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I did the same thing but with Sabadell. Don't use this bank.
The exchange rate was better from DW&P than money transfer companies so a big plus.
The bank does not charge me to accept the money but they do charge a quarterley €40 maintenence fee .
We will be moving bank.
Posted: Wed Jan 5, 2022 10:42am
Helpful member
Stroudi wrote on Wed Jan 5, 2022 10:25am:
I did the same thing but with Sabadell. Don't use this bank.
The exchange rate was better from DW&P than money transfer companies so a big plus.
Read more...
The bank does not charge me to accept the money but they do charge a quarterley €40 maintenence fee .
We will be moving bank.
Great. I’ve had conflicting stories in the U.K. about currency exchange. HMRC told me that DWP do the exchange at market rate prior to transfer, meaning it would hit my account in Euros. But when I called DWP to arrange it, they told me they would be doing the transfer in Sterling, meaning Cajamar would carry out the exchange at whatever rate they use? I presume from your message that it hits your account in Euros which would be great.
em68 wrote on Wed Jan 5, 2022 10:42am:
Great. I’ve had conflicting stories in the U.K. about currency exchange. HMRC told me that DWP do the exchange at market rate prior to transfer, meaning it would hit my account in Euros. But when I called DWP to arrange it, they told me they would be doing the transfer in Sterling, ...
Read more...
...meaning Cajamar would carry out the exchange at whatever rate they use? I presume from your message that it hits your account in Euros which would be great.
Try getting in touch with the international pensions centre, they will let you know the official line
em68 wrote on Wed Jan 5, 2022 10:42am:
Great. I’ve had conflicting stories in the U.K. about currency exchange. HMRC told me that DWP do the exchange at market rate prior to transfer, meaning it would hit my account in Euros. But when I called DWP to arrange it, they told me they would be doing the transfer in Sterling, ...
Read more...
...meaning Cajamar would carry out the exchange at whatever rate they use? I presume from your message that it hits your account in Euros which would be great.
Yes it arrives in Euros direct from DWP.
I used a money transfer company for 3 years before changing to a direct payment. Best move.
No worries about arranging transfers. I had a small amount go missing with one transfer company but managed, after several heated exchanges, to get it back.
Make sure you check out the banks fees
Some are free for a year the hit you. Others like BBVA are mostly free.
But good luck with everything
Posted: Wed Jan 5, 2022 4:25pm
Not directly a response but I have been using Wise (formerly Transferwise) to transfer send regular payments small and large to my account in Spain and have always found the service very efficient, fast and much cheaper than banks
They also apply market exchange rates
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ChrisP2 wrote on Wed Jan 5, 2022 4:25pm:
Not directly a response but I have been using Wise (formerly Transferwise) to transfer send regular payments small and large to my account in Spain and have always found the service very efficient, fast and much cheaper than banks
They also apply market exchange rates
Wise transfer today took 10 seconds and rate was 1.1992 can't beat that
Alicia 11 wrote on Wed Jan 5, 2022 8:51pm:
Wise transfer today took 10 seconds and rate was 1.1992 can't beat that
My pension arrived today and the exchange was definitely better.
Has been since I started DWP paying direct to Spanish account
Posted: Mon Jan 10, 2022 12:59pm
Helpful member
ChrisP2 wrote on Wed Jan 5, 2022 4:25pm:
Not directly a response but I have been using Wise (formerly Transferwise) to transfer send regular payments small and large to my account in Spain and have always found the service very efficient, fast and much cheaper than banks
They also apply market exchange rates
We have a UK starling account and have not found anyone to beat their rates....
Posted: Mon Jan 10, 2022 11:55pm
Legendary helpful member
Stroudi wrote on Wed Jan 5, 2022 10:25am:
I did the same thing but with Sabadell. Don't use this bank.
The exchange rate was better from DW&P than money transfer companies so a big plus.
Read more...
The bank does not charge me to accept the money but they do charge a quarterley €40 maintenence fee .
We will be moving bank.
If you have an Expansion account it’s 100% fee free. Ask Sabadell to switch you to the Expansión account. Have had one since 2014 and haven’t paid a single Céntimo in fees of any kind.
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