Pensions from UK

Member since 17 October 2023

seanhodgesMember17 October 2023 08:51:31

I've recently incurred large banks costs paying money to the UK and getting money from it. For example, a 116 pound transfer cost 45 鈧�. They sent it back with another 45鈧� cost!

I am due to receive a pension next year which I would like paid into my German account but do not want to pay the high transfer costs.

Are others experiencing this problem?

Regards

Sean Hodges

SimCityAT Expert

Member since 08 April 2014

SimCityATExpert17 October 2023 08:58:13

11820

Welcome Sean

Do you still have a UK bank account?

Why don't you use something like ?

Cynic UK/Netherlands Expert

Member since 15 September 2015

CynicUK/Netherlands Expert17 October 2023 10:19:45

7842

You can have your UK State Pension paid directly into your German Bank account, I don't think there is a charge for this as such, the potential downside is that it's paid at the current exchange rate, so its value in Euro may fluctuate from month to month; the Government do claim that the method they use is beneficial because they get a better exchange rate because they buy so much foreign currency.聽 When I considered this when I retired 2 years ago, the 拢/鈧� exchange rate was 鈧�1.15 for 拢1, which is bizarrely what it is today.

My advice is to contact the UK International Pension Centre; the UK Gov website has the details that may help you, and this will take you straight to it.