Pensions from UK

1POSTS

2 years ago

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

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SimCityAT Expert

14155POSTS

2 years ago

Welcome Sean

Do you still have a UK bank account?

Why don't you use something like Wise?

Cynic UK/Netherlands Expert

8184POSTS

2 years ago

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.

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