# charges for pension tranfers



## robert587599 (Feb 20, 2011)

I receive my State pension directly from Newcastle to my local bank.I get an excellent exchange rate and nocharge.
I have another pension--from a public sector pension fund. They will transfer my pension in the same way --BUT only if I change my bank account in the UK!!!Since I do not wish to I am stuck with presenting a personal cheque monthly-the Spanish bank -quite reasonably charging me a fee PLUS using a lower exchange rate.
My UK bank's suggestion --which I find amusing-is that I save my pension up and only arrange one transfer a year for £30--alternately pay them £30 monthly!!!

Has anyone got any idea regarding options?


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## gus-lopez (Jan 4, 2010)

robert587599 said:


> I receive my State pension directly from Newcastle to my local bank.I get an excellent exchange rate and nocharge.
> I have another pension--from a public sector pension fund. They will transfer my pension in the same way --BUT only if I change my bank account in the UK!!!Since I do not wish to I am stuck with presenting a personal cheque monthly-the Spanish bank -quite reasonably charging me a fee PLUS using a lower exchange rate.
> My UK bank's suggestion --which I find amusing-is that I save my pension up and only arrange one transfer a year for £30--alternately pay them £30 monthly!!!
> 
> Has anyone got any idea regarding options?


I'm a bit lost here ? Do the public sector pension fund not deal with ALL UK banks ?


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## robert587599 (Feb 20, 2011)

*my public sector pension fund*

The pension fund sends the money-monthly to any bank account - IN THE UK
The problem arose when-due to ill health I asked whether the money could be automatically tranferred to my Spanish bank rather than me going monthly to present a UK cheque which requires a period of 10 days before being 'available' as well as a 'tourist' exchange rate and admin charges.
My pension fund has ONLY ONE BANK arrangement for automatic transfer--and among other problems that bank--with whom I do not wish to do business-refused to discuss the way that they would calculate the exchange rate.
I was under the impression that the UK agreement with the rest of the EU regarding pensions was clear however it appears to only apply to the State Pension.
Since my income is only from the two pensions mentioned I am attempting to clarify the situation.


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## nigele2 (Dec 25, 2009)

Robert have you spoken to Santander? Must say I have always found them useless at anything beyond the norm but for what you want to do I believe in theory they may be able to offer something.


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## lynn (Sep 25, 2008)

robert587599 said:


> The pension fund sends the money-monthly to any bank account - IN THE UK
> The problem arose when-due to ill health I asked whether the money could be automatically tranferred to my Spanish bank rather than me going monthly to present a UK cheque which requires a period of 10 days before being 'available' as well as a 'tourist' exchange rate and admin charges.
> My pension fund has ONLY ONE BANK arrangement for automatic transfer--and among other problems that bank--with whom I do not wish to do business-refused to discuss the way that they would calculate the exchange rate.
> I was under the impression that the UK agreement with the rest of the EU regarding pensions was clear however it appears to only apply to the State Pension.
> Since my income is only from the two pensions mentioned I am attempting to clarify the situation.


You can use a company like HiFX to transfer from sterling UK bank account to your Spanish euro bank account. You can do this online, and even use your UK bank debit card for the transaction, and will not then have to pay a SWIFT transfer fee (which is the £30 charge you are probably refering to). HiFX offer very good rates, although the bigger the transfer, the better the rate you get. Hope this helps.


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## robert587599 (Feb 20, 2011)

Thank each of you for replies. Both options cost far more than my local bank.


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## Alcalaina (Aug 6, 2010)

If you can manage it, why not have it paid into your UK bank and then transfer it using HIFX or another FX company every three or four months? You will pay less commission and get a better exchange rate than with smaller monthly amounts.

Beware the "free" transfer offers by certain banks, the exchange rates are dreadful. They will sting you one way or the other!


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## Stravinsky (Aug 12, 2007)

robert587599 said:


> Thank each of you for replies. Both options cost far more than my local bank.


Im not quite sure why.
Using a currency company such as currencies direct to do the tranfer monthly from UK Bank to Spanish bank doesnt cost anything, and you get a good rate of excahnge also ... you just need to ensure your spanish bank doesnt charge for internet receipts


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## lynn (Sep 25, 2008)

Stravinsky said:


> Im not quite sure why.
> Using a currency company such as currencies direct to do the tranfer monthly from UK Bank to Spanish bank doesnt cost anything, and you get a good rate of excahnge also ... you just need to ensure your spanish bank doesnt charge for internet receipts


I agree Stravinsky. I guess I don't incur any charges with my Spanish bank for receiving funds from the UK, and I find HiFX to offer very competitive rates....


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## mazlester (Oct 30, 2010)

Good idea to use an FX company. I use FairFX and they now transfer funds into your Spanish account online with no commission and at a very good rate. Do you can wait until the rate is good then do a transfer! Simples!


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## robert587599 (Feb 20, 2011)

thank you--I will try them


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