UK State Pension Exchange Rates
 

I am applying for my UK State Pension. I live in the USA. There is an option to have the State pension paid into my US bank account. Does anyone know if the exchange rate used by the pension service is a fairly good one, or would it be better to have the pension paid into my UK bank account and transfer it myself? Appreciate advice!

Re: UK State Pension Exchange Rates
 

Hi and welcome to BE.

I don't know the answer to your question but wanted to stop by and say hi.

I'm sure someone will be along soon who might be able to share their experiences.

Happy New Year to you!

Re: UK State Pension Exchange Rates
 

This is something I looked into at length last year.
And to my surprise and delight - I discovered the rate given by them is absolutely FANTASTIC:thumbup:.....better than anything I could possibly have gotten on my own - as well as expeditious and trouble-free.
Furthermore the payment will go directly into your US bank account on the same day the disbursement is made.
In my case - I opted for payment every 28 days and - like clockwork - there it is, without fail! If the 28th day falls on a weekend or holiday - the deposit turns up on the last business day BEFORE the 28th day.
I can't tell you exactly what the exchange rate is as that changes constantly...what I can say is that the markup from the Forex bank rate is, I believe, less than 1%.
Yes! Go for it!:nod:

Re: UK State Pension Exchange Rates
 

Far cheaper to have it paid direct as you will get no fees, having it paid into a UK bank and then transferred, you are likely to be hit with quite a lot of fees.

Re: UK State Pension Exchange Rates
 

Just a follow-up to my prior post....really more for anyone seeking this info in the future - it is the Pension Service itself (UK Govt.) who will be doing the conversion - rather than a 3rd party intermediary (which would include your UK bank) seeking to make a profit on the exchange. There is no "3rd party". It's definitely "the way to go"!

Re: UK State Pension Exchange Rates
 

Thanks very much. That's what I will do then!