Pension Payments

If it is a state pension have it paid directly into Spanish Bank,avoiding currency charges.

And in addition (I don't know the Sabadell setup), you'll probably get free banking. Just make sure you change it from a non-resident to resident account when the time comes.

Hi John,

Thank you for the response

It's a private pension

Regards

Shane

Thanks Jim 

Just came across this and I'm in a similar position later this year. I had planned to have my pension paid into my UK bank then transferred to Spain using Transferwise. They give you the mid market exchange rate which is surely a lot higher than Sabadell would use. Yes they charge a very small fee but I'm fairly sure I'd net more euros using this method. Thoughts? 

Also as an aside, when I told Natwest I was moving to Spain they were quite happy for me to retain my UK account. 

Transferwise will certainly give you a better rate than a bank, and doing it that way lets you choose to transfer when the exchange rate is good - but can you be confident of predicting which way the rate is going?

Having your pension paid by your provider direct to Spain should give you a possibly better rate than Transferwise, saves you the hassle of doing the transfers, gets you free banking, and effectively averages out the rate during the year.

Jim hi. I'm confused by your post, is it not a little contradictory? In your first para you say Transferwise will give a better rate than a bank but then in your second you say the pension provider paying it direct to a Spanish bank will deliver a better rate?  Are you sure?  Have you tested this? 

P.s. the pension provider will pay on set dates so they have no control over exchange rate fluctuations at all. 

Steve

Every bank who's fees and exchange rates I've seen has been worse than Transferwise. 

Our DWP pensions and my wife's private pension come into our Spanish bank at a better nett rate than I could get from Transferwise.

Jim I'm not doubting you..........but! You're saying that the DWP get a better net rate on transfers to a Spanish bank than Transferwise? That really surprises me. Would it be possible to verify this on the next pay date by checking on the Transferwise website whether they would have paid less? I'd certainly appreciate it because my DWP payments start this year.

Cheers, Steve

ps. if correct, could it be that they have an international agreement of some kind?