# Private pension



## Janetp (Jan 24, 2013)

My husband and I are going to be retiring to Paphos in the next 3 - 5 years. At present we have a private pension. would it be advisable to open a Cypriot Bank Account & get our pension paid directly into it. Any advice is appreciated. Thank you Janet


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## Geraldine (Jan 3, 2009)

Hello, I naively open a Sterling account in a Cypriot bank a couple of years before I moved over to live and had a UK pension paid into it. It is now still sitting there waiting to be moved...at a cost to me.
Personally, I now transfer money over from the UK as and when I need it.


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## Janetp (Jan 24, 2013)

We were going to open a bank account in Cyprus when we are over this year, then get our private pension paid into it so we can leave it there for when we decide to move over, would you advise against this . Thank you Janet


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## Geraldine (Jan 3, 2009)

It needs to come over in Euros, that depends on the rate at the time as to whether it makes it viable.
Far better for the pension to go into a UK account and use a currency firm to get it over here in Euros but I am sure someone will have a better idea.

Sorry, I am not too savvy on these things.


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## Veronica (Apr 5, 2008)

Most expats get their pensions paid into a Uk account and use a currency exchange company to transfer it here on a regular basis. The currency companies will watch the rates and advise the best time to transfer if you want them to. The charges are a lot less than transferring bank to bank. We have a company that we use and have recommended to many people who are very happy with them.
As you are not intending to move here for some time it is a good chance to build up the amount in your account so that when you move here you can move lump sums as and when needed, say every 2 or 3 months.


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## Janetp (Jan 24, 2013)

Thank you Geraldine & Veronica I now understand what yous are saying


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## berni109 (May 28, 2010)

By all means get a current account here but dont keep more than you need to in it.
If you can keep a uk account then use online transfers (i use currency fair cheap efficient and almost interbank rate) to transfer over what you need.


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