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Home » Reader question » Reader question: Have monthly pension payments transferred to Kasikorn Bank
Dear readers,
After deletion by ING Bank from my Thai beneficiary account and whether or not “foreign transfer” is mentioned by Thai banks, there is no other choice for me to have my monthly pension benefits transferred directly to my savings account at Kasikorn Bank.
Does anyone know of the costs associated with this?
Has anyone encountered any problems from Thai banker for signing “SECTION TO BE COMPLETED BY THE FINANCIAL INSTITUTION”?
Thank you for the assistance.
Regards,
Willy
Editors: Do you have a question for the readers of Thailandblog? Use it contact form..
Willy, so from a pension company directly to a Thai account? I think you should ask the pension company and your Thai bank about this; i know from experience that Kasikorn charges 500 baht per international transaction.
Contact your pension fund to ask what costs they charge if they transfer your pension to a Thai bank account. Contact the SVB with the same question. In the meantime, read what you can read about this matter on the website of the SVB: https://www.svb.nl/nl/aow/aow-buiten-nederland/betaling-aow-buiten-nederland
Willy, the ING Bank has deleted my Thai beneficiary account, I don't understand something here, I also have an ING bank and just have my pension and state pension deposited into it, then transfer the money via (Transfer) Wise to my Thai bank account (Krungsri ), transferred within a day, the costs are minimal, last time 7 euros, just create an account with Wise, better than transferring to Thailand via ING (costs)
You can also simply have your pension transferred to TransferWise.
Runs through a Belgian bank account of TW.
Just ask TW or arrange it yourself via the App
The advantage is that you can also make payments in NL from this account.
@Tukker Jan, I think Willy is a Belgian who has to prove for Immigration that he transfers or receives money from a European bank account every month. The Belgian Embassy no longer issues proof of sufficient income in the middle of this year, so Willy is looking for an alternative…
My pension fund transfers my pension directly to my Thai bank account and they take care of the costs.
Dear Tukker, I understand that. In particular, ING is taking an internal action and, pursuant to Articles 59 and 20 of their general regulations, is closing accounts of customers who live abroad and only use their account to receive and transfer pension via a non- ING system.
We also used the system you used for a friend until ING Customer Data Management – Offboarding picks out your use of the account. You still have about 3 months to get your affairs in order.
Writing to ING does not bring a favorable solution. So it seems that ING wants you as a customer as long as you generate profit for them once that period is over - usually when you start enjoying your retirement - they simply dump the previously loyal customers.
If you still have connections in your home country, you can try to open an account with another bank to receive your pension and transfer only the money you think you need via TansferWise (now Wise) more favorably.
We ourselves are now informing as many friends and acquaintances as possible who have ING as a bank about this working method.
I think it would be better to leave ING and find a reliable bank that wants to continue to insure your financial affairs after retirement.
Dear Willy
Exactly what Jan de Tukker says.
Transfer Wise is the cheapest money transfer worldwide.
Succes
I also have an ING bank and my Thai addresses are all still intact. You can still send this to anyone abroad. You can guess why this is no longer possible for you. It seems to me that the ING bank has an obligation to justify this if it decides to no longer allow this method of sending for you. Why would they do this? Under normal circumstances they benefit from you using their services. I also do what Tukker Jan already states. Simply have your pension deposited into your ING bank account and then transferred via Wise to the Thai bank, as Wise knows. With the option of immigration purposes, you will also receive the correct notification from your Thai bank that the money comes from abroad. So directly to your bank without interference from another Thai bank, which does happen if you use the cost of living option, among other things.
You are wrong Jacques – their Article 59, which everyone signs when closing an account, states otherwise:
“Without prejudice to the provisions of special regulations…. “Both the Client and ING can terminate the established business relationships without having to justify their decision…””
This means that as soon as ING wants to do so (read when they no longer earn anything or almost nothing from you) and despite the fact that you were a good customer for years who did earn money, they will throw you out and leave you with the "problems" and leaving behind a lot of administrative work.
Then you are almost forced to knock on your knees at another banking institution to be helped with such important matters.
So I think it would be better to look for a reliable bank during your active years that also provides you with service after you retire.
I have my pension sent to (Transfer)Wise and then I book to Thailand myself about what I need. This way you can also make cheap payments in the Netherlands (in my case alimony). It is often much faster and it also turns out to be cheaper than through a bank. But if you have no further obligations, I would have it done immediately. …
All well and good, 800.000 in the bank, but what if you die? and do not have close relatives who can collect the money with a death certificate? it should not be on a joint account, so your wife can't handle it either, smart of the Thai government, right?
First of all, if you are married it is not 800k but 4only 400k.
Secondly, your wife can easily withdraw money when she has a 2nd bank card from that “non-joint account” anyway
That's right, dear Josh. This is one of the preparations you need to make in Thailand. If you have 800K in the bank, agree with your wife how she will act after your own death. Transfer to her bank account, take a credit card linked to her bank account, etc.
I call it my wife, we have been together for 10 years, but not married.
So, what's the problem if you don't have close relatives and then what happens to your money?
If you want everything you own, including your personal bank account, to belong to your 'wife' in Thailand after your death, there is something called a 'will'. You can easily have a will drawn up and registered on the ampheu. This cost me 20.000THB, in both Thai and English, and registration on the ampheu was free. That's how easy it is to secure that 800.000THB.
My wife knows the pin code of my ATM card. Dissolved.
Before the bank finds out that I am gone, the account has been converted into paper.
