PPF Pension Payments

[Yorky]

....or any UK bank account Yorky, and insist Barnett-Waddington make your pension payments there

This has already been instigated but unfortunately it will not affect this month's payment.

 

[Yorky]

The warning from the bank implies I may get a better rate if I send the money in Baht as it’s the country of destination. This is in their finance interest, hence the bullshit, and it’s easy to change the Baht default to sterling

I see now. My bank's default is Sterling.

 

[nomad97]

I often get a similar warning as Eanto and in big red letters too .........................

"INSUFFICIENT FUNDS TO EFFECT A TRANSFER AT THIS TIME - ADD MONEY TO YOU ACCOUNT"

 

[Eanto]

I often get a similar warning as Eanto and in big red letters too .........................

"INSUFFICIENT FUNDS TO EFFECT A TRANSFER AT THIS TIME - ADD MONEY TO YOU ACCOUNT"

That’ll be me next week in one of Pattaya's many Agogos ...

 

[CO-CO]

Email from Barnett-Waddington overnight:

"I can confirm that Citibank are converting your pension into the local currency before making a payment into your account as all their payments must be made in the local currency as of March 2011."

Interesting that I think it is Citibank who process UK state pension payments - they are obviously not converted,

 

[Yorky]

Interesting that I think it is Citibank who process UK state pension payments - they are obviously not converted,

If it is Citibank, they are using a more favourable exchange rate than they are for PPF payments (I'm told).

 

[Prakhonchai Nick]

Interesting that I think it is Citibank who process UK state pension payments - they are obviously not converted,

If it is Citibank, then what a disgrace the government not using a British bank.

 

[Eanto]

If it is Citibank, then what a disgrace the government not using a British bank.

Probably the EU has something to add to that conversation. Brexit; a jittery January, a f**ked up February and a mad March

 

[CO-CO]

If it is Citibank, then what a disgrace the government not using a British bank.

Not really. They quite rightly put the service out to tender.


Could used a British bank like HSBC - owned by Chinese/Hong Kong..

 

[Prakhonchai Nick]

Not really. They quite rightly put the service out to tender.


Could used a British bank like HSBC - owned by Chinese/Hong Kong..

Surely should be put out to tender to wholly owned British Banks.(are there any left?)

 

[Yorky]

Surely should be put out to tender to wholly owned British Banks.(are there any left?)

The Government own most of my bank!

[And their current exchange rate is 37.74]

 

[CO-CO]

Surely should be put out to tender to wholly owned British Banks.(are there any left?)

You can't do that.

All British banks would be invited to tender.

 

[Eanto]

My banks returned wholly to the private sector now but it’s still doing shite

 

[Yorky]

You can't do that.

All British banks would be invited to tender.

If the banks are invited to tender, I guess the Pension Department must be paying toward the international transfer of the pensions?

 

[CO-CO]

If the banks are invited to tender, I guess the Pension Department must be paying toward the international transfer of the pensions?

Obviously.

It is a cost to the DWP.

 

[Yorky]

Obviously.

It is a cost to the DWP.

I am surprised that they don't charge the recipient then.

 

[CO-CO]

I am surprised that they don't charge the recipient then.

The recipient always pays the costs.................................. one way or another.

 

[nomad97]

One of the most famous quotes in history is, "There's no such thing as a free lunch." Actually, the real quote is, "There ain't no such thing as a free lunch". The adage refers to the idea that it is impossible for a man to get something for nothing. Every choice you make has a next-best alternative that you could have chosen but didn't. That foregone opportunity is known as opportunity cost. That is, the price you paid for doing whatever it is you did was the opportunity you can no longer enjoy.

https://www.thebalance.com/types-of-opportunity-cost-357197

 

[nomad97]

Previously, one of my pensions was transferred to me by the Royal Bank of Scotland (RBS) each month. For this I paid a standard charge of £8.00 per transfer deducted at source from my pension. Now that I am using Transferwise I am only paying £6.50 per transfer. I am also pretty sure I am enjoying a better exchange rate than I received from the RBS although I do not have the data to support that statement. What I do know is that Transferwise give the spot rate at the time of the transfer, unlike Yorky's bank that was about 3% less than the spot rate.

 

[Eanto]

Maybe you inadvertently facilitated Fred the shreds knighthood ...