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Uk State Pension Paid Direct To Thailand


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#1 prodriver

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Posted 2010-08-04 19:23:38

Now that Thailand has been added to the list of countries where the UK state pension can be paid direct, I have searched this forum to see if there was anyone reporting what rate of exchange they got considering that the pension is paid in the local currency.

Unable to find the info I wanted, I emailed The International Pension Centre asking what rate of exchange they were working on. In their reply they told me that they were not permitted to disclose values of exchange rates. However, they were able to inform me that their banking supplier was "Citibank" and it was they that negotiate the exchange rate used to buy foreign currency.

Armed with this knowledge, I telephoned Citbank UK today asking them what was the current rate of exchange they were buying Thai Baht. They informed me that it was 50.1087. This was about 11 am UK time(17.00 Thai time). At the same time I checked what the rate was with SCB T/T rate. The latest rate given was 50.85 at 16.03 Thai time.

I will not be 65 until next year and my weekly pension will be about 150. So working on these calculations I will get roughly 0.75 baht less for each pound having it sent direct to Thailand than if I had it paid into my UK bank. (112.5 baht a week....5,850 baht per annum).

However, If I have it sent to my UK bank and then have it transferred to Thailand it would cost me 20 pound every time I transfer. So say I transferred every 3 months, the difference isn't going to be that much than having it sent direct in Baht me thinks. (That's if I've got my sums right!) :D :D

Hope this might be of interest to those Brits who maybe contemplating whether to have their pension sent direct here or not.

#2 chiang mai

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Posted 2010-08-04 19:35:33

Interesting that the UK Pension Service is using Citibank and not a UK bank! Regardless, I kinda figured that the pensioner would be the loser in all of this when the subject of direct payment to Thailand was first raised in this forum some time back, others said "how dare you suggest such a thing", hmff! I'm still curious however and wonder if there is not an option to be paid in Pounds Sterling, into a bank in Thailand, do you know?

#3 nong38

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Posted 2010-08-04 20:52:07

There is no cheap option, your best bet might be open a Nationwide flext account or another debit card with a good abroad option you will have to look and remember this is a fluid market. If you use the card inside the ban in Thailand with your passport there is no charge ( although your uk bank will make a charge ). If you have your persion paid into a UK bank account and then use your card in Thailand, UK pensions will not know.
It is also trying to find out the result of the the 13 Ex Pats who took the Uk pension service to the Europeon Court. As it stood before April if you opted to take your pension abroad annual increases were frozen, they were trying to get this stopped and annual increases applied to all.



#4 12DrinkMore

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Posted 2010-08-04 20:59:52

Although if the figures above are correct then the sum involved is small maybe you could also investigate if the money could be paid in GBP's directly to a GBP account in Thailand.

Foreign currency accounts are very easy to open here.



#5 12DrinkMore

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Posted 2010-08-04 21:04:22

It is also trying to find out the result of the the 13 Ex Pats who took the Uk pension service to the Europeon Court. As it stood before April if you opted to take your pension abroad annual increases were frozen, they were trying to get this stopped and annual increases applied to all.

I thought that they had failed. The issue is that if you live in some countries eg the Philippines, then you get the annual increases and if you live in Thailand you don't.

A big piece of British Bullshit.

Maybe someone should approach the new government and point out that they could get a couple of million votes from British expats if they stopped this nonsense.








#6 pontious

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Posted 2010-08-04 21:44:25

The EU Court case failed.
The Nationwide Debit Card is not 'free' from November 2010 I think - I dont have one. 2 percent plus 1?
As much as I would like it to change I dont think it will. We all knew the rules when we came here ( or should have )
We could always move back to UK!!!!!

#7 Rinrada

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Posted 2010-08-05 03:08:25


It is also trying to find out the result of the the 13 Ex Pats who took the Uk pension service to the Europeon Court. As it stood before April if you opted to take your pension abroad annual increases were frozen, they were trying to get this stopped and annual increases applied to all.

I thought that they had failed. The issue is that if you live in some countries eg the Philippines, then you get the annual increases and if you live in Thailand you don't.

A big piece of British Bullshit.

Maybe someone should approach the new government and point out that they could get a couple of million votes from British expats if they stopped this nonsense.


FYI only........

Down but NOT out :o

Welcome to Pension-Parity-UK

OUR FIGHT CONTINUES


At the hearing in the European Court of Human Rights in 2009 even the lawyers representing Britain agreed that the cost of rectifying this anomaly would be less than 1% of the annual National Insurance income.

