How do you get your pensions transferred to Thailand?

[kirkyboy]

Would like to ask expats how they transfer their pension from overseas to Thailand and what are the charges each time you transfer. I am nearing retirement and would appreciate some help to do this as cheaply as possible. I have a Kasikorn account in Hua Hin. Is it possible for my bank in Australia to deposit my pension into Kasikorn?

[Dannie Boy]

Would like to ask expats how they transfer their pension from overseas to Thailand and what are the charges each time you transfer. I am nearing retirement and would appreciate some help to do this as cheaply as possible. I have a Kasikorn account in Hua Hin. Is it possible for my bank in Australia to deposit my pension into Kasikorn?

I get my company pension paid into my UK account and then transfer money out here as and when I need it, but try to do six months worth at a time to avoid the bank charges - of course if you need it on a regular (monthly) basis then you have the bank charges to contend with.

[clinton114]

I opened a bank account with Bangkok Bank, which has branches in USA. I go (on-line) to my USA credit union (which receives my pension deposit monthly) and transfer an amount at no cost to my account with Bangkok Bank (New York branch), which is available to me at a BKK Bank ATM here in Thailand within a couple days. The cost (either fees -or- exchange rate difference, I don't know) is about $5 per $1000 transferred.

[hhfarang]

My pension and social security are deposited into my U.S. bank account. I tried to get both deposited into a Thai bank but neither payer would do it. My home bank is Bank of America and since 9/11, it is impossible to set up international transfers with them (the first time) without being present at a branch, so for the first several years living here I was paying between $60 and $80 per month using my U.S. atm card to bring over living expenses at the maximum transaction level. I was being charged by three different entities; my U.S. bank, Visa as my ATM card has the Visa symbol on it, and the Thai bank owning the ATM used.

I recently went back to the U.S. for the first time in nine years and went to a BofA branch to set up recurring international transfers by telephone (they said it's not allowed over the internet). Before going we opened a Bangkok Bank account to make it easier since they are the only truly international Thai Bank.

Now I can make telephone transfers of any amount for a flat fee of $45 for each transfer so now we plan on transferring money about once a year to cover an annual budget which will save me hundreds of dollars in fees.

Also of note, you can get 2 or 3 percent interest from a Thai bank in a 4 to 10 month term deposit. U.S. banks are typically around 1% for longer deposits these days.

[Nereus]

You need to go to CentreLink and ask them, as the USA and UK proceedures have no relevance. Be careful: they will transfer it here, BUT, you may find that you will have to be in receipt of the OAP for 2 years in Australia before they will do it.

[brianks]

I am also from the U.S. also ONLY bank that will transfer money to Thailand without a fuss or much trouble is Bangkok Bank NY branch. Open up an account with them and transfer money to BKK bank in NY and it automatically is (almost instantly) transferred to your Bangkok Bank in Thailand. Fees: $10 (anything over $2,000) from BKK BK NY and .025% for conversion of $ to Thai Baht in Thailand (when it reaches your account in Thailand). Fees are all listed on Bangkok Bank of NY website. Was using AEON for fee free ATM transfers (no longer available) until I moved south.

For the Australian, I would check to see if Bangkok Bank has a branch bank in your country (probably does) and see what can be done if it does. I am sure the same arrangement that exists for the US would be the same in your country.

I also have a K-Bank account opened where I first lived and had the most convenient location. Later when I moved to Hua Hin opened an account there. Now I live in the south so opened the BKK BK of NY account and have to drive 25km to Don Sak for BKK BK branch to get my money. Opened another bank account when in US that I could transfer money within the U.S. for NO FEE. I just did my monthly transfer from my US bank to BKK Bank of NY and will see money in my account here on Monday.

Just recently opened a Siam Commercial Bank account here in Khanom to have a more convenient account where I now live. I don't mind the three Thai Bank accounts as each one serves a purpose for me.

[Homer]

.. is Bangkok Bank NY branch. Open up an account with them ...

Fees: $10 (anything over $2,000) from BKK BK NY and .025% for conversion of $ to Thai Baht in Thailand (when it reaches your account in Thailand).

Did you have to go to NYC to open the account?

