UK State Pension

They tell you at the start how much you're entitled to in sterling (think it was via the post in my case), but that's it, it just arrives in your Spanish bank every four weeks in euros after that. The exchange rate they use is always very good.

You won't hear from them again until they notify you of the next increase.

The first payment might seem light to you. That's because, depending on when your birthday is, you're not getting the full four weeks in the first payment.

Don't get worried if very occasionally it doesn't turn up on the day you were expecting. It is paid via some US bank (Chase Manhattan or someone like that) so if there's a bank holiday in the US which coincides, it might be paid a day late.

Thanks, jack. 

Never had any problems with payment, always on time, within a day or so.

Just check online at the Interbank rate and that's about what you will get for your pound.

Steve 

In 12 years or so we've known payments be up to two whole days late or early,  it all depends on those pesky US holidays.

The day of the week a payment is due is determined by the last two digits of your NI number with 00-19 being on a Monday and 80-99 on a Friday.

Only those whose retirement age and birthday fall on the same day of the week stand get their payment from day one but of course that also means they have to wait the longest as it's paid monthly in arrears!

Those living abroad can opt for 4 or 13 week payments.

The exchange rate varies almost by the second. You will never match it exactly. The only way is to divide the € received into the pound paid in UK. Better still is to have the State Pension paid into a sterling  account and FX it as and when you want it, when the rate is in your favour. Otherwise you have no control.

By having your UK state pension paid directly into your Spanish account often results in free banking whereas moving it about yourself could, and most probably would,  incur bank maintenance fees. 

That's how it works for me with Sabadell........

Steve 

There were several reasons why I stopped using Sabadell some while back. I should have added to me earlier post that  use of Wise or similar banking (with multi-currency accounts) would avoid "normal" bank charges. For other banking in Spain, using BBVA's online account will avoid  charges too, but do not pay any sterling into a Spanish bank before exchanging it for Euros.

For those that are interested download MT4 and follow currency movements.

Exactly, I find this to be an ideal system.

When you are due an increase you will  receive a letter informing you of this, comes from a UK pensions Office, in Malta, in my case.

Cheers, J