# direct deposit of social security



## surabela (May 13, 2016)

Can anyone tell me whether it is a good idea to get my pension and social security direct deposited to Spain? Right now, I use Transferwise to send money.


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## xicoalc (Apr 20, 2010)

surabela said:


> Can anyone tell me whether it is a good idea to get my pension and social security direct deposited to Spain? Right now, I use Transferwise to send money.


I see you are from the USA so things may differ from my experience but my late mother had her pension sent directly to Spain and we were advised it was better this way as she received a better exchange rate due to the way the UK system sends payments overseas. I would ask the sending party to check what charges apply and the rate on a certain day and then check to see what rate and charges would apply at the same time with your forex company.


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## Bevdeforges (Nov 16, 2007)

Generally speaking, the direct deposit of US social security benefits goes through the local embassy/consulate. Given the sheer volume of the transfer each month, the consulate is able to get the best possible rate of exchange and they won't charge you a transaction fee. (Plus, as far as your bank is concerned, it's a "local" transfer from within Spain.)

I also use Transferwise for my IRA withdrawals, and while they are really good for regular transfers like this, they do have to charge a fee on transfers from the US to the EU. I'll continue to use them for the IRA withdrawals, but plan on signing up for direct deposit of SS benefits through the embassy/consulate.
Cheers,
Bev


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## gairloch (Jun 24, 2011)

SSA - Social Security recipients [YES]: They will send your payment to a foreign bank.
If you live outside the United States but do not have an account with a U.S. bank or credit union you may write the Social Security Administration at: Social Security Administration Office of International Operations P.O. Box 17775 Baltimore, Maryland 21235-7775 for more information on international payment options. Or visit them online : 
and here
Online Services: Retirement Benefits
Other Services: Payment Outside the United States Tool


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## gairloch (Jun 24, 2011)

The exchange is handled by the Fed on their end so it should be a good exchange rate.


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