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Pension paid here or UK

Pension paid here or UK

Old Jul 16th 2013, 4:01 pm
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I am sure this has been covered before but can anyone tell me the the pros and cons of having your State pension paid either direct to a Spanish bank or keep it in the UK..thanks.
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Old Jul 16th 2013, 5:38 pm
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Default Re: Pension paid here or UK

For me the biggest factors about having it paid into my Spanish bank are that they get a good exchange rate, it costs me nothing and that I do not have the hassle of organising regular transfers which cost me money.

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Last edited by Rosemary; Jul 16th 2013 at 6:18 pm.
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Old Jul 16th 2013, 5:50 pm
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Default Re: Pension paid here or UK

The rates are very good and the receiving bank is not allowed to charge any fee or commission.

The downside is that the rate may be low at the time of transfer and could be bettered if you had control over the transfer date, however the extra costs involved by doing it yourself may offset the gain.
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Old Jul 16th 2013, 9:54 pm
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Smile Re: Pension paid here or UK

Originally Posted by Rosemary
For me the biggest factors about having it paid into my Spanish bank are that they get a good exchange rate, it costs me nothing and that I do not have the hassle of organising regular transfers which cost me money.

Rosemary
Thanks Rosemary and Fred..I will take your advice.
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Old Jul 17th 2013, 1:40 am
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Default Re: Pension paid here or UK

Originally Posted by chrisjolly
I am sure this has been covered before but can anyone tell me the the pros and cons of having your State pension paid either direct to a Spanish bank or keep it in the UK..thanks.
Our state pensions are paid direct to Santander which gives us completely free banking.

As far as the rates are concerned we invariably get only one or maybe two cents at the most below the rate. When you consider the millions they must transfer abroad it makes sense.

Although it may suit you to wait and use a money transfer company and wait for a better rate.

My OH's pension is paid in on a Monday which usually arrives in the bank on the Wednesday at the latest and mine arrives two weeks later which suits us both.
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Old Jul 17th 2013, 1:48 am
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Default Re: Pension paid here or UK

I just pay an English cheque into my Spanish bank every so often.I'ts more convenient.
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Old Jul 17th 2013, 3:28 am
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Default Re: Pension paid here or UK

Originally Posted by Neptuno
I just pay an English cheque into my Spanish bank every so often.I'ts more convenient.
You have surprised me with this because when we first moved over here we were told that they so not like Spanish cheques so English cheques were a huge problem.

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Old Jul 17th 2013, 3:38 am
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Default Re: Pension paid here or UK

Originally Posted by Neptuno
I just pay an English cheque into my Spanish bank every so often.I'ts more convenient.
I used to do that but depending on your bank it can be very expensive. Also the money is not normally available immediately - it can take 2 weeks.

Banco Popular, for example will charge up to 1% commission and the rate is nowhere near as good as the DWP will give you - nearly 1% less.

It's a simple enough procedure - just an expensive one.
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Old Jul 18th 2013, 8:51 am
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Default Re: Pension paid here or UK

My bank does not charge pensioners for paying in British cheques, and there is no time limit on withdrawal.For us it is convenient.
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Old Jul 18th 2013, 9:16 am
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Default Re: Pension paid here or UK

Originally Posted by Neptuno
My bank does not charge pensioners for paying in British cheques, and there is no time limit on withdrawal.For us it is convenient.
I'm sure it is but most banks do not.

What bank is it?
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Old Jul 18th 2013, 9:25 am
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Default Re: Pension paid here or UK

Santander
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Old Jul 18th 2013, 11:48 pm
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Default Re: Pension paid here or UK

I just changed. My pension was being paid in UK and I thought it would be a real hassle getting it paid into my bank account here. Not at all! I phoned Newcastle and after the security questions the lady asked for my Spanish bank details and told me the next payment would be made there. Job done!
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Old Jul 19th 2013, 1:30 am
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Default Re: Pension paid here or UK

If I want to write a cheque from my account for birthdays etc, It is convenient for me to write an English cheque.If I had my pension sent to the Spanish bank account it would limit my freedom to spend money as I chose.
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Old Jul 19th 2013, 2:23 am
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Default Re: Pension paid here or UK

Fair comment.

I use the best of both worlds. Half our pensions are paid into the Spanish account. The rest goes into the UK account and I transfer money when it suits me based on the best exchange rate using an FX company where the fees are not significant and the rates are good.
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Old Jul 19th 2013, 3:19 am
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Default Re: Pension paid here or UK

Originally Posted by Neptuno
If I want to write a cheque from my account for birthdays etc, It is convenient for me to write an English cheque.If I had my pension sent to the Spanish bank account it would limit my freedom to spend money as I chose.
We had our pensions paid direct into our Spanish banks, and if we ever wanted to top up our UK accounts, just did it from the Spanish bank, we therefore had the opportunity to pay out UK cheques when we wanted to.
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