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What is the best way to transfer a UK monthly pension to a Thai bank account?

UK PensionThai Bank AccountInternational Money TransferWiseBangkok BankExchange RatesDirect Deposit
April 11, 2022
2 years ago
Mick *******
ORIGINAL POSTER
What's the most efficient way to have a UK monthly pension paid into a Thai account? ( not a state pension)
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TLDR : Answer Summary
To efficiently transfer a UK monthly pension into a Thai bank account, options such as Wise or Azimo are highly recommended for their low fees and favorable exchange rates. Additionally, setting up a direct deposit from the pension fund to a Bangkok Bank account simplifies the process, as one user reported receiving their military pension directly into their Bangkok Bank account.
Kool *******
You should be able to setup direct deposit. Mine goes directly into my Bangkok Bank account, and at the best exchange rate.
2 years ago
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Carlo ******************
Bangkok Bank London/Thailand
2 years ago
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Karim ***************
@Carlo *****************
 ah yes! I recently found out that Bangkok Bank have a branch based in London. That’s a great shout to the OP!
2 years ago
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Karim ***************
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Paulie ********
Wize or azimo both good
2 years ago
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Shaun *********
Transfer it from your uk bank account using the app Wise. Very fast and cheap service.
2 years ago
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Todd *********
@Shaun ********
 highly conversion inefficient and more expensive than govt direct deposit
2 years ago
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Todd *********
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Paul *******
My (military)pension fund pays direct into my Bangkok Bank account. Easy peasy.
2 years ago
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Peter ****************
Most retirees have pension, which is mentioned in my first picture. All income (Pension IS an income) from abroad is tax liable. But okay, up to you. I have a big advantage of paying tax in Thailand
@Todd ********
.
2 years ago
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Todd *********
@Peter ***************
 that is incorrect. I prefer to pay zero tax to 10%, up to you though.
2 years ago
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Todd *********
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Peter ****************
@Todd ********
, okay then I also not repeat myself with look to the pictures.
2 years ago
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Todd *********
@Peter ***************
 the pictures don’t say anything about retirees do they? Google is your friend. I typed in upper case to mock your incorrect statement above it.
2 years ago
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Todd *********
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Peter ****************
@Todd ********
2 years ago
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Todd *********
@Peter ***************
 read carefully what I wrote. No need to repeat myself.
2 years ago
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Todd *********
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Peter ****************
@Todd ********
:

Paying Tax is something else than Tax liable in a country. If you bring money into Thailand, it is subjected to tax. However many treaties are made with Thailand "to prevent double taxation". I see also UK has one.

You type in uppercase letters as if it's a DISADVANTAGE paying tax in Thailand.

For me I pay tax about 10,000฿ a year in Thailand which exempts me of paying about 10.000€ (350,000 ฿) a year in the Netherlands.

************************************************************************************
2 years ago
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Peter ****************
It's 'Easy Peasy' indeed
@Pa**
 and
@Mi**
, but costs a bit more. Also 'officialy' after 180 days in Thailand, you are tax liable in Thailand. I know not many pay and it's also depending if there is a tax treaty between Thailand and in thise case, UK. If the money comes in in a UK bank account, you can easy transfer money (And also the amount, again SHOULD you pay tax this can be handy 😉), with wise. So far I think this is best.
2 years ago
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Todd *********
@Peter ***************
 as a retiree, you are not tax liable in Thailand for money earned outside Thailand. You absolutely SHOULD NOT EVER pay tax on this income nor are you required to file a Thai tax return
2 years ago
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Todd *********
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Mick *******
ORIGINAL POSTER
@Paul ******
 , mine will be similar , Fire service pension.

What kind of account is it Paul ? Do you need to do a tax return or anything?
2 years ago
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Paul *******
@Mick ******
 The Tax Office has advised my pension office of my tax code as being no tax
2 years ago
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Dave *********
@Mick ******
 Any income from the UK over £
*****
(to £50,270) is taxable in the UK by HMRC at 20%.
2 years ago
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Paul *******
@Dave ********
 I only wish my pension was that large. In any event I am non resident of the UK and I do not pay UK tax on it,
2 years ago
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David *******
@Paul ******
 I am also UK non resident and dont pay tax on salary currently. For your pension, as you live here and are here over 180 days a year do you not pay tax here instead of UK?
2 years ago
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John **********
@David ******
 if your salary is from outside of the UK you can do that depending how many days you're out of the UK each year. But if your salary is paid in the UK you can't get away with that
2 years ago
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John **********
@Paul ******
 how does that work? All income from the UK is taxable in the UK. Unless of course your total UK income is below tax allowance
2 years ago
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Nick *******
@John *********
 If you are out of the country for 9 months or more you can change your tax status.
2 years ago
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David *******
@Nick ******
 not for pension, ypou pay tax on pension once you take the 25% tax free. I dont pay tax on my flat rent income but have to do tax return each year, but for pension I will have to pay the tax
2 years ago
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John **********
@David ******
 obviously if you're taking the tax free part of your pension you don't pay tax on that,
2 years ago
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David *******
@John *********
 I have taken the tax free 25% on 3, so what about the rest when I take it? It would take me above the £12k UK threshold so would have to pay tax either when getting it into uk bank ? or sending it here?
2 years ago
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John **********
@David ******
 not sure what on 3 means? But basically you can take 25% of your pension tax free then you pay tax on at whatever your UK tax rate is on whatever you take over that. But you still have your UK personal allowance, so you only get taxed on income over that amount
2 years ago
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David *******
@John *********
 yes thats what I meant above, once you reach threshold you pay tax, in my case my rental income is just on it so I would be taxed on any of the 3 pensions I draw from. Used to be a loophole transferring into a QROPS in HK but now have to pay tax if you transfer it.
2 years ago
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John **********
@Nick ******
 sure, but not for income received inside the UK.
2 years ago
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Nick *******
@John *********
 I’ll inform my accountant who is obviously wrong.
2 years ago
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Nick *******
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Stuart *********
Wise will probably get you the best rates and cheapest transfer costs.
2 years ago
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Todd *********
@Stuart ********
 the direct deposit direct from govt pensions gets you govt to govt rates. No fees and far better rates than Wise could ever hope to compete with.
2 years ago
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Stuart *********
@Todd ********
 ok I’ll stand corrected. Never used so didn’t know that option existed.
2 years ago
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Todd *********
@Stuart ********
 it’s a rarity for sure mate. But generally speaking, federal govt pensions get optimal rates on exchange for direct deposit.

I’m with you on Wise as being an excellent way otherwise!
2 years ago
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Karim ***************
@Todd ********
 do the U.K. offer that service? Not that I need it but, U.K. systems aren’t usually as well set up.
2 years ago
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Todd *********
@Karim **************
 I don’t know for sure, as govts have different counties they are willing to direct deposit with. I’m

Canadian and the list of direct deposit countries is about 80 nations. So it’s great when it’s possible, but may not work. I would definitely guess that commonwealth nations have direct deposit approved to Thailand
2 years ago
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Todd *********
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