# Pension payments



## hotshop (Aug 4, 2008)

When we finally retire to Cyorus next year, we will obviously be in receipt of pension income

Is it possible to have this paid in euros, thereby reducing costs

If not, what is the best way to avoid high commission costs please

hotshop


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## 2uk sunseekers (Jul 29, 2009)

Hi hotshop 

I have looked at this very same problem and as far as I can see, everyone will want or will take a small slice, whatever you do. Whether it is with a transfer and or with the conversion.

For us, we have opened a Cyprus bank account and I will transfer enough to cover the bills each month. In £ sterling, I can transfer up to £ 500 free into a Cyprus bank account ( Hellenic ) and only get charged £10 per transaction by my own bank here in the UK. For Euro cash, we have a UK Nationwide FlexAccount and can take out money via most cash machines free in Cyprus. You lose a small amount on the conversion, but it is swings and roundabouts.

Also remembering that a Cyprus bank account has charges also, so we wanted to keep these down to a minimum. Make sure you don't get paper statements, as they will charge you for them as well.

Your pension provider may be able to pay your money, directly into your Cyprus account, but you will need to speak to them.
A tricky subject, but I am sure that someone more knowledgeable than me, with have answers that best suit you and your circumstances. I just though I would add my bit.
Ady


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## sandra46 (Apr 21, 2009)

*pension income*



hotshop said:


> When we finally retire to Cyorus next year, we will obviously be in receipt of pension income
> 
> Is it possible to have this paid in euros, thereby reducing costs
> 
> ...


 it depends what pension you are talking about. state pension can be paid directly into cyprus bank at trade rate, free of charge, in euro's; subject to exchange rate at the time of course, so it does fluctuate. our bank charges 50 cents per transaction. our private pensions are left in u.k. and just drawn on if necessary. we have nationwide for this, they don't charge for drawing, again , subject to exchange rate, but it is wholesale, not tourist rate.


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