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12 posts • Page 1 of 1
Is it best to have the UK state pension paid into a Spanish or UK bank? I'm particularly wondering about the exchange rate you get, if it's paid into a Spanish bank, versus exchanging it myself.
Anyone had any experience of both?
The exchange rate is always on the move and at present is not as good as it used to be , so when would be a good time to do it yourself. Carole has hers paid into our Spanish bank direct as it covers the conditions for free banking which out weighs bank charges or their insurance policies. This also gives us a regular amount monthly to spend. We do spend more but when worked out we just spend a little of our savings each month which again means we do not have to transfer from our UK bank very often.
Thanks Paul. I would be in the same position. It would almost cover our monthly outgoings and satisfy the bank conditions.
What is the exchange rate like on the direct transfer? Do you get the full business rate, or is there a commission of some sort taken?
Hi Caz I believe the rate is the government set exchange rate on the day
For the state pension, there is no commission or charges made on the transfer. Different for private and government pensions but nothing on the state pension. It will also be paid on the exact day it is due (can be a delay of a day if it is a bank holiday in the US as it's paid by an American company). Private and government pensions usually take two working days to transfer.
Some people keep it in the UK bank and then use the best exchange rate for the day to transfer it over. |I get one pension paid direct to the bank in Spain as, as previously stated, it meets the regular payment criteria and I haven't got to worry about it coming over to pay bills and so on. Plus the state pension will usually be a couple of cents more than the bank rate as they pay so many that they can get the best exchange rates.
Thanks Strolling. That confirms it for me then. It'll go in the Spanish bank.
There are only two optimum times to transfer money, yesterday and tomorrow.
That's why rate watching will always be gambling and I think we all know what a mugs game that is!
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I've had no luck with timing in the past. I think having it paid direct will take the pressure off deciding!
Went to our bank yesterday to change our account to a pensioners account. There are no bank charges, and you don't have to pay charges on your card either. However, there are conditions, you have to pay in a little more than we expected, more than 600 euros a month, but this satisfied our needs for now. Your details are retained, so no need to change any, for debits, etc as they use the information already supplied. Dosen't matter about Brexit, so long as it is paid directly to them. Watch out for red and blue days though, they will be shut on these days, so it may be delayed a little. We are with Bankinter. Don't know what the others are doing though.
Ok, Thanks, Caz, if I hear anymore I will post here.
12 posts • Page 1 of 1