Pension paid into Thai bank?

[sand_dancer]

Good day good Peeps.

Having googled the sh!t out of this, I cannot find a definative answer.

Does anyone know.

Can my Forces Pension be paid directly into a Thai Bank Account ?

Thanks in advance

[Top Croc]

SD, cannot see why not, it's an o/seas deposit or TT, both direct to the account.

I, as most do, frequently TT funds from my location to several accounts in LOS.

Most living or family related expenses from guys working abroad as I do would come in as a TT.

TC

[Aussie_Al]

Hi sand_dancer,

I am an Aussie in a similar position.

Having done the maths on what the Thai banks take out as a commision for any swift transfer from overseas -V- the ATM fee, plus you local bank fee for overseas withdrawal.

In Au dollars every ATM withdrawal costs me $10 with a 20,000 Thai Baht max on one withdrawal.
In any event this is still less than the Thai bank slug in commissions for incoming overseas money.

Although depending upon your country and fees, you may be ahead.....

Just be aware okay, as God knows I have talked myself to death asking a couple of banks to waive their commision to receive like way over 35,000, Baht every 2 weeks.
Yea right, never gunna happen, so Thai banks just as greedy as the rest.

Cheers Allan

[cookmanchef]

They certainly have some strange rules. I opened a BK Bank account in Phuket, to pay money into it here they charge me 40 baht.

[Aussie_Al]

An alternative I have thought of, but I am yet to try, which may avoid fees; but requires absolutely secure internet here.

May be to internet funds transfer from an overseas bank, directly into a Thai bank account.
As hopefully this would be like instant, and completely avoid the banks middle men.

However, like Paypal etc., I think the overseas stuff may cause delays in electronic funds transfers.

[ozuncle]

a_l,

Correct me if I have mis understood.

If you transfer funds from Oz in "AUD", you should get the best exchange rate and NO fees from your Thai bank.
You will be charged the $20 or $30 from your Oz bank,

If there is a fee for ATM withdrawls, why do you not just go into the bank to make your withdrawl?

[Piesat42]

I have not bothered as I find it just as easy to go in once a month and draw 50k on my debit card and pay good old Lloyds 4 pound 50p for the pleasure

[richard]

I have not bothered as I find it just as easy to go in once a month and draw 50k on my debit card and pay good old Lloyds 4 pound 50p for the pleasure

I do the same but keep a reserve in BK bank in case of debit card or credit card failure

Met a couple of guys who got fleeced in Nam and had no dosh and scrambled around for a week or two borrowing until replacement cards arrived

[Aussie_Al]

Using my Aussie banks card at ATM (can't use inside the bank), it costs me 150 THB or $5 Au at the ATM, here pluse only another $5 Au by my Aussie bank for an overseas ATM fee.

$10 all up each time, and alot less than the Thai banks scam commission for a swift transfer.

Meaning differring terminology, but swift from Aussie means an overseas electronic transfer by internet, as overseas banks have different codes to our Aussie banks, and I need a swift code to make the transfer.

[Nereus]

Using my Aussie banks card at ATM (can't use inside the bank), it costs me 150 THB or $5 Au at the ATM, here pluse only another $5 Au by my Aussie bank for an overseas ATM fee.

$10 all up each time, and alot less than the Thai banks scam commission for a swift transfer.

Meaning differring terminology, but swift from Aussie means an overseas electronic transfer by internet, as overseas banks have different codes to our Aussie banks, and I need a swift code to make the transfer.

SWIFT is not an Australian invention, and has nothing to do with the Internet. It is an International, ISO code used by financial institutions, not only Banks, to TT, or Telegraphically Transfer, funds around the world. It uses a machine similar to the old type of telex machines.

Thai Banks, Bangkok Bank at least, charge a sliding fee up to a maximum of Baht 500 regardless of the amount of funds, on incoming overseas transfers. Australian Banks also charge a fee to receive overseas incoming transfers, in addition to the around AUD $ 27 per transaction for each outgoing transfer, pointed out above.

It is a very simple matter to find out what your Thai Banks SWIFT code is and notify your Australian Bank. It is then up to them how they process the transaction. Some Banks, mostly in Europe, use a different system called IBAN, but again it is an internal matter of the Bank concerned which system they use.

The NAB in Australia have a system that customers can use with their Internet Banking service, BUT, it requires an Australian mobile phone to receive an SMS with a code to complete the action. They will not send an SMS to an overseas mobile, even if it is on a roaming number.

[huahinjim]

Good day good Peeps.

Having googled the sh!t out of this, I cannot find a definative answer.

Does anyone know.

Can my Forces Pension be paid directly into a Thai Bank Account ?

Thanks in advance

SD - by your flag may I assume you are Scottish?
UK Civil Service pensions can be paid into any bank around the world. I know of one person who does this and the money is transferred in Thai Baht usually at a good rate - no charge from the UK Pesion agents and no charge by the Kasikorn Bank. Money is usually transferred so it hits the account on the due date (& often has been 1 or 2 days early :-)) although the Pension Agents advise it could be a few days late. Maybe the UK Forces pensions are paid by the same agency as Civil Service pensions. Sorry to ask the simple question - have you asked them?

[sand_dancer]

Good Day Guy's,

Thanks for the info. Best option for me is to have my wages and pension paid into my UK account. I can set up a monthly electronic monthly bank transfer. My bank does not charge for this.

HHJim..... you are correct sir.

It's the weekend...... Have a good 1....... but above all..... Have a safe 1.

Its nice to be important...... It's even more important to be nice

[Big Boy]

Best option for me is to have my wages and pension paid into my UK account. I can set up a monthly electronic monthly bank transfer. My bank does not charge for this.

That sounds a very good deal, which bank is that please? Do you have a particular type of account? Do they transfer Baht or Sterling?

[sand_dancer]

BB

Clydesdale Bank....... I've had the account for about 30 years..... nothing special......

I work for an American company, they charge me 8 quid, when I get paid......

Conversely, they dont charge me to electronically transfer money to other bank accounts worldwide...... Not that I do it very often LOL

Hope this helps

Its nice to be important...... its more important to be nice.....