The National Insurance Fund is currently in balance to the tune of over 45 Billion Pounds Sterling.
Rectifying this Frozen Pension injustice need not cost UK economy a penny. :unsure:

FAIR PLAY is a basic tenet of the British nation.

GRANT US FAIR PLAY

Light at the end of the tunnel ?
Peter Bottomley on expat state pension unfairness

YOU can continue to help by sending your e mails to the sitting members in your old constituency....etc....

http://pension-parity-uk.com/

#8 personchester

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Posted 2010-08-05 09:23:37

There is no cheap option, your best bet might be open a Nationwide flext account or another debit card with a good abroad option you will have to look and remember this is a fluid market. If you use the card inside the ban in Thailand with your passport there is no charge ( although your uk bank will make a charge ). If you have your persion paid into a UK bank account and then use your card in Thailand, UK pensions will not know.
It is also trying to find out the result of the the 13 Ex Pats who took the Uk pension service to the Europeon Court. As it stood before April if you opted to take your pension abroad annual increases were frozen, they were trying to get this stopped and annual increases applied to all.



Deciding not to receive one's pension abroad (in the countries concerned) makes no difference to the existing pension freezing, unless one commits a fraudulent act, which will of course be discovered by the authorities, and in addition to having the money taken back from your future pension payments, heavy penalties will follow.

The annual pension increase will in future only apply to the "basic" state pension, and no longer the other section, i.e. SERPS, GRAD, etc .. thus the annual pension increase (if any) will be around 100 pounds, - not a big deal, and certainly not worth a fraudulent act.

The ICBP (The International Consortium of British Pensioners) are still very active in dealing with the frozen pension case, the court cases have now come to an end, and the only targets left now are "political and moral" in the former (political) they deal with the new government and in particular with the new DWP minister "Ian Ducan Smith" in addition all MP's in the "new" parliament are being personally contacted in order to get their support,

In the latter (the moral aspect) they are trying to get support from some of the British major Newpapers so that articles are printed to outline this shocking and shameful treatment of over half a Million Britsh citizen that live abroad in those affected countries.

However, in view of the current economical crisis in the UK the outcome of the above is rather unpredictable.

#9 personchester

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Posted 2010-08-05 11:04:43


There is no cheap option, your best bet might be open a Nationwide flext account or another debit card with a good abroad option you will have to look and remember this is a fluid market. If you use the card inside the ban in Thailand with your passport there is no charge ( although your uk bank will make a charge ). If you have your persion paid into a UK bank account and then use your card in Thailand, UK pensions will not know.
It is also trying to find out the result of the the 13 Ex Pats who took the Uk pension service to the Europeon Court. As it stood before April if you opted to take your pension abroad annual increases were frozen, they were trying to get this stopped and annual increases applied to all.



Deciding not to receive one's pension abroad (in the countries concerned) makes no difference to the existing pension freezing, unless one commits a fraudulent act, which will of course be discovered by the authorities, and in addition to having the money taken back from your future pension payments, heavy penalties will follow.

The annual pension increase will in future only apply to the "basic" state pension, and no longer the other section, i.e. SERPS, GRAD, etc .. thus the annual pension increase (if any) will be around 100 pounds, - not a big deal, and certainly not worth a fraudulent act.

The ICBP (The International Consortium of British Pensioners) are still very active in dealing with the frozen pension case, the court cases have now come to an end, and the only targets left now are "political and moral" in the former (political) they deal with the new government and in particular with the new DWP minister "Ian Ducan Smith" in addition all MP's in the "new" parliament are being personally contacted in order to get their support,

In the latter (the moral aspect) they are trying to get support from some of the British major Newpapers so that articles are printed to outline this shocking and shameful treatment of over half a Million Britsh citizen that live abroad in those affected countries.

However, in view of the current economical crisis in the UK the outcome of the above is rather unpredictable.


PS: I notice in my above reply a sentence was accidentally erased, after (not a big deal) it should read ... unless the matter is not resolved in due course, since the accumalative loss over the years will be high.

#10 thaimate

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Posted 2010-08-05 11:12:26

There is no cheap option, your best bet might be open a Nationwide flext account or another debit card with a good abroad option you will have to look and remember this is a fluid market. If you use the card inside the ban in Thailand with your passport there is no charge ( although your uk bank will make a charge ). If you have your persion paid into a UK bank account and then use your card in Thailand, UK pensions will not know.
It is also trying to find out the result of the the 13 Ex Pats who took the Uk pension service to the Europeon Court. As it stood before April if you opted to take your pension abroad annual increases were frozen, they were trying to get this stopped and annual increases applied to all.


