# pensions



## raprog (Nov 23, 2014)

Hi everyone, we are about to come to Paphos in March to look for longterm rent:apartment/house. My wife Sandra @ i are both retired and not sure what todo about our pension, wether to transfer to Cyprus bank or leave it in UK. Can anyone give us any good pointers/tips.


----------



## Talagirl (Feb 24, 2013)

We live in Cyprus permanently and just transfer money from the UK to Cyprus when we need it.


----------



## raprog (Nov 23, 2014)

Thanks Talagirl its great to be in the Forum and chat to expats, gives us alot more confidence for when we move over this year.


----------



## Veronica (Apr 5, 2008)

We use an exchange company to have our pensions transferred to our bank in Cyprus as you get a better exchange rate.


----------



## PeteandSylv (Sep 24, 2008)

I have my UK government pension paid directly into our Cyprus bank. This arrives in Euros and is exchanged at a remarkably good rate presumably negotiated by HM Government's bankers. I also have private pensions but have them paid into a UK bank account and transfer over here when required using Currency Fair for the best rates.

I'm not quite sure what I will do with the $20,000,000 my Nigerian friend is about to send me.

Pete


----------



## raprog (Nov 23, 2014)

Thankyou [email protected] Pete good advice, once were in Cyprus will investigate more.


----------



## wizard4 (Feb 3, 2013)

Pete you could give your extra money to a charity Meeeeeeeee. Lol
Cheers


----------



## Cbartram (Apr 10, 2014)

We keep our pension offshore and transfer when needed. Chris


----------



## Davetheeagle (Jun 5, 2014)

Should also think about the tax situation, if you are becoming resident. Tax is much lower in Cyprus.


----------



## mikehump3 (Aug 28, 2012)

Like PeteandSylv's comment above, HM Government agent converts 2 of my pensions into Euros at a good rate and forwards it to my Cyprus account. I do have other incomes that are paid into my UK bank Account. I set up an account with HiFx before I left UK and thus I can transfer money to relatives bank accounts, theoretically into my Bank Account here, at pretty close to commercial rate. I just charge my Debit Card. There are many options but my the core of my advice is use a FX company rather than a bank. Fees and where applicable, commissions, are far lower when using a FX company.


----------



## cyprusexpat14 (Jan 27, 2015)

We keep our money in the Uk and use this company https://transferwise.com/u/6c8ba to send the money to our cypriot account monthly, they have the best rate of any I have used and the money is always there without hassle in hours at the very latest the next morning, plus Ur first transaction is free and only a 0.5% commission


----------



## chrissie (Feb 20, 2008)

No love leave it in the UK and let money core transfer it that's what we do


----------

