# State pension advice



## welshduo (Aug 26, 2012)

We are moving to Spain in November, could any of you very experienced ex pats advise whether it is better to have our state pensions paid into our Spanish bank account or is it better to keep it in the UK.


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## snikpoh (Nov 19, 2007)

welshduo said:


> We are moving to Spain in November, could any of you very experienced ex pats advise whether it is better to have our state pensions paid into our Spanish bank account or is it better to keep it in the UK.


I guess the easiest way to answer this is by pointing out that to move to Spain now, you require to be able to prove that you have sufficient income and have health cover.

As pensioners, your health care will be covered by UK (with necessary documentation) but to prove that you have sufficient income, I am told that it must be in a Euro account here in Spain.


So, I guess your pension has to be paid into a Spanish bank on a regular basis - the government (if it's a state pension) offers VERY favourable rates of exchange.


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## 90199 (Mar 21, 2010)

Mine is paid into an English account, when the exchange rate is in my favour I transfer a lump sum into my Spanish account.


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## Alcalaina (Aug 6, 2010)

I'm with Hepa on this - assuming you can transfer a reasonable lump sum into a Euro account first. Then move your money when the rate is good, using a currency exchange company like HIFX rather than the bank itself which won´t give you such a good exchange rate.


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## whitenoiz (Sep 18, 2012)

My UK pensions are all paid into our Spanish account and all our paid at the going business rate of the day. You may need to negotiate your Spanish bank commission charges however. We dont pay any commission charges at the time of transfer but our annual bank charges are negotiaited. We are with La Caixa...

wn


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## welshduo (Aug 26, 2012)

whitenoiz said:


> My UK pensions are all paid into our Spanish account and all our paid at the going business rate of the day. You may need to negotiate your Spanish bank commission charges however. We dont pay any commission charges at the time of transfer but our annual bank charges are negotiaited. We are with La Caixa...
> 
> wn


Thanks for this. Can you tell me if you still receive the inflationary increase each April if you have it paid to Spain.


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## fergie (Oct 4, 2010)

My state pension is paid in euros into our Lloyds international account,there are many branches of Lloyds in most major towns in Spain.


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## whitenoiz (Sep 18, 2012)

welshduo



> Can you tell me if you still receive the inflationary increase each April if you have it paid to Spain.


Answer is yes! You also get the Christmas bonus if / when its paid.

If you are eligible for and have previously received the winter fuel allowance you will get that too.


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## Alcalaina (Aug 6, 2010)

whitenoiz said:


> welshduo
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> 
> 
> ...


Rules on WFA have just changed - you can now apply for it from Spain even if you didn't receive it in the UK, provided you meet the other eligibility requirements.


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