bank here, BUT as I understand it, they transfer the money as Thai Baht, and get the exchange rate in the UK, before transferring the pension here. The last time (20 years ago) I exchanged Pounds for Baht in the UK, the exchange rate (compared to exchanging in Thailand), was abysmal. Anyone done this recently? What rate can I expect, compared to the Thai rate?

Thanks for any replies

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4 hours ago, MrMuddle said:

What rate can I expect, compared to the Thai rate?

My experience at this time while the £ is quite steady at the present rate of exchange is I always get a good rate with my UK pension paid directly to my Thai bank, better than any other method of getting money over from UK.

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No brainer...get your pension paid into your UK bank and transfer when needed..👍

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35 minutes ago, Kwasaki said:

 

My experience at this time while the £ is quite steady at the present rate of exchange is I always get a good rate with my UK pension paid directly to my Thai bank, better than any other method of getting money over from UK.

But what rate is it? if you don't know you can't compare with Transferwise\other. They should be able to comfirm the rate i.e. Interbank rate, not number

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They use Bank of New York as a clearing house, the rate you get today would be about 35.5 baht..compare that to TransferWise you are loosing 10% of your pension. Always have it transferred to Thailand in Sterling, so pay to UK bank and do yourself

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8 hours ago, scubascuba3 said:

But what rate is it? if you don't know you can't compare with Transferwise\other. They should be able to comfirm the rate i.e. Interbank rate, not number

Quite easy really on the day your pension is paid into Thailand mine is Monday I look at the rate.

It is always less on that day if I go and get money from any other source with my uk debit card on line.

The best way is over Thai bank counter with debit card but always less rate than my pension rate.

I don't bother much checking now because the amounts of difference are small.

Neally 8 years now getting my pension paid direct to my Thai Bank with no bother I'm happy with this arrangement.

Why all the bother it's flinging frozen anyway tell OP that. 😂

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When I was given this choice by my employer years ago, I had the money deposited into my US account, then transferred what I needed to here. The primary reason being that I still needed US dollars for some things, and I did not want the exchange/fee hit a second time when moving money back from here.

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20 hours ago, baansgr said:

They use Bank of New York as a clearing house, the rate you get today would be about 35.5 baht..compare that to TransferWise you are loosing 10% of your pension. Always have it transferred to Thailand in Sterling, so pay to UK bank and do yourself

What utter nonsense!

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Why not just open a foreign currency account with your Thai bank? It comes over in pounds and you then have the choise when to convert it to baht. You will get bank TT rate.

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If you can, have a UK address for all letters and communication. If you are seen living in Thailand you will not get the yearly increase on the pension. As for bank account I have it coming into my UK bank account and then transfer what I need if required. Also the exchange rates are not going to be good for sometime, now it is 38 baht to the £ and it may go lower if / when the recession starts in the UK. Do not count on the Thai baht to drop, for some reason the baht retains its high rate and we have been predicting it's fall for years and nothing has happen.

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I’ve always had my pensions paid into my U.K. bank I use a company called TransferWise as they have the best exchange rates I get an update every day by email if you send £1,000 it costs £7 and I can tell you it is sitting in my SCB account within 10/20 minutes SCB charge me around 250 baht so the transfer charge for both banks is roughly £12-13 my Natwest used to charge me £23 plus I still had SCB charges and got a lessor exchange rate . I have a multi currency account  so it doesn’t matter where I go I just input the currency required that is the best way to go it doesn’t cost anything to register just your time . If your on a retirement visa  and need to show your bringing in x amount each month this might not be for you as it does not show that it was an international transfer

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