# UK pension payments to Thai banks



## ExpatVirgin (Jan 15, 2017)

I have just joined the forum. I am about to start the ball rolling to early retire in the next two months, am sorting out my arrangements here with the aim of moving to Thailand on a One-Year Retirement Visa. I am presently looking at the banking arrangements. Getting my present employer to pay my monthly pension into a Thai bank account, but I could really do with some advice on this.

1. How easy is it to set up a Thai bank account? 
2. How easy is it to do so from the UK in advance of my moving to the country or is this a job best done when I have moved? 
3. Any thoughts on which are the best banks for this purpose?
4. Am I going to be charged for monthly transfers from the UK to Thailand? If so, what levels of charge are we talking about? 

Any other advice on the matter would be appreciated. I am likely to have a load more questions in the next few months.


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## Emigrow (Jan 17, 2017)

It can be fairly hard to set up a Thai bank account whilst still in the UK. You should be able to set up a Thai bank account on a retirement visa, although this is best done in person. 

I used a service called Chiang Mai Buddy to help me to set up a bank account. For 1000 baht (~£40), they provided somebody to walk into the bank with me, articulate my request to the bank tellers, and set up my account. I would recommend using a similar service, as having a Thai speaker to help out makes it a much simpler process. I have heard that Bangkok Bank tends to be the kindest bank to foreign clients.

The fee for making bank transfers to Thailand will depend on who you are banking with, although it is likely that they will give you a bad exchange rate when you try to convert from pounds to Thai Baht, and they may charge other foreign transaction fees on top of that.

Some good options to look into are:


The Halifax Clarity Credit Card has no cash withdrawal or foreign transaction fees, and gets its exchange rate from Mastercard, which is pretty much the best rate that you can get. You can simply withdraw cash with your card in Thailand, and pay off the balance online. You only need to make sure that you make payments soon after you make each cash withdrawal, so that you don't incur much of the 18% APR interest on the card.

Once you have your Thai bank set up, Transferwise.com is a great site for making bank transfers between different currencies. You will pay a fraction of the cost of making the same transfers within your own bank.


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## ExpatVirgin (Jan 15, 2017)

Really helpful advice Emigrow. Thank you for taking the time to share your knowledge with me.


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## Xynoplas2 (Jan 4, 2017)

I think that most people suggest finding an international bank that has a branch in Thailand, and setting up an account with them.


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## Pigman58 (Oct 21, 2014)

I was in the same position as you a few years ago, though moved to Cyprus last year. 

As Emigrow says, it is hard to open a Thai account from the UK and it is best to wait until you get there. There are plenty to choose from; my account is with Siam Commercial Bank, but like the UK, they're much of a muchness and the attitude towards you will vary from branch to branch of the same bank. If there is an ex-pat club where you are moving to - where is this? - they will be able to help advise on any "farang friendly" branch manager.

I'd second Transferwise as the best people to use to transfer funds. If you can afford not to send your pension every month, let it build up in your UK bank account and transfer a few month's pension at a time - it saves charges.

A few suggestions:

- Don't close your UK bank account
- Don't cancel all your UK credit cards
- Look at the Post Office Credit Card - I believe they do not charge for overseas purchases - or Nationwide who only charge 1%. If you haven't got either card, apply now while you're still working and don't say "I'm about to move to Thailand"
- Sign up for everything to be sent electronically
- Try to retain an address in the UK - friend, relation or whatever. I've found it useful for various innocent purposes.

Good luck and remember it's very different living there than going on holiday!


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## ExpatVirgin (Jan 15, 2017)

All such helpful information. Some great ideas there. Thanks for taking the time to share your experience Pigman58.

I will be keeping a property here in the UK. Not fully burning my bridges, and was going to keep my account with Barclays open anyway. I will look at those other options you refer to. 

I like the idea of an ex pat club, but any idea how I might find if there is one? I moving to Jomtien which is down the road from Pattaya.


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## ExpatVirgin (Jan 15, 2017)

Googled Pattaya and found the ex pats club. Thanks for the heads on that. I will contact them


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## agudbuk (Dec 13, 2015)

Don't tell UK government pensions dept. about your move or they will freeze the state pension. Keep it registered to your UK address. 

Sent from my Grand using Tapatalk


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## ExpatVirgin (Jan 15, 2017)

Wow. I did not know that Agudbuk. Thank you for the heads up.


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## Mweiga (Sep 24, 2010)

ExpatVirgin said:


> All such helpful information. Some great ideas there. Thanks for taking the time to share your experience Pigman58.
> 
> I will be keeping a property here in the UK. Not fully burning my bridges, and was going to keep my account with Barclays open anyway. I will look at those other options you refer to.
> 
> I like the idea of an ex pat club, but any idea how I might find if there is one? I moving to Jomtien which is down the road from Pattaya.


Try Siam Commercial Bank branch along beach road in Jomtien - very helpful to expats there as the Immigration Office is just round the corner on Soi 5 off beach road. I bank with SCB , Ban Ampur branch not far away but always use the Jomtien branch for the annual letter confirming my bank account credit balance for visa extension.

Opened my SCB account ten years ago while on a simple 30 day tourist stamp - took just ten minutes to do after which I walked out with a savings account passbook and an ATM card. Couldn't have been easier.


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## ExpatVirgin (Jan 15, 2017)

Practical and helpful. Thank you. I will do that!!


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