UK state pension

I’d say having it paid into Wise, then transferring from Wise to a Spanish account would likely be the must cost effective option, but I await comment from those who actually have pensions being paid in 

Dwp pays from Ireland (yes, Ireland, in €) directly to your account in Spain at a favourable rate with no commission, cost etc. Best exchange you can get. For a private pension it is normally more sensible to use torfx, currency direct, smart, wise etc

UK bank account then transfer via Wise when need it. 

Be careful. A lot of UK banks are not allowing you hold accounts with them if you live in Spain. Barclays definitely don't, I (like many others) have had to close my account after being with them for over 20 years

Wise provides a UK IBAN / BSB - Account Number.  You can have your pension paid directly into Wise and then transfer from there

Thanks, but with Santander UK and they allow bank accounts living in Spain 

I know. I now use Wise as Barclays have been a real letdown . So many people on this forum recommended them that I signed up with them and so far they are brilliant 

I have my UK state pension paid direct by DWP in euros into my Spanish bank account every 4 weeks. This is by far the most efficient and charge free option. No need to use Wise, the rate of exchange used by the UK govt is the best that can be obtained. From time to time you will be asked to supply DWP with proof that you are still alive: this is a form you can get stamped and verified by your bank.

My occupational pension is paid into my UK Sterling bank account direct. From time to time I transfer funds to my Spanish account using Wise. This is just personal choice, I could quite easily have that pension paid direct to my Spanish bank account but I’m not sure what exchange rate might be used and prefer to retain a Sterling account for periods when I’m visiting the UK.

Chris

I have had my state pension paid directly into my Spanish account for years since Barclays closed my UK account i also have my annuities paid directly to Spain.  Barclays are a pain!