wizaird

Hi folks , i wonder if any of you can give a little advice to our friends in Menorca .They retired there 3 years ago due to ill health and they told me that they are charged £10 per month just to have their pension transferred to the Menorcan Bank , from Natwest as this is the only bank the pension will deal with .They wont let it accrue for 3 months at a time and transfer it, it has to go to them every month .

Has anyone else experienced this and maybe found a way round it ?
After all the state pension isnt a lot .

ANY ADVICE WOULD BE MOST WELCOME !

thanks Dave

big wheels

If they had kept a UK bank account open. Their pension could have been paid into that account, and then withdrawn as and when needed using most ATM machines in menorca, at a very small cost.

BW.

malagaman

Have your friends considered using somebody like Currencies Direct? They are money brokers and I have used them for some time now and I have a monthly DD set up to transfer my pension from UK to Spain. Their exchange rates will always be higher than the banks and there are no charges for the service. Have a look at their site www.currenciesdirect.com

Good luck

mikelincs

My wife is on a state pension, I'm on one from the NHS, and we both have them paid direct into our spanish bank. No problems at all.

Fred James

And, by law, the banks cannot charge commission on the payments into your account if they are pensions.

The DSS are happy to pay pensions direct to a Spanish bank account and other pension funds will normally do it, sometimes for a small monthly fee.

Unfortunately not all pension funds will do this so you will have to pay the charges - at least the receiving bank cannot charge you for the transaction.

Fred