I have just e mailed Nationwide ,it makes no difference wheher you use your ationwide flex card in an atm or in the bank with your passport ,the charge is the same ,2% from nov plus 1 pound ,1% at present .
hope this helps.

#11 paulchiangmai

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Posted 2010-08-05 11:32:26

Prodriver, I took the option of having my state pension paid direct into my Bangkok Bank account here in Chiang Mai, my pension is 232.66 pounds a month. The past six months under this arrangement I have received the following:
12 July 10,440 Baht = 44.7 Baht per pound.
14 June 10,044 Baht = 43.17
17 May 10,125 Baht = 43.51
19 April 10,584 Baht = 45.49
22 March 10,466 Baht = 44.98
22 Feb' 10,969 Baht = 47.14

I cannot work out the actual exchange rates on these days as the Bangkok Bank foreign exchange rate on my computer will only show the rate for the first five days of the month for whatever reason.
Now you have told me that Citibank is involved that explains everything. Any involvement with this bank spells disaster, they would and no doubt do rob the dead. Just remain right where you are GOTLOST, I don't want to hear from you.
Prior to this direct payment I had the UK government post my sterling cheque direct to my address here in Thailand where the Bangkok bank would change it at the current TT rate right there on the spot. This worked out perfect for the previous seven plus years, never a problem. I shall now be writing to the pension dept' to revert back to that system.

#12 theoldgit

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Posted 2010-08-05 12:47:21

I have researched the figures quoted using Kasikorn's rates, and it seems that it's not a very good rate at all, the figure in red is Kasikorns tourist cash rate on the day and the figure in blue is the telex transfer rate.
It's not very scientific as clearly Citibank would be purchasing the Baht in advance and not on the day it's paid, but there does consistently seem to be a poor rate. Also we have to bare in mind that whilst they say it's a free service they will be costing in their costs.

12.07 = 44.70 - 47.59 / 48.18
14.06 = 43.17 - 46.56 / 47.19
17.05 = 43.51 - 45.52 / 46.05
19.04 = 45.49 - 48.33 / 48.96
22.03 = 44.98 - 47.38 / 48.21
22.02 = 47.14 - 50.14 / 50.98

I am receiving a Civil Service Pension which is also paid in Baht into my Thai bank, I'm too lazy to do a comparatives rate for the six month period, but last months worked out at 47.57 Baht to the GBP.

I'm a couple of years off my State Retirement Pension yet, but I intend having it paid in Stirling into my Nationwide account in the IOM, alongside my Civil Service Pension, even factoring in their 20 fee, it's cost effective, and more so if I can afford to do it quarterly.

Paulchiangmai, I don't know your personal situation, but if you went down this route, it wouldn't pay to do it monthly, you would do slightly better if you transferred money every two months, and far better if you could afford to do it quarterly, with the added benefit of transferring funds when it suited you and the rate was ok.


#13 garrfeild

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Posted 2010-08-05 12:54:29

All The above posts make me think thank god I'm not paying my NI contributions on income earned in the UK, now with the pension/retirement age rising from 65 to who knows what, being 55 years old means I have a long wait see it.

What effect if any will this governments promise to re-introduce index linking to pensions, have for expats here? apart from the failure to increase pensions annually as it stands at the moment?

#14 garrfeild

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Posted 2010-08-05 12:59:36

I have researched the figures quoted using Kasikorn's rates, and it seems that it's not a very good rate at all, the figure in red is Kasikorns tourist cash rate on the day and the figure in blue is the telex transfer rate.
It's not very scientific as clearly Citibank would be purchasing the Baht in advance and not on the day it's paid, but there does consistently seem to be a poor rate. Also we have to bare in mind that whilst they say it's a free service they will be costing in their costs.

12.07 = 44.70 - 47.59 / 48.18
14.06 = 43.17 - 46.56 / 47.19
17.05 = 43.51 - 45.52 / 46.05
19.04 = 45.49 - 48.33 / 48.96
22.03 = 44.98 - 47.38 / 48.21
22.02 = 47.14 - 50.14 / 50.98

I am receiving a Civil Service Pension which is also paid in Baht into my Thai bank, I'm too lazy to do a comparatives rate for the six month period, but last months worked out at 47.57 Baht to the GBP.