Then they are not so quickly equal in Belgium where they block your account after death?
Lung Addie, 20.000 baht for a will is a lot of money. My lawyer charged 3000 baht, in Thai and English.
After years of experience here on Thailand blog, I know that it is better not to mention the price of something because there will always be those who could have done it cheaper but do not know what it is all about:
does your price include registration?
is there a lawyer executing the will included?
is the procedure in court by the lawyer included?
I guess for 3000THB it will be NJET.
So afterwards there will be a series of costs.
Dear Lung Addie, registration is not mandatory and execution after death often takes too much time. The answer to the other questions is 'yes'.
Dear Hans,
I believe you are not fully informed or have no knowledge of Thai law.
Registration is, as you say, not required, but since it's free I don't see why you wouldn't.
Execution of a will always takes place through the court in Thailand. In Belgium, and possibly also in the Netherlands, this is done through a notary. Well, not here because there are no notaries here. Here it goes through the court. The beneficiary will in any case be someone, with the necessary
knowledge, i.e. a lawyer, to already do the introduction to the court. In the original response, he is concerned here with an account in 1 name of 800.000 THB and the survivor cannot access that, even with a will. The court must first release this bill.
This usually goes through the provincial court. As far as I know there are not too many Thai ladies who are able to do it themselves. So I prefer to pay a little more in advance so that I have the certainty that afterwards, for the survivor, there will be no problems and everything will be arranged neatly and professionally. It has a price tag that I like
take.
Dear Addie, it doesn't have to be that expensive at all. If it only concerns the relevant bank account of 800K and not other money, goods, valuables, etc., you can go to a Thai lawyer together, take your marriage documentation with you, and have it recorded that your wife can dispose of after your death the bank book/balance.
Dear people,
if you read carefully, he is talking about a bill of 800.000THB. Most people who use this are NOT married…. so I don't really see the point of bringing your marriage documentation with you.
And yes, a will usually concerns multiple assets here in Thailand. So I have my own car, in my own name. A heavy motorbike in my own name, my complete amateur radio system... After all, I live here. These are all things that are worth some money. The account of minimum 800.000THB is only there to easily comply with immigration and is not used for anything else and is a fixed account so not a bank card. Emptying them quickly: forget that. This does not mean that there are no other accounts or assets because, whatever some may say: investing money in Thailand is still cheaper than in Belgium or the Netherlands. At least you get something for your money here...
And yes, the accounts of the deceased are also frozen in Thailand and using them after death is also punishable here. I hear and read a lot of bar talk here until push comes to shove, then it's something different, but you don't read that anymore.
Lung Addie is right about that. A will is tailor-made and is adapted to the wishes of the person who has one made. If you have wishes with regard to assets (art, antiques, a special library or collection), children from various marriages and legacies, then there is more time and time costs money.
I am Belgian and have my pension deposited directly into my Bangkok bank account, costs 200 bath, Belgium 0 euros, if you use Kasikorn or another bank, first the amount comes to the Bangkok bank and then Kasikorn costs more, my experience.
on 18032021, euro 5000 deposited into Thai account on 23032021 received 181605 bath.
The rate at the time was 36.77, and all costs were for the beneficiary. So I had to drop 2245 bath, so my costs were 2245 bath. How others can do that so cheaply is a mystery to me.
My couch is Ing and my Thai is Krungsri .
As for the will and the 800000 baht, the bank said that proof of death and proof of marriage were enough to get the money.
I can only say what I was told but after reading what Lung Addie said
I'm starting to doubt again.
Purchasing cheap Bahts has been discussed many times on this forum Janssens Marcel.
Below I will unravel for you how to do it cheaper.
You open an account with Wise (formerly TransferWise). There are no (one-off or periodic) costs associated with this.
At some point they will want proof of identity and bank account.
Wise closely follows the mid-market rate and uses a rate that is usually just a few satangs below the mid-market rate. Furthermore, it currently charges a fixed commission of €1,10 per transaction plus almost 0,57% exchange rate surcharge for the 'Low Cost Transfer'.
Wise does not transfer the money from the EU to Thailand, but has a bank account in the EU into which they receive your money and a bank account in Thailand from which they pay it out.
There are a few more such providers, but Wise is currently the cheapest option for amounts under roughly $10.000.
On 26-03 at 06:00 Dutch time the middle rate was 36,6836 ฿/€. The Wise exchange rate was then 36,6900 ฿/€.
At that time, $5000 had an equivalent value of $5000 x ฿36,6836/€ = ฿183.418
For €5000 you would receive (€5000 – €29,43) x ฿36,6900/€ = ฿182.370,21 at Wise at that time to a Thai bank account of your choice. No further costs.
I don't know how much the Krungsri bank charges for their service at the time of receipt, but a total of 1,22% (฿2245/฿183.850) on 18/03 wasn't even that bad for a bank.
https://www.xe.com/currencycharts/?from=EUR&to=THB&view=1D
https://wise.com
Here (https://wise.com/nl/blog/hoe-werkt-wise) Wise himself explains how everything works.
And if you use the link below, your first transfer is free (if more than €250 and a maximum of €500) and I save for a bonus. (€500 x ฿36,6900/€ = ฿18.345 instead of (€500 – €3,93) x ฿36,6900/€ = ฿18.200,81)
https://wise.com/invite/i/theodoreb16
You can also open an N26 Euro account, without any hassle and then just do your transactions and as stated before, Wise also has the Euro account and that makes things even easier