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bank transfer
Posted: Wed Oct 3, 2018 2:44pm
planning to come over next year,would our bank not transfer private pension to a Spanish account directly?
or would I have to use a transfer company.
Posted: Wed Oct 3, 2018 4:32pm
Legendary helpful member
Why incur bank charges? Just ask your pension provider to pay it direct to your Spanish bank account.
You could use a transfer company like Transferwise if you only want to do transfers when you think the exchange rate is favourable, but that way you'd probably lose the free banking you get here when you've got regular payments into the account.
Posted: Thu Oct 4, 2018 10:41am
Helpful member
sue10 wrote on Wed Oct 3, 2018 2:44pm:
planning to come over next year,would our bank not transfer private pension to a Spanish account directly?
or would I have to use a transfer company.
Hi, Good advice [as usual] from Jim above, I get my private pension company to send it directly to my spanish bank account and have done for over 20 years, doesn't cost me anything. Best way of doing it.
Posted: Thu Oct 4, 2018 1:51pm
thanks for all your replys has been very helpful
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Posted: Thu Oct 4, 2018 11:30pm
jimtaylor wrote on Wed Oct 3, 2018 4:32pm:
Why incur bank charges? Just ask your pension provider to pay it direct to your Spanish bank account.
You could use a transfer company like Transferwise if you only want to do transfers when you think the exchange rate is favourable, but that way you'd probably lose the free banking you get here when you've got regular payments into the account....
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Hi jimtaylor, could I ask what exchange rate in relation to the std rate at the time, would be given when doing this. Thanks
Posted: Fri Oct 5, 2018 5:11am
Legendary helpful member
The last private pension payment, this month, was done at 1.090, whereas the last state pension payment was at 1.109. I don't keep historical records of exchange rates, but the Transferwise figure has been around 1.12 for some weeks, although there would be a fee incurred in using Transferwise.
There might be a marginal advantage in doing a transfer every few months with Transferwise or equivalent company but, as I said, having the pension paid direct here on a monthly basis gets us free banking, and I don't have the hassle of trying to decide when to do transfers.
Posted: Fri Oct 5, 2018 10:59am
Helpful member
Hi Jim, totally agree with you - but that is normal, you always give good advice I have noticed on this forum.
Posted: Sun Dec 2, 2018 8:50am
Are you British expats or American? That makes a difference in all things banking I’ve discovered.
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