Because I'm a victim of New Math, .025% on $10000 is $2.50 cents?
http://en.wikipedia.org/wiki/New_Math

[bapak]

Would like to ask expats how they transfer their pension from overseas to Thailand and what are the charges each time you transfer. I am nearing retirement and would appreciate some help to do this as cheaply as possible. I have a Kasikorn account in Hua Hin. Is it possible for my bank in Australia to deposit my pension into Kasikorn?

I find it more convenient to have my OAP paid into my Comm, Bank account and use ATM here. As long as you do not make a lot of small ATM withdrawals, it is not expensive.

[doogle]

Western Union might be worth looking at. Competitive exchange rates and if you make payment by a bank transfer there is no transfer fee.

[hhinner]

You can check Western Union rates from their web site. Personally, I find that transferring AUD direct from my bank in Sydney to Krungsri bank here gets a better rate. It might just depend on the bank fees as to which method is better - smaller amounts WU better, larger amounts bank transfer better. By transferring dollars (not Thai baht) you will get the Thai bank's TT buying rate (for Krungsri Ayudhya bank that's just over 30 baht to 1 AUD today).

[clinton114]

.. is Bangkok Bank NY branch. Open up an account with them ...

Fees: $10 (anything over $2,000) from BKK BK NY and .025% for conversion of $ to Thai Baht in Thailand (when it reaches your account in Thailand).

Did you have to go to NYC to open the account?

Because I'm a victim of New Math, .025% on $10000 is $2.50 cents?
http://en.wikipedia.org/wiki/New_Math

You do not need to travel to USA to open a Bangkok Bank (NY Branch) account - just open it here in Thai.

[hhfarang]

^ That's true, but depending on what U.S. bank you use you still may have to travel there to set up the international transfers through the New York branch of Bangkok Bank. We did; I tried online, and phone calls and it even took the bank representative nearly a week to set up the ability to do international transfers. She had no clue and had to do a lot of research and phone calls to set it up. We spent nearly one whole day in the bank at the beginning of our 3 week trip and another half day near the end to make sure everything was set to go.

Thanks to the 9/11 terrorists, transferring money (large amounts) out of the U.S. is much more difficult, and there is a lot of paperwork, besides annual taxes on April 15th, another set of even more complicated forms is due on June 30th if you had more than 10k U.S. in foreign bank accounts any time during the previous year... and if you don't do that paperwork they (IRS, Dept of Homeland Security) can confiscate all your assets.

[Homer]

You can check Western Union rates from their web site.

I did. 'The market', which folks like us never get, today is 32.66 thb per usd. Spot checked 3 thai banks, average was 32.38 (their retail rate for physical money, don't know if rate differs for wire transfers). Today's western union rate is 31.99. WU costs about $10 more per $1000 transferred at today's rate.

[HHTel]

I'm glad I'm from the UK. It appears much easier. I already have a Bangkok Bank account and I made a phone call to Bangkok Bank in London. They gave me a ref no. to give to my pension provider. Monies are paid into the London branch and appear automatically in my Hua Hin branch. Charges are miniscule.

Another pension I have is paid into my UK account with Lloyds and I transfer that to my Bangkok Bank account here. I do that online. It takes 48 hours max. The charges are 10 quid up to 5,000 pounds. I never use the ATM to get money from the UK ever since the costs went through the roof.

N.B. When doing international transfer, always send it in your home currency. In my case - GBP

[mudcat]

From the U.S. transfers through Bangkok Bank New York are considered a domestic rather than an international transfer so long as their ABA routing number, 026008691 and your Thailand Bangkok Bank account number is used.
Procedures I have used here include:

Citibank - set up Bangkok Bank New York as a linked domestic 'external' account. Need to confirm amount of two 'trial' transfers before established. Three business day transfers under $2000 are free. Exchange happens between BB New York and BB Thailand. Larger amounts cost $15.

PayPal - set up Bangkok Bank New York as a linked account but never used - don't believe there is any fee for withdrawal from my PayPal account to Bangkok Bank New York, assume that exchange happens between BB New York and BB Thailand.

Fidelity - same as above, but do not remember the trial deposits. Have transferred up to $10,000 and the fee was $5 for an immediate transfer.

Steve