Pension transfers

Old May 31st 2008, 2:36 pm
  #1  
Senior Moment
Thread Starter
 
Mitzyboy's Avatar
 
Joined: Jan 2006
Location: On the edge
Posts: 20,460
Mitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond repute
Default Pension transfers

So whats the best way of transferring pensions on a regular monthly basis without incurring too many charges?

Thats £ to €
Mitzyboy is offline  
Old May 31st 2008, 5:23 pm
  #2  
 
Joined: Jan 2008
Posts: 3,028
ScotsExpat is an unknown quantity at this point
Default Re: Pension transfers

My company pays me in sterling into a UK bank account, while they have me living in Dubai... (no, I dont understand either!!!)

I need to arrange a regular monthly transfer from GBP to AED, as quickly and as cheaply possible....
ScotsExpat is offline  
Old May 31st 2008, 11:33 pm
  #3  
 
meauxna's Avatar
 
Joined: Apr 2002
Posts: 35,082
meauxna has a reputation beyond reputemeauxna has a reputation beyond reputemeauxna has a reputation beyond reputemeauxna has a reputation beyond reputemeauxna has a reputation beyond reputemeauxna has a reputation beyond reputemeauxna has a reputation beyond reputemeauxna has a reputation beyond reputemeauxna has a reputation beyond reputemeauxna has a reputation beyond reputemeauxna has a reputation beyond repute
Default Re: Pension transfers

Can you arrange direct deposit to your foreign account?
That's working out well for us.
meauxna is offline  
Old Jun 1st 2008, 12:22 am
  #4  
Senior Moment
Thread Starter
 
Mitzyboy's Avatar
 
Joined: Jan 2006
Location: On the edge
Posts: 20,460
Mitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond repute
Default Re: Pension transfers

Originally Posted by meauxna View Post
Can you arrange direct deposit to your foreign account?
That's working out well for us.
Yes I can, but of course I incur transfer charges from the UK bank of £25 a time. I have a sun-pay account but that costs me €10 a time. Currencies direct promised free d/d transfers but then gave me really bad rates of exchange. So I was interested in the HIFX angle.

I hoped that someone from HIFX might have an answer to my post of some 10 hours ago
Mitzyboy is offline  
Old Jun 1st 2008, 7:13 am
  #5  
Septicity
 
fatbrit's Avatar
 
Joined: May 2004
Posts: 23,762
fatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond repute
Default Re: Pension transfers

Originally Posted by Mitzyboy View Post
Yes I can, but of course I incur transfer charges from the UK bank of £25 a time. I have a sun-pay account but that costs me €10 a time. Currencies direct promised free d/d transfers but then gave me really bad rates of exchange. So I was interested in the HIFX angle.

I hoped that someone from HIFX might have an answer to my post of some 10 hours ago
Try XeTrade -- that's where the consensus seems to lie for us Land o' the Free residents. You've got bacs in from your UK account (usually no charge) -- but no idea what you'd use to pull it in to a Spanish account. Into a US account, it's eft whcih is also free. http://www.xe.com/fx/

And if HIFX wake up, perhaps they could explain how they're better with real comparisons.
fatbrit is offline  
Old Jun 1st 2008, 8:08 am
  #6  
Anything,Anytime,Anywhere
 
The Bloke's Avatar
 
Joined: Jan 2004
Location: The Magic Roundabout
Posts: 8,141
The Bloke has a reputation beyond reputeThe Bloke has a reputation beyond reputeThe Bloke has a reputation beyond reputeThe Bloke has a reputation beyond reputeThe Bloke has a reputation beyond reputeThe Bloke has a reputation beyond reputeThe Bloke has a reputation beyond reputeThe Bloke has a reputation beyond reputeThe Bloke has a reputation beyond reputeThe Bloke has a reputation beyond reputeThe Bloke has a reputation beyond repute
Default Re: Pension transfers

Originally Posted by Mitzyboy View Post
Yes I can, but of course I incur transfer charges from the UK bank of £25 a time. I have a sun-pay account but that costs me €10 a time. Currencies direct promised free d/d transfers but then gave me really bad rates of exchange. So I was interested in the HIFX angle.

I hoped that someone from HIFX might have an answer to my post of some 10 hours ago
The OH uses www.tranzfers.com to move money to Australia, that costs £7. Do they do Spain as well, perhaps you could look at them?
The Bloke is offline  
Old Jun 1st 2008, 5:18 pm
  #7  
Senior Moment
Thread Starter
 
Mitzyboy's Avatar
 
Joined: Jan 2006
Location: On the edge
Posts: 20,460
Mitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond repute
Default Re: Pension transfers

Originally Posted by fatbrit View Post
Try XeTrade -- that's where the consensus seems to lie for us Land o' the Free residents. You've got bacs in from your UK account (usually no charge) -- but no idea what you'd use to pull it in to a Spanish account. Into a US account, it's eft whcih is also free. http://www.xe.com/fx/

And if HIFX wake up, perhaps they could explain how they're better with real comparisons.
Originally Posted by The Bloke View Post
The OH uses www.tranzfers.com to move money to Australia, that costs £7. Do they do Spain as well, perhaps you could look at them?

