Pension transfer - Page 2

Page 2 of 2:
Previous
1
2

Posted: Mon Jun 26, 2023 10:37am

Stevec2x

Super helpful member

Posts: 1885

1073 helpful points

Location: Playa Flamenca

Joined: 23 Jan 2020

Posted: Mon Jun 26, 2023 10:37am

Steveyjoanna wrote on Mon Jun 26, 2023 8:17am:
Open an N26 Spanish account ,has all the required ,by some utilities in Spain( illegally but this is Spain) IBAN etc ,accepted without hassle,free Euro transfers from Wise.

Hi

I opened an n26 account a few months ago but don't currently have much use for it - I though it would be accepted for Spanish income tax payments, but it seems not!

However, since n26 IS a bank, unlike Wise, I may move my savings there BUT that would mean converting it to Euros which I'm not sure I want to do. Also, Wise currently pay interest.

Cheers

Steve

Posted: Wed Jun 28, 2023 12:36pm

Steveyjoanna

Helpful member

Posts: 238

238 helpful points

Location: Almoradí

Joined: 14 Sep 2019

Posted: Wed Jun 28, 2023 12:36pm

With wise you can get two accounts,one British Pounds and one The Euro,the UK pension can be paid directly into the wise account,you can then,in seconds transfer it to your Euro account ,small fee ( less than the cost of bank transfer fees)and then pay all your bills etc ,use ATMs in Euros locally.

The UK pension can be paid directly to any Spanish bank but there are all kinds of hidden fees and depends on what bank you use,they use the best (?) transfer fees,apparently,but some banks want you to get insurance etc from them so the cost of that has to be factored in.

There is also N26,best to investigate for your best " fit".

Reply

Posted: Wed Jun 28, 2023 8:25pm

jogary

Posts: 48

22 helpful points

Location: Benidorm

Joined: 29 Jun 2021

Posted: Wed Jun 28, 2023 8:25pm

I have my pension paid into my UK bank then just transfer what I need to my wise card account..better exchange rate

Posted: Wed Jun 28, 2023 9:24pm

Stevec2x

Super helpful member

Posts: 1885

1073 helpful points

Location: Playa Flamenca

Joined: 23 Jan 2020

Posted: Wed Jun 28, 2023 9:24pm

jogary wrote on Wed Jun 28, 2023 8:25pm:
I have my pension paid into my UK bank then just transfer what I need to my wise card account..better exchange rate

Why not have your pension paid directly into your Wise GBP account?

Cheers

Steve

Posted: Thu Jun 29, 2023 9:17am

jogary

Posts: 48

22 helpful points

Location: Benidorm

Joined: 29 Jun 2021

Posted: Thu Jun 29, 2023 9:17am

Stevec2x wrote on Wed Jun 28, 2023 9:24pm:
Why not have your pension paid directly into your Wise GBP account?
Cheers

Read more...

Steve

No.point really

Reply

Posted: Thu Jun 29, 2023 3:09pm

james 109

Posts: 4

1 helpful points

Location: Teulada

Joined: 12 Jul 2022

Posted: Thu Jun 29, 2023 3:09pm

Hi Have no problem with DWP transfers, if the pound is 1.16 like now you get the same you can use Currenccies Direct &

will be abit less

Posted: Fri Jun 30, 2023 2:28pm

Anne330

Helpful member

Posts: 372

269 helpful points

Location: Villena

Joined: 12 Apr 2018

Posted: Fri Jun 30, 2023 2:28pm

Darrel57 wrote on Wed Jun 21, 2023 10:39pm:
Hi all
Has anyone used WISE to receive pension payments from their UK bank accounts and then transferred on to their Spanish accounts

Read more...

If so does the origin appear as a normal Wise transfer or for example a DWP origin transfer
Next question is if DWP makes the transfer into a Spanish acct is the exchange rate low and how long does the transfer take to reflect into your acct
Sorry for the long winded question
Thank you
Darrel

Yes I use Wise for my UK state pension, no problems. Always on the right day 👍