UK Pensions

the rate of exchange for HMG is better than the banks so we have our's paid into our account every month however if you don't need it here then paying it into an english account and transfering it when needed and rates are high is also ok.   We found though that paying our pensions into our Cajamar means free banking.

Many thanks for that, but how about when the exchange rate is low. I looked at transferring some pounds the other day and the rate was 1.15 to the pound, and I wondered what rate the UK government used, a few weeks ago I got 1.20.

Would you be able to tell me the rate and dates they paid, it would be most helpful

Kind regards

Barry

they don't put the rate on the input to the bank but it is always a reasonable amount when high and not too bad when low. this year mine has gone between 717 at the lowest and 743 at the highest. hubby who gets less was 698 and 728, this is State pensions. I would imagine that a private pension firm would just use the bank rates at the time and may charge as well.

Hi there. Continue to have your pensions paid into your UK bank account and transfer monies into your Spanish account when you need to via Wise (formerly Transferwise), which gives the best rates. You can monitor those rates daily and choose when to make your transfers. The app is easy to use and transfers are almost immediate. 

Also spanish banks can block accounts.  Much easier to transfer as you want it.  We also use Wise.  Really easy to do.  If you need to spend time in UK much easier to deal with UK bank rather than having your pension in your Spanish bank account.  Just depends on what suits your circumstances.

Yes just your Pensions-paid into your UK bank then transferred a small amount each month as i do.   T.

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Just use the app WISE to transfer to your Spanish bank via your IBAN No.  They are First Class and CHEAP and based in Shoreditch  East London.   T.