(Transfer) Wise for UK State Pension

[Chaimai]

Is anybody aware if DWP will transfer UK state pension payments to a Wise account?

 

Thanks.

[gummy]

Just now, Chaimai said:

Is anybody aware if DWP will transfer UK state pension payments to a Wise account?

Thanks.

I haven't used it myself for receipt of pension but I see no reason why not. Just ring them up as you will have your account and sort code number as you know.  I however get it paid into my UK bank and then transfer to Wise. 

[Chaimai]

2 hours ago, gummy said:

I haven't used it myself for receipt of pension but I see no reason why not. Just ring them up as you will have your account and sort code number as you know.  I however get it paid into my UK bank and then transfer to Wise. 

 

Thanks Gummy.... I agree, there is a sort code and account number  -  I was just trying to see if anyone actually did it that way.

 

Most people I know have it paid direct to Thailand through Citibank. 

 

Those who don't need it immediately (or don't want to make it obvious that they are residing in Thailand ) tend to have it paid into their UK bank account. Wise is somewhere in the middle in that respect.

[gummy]

6 minutes ago, Chaimai said:

Thanks Gummy.... I agree, there is a sort code and account number  -  I was just trying to see if anyone actually did it that way.

Most people I know have it paid direct to Thailand through Citibank. 

Those who don't need it immediately (or don't want to make it obvious that they are residing in Thailand ) tend to have it paid into their UK bank account. Wise is somewhere in the middle in that respect.

I stopped having it paid into Thailand as the exchange rates with Wise are much better. Plus getting into a UK bank means it is paid the day it is due whereas when it went into a Thai bank a) because they use some overseas payment issuer it takes longer and b) There are so many Thai holidays these days you never actually know when you may receive  it

Just lifted this from our good friend Mr Google which indicates there are no problems in doing so

https://www.andalucia.com/forums/viewtopic.php?t=39046

[Chaimai]

Spot on Gummy, thank you for taking the trouble to do my legwork for me.

[WilliamG]

On 8/24/2021 at 6:32 PM, gummy said:

I stopped having it paid into Thailand as the exchange rates with Wise are much better. Plus getting into a UK bank means it is paid the day it is due whereas when it went into a Thai bank a) because they use some overseas payment issuer it takes longer and b) There are so many Thai holidays these days you never actually know when you may receive  it

Just lifted this from our good friend Mr Google which indicates there are no problems in doing so

https://www.andalucia.com/forums/viewtopic.php?t=39046

That article is almost 3 years ago, so things may have changed since then, although I don't think so.

I have a Borderless Account with Wise with a THB account. My pensions are paid into my GBP account and then I keep my eye on their rate and when it is looking OK, I convert some GBP into THB, say 12,500 each week, until by the end of the month I have 50,000 which I send to my Bkk Bank on 1st of every month. That way I am not tied down to the rate on any one particular day. I am using the Combination method by the way, 50k a month and 200k in the bank = 800k.

Edited September 5, 2021 by WilliamG

[Faz]

On 8/24/2021 at 3:42 PM, Chaimai said:

Is anybody aware if DWP will transfer UK state pension payments to a Wise account?

Thanks.

Yes they will.
https://wise.com/gb/blog/uk-state-pension

[Chaimai]

11 minutes ago, Faz said:

Yes they will.
https://wise.com/gb/blog/uk-state-pension

 

 

Thank you Faz.