Late depositing of UK Pension
Aug 3rd 2019, 11:06 pm
#1
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Late depositing of UK Pension
My UK pension is always deposited every 4 weeks on a Saturday in a Canadian bank. Apparently the UK pension is transferred from the US, but if it is a holiday weekend in the States then my pension does not get deposited until the next week. My British pension should have been deposited today (3rd August 2019) and I am surprised that as not come about as there is no holiday in the States this weekend? I cannot figure out why, when everything is automated, that there is a delay at all.
Aug 4th 2019, 3:27 am
#2
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Re: Late depositing of UK Pension
My UK pension is always deposited every 4 weeks on a Saturday in a Canadian bank. Apparently the UK pension is transferred from the US, but if it is a holiday weekend in the States then my pension does not get deposited until the next week. My British pension should have been deposited today (3rd August 2019) and I am surprised that as not come about as there is no holiday in the States this weekend? I cannot figure out why, when everything is automated, that there is a delay at all.
Aug 4th 2019, 6:22 am
#3
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Re: Late depositing of UK Pension
Thanks for your reply. Monday, the 5th August is a Civic holiday, but I think my bank was open today (Saturday). Anyhow I hope the Civic holiday is the reason the pension was not deposited. Thanks again.
Aug 4th 2019, 4:45 pm
#4
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Re: Late depositing of UK Pension
It will depend what time the transfer was sent.. for instance, BMO any payments received after 4pm won't show in an account until the next business day. The next business day next week will be Tuesday. Saturday, Sunday and any Civic holidays are not business days. Banks may be open to attend, but that isn't relevent to business days / transfers.
https://www.bmo.com/pdf/wire-process...ule-can-en.pdf
https://td.intelliresponse.com/cbaw/...fers+processed
Aug 4th 2019, 5:41 pm
#5
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Re: Late depositing of UK Pension
Thank you for your input on this, much appreciated. Years ago my UK pension was always deposited on a Wednesday which was good because there was no interruption with holidays. For some reason it was changed to being deposited on a Saturday, so when the US have a holiday again I get a late payment. I guess I was concerned this time because there is no holiday in the US this weekend. Again, thank you for your explanation.
Aug 4th 2019, 7:18 pm
#6
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Re: Late depositing of UK Pension
My UK pension was deposited on Friday 2nd as scheduled (2 payments this month for me yipeee) but a debit i have the 3rd of every month did not get taken out. the long weekend screws it up should be back to normal tuesday.
Aug 11th 2019, 2:35 am
#7
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Joined: Nov 2003
Posts: 104
Re: Late depositing of UK Pension
Hi
Slightly off topic
and just info
a few years time before i can get a uk pension
but does getting the pension deposited to a canadian bank give a better exchange rate than getting it in a UK bank and changing it yourself ?
cheers
jerry
Slightly off topic
and just info
a few years time before i can get a uk pension
but does getting the pension deposited to a canadian bank give a better exchange rate than getting it in a UK bank and changing it yourself ?
cheers
jerry
Aug 11th 2019, 3:57 am
#8
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Re: Late depositing of UK Pension
Hi Jerry, Sorry unable to answer your question re the better exchange rate. My pension has always been deposited in a Canadian bank so I do not have anything to compare with. Most, BritishExpats living in Canada are disgruntled with the fact that that we never receive any increases and the pension which you receive at the start will stay the same. I know I am in the minority with my opinion and, don`t misunderstand, I would love to receive pension increases but "fair do`s" we have left the UK and we do not pay into the system anymore, so I understand why we do not receive increases.
Sorry I could not answer your question.
ttfn
Marion
Sorry I could not answer your question.
ttfn
Marion
Aug 11th 2019, 5:52 pm
#9
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Location: Moncton, NB, CANADA
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Re: Late depositing of UK Pension
I currently get a civil service pension paid into my UK bank account which I kept open. I transfer it to my Canadian account using TransferWise. It's cheap and just about the best exchange rate going.
With UK banks moving towards making things a bit more inconvenient - card readers, sending a code to your cell/mobile (which I don't have) - I have been looking at having it direct to the Canadian account. The pension payer tells me they would deposit the money in Sterling and then I'd be subject to that bank's exchange rate on the day.
The Canadian banks - my own, plus a couple of others I checked with - are not particularly forthcoming. Some have suggested there could be a fee of $10 to receive your money.
In addition, the exchange rates look to be between 5c and 10c worse per £ than those used by TW.
So it would seem that for every £500 into the Canadian account you lose between $25 and $50 and pay $10 on top.
With TransferWise there is now a "Borderless" account where the UK pension could be paid in exactly like a UK bank - UK format numbers - and then you transfer to your Canadian account in the usual way.
I plan on continuing with my UK account and if it becomes impractical, it's the borderless account for me.
Aug 11th 2019, 6:30 pm
#10
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Re: Late depositing of UK Pension
Just wondering, to have a UK Bank account, are you required to have a UK address?
Aug 11th 2019, 7:04 pm
#11
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Re: Late depositing of UK Pension
The Govt uk pensions website regarding payment overseas says "you will receive better exchange rates due to their bulk buying of currency. I use their service and the exchange rate is usually about 3cents less than the bank exchange rate. Unless you kept a uk Bank account open when you left UK you will not be able to open one unless you have an address in uk. i have been trying for 3 years to open one without success, banks want proof of tenancy/ownership etc you have to produce utility bills in your name or receipts for rent from your landlord. You could open an offshore account.
Aug 11th 2019, 7:17 pm
#12
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Re: Late depositing of UK Pension
I rather thought that would be the case that an address would be required. I did not know that there is a loss between $25 and $50 when the pension is deposited into a Canadian bank. We must remember, they do need the money. lol
Thank you very much you have been very helpful.
Thank you very much you have been very helpful.
Aug 11th 2019, 8:56 pm
#13
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Re: Late depositing of UK Pension
BritishExpats living in Canada are disgruntled with the fact that that we never receive any increases and the pension which you receive at the start will stay the same. I know I am in the minority with my opinion and, don`t misunderstand, I would love to receive pension increases but "fair do`s" we have left the UK and we do not pay into the system anymore, so I understand why we do not receive increases.
Aug 11th 2019, 10:22 pm
#14
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Re: Late depositing of UK Pension
Aug 11th 2019, 11:53 pm
#15
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Re: Late depositing of UK Pension
I know, if I lived say in the States I would be receiving UK pension increases and of course the extra money would be most welcome, it really would. and I would accept the extra if it was being offered, but deep down my opinion is that we do not contribute anymore to the UK economy so I am also ok with that decision.