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Should I let Centrelink pay my pension directly to my Bangkok bank account or use a private transfer service?
CentrelinkPension PaymentsThailand BankingExpat FinancesWise TransferExchange RatesRetirement VisaTax Residency
Apr 18, 2022
4 years ago
Stuart *********
ORIGINAL POSTERJust an Australian expat question, the Centrelink will pay my pension directly into my Bangkok bank account, do they(Centrelink) get good exchange rates or should I just transfer it myself through a private transfer system, Cheers for any answers.
TLDR : Answer Summary
An Australian expat inquired whether to have Centrelink deposit their pension directly into a Bangkok bank account or use a private transfer service like Wise for better exchange rates. Responses indicated that while Centrelink uses a fixed exchange rate likely set by the reserve bank (lower than market rates), private services like Wise can offer significantly better rates. Additionally, if the pension is needed to meet financial criteria for a retirement visa, managing the transfer personally was advised. Community members shared personal experiences and recommended Wise over traditional banks due to better fees and flexibility.
NON-O RETIREMENT VISA RESOURCES / SERVICES
- Go to the Retirement Visa Section for information on requirements, including age restrictions, financial requirements, and necessary documentation.
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- Explore recent discussions by using the Non-O Retirement Visa tag in the search box at the top of the page.
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Stuart *********
ORIGINAL POSTERThanks Jason, just a question, the rate in Australia is always quite low compared to the Wise exchange rate, do I get a good rate at the Bangkok bank if I do it your way, Cheers ππ
Rob **********
@Stuart ********
if you open up a FCD account with Bangkok bank, the rate you get when you exchange it will be the buy TT rate set by Bangkok bank that day, which will still be a bit below what you get with Wise. Have a quick look yourself Stuart, google Bangkok bank foreign exchange rate, and the check the buy TT rate, which is higher than the cash rate, then compare it to Wise.
Stuart *********
ORIGINAL POSTER@Rob *********
Cheers Rob, thanks for that, as you can see i am a bit of a dinosaur with this type of thing, but with your help I am learning, I can't thank you enough for your help, ππRob **********
@Stuart ********
no worries Stuart, happy to help you, hope it all goes well.π€πReply to
Rob **********
Reply
Stephen **********
You are delusional if you think Centrelink will do anything to your advantage. Pay it to an Australian account and then search for the best deal yourself
Bobby ********
For Wise just go to the playstore and download it.
David ***********
No commission by me
Scott *******
Everyone wants to send you link. I can send you link also π β¦ commission!
Brian ********
When any government sends citizens pensions around the world I assume they get a better exchange rate based on the quantity of money they are sending
Phillip ********
u will get paid monthly,its sent from the USA, into ur nominated bank, exchange rate is what is on the day
Bobby ********
@Phillip *******
The OP is Australian. It's unlikely his pension would be sent from the US!Phillip ********
@Bobby *******
it does centrelink use a US companyBobby ********
@Phillip *******
I think you'll find they use CBAReply to
Bobby ********
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Mark *******
Transferwise charges a percentage of your transfer, meaning larger transfers attract significantly higher fees. CurrencyFair also allows you to transfer an unlimited amount, while TransferWise limits your transfer to $200K.
Steve **********
Your bank will give you the exchange rate.
Or
Wait for 1st deposit and do math.
Or
Wait for 1st deposit and do math.
Alan *********
He walked in on a surprise party, wtf is wrong with you morons.
David ***********
If anyone would like to use Wise please let me know I send you the link
David ***********
@Don *******
it's every two I thinkChad *******
@David **********
I would like to have the link thanks pm uChad *******
thanks for the link it was transfer cost for
*****
cherChad *******
have u used many times I look at reviews on wise thers some bad feedback in the last few months to two weeks says was transfer wise now is wise was seeing if you had any bad experiences with that transfer company cher
David ***********
@Chad ******
************************************
Reply to
David ***********
Reply
David ***********
@Don *******
no I've done two peopleReply to
David ***********
Reply
David ***********
The best one to use is WISE highly recommend I can send you the link
Stuart *********
ORIGINAL POSTERThanks everyone for the discussion, all comments provided valuable information, I am extremely happy with the outcome, I will chase up the tax laws and post the answer, it seems Wise is the winner hereπππ
John ********
@Stuart ********
keep us informedJohn ********
Thank you so much for this info. I tick all those boxes bank account Medicare and i still have an address in sydney.
Stuart *********
ORIGINAL POSTER@John *******
Hey mate, I spoke to my Tax accountant yesterday and he said that as long as you stay a resident of Australia you will be ok, apparently all i have to do is maintain a bank account in Australia or keep your Medicare account active ( don't close it before I leave to live in Thailand ) then the new rules will not apply to you, apparently as long as you don't become a Non resident you are fine, you just have to have the intention to return to live in Australia sometime in the future, could be 20 or 30 years , it doesn't matter, just the intention, I will check further into it ππReply to
Stuart *********
Reply
John ********
No centrelink donβt use wise. Or try
@Smartway *****************************
Steve **********
@John *******
agree 100 %Stuart *********
ORIGINAL POSTER@John *******
Thanks , I have Smartway, and every time I do a transfer with Wise I check the rates with smartway first, they sadly so far don't compare , I seem to lose about 4000THB on each transaction πJohn ********
@Stuart ********
yes i do the same and wise comes out the better even though pay a feeReply to
John ********
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Carlos *********
Banks don't always give the best rates and some have fees for the bother of changing currency
Scott *******
Your Bangkok bank is the one you will have to check. It will be paid into your account in Australian Dollars and they will exchange it into THB. My bank in Spain rip me off by exchanging at 3% less than the spot rate. Might not sound much, but itβs a lot out of your pension. I would also recommend WISE. I am seriously considering having my pension paid in there.