Thanks
I will take a look.
Seems the HIFX advice is a little slow in coming
Mitzyboy is offline  
Old Jun 2nd 2008, 7:28 am
  #8  
BE Forum Addict
 
malcoltom's Avatar
 
Joined: Jun 2007
Location: Morecambe
Posts: 1,659
malcoltom has a reputation beyond reputemalcoltom has a reputation beyond reputemalcoltom has a reputation beyond reputemalcoltom has a reputation beyond reputemalcoltom has a reputation beyond reputemalcoltom has a reputation beyond reputemalcoltom has a reputation beyond reputemalcoltom has a reputation beyond reputemalcoltom has a reputation beyond reputemalcoltom has a reputation beyond reputemalcoltom has a reputation beyond repute
Default Re: Pension transfers

My pension is paid through the Royal Bank of Scotland and they tell me that i will be charged £3.75 per month for paying it directly into a NZ bank account rather than into my UK one.
malcoltom is offline  
Old Jun 2nd 2008, 8:43 am
  #9  
Forum Regular
 
djoerk's Avatar
 
Joined: May 2008
Location: Currently Edinburgh, Scotland
Posts: 68
djoerk is a jewel in the roughdjoerk is a jewel in the roughdjoerk is a jewel in the roughdjoerk is a jewel in the rough
Default Re: Pension transfers

Originally Posted by malcoltom View Post
My pension is paid through the Royal Bank of Scotland and they tell me that i will be charged £3.75 per month for paying it directly into a NZ bank account rather than into my UK one.
They are all rip-off merchants.... UK Annuity Providers also charge to move your Pension abroad circa £5 per pop - for a clerkess to press a button!

I have a Private Pension which now has to be made into an Annuity: I have not done this yet>>

Advice and Suggestions as to the best way to take this Pension Offshore or other alternatives - would be very helpful. Somehow the IFAs in UK do not seem to know much about - or probably do not want to know about it!

HSBC Premier is OK about transferring funds - once you have a UK based Pension e.g State or Other already matured Exchange Brokers seem to want ££££££ss to make it worthwhile.
djoerk is offline  
Old Jun 2nd 2008, 8:53 am
  #10  
BE Enthusiast
 
Joined: Dec 2004
Posts: 524
Windsor2 will become famous soon enoughWindsor2 will become famous soon enough
Default Re: Pension transfers

Originally Posted by Mitzyboy View Post
Thanks
I will take a look.
Seems the HIFX advice is a little slow in coming
Apologies Mitzyboy, I have just got back into the office.

The easiest, and most cost effective way of sending any regular amounts abroad is via a Regular Payment Plan. This can be used for pension transfers, paying overseas mortgages or simply paying bills/topping up bank accounts.

You fix a rate of exchange for anything from 6 months to 2 years with a small deposit (if, for example, it is for a period of a year, we take one months payment as a deposit) and this then acts like a fixed rate mortgage. Whatever the rate does, you have peace of mind knowing that your payments will stay the same as you have fixed it for a particular term.

We then set up a direct debit every month and simply send it across to the destination account. There are no bank charges to pay, and as discussed you know exactly how many €'s you will be getting each month.

For pension transfers, we can arrange to take the funds directly from the pension company, although many people will leave a bank account open in the UK and we will simply take the DD from there.

I hope this helps, but should you have any further questions please dont hesitate to ask.

Cheers,

Richard.
Windsor2 is offline  
Old Jun 2nd 2008, 10:33 am
  #11  
Anything,Anytime,Anywhere
 
The Bloke's Avatar
 
Joined: Jan 2004
Location: The Magic Roundabout
Posts: 8,141
The Bloke has a reputation beyond reputeThe Bloke has a reputation beyond reputeThe Bloke has a reputation beyond reputeThe Bloke has a reputation beyond reputeThe Bloke has a reputation beyond reputeThe Bloke has a reputation beyond reputeThe Bloke has a reputation beyond reputeThe Bloke has a reputation beyond reputeThe Bloke has a reputation beyond reputeThe Bloke has a reputation beyond reputeThe Bloke has a reputation beyond repute
Default Re: Pension transfers

Originally Posted by Mitzyboy View Post
Seems the HIFX advice is a little slow in coming
It maybe a figment of our imagination.
The Bloke is offline  
Old Jun 2nd 2008, 3:52 pm
  #12  
Senior Moment
Thread Starter
 
Mitzyboy's Avatar
 
Joined: Jan 2006
Location: On the edge
Posts: 20,460
Mitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond repute
Default Re: Pension transfers

Originally Posted by Windsor2 View Post
Apologies Mitzyboy, I have just got back into the office.