I'm a couple of years off my State Retirement Pension yet, but I intend having it paid in Stirling into my Nationwide account in the IOM, alongside my Civil Service Pension, even factoring in their 20 fee, it's cost effective, and more so if I can afford to do it quarterly.

Paulchiangmai, I don't know your personal situation, but if you went down this route, it wouldn't pay to do it monthly, you would do slightly better if you transferred money every two months, and far better if you could afford to do it quarterly, with the added benefit of transferring funds when it suited you and the rate was ok.


while I appreciate this is your pension, you are not alone in not getting a good rate of exchange over the past few (many) months. Most expats transferring money from the UK are in the same position all be it that some have more than others to play with.

#15 ESB7

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Posted 2010-08-05 13:54:39

There is no cheap option, your best bet might be open a Nationwide flext account or another debit card with a good abroad option you will have to look and remember this is a fluid market. If you use the card inside the ban in Thailand with your passport there is no charge ( although your uk bank will make a charge ). If you have your persion paid into a UK bank account and then use your card in Thailand, UK pensions will not know.
It is also trying to find out the result of the the 13 Ex Pats who took the Uk pension service to the Europeon Court. As it stood before April if you opted to take your pension abroad annual increases were frozen, they were trying to get this stopped and annual increases applied to all.




Nationwide are charging 2% as of November this year.

#16 nong38

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Posted 2010-08-05 14:58:02

The point I was trying to make about using the inside of the Bank is that you could avoid ther 300 bahts ATM fee. Has anyone any thoughts about opening one of these accounts where you pay an annual fee but then use the ATM free? If oyu could afford to bring the cash with you ( Interest rates being the pits ) might save a bit? As someone said its our choice to be here,but, it us in all our interests to make the most of the assets we have avialable limited or not. Still looks a better bet here than the turbulent times times coming soon to the UK.

#17 prodriver

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Posted 2010-08-05 16:59:12

As regards to having the pension paid to you in sterling to your bank in Thailand, it appears that this is not an option. It seems it has to be paid in the local currency. (why, I don't know!)

I say this because I was searching google for info regarding this subject and came across a forum for British expats living in Turkey and one of the posts said that they had received a reply from the UK pension authorities informing them that it was not possible to pay the pension in sterling but had to be converted to Turk Lira before being sent.

Anyway, I am in receipt of an annuity which is paid into my LLoydstsb account in the UK and will be transferring most of it to Thailand in the coming years so I might as well have my pension paid into the same account and lump it all together as it's the same charge for a SWIFT transfer regardless of the amount being sent. At least that way I can have it sent in sterling.

#18 ThaiPauly

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Posted 2010-08-05 17:19:04

All The above posts make me think thank god I'm not paying my NI contributions on income earned in the UK, now with the pension/retirement age rising from 65 to who knows what, being 55 years old means I have a long wait see it.



I'm 56 and will be entitled to the full state pension......but I certainly don't mind waitng another 9 years...don't wanna wish 9 years of my life away before I get it :rolleyes:

But then I could be dead by then :ermm:

#19 theoldgit

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Posted 2010-08-05 17:45:19

while I appreciate this is your pension, you are not alone in not getting a good rate of exchange over the past few (many) months. Most expats transferring money from the UK are in the same position all be it that some have more than others to play with.


But that is an another issue completely, and affects everybody who receives money from the UK and other countries.

This thread is about people who are being paid a UK state retirement pension and the fact that it can be paid directly into a Thai bank account, but at a rate far less than could be achieved if they would transfer in British Pounds.

#20 12DrinkMore

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Posted 2010-08-05 19:44:55


All The above posts make me think thank god I'm not paying my NI contributions on income earned in the UK, now with the pension/retirement age rising from 65 to who knows what, being 55 years old means I have a long wait see it.

I'm 56 and will be entitled to the full state pension......but I certainly don't mind waitng another 9 years...don't wanna wish 9 years of my life away before I get it :rolleyes:

But then I could be dead by then :ermm:

Even though it is not certain that the increases will be paid, I still think that it is worth making the 30 years' contributions at the expat rate to obtain the full pension. Yep, things might change, but the change from 45 odd years to 30 years is about the only action from the Labour that I benefited from, although buggers have now upped the retirement age by a year.


