Pension Payments - Page 2

I'll try to remember - it's years since I did a check.

Where DWP are concerned, remember that their euro buying power is massive.

Where Transferwise are concerned, you get a good rate but on the relatively small amount of a monthly pension payment, the handling charge will affect the nett rate.

I use XE Currency Exchange who use mid market rates and no transfer charges. They respond immediately to requests for transfers and the cash is usually in my account with Sabadell within two/three days. 

Thanks Jim I will look into that 

Regards

Shane

Jim and Shanet, thank you. This is an interesting subject where I would like to hear more, particularly as to the  process to have the DWP pay direct into my Spanish Bank.

Just on the subject of currency transfer companies a friend boasted to me that his transfer company doesn't charge him any fees. I asked him to compare his company with mine (Transferwise) on a sample transfer while we're both online. On a £500 transfer I would have netted 23 more euros than him on that day. I would have paid a very small fee whereas he wouldn't have. But the Transferwise exchange rate was far superior and thus netted me more even after the fee. 

Thank you for your input

I will definitely look into transferwise

Regards

Shane

Jim, quick question. Does the DWP pay your pension in euros or sterling to your Spanish account? 

If it's paid in sterling I have always assumed that the exchange rate was set by the receiving bank? And thus I can't believe that a Spanish bank would give a better exchange rate than a currency transfer company? By the way this isn't about proving anyone is wrong and I'm right its just that I want to be sure I'm getting the biggest bang for my buck when the time comes! 

As far as I'm aware it's converted in the UK and paid in euros.. That's definitely the case for my wife's private pension, as we asked the company pension scheme trustees. I've never asked DWP, but I'm certain our bank wouldn't give as good an exchange rate as we get.