The easiest, and most cost effective way of sending any regular amounts abroad is via a Regular Payment Plan. This can be used for pension transfers, paying overseas mortgages or simply paying bills/topping up bank accounts.

You fix a rate of exchange for anything from 6 months to 2 years with a small deposit (if, for example, it is for a period of a year, we take one months payment as a deposit) and this then acts like a fixed rate mortgage. Whatever the rate does, you have peace of mind knowing that your payments will stay the same as you have fixed it for a particular term.

We then set up a direct debit every month and simply send it across to the destination account. There are no bank charges to pay, and as discussed you know exactly how many €'s you will be getting each month.

For pension transfers, we can arrange to take the funds directly from the pension company, although many people will leave a bank account open in the UK and we will simply take the DD from there.

I hope this helps, but should you have any further questions please dont hesitate to ask.

Cheers,

Richard.
So its probably not a good idea to take this option at the moment then Richard, as we're all living in hope that the r/ex will recover a little before the end of the year.
Mitzyboy is offline  
Old Jun 2nd 2008, 5:35 pm
  #13  
BE Enthusiast
 
Joined: Dec 2004
Posts: 524
Windsor2 will become famous soon enoughWindsor2 will become famous soon enough
Default Re: Pension transfers

Originally Posted by Mitzyboy View Post
So its probably not a good idea to take this option at the moment then Richard, as we're all living in hope that the r/ex will recover a little before the end of the year.
Unfortunately that's the gamble you take at the moment. The RPA method protects you against further weakening of the Pound, but if you are hoping the rate will pick up by the end of the year then it may not be the option for yourself.

It's very difficult to say where the rates are going - for the last 8 months the UK has been plagued with bad news after bad news, and the effects of the credit crunch have pushed Sterling down across the board. The € has been performing well (especially against the $US and the €/$ is a big driver of the forex market) and that is why we have seen the rates drop so much.

I am, however, an optimist and am confident Mr Brown will sort our country out! The best advice I can give is no matter when you decide to move your funds or lock into a rate, do the research and start following the rates as early as possible as it will make the decision a lot easier.

Fingers crossed....

Richard.
Windsor2 is offline  
Old Jun 3rd 2008, 4:25 pm
  #14  
Banned
 
Joined: May 2008
Location: Lagrange 2
Posts: 1,507
Bijilo123 has a reputation beyond reputeBijilo123 has a reputation beyond reputeBijilo123 has a reputation beyond reputeBijilo123 has a reputation beyond reputeBijilo123 has a reputation beyond reputeBijilo123 has a reputation beyond reputeBijilo123 has a reputation beyond reputeBijilo123 has a reputation beyond reputeBijilo123 has a reputation beyond reputeBijilo123 has a reputation beyond reputeBijilo123 has a reputation beyond repute
Default Re: Pension transfers

Originally Posted by Windsor2 View Post
Apologies Mitzyboy, I have just got back into the office.

The easiest, and most cost effective way of sending any regular amounts abroad is via a Regular Payment Plan. This can be used for pension transfers, paying overseas mortgages or simply paying bills/topping up bank accounts.

You fix a rate of exchange for anything from 6 months to 2 years with a small deposit (if, for example, it is for a period of a year, we take one months payment as a deposit) and this then acts like a fixed rate mortgage. Whatever the rate does, you have peace of mind knowing that your payments will stay the same as you have fixed it for a particular term.

We then set up a direct debit every month and simply send it across to the destination account. There are no bank charges to pay, and as discussed you know exactly how many €'s you will be getting each month.

For pension transfers, we can arrange to take the funds directly from the pension company, although many people will leave a bank account open in the UK and we will simply take the DD from there.

I hope this helps, but should you have any further questions please dont hesitate to ask.

Cheers,

Richard.

is this not speculating on the curency?
Bijilo123 is offline  
Old Jun 3rd 2008, 5:46 pm
  #15  
BE Enthusiast
 
Joined: Dec 2004
Posts: 524
Windsor2 will become famous soon enoughWindsor2 will become famous soon enough
Default Re: Pension transfers

Originally Posted by Bijilo123 View Post
is this not speculating on the curency?
Bijilo132,

No, it's not speculating as it is essentially a forward contract, where all the funds are bought up front. As a company we do not speculate with our clients funds, and in fact this is almost the opposite as it gives the client complete peace of mind knowing exactly how many Euros they will receive each month for a set amount of Sterling (with no extra charges).

It does work both ways, however, and should the rates move up then you are locked into the pre agreed rate, much like a fixed rate mortgage. The decision you therefore make is how much am i prepared to gamble, or what can i afford to lose?

I hope this answers the question.

Cheers,

Richard.
Windsor2 is offline  

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright © 2022 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.