When living in Thailand what is the best set up to receive an Australian retirement pension?
Ideas include:
- the pension being paid to an Australian bank account and funds withdrawn at the ATM when exchange rate high, but, there is a loss of some funds in fees,
- the pension being paid to a Thai bank account but this is at the mercy of the exchange rate of the CBA / RBA at that time payment made,
- the pension being paid to an Australian bank account and funds transferred to a Thai bank via XE or the like.
Any advice from members with experience is appreciated.
Thank you
Australian Pension
tomoveabroad
13 November 2019 09:02:41
1
ladivo779
14 November 2019 13:33:42
0
I haven't done anything like that, but I do regularly send money from my UK bank accounts to Indonesia using TransferWise. And since TransferWise dictate the rate which is always excellent and the fees are affordable I am happy to do it that way. The funds arrive in Indonesia in the Indonesian currency with no charges at this end. And the transactions take just a few minutes. I assume you would be able to do that between Australia and Thailand.
For the first two options, I would guess that the fees would be unbearably high and possibly take quite a bit of time.
Bobdog
18 November 2019 22:15:16
13
While I was getting all excited about moving to Thailand I received a call from my tax Accountant. Did I realise that in granting me a revised pension and if I sold my home in Australia, that pension would attract tax at 32.5%..... this refers to age pensions.
With regards to transfer options, it would be worth a look to check out TransferWise Australia.
wozzlegummich
19 November 2019 04:38:32
14
It was either Julia Gillard or Kevin Rudd who killed the any chance of receiving the Australian old age pension when living permanently abroad.
But feel free to prove me wrong (hopefully)
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