State Retirement Pension

Old Aug 3rd 2021, 3:05 pm
  #31  
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Default Re: State Retirement Pension

Originally Posted by mikelincs View Post
Best way is to tell the DWP to pay your pension direct to your bank in the country you live in, you get a better rate and. usually, get the pension on the date you would have in the UK, at least that was true about pensions to Spain in 2004 when my wife had her pension paid direct to our Spanish account. You got a better rate that you would having it paid into a UK account and using a transfer company. Thankfully there were no delays getting it paid as we were well before Brexit raised it's ugly head.
With TransferWise - now just Wise - I believe you'll find that different now. The only info I ever had was "favourable rate" but us 'Wise' users believe there's no better rate (unless favoured customers transferring massive sums get a good rate) and fees are minimal.

However, it needs someone to do an exact comparison to be sure. I'm about to do one in a few days. I'll post that one if I remember.
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Old Aug 6th 2021, 1:13 pm
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Default Re: State Retirement Pension

Transferred £520 from UK bank account. Fee £2.45, so the transfer amount is £517.55.
Rate 1.743.
$902.09 arrives in my Canadian account.

According to the comparison tool that £520 gets me $887.02 with Western Union, $858.66 with Lloyds, and Barclays is no fee but only 1.695, getting $881.61.

I did my own comparison with XE transfers and their quote for £520 was 1.724 getting me $896.95.
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