vox populia

Trying to find the best solution on how to receive my company Pension with the least amount of tran sfer tax or currency exchange is a nightmare, can anyone help I am moving to the borders of sth blanca/colida?

Fred James

Ask your company pension administrator if they can arrange to pay direct into your Spanish account in Euros. Many companies will do this, either for free, or for a small charge.

By law in Spain, you cannot be charged commission for payments into your account if they are pension payments.

patsywhitehair

hi, i have my company pension payed into the nationwide and then draw it out in spain with no charges , you can then put into your spanish account if you wish

Fred James

It is a myth that Nationwide make no charges. They cover the costs from the exchange rate they use which is never as good as you can get from currency transfer specialists.

UK state pensions can be paid direct to Spain and they use the best exchange rate available as they buy Euros in huge quantities.

gallerie9

Hi
mine does it direct,no charges what so ever. the exchange rate fluctuates but i always get a higher one than the high street.

vox populia

Very interresting, can you tell me which companies do this as I am sure another 2 million xpats are thinking the same?

vox populia

So let me clarify this? pension paid sterling £ how does spanish bank convert to Euro with no charge?

vox populia

Do you get charges of any kind for your pension conversion to a spanish bank and if so how much?

vox populia

So, who is your banks and how do I do the pension transfer every month for the rest of my life without the charges?

Fred James

No direct charges from either my company pension or DSS pension.

It is converted to Euros in the UK before transfer.

The exchange rate is very good - equal or better than the best you can get from foreign exchange companies such as HiFX etc. It is way above the "High Street" rate.

gallerie9

Hi
The bank is the caja rural but all banks do the same, my pension provider does the rest, I didnt know how it worked, but when we moved I gave them a change of address and when I said Spain she asked me would I like it paid into a Spanish bank account. It must be widely available.

Solarwhizz

By dealing with Currency transfer specialist you will always get better(interbank rate) than the High Street (Tourist rate), Usually a good couple of points,

Specialist who deal in regular transfers are HIFX, Currencies Direct. Oanda and there are many others, It always pays to shop around and there is a good selection on the internet,

By far the best way to get regular payments ( IE pension) would be to go thru a Specialist, and set the rate for up to two years ( always best to do this when the rate is good, IE I managed to set mine in Nov 2002 for 12 months at 1.495), which turned out to be a great deal, given that the EU dropped away to about 1.41 thruout 2003/2004, today it has risen again to about 1.47 or 1.48, a good time to start thinking about setting a top rate for as long as you can (MAYBE!!). I find this by far the best way rather than rely on fluctating rates month on month,,, There is usually no charges for this service ( They make their profit on the rate spread and on how good they are at buying ur money forward etc)
Spot buying is costly and rarely will you get top rate!!

If you contact by phone these companies their advisers are very helpful and will talk u thru the process,,. even if you are only transfer say 1000€ per month!!
Whatever happens dont use the high street clearing banks in the UK, in my view, legalised robbery on currency exchanges

You wont pay charges on pension transfers into Spanish banks as long as you sort it out with the Local manager first!!.

There are also lots of Spanish banks that have special deals or clubs for retired persons, which offer free banking transfers and discounts etc,
IE Banco Popular

Bottom line is it pays to spend some time shopping around

vox populia

Thankyou very much Vox populia

EsuriJohn

Hi Solarwizz,

I am with Banco Andalucia part of the Popular group but I have not been told about this any more details?

Regards,

John.

Hillybilly

It's called Club Senior
http://195.235.201.47/pbanking/savin...nior&pb=saving