Uk State Pension

I have mine paid into my UK Barclays account and use Wise to transfer what I need. It depends I suppose on whether you want to keep a UK account. Makes no difference really especially if you've got everything under control. 

Steve 

Hi James

If you don't need it then would be best to transfer it when the exchange rate is better obviously it can go both ways but the forecast is to go up in the coming months.

Paul

Me and the wife have ours paid into our Spanish account, no messing doing a transfer it just turns up in euros. We haven’t noticed any difference in rates tbh, it is what it is and seems to be a fair rate, for the convenience it suits us better.

We have all our pensions paid into the Halifax in UK, that way we have the flexibility to transfer the money to our Spanish Bank account when the the exchange rate is better. If you have it paid directly into your Spanish Bank account then it's whatever the rate is that day.

Having a UK account means we can use the account to draw cash or make purchases when we are in the UK and make online purchases if the company do not accept payment in euros.

Hello,

Me too Paolo1, it's suited me just fine for many years, no thinking about transfers, exchange rates etc....sure it goes up & down a bit but so does life & a simple one is key for me.

Cheers

Elinspain

My wife says: "never put all eggs in the same basket". Spanish Revenue monitors in real time all bank accounts, and banks block accounts whenever they feel like and can make you helpless when trying to withdraw your own money.

I have had a Spanish bank account for almost 16 years and never has it been blocked for no reason or money taken out of it for no reason.   

I agree with you and for the same reasons 

A bit late to the party, but here is my tuppence. 

Using banks you lose on average 0.5% (half a percent)

so £1000 costs you £5

using Revolut or Caxton are alternatives and they give you a debit card that works just like a “real” bank card.

I use both as Caxton gives me free cash withdrawals whereas Revolut is easier to transfer money between accounts.

Yes, it’s a bit of a faff, but depending on the amount you exchange it might be worth it. £2000 per month will save you £120 per year cash. 

I also use a uk bank foreign currency account for monthly bills. But use Revolut to move GBP to EUR even within the same bank as exchange rates are much better. 

I found using revolut or similar is free for small amounts on the free card.

For larger amounts I use OFX. On $10000 exchange to GBP I saved £400 over the interbank rate. 

I also used to buy a “forward”. This meant I could fix the rate for a year. You commit to a certain amount of exchange in a set period, pay a 10% returnable deposit and then draw off as you need. 

Ie. Commit to exchange £20,000 in the next 12 months. Pay £2000 deposit and “early draw down” monthly. 

It’s just an idea if you like to “play” with your money. Obviously if exchange rate changes you still remain fixed.