The 5,000 Quid/year income will provide a lot of beer and possibly also pay the rent and food on top..... Posted ImagePosted Image

#21 Lite Beer

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Posted 2010-08-05 19:51:39

I'm 56 and will be entitled to the full state pension......but I certainly don't mind waitng another 9 years...don't wanna wish 9 years of my life away before I get it :rolleyes:

But then I could be dead by then :ermm:

If this mickey mouse government gets it's way it will be 10 years.
They plan to make it 66 years old in 2016. :angry:

#22 paulchiangmai

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Posted 2010-08-05 19:56:05

As regards to having the pension paid to you in sterling to your bank in Thailand, it appears that this is not an option. It seems it has to be paid in the local currency. (why, I don't know!)

I say this because I was searching google for info regarding this subject and came across a forum for British expats living in Turkey and one of the posts said that they had received a reply from the UK pension authorities informing them that it was not possible to pay the pension in sterling but had to be converted to Turk Lira before being sent.

Anyway, I am in receipt of an annuity which is paid into my LLoydstsb account in the UK and will be transferring most of it to Thailand in the coming years so I might as well have my pension paid into the same account and lump it all together as it's the same charge for a SWIFT transfer regardless of the amount being sent. At least that way I can have it sent in sterling.




For seven and a half years, untill early this year, the UK pension service sent my pittance, sorry I meant pension to me in Thailand in pounds sterling. I would take the cheque to my bank and every time they would give me the TT rate on the spot.

#23 prodriver

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Posted 2010-08-06 16:20:30


As regards to having the pension paid to you in sterling to your bank in Thailand, it appears that this is not an option. It seems it has to be paid in the local currency. (why, I don't know!)

I say this because I was searching google for info regarding this subject and came across a forum for British expats living in Turkey and one of the posts said that they had received a reply from the UK pension authorities informing them that it was not possible to pay the pension in sterling but had to be converted to Turk Lira before being sent.

Anyway, I am in receipt of an annuity which is paid into my LLoydstsb account in the UK and will be transferring most of it to Thailand in the coming years so I might as well have my pension paid into the same account and lump it all together as it's the same charge for a SWIFT transfer regardless of the amount being sent. At least that way I can have it sent in sterling.




For seven and a half years, untill early this year, the UK pension service sent my pittance, sorry I meant pension to me in Thailand in pounds sterling. I would take the cheque to my bank and every time they would give me the TT rate on the spot.


Did they change from sending you a cheque to transferring your pension via Citibank when they added Thailand to their list of countries back in October of last year or did you request that they did so?

It does seem a better option to get a cheque in sterling. How long did it take for your bank to encash it? I've heard that cheques can take over a month before the money is credited to one's account (45 days?). Still, I suppose after waiting for the first cheque to be cashed then it's not a problem. One would be getting the pension payments regularly albeit somewhat in arrears.

#24 ThaiPauly

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Posted 2010-08-06 17:20:12





I'm 56 and will be entitled to the full state pension......but I certainly don't mind waitng another 9 years...don't wanna wish 9 years of my life away before I get it :rolleyes:

But then I could be dead by then :ermm:

If this mickey mouse government gets it's way it will be 10 years.
They plan to make it 66 years old in 2016. :angry:


If they do that I'll just have to take more vitimins and long walks :D

I'm not gonna let the buggers get away with giving me 30 years of "Hard Labour"taking all that NI and let them get away with it :lol:

#25 paulchiangmai

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Posted 2010-08-07 12:45:27

For seven and a half years, untill early this year, the UK pension service sent my pittance, sorry I meant pension to me in Thailand in pounds sterling. I would take the cheque to my bank and every time they would give me the TT rate on the spot.
[/quote]

Did they change from sending you a cheque to transferring your pension via Citibank when they added Thailand to their list of countries back in October of last year or did you request that they did so?

It does seem a better option to get a cheque in sterling. How long did it take for your bank to encash it? I've heard that cheques can take over a month before the money is credited to one's account (45 days?). Still, I suppose after waiting for the first cheque to be cashed then it's not a problem. One would be getting the pension payments regularly albeit somewhat in arrears.
[/quote]



Yes, that is correct and it was me that asked them to do it that way. The sterling cheque would take up to a week to arrive in the post, usually via Holland or Switzaland [I think due to bulk postage], I can't remember whether I had to wait for the first one to be cashed as it was a long time ago but certainly subsequant cheques were deposited in front of me. The only stipulation was that the cheque had to be deposited in an account in my name only. When I was overseas my wife could take it and have it put in my account but only with a bank form previously signed by me. Incidentally I would receive my payments every three months as this is what I requested of them. So many people moan about the UK pension service but I can honestly say I have nothing but good to say about them in my dealings with them.





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