Pensions from UK

Member since 17 October 2023

seanhodgesMember17 October 2023 08:51:31

I've recently incurred large banks costs paying money to the UK and getting money from it. For example, a 116 pound transfer cost 45 €. They sent it back with another 45€ cost!

I am due to receive a pension next year which I would like paid into my German account but do not want to pay the high transfer costs.

Are others experiencing this problem?

Regards

Sean Hodges

SimCityAT Expert

Member since 08 April 2014

SimCityATExpert17 October 2023 08:58:13

13009

Welcome Sean

Do you still have a UK bank account?

Why don't you use something like Wise?

Cynic UK/Netherlands Expert

Member since 15 September 2015

CynicUK/Netherlands Expert17 October 2023 10:19:45

8031

You can have your UK State Pension paid directly into your German Bank account, I don't think there is a charge for this as such, the potential downside is that it's paid at the current exchange rate, so its value in Euro may fluctuate from month to month; the Government do claim that the method they use is beneficial because they get a better exchange rate because they buy so much foreign currency. When I considered this when I retired 2 years ago, the £/€ exchange rate was €1.15 for £1, which is bizarrely what it is today.

My advice is to contact the UK International Pension Centre; the UK Gov website has the details that may help you, and this link will take you straight to it.