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Pension Payments - Page 2

jimtaylor

Posted: Fri Jan 12, 2018 1:41pm

jimtaylor

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Posted: Fri Jan 12, 2018 1:41pm

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.

Bex

Posted: Fri Jan 12, 2018 11:03pm

Bex

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Posted: Fri Jan 12, 2018 11:03pm

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. 

shanet123

Posted: Sat Jan 13, 2018 9:56am

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Posted: Sat Jan 13, 2018 9:56am

jimtaylor wrote on Fri Jan 12, 2018 1:41pm:

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.

Thanks Jim I will look into that 

Regards

Shane

Clarifier

Posted: Sun Jan 14, 2018 2:38pm

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Posted: Sun Jan 14, 2018 2:38pm

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.

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dinnerout

Posted: Sun Jan 14, 2018 2:43pm

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Posted: Sun Jan 14, 2018 2:43pm

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. 

shanet123

Posted: Sun Jan 14, 2018 2:48pm

shanet123

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Posted: Sun Jan 14, 2018 2:48pm

Thank you for your input

I will definitely look into transferwise

Regards

Shane

dinnerout

Posted: Sun Jan 14, 2018 2:48pm

dinnerout

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Posted: Sun Jan 14, 2018 2:48pm

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! 

jimtaylor

Posted: Sun Jan 14, 2018 4:50pm

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Posted: Sun Jan 14, 2018 4:50pm

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.

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