Scott *******
That is a lot. The other good thing with Wise is you have control of when the cash is exchanged into THB. Watch the exchange rate and exchange it into THB when the rate is at its best.
Stuart *********
ORIGINAL POSTER@Scott ******
Thanks, that is exactly why I asked, on $5000AUD , Australian banks vs Wise, I received 5200THB more with WiseReply to
Stuart *********
Reply
Rob **********
Centrelink, being a government agency, will use the rate set by the reserve bank, which is a low rate. You are better to get it put into your Australian bank account, then use a company such as Wise to transfer your money. Quite easy to do.
Chad *******
@Rob *********
pm u cherBrian *******
@Rob *********
Totally agree. And also you retain a little flexibility in case things change in future.Stuart *********
ORIGINAL POSTER@Rob *********
thanks mate, that fully answers my question, I am currently transferring $5000 a fortnight via wise for the 800k non 0 Visa to my Bangkok bank account, the rates are awesome compared to Westpac, and wanted to know if the reserve bank gave a decent rate when they pay my pension directly into my Bangkok bank account or should I do it myself through wise, ππBobby ********
Stuart Simpson. You're better off doing the 65k/month process. The 800k (if you decide to remain in Thailand) you'll never see again. The 65k/month you can spend as soon as you get it
Leonard *********
@Bobby *******
thereβs a real choice to be made here. Iβm arriving mid-May on a 60 day visa. Would it be possible for me to open a Thai account, start depositing 65k, leave after 90 days (if ext granted) but keep up the monthly deposits. And move in and out until May 2023 when I apply for the retirement visa?Bobby ********
@Leonard ********
Yes. You need 12 x monthly international transfers to qualify for this process.Leonard *********
@Bobby *******
yes, so May 2023 is when my 12 months of deposits comes up. My question really relates to whether itβs okay for me to go in and out (90 days at a time), as I do have things in Australia to come back and take of in the intervening period.Bobby ********
@Leonard ********
No problem at all. You can do the transfers from wherever you are. When you apply for extension, immigration are only concerned with the transfers being made, not where you were when they were madeReply to
Bobby ********
Reply
Rob **********
@Stuart ********
youβre welcome mate, would definitely recommend doing it yourself thru Wise, wishing you good luck with it all StuartπReply to
Rob **********
Reply
Tony *******
Check the rates and see if it's worth the hassle
Stuart *********
ORIGINAL POSTER@Tony ******
yea Tony, a bit hard to do that, they tell me it changes every day and won't commit to a rate, so I did this to see if a pensioner out there had done the sums because on $5000 AUD Westpac transfer vs Wise transfer , Wise gave me 5200THB more each timeππTony *******
@Stuart ********
just watch if they use a holding bank before it's put into your account they charge for transfers it's a hidden charge by holding banks in Thailand.Reply to
Tony *******
Reply
Bob **********
Check out Wise
Stuart *********
ORIGINAL POSTER@Bob *********
that was the reason I asked, I am currently transferring 800kTHB for retirement in $5000 segments every fortnight and the exchange rate using wise is far superior to Bank to Bank( Westpac) and hoped an Australian pensioner might be able to shed some light on whether Centrelink get decent rates, ππReply to
Stuart *********
Reply
Kool *******
On your actual question you get the best exchange rate, and because it is coming in direct deposit to your Bangkok Bank account, it shows coming from overseas, and meets immigration requirements, if the amount is large enough.
Stuart *********
ORIGINAL POSTER@Kool ******
thanks, because I did a dummy run with $5000 , Westpac to Bangkok bank vs Wise and with Wise i got 5200THB more, so that answers my question but that 33% tax situation is concerning ππReply to
Stuart *********
Reply
Bobby ********
If you need to show the pension as part of the criteria for a retirement visa, do it yourself, as there's no guarantee it will show as an international transfer if you leave it to Centrelink. Also be aware of the upcoming changes to tax residency in Australia. If the ATO deem you're no longer an Australian resident for tax purposes, your pension will be taxed at 33% from the first dollar as you will no longer be able to claim the threshold. You stand to lose one third of your pension
Damien ********
@Bobby *******
where did you read about this new 33% tax on expat pension??? ThanksBobby ********
@Damien *******
It's not a 33% tax on expat pensions. It's if an expat loses the "Resident for tax purposes" status, which means as a non-resident they can no longer claim the tax-free threshold, which means every dollar of income is taxed at 33%. I'd post a link to a myriad of information which is available in an Australian group, but the admins in this group don't like links to other groups! πReply to
Bobby ********
Reply
Jim **********
@Bobby *******
please enlighten me more BobbyJim **********
Please do!!!!
Bobby ********
Jim Davidson. The ATO is adopting new criteria for the "Resident for tax purposes" status, depending on a number of factors, such as number of days spent each year in Australia, economic interest (if you have interest in business or property etc), family links etc. If the ATO deem that you're no longer a "resident for tax purposes" you will lose the tax-free threshold on income, and be subject to taxation on every dollar of income at 33%, which effectively means if the state pension is your only source of income you will lose one third of it. This is not yet law, but it's expected to be introduced in the
*******
financial year.Jim **********
@Bobby *******
that stinks!!!!Stuart *********
ORIGINAL POSTER@Jim *********
i just checked and I don't think it applies to pensioners living overseas, I will follow it up and let you know πJim **********
@Stuart ********
I am classed as an australian citizen but a non residentReply to
Jim **********
Reply
Stuart *********
ORIGINAL POSTER@Bobby *******
jeez i didn't know that , thanks for the tip, I will follow it up ππReply to
Stuart *********
Reply
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