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State Pension Today

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State Pension Today

Postby zeff » Thu Jan 26, 2023 4:10 pm

I received my state Pension today in my Spanish bank which has broke down to €1.10 to the £.
Has anyone else received similar rate today?
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Re: State Pension Today

Postby jpeg » Thu Jan 26, 2023 4:55 pm

Is the pound going to get stronger against the euro?
The British pound (GBP) started 2023 on a strong foot against the euro (EUR), recovering from a two-month low of €1.12 to €1.14, as of 20 January, amid reports of strong UK labour market and upbeat corporate earnings data, which may mean more aggressive interest rate hikes by the Bank of England (BoE).6 days ago
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Re: State Pension Today

Postby Barry martyn » Thu Jan 26, 2023 5:06 pm

todays rate 1.1328
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Re: State Pension Today

Postby Darro » Thu Jan 26, 2023 7:13 pm

Something wrong there, the lowest the £ has been in recent times was the end of September last year but even that was still 1.12.

Are you receiving it direct from the UK DWP into your Spanish bank or via some 3rd party?
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Re: State Pension Today

Postby zeff » Thu Jan 26, 2023 7:29 pm

Direct from DWP to Spanish Bank.
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Re: State Pension Today

Postby Paul M » Thu Jan 26, 2023 10:57 pm

Can I ask where you got the conversion rate from? We never know what the rate is when our state pensions are paid. I believe it’s very close to the bank rate at the exact time it’s converted.

The euro payment received by your Spanish bank is just that, a sum of euros, they have no idea if that sum was generated by converting another currency into euros. It’s not them who do the sterling conversion! Does your bank statement show an actual conversion rate, eg £1 = €xxx or are you calculating the rate yourself?
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Re: State Pension Today

Postby earlybay » Fri Jan 27, 2023 11:39 am

Does the bank take a transaction commission and is that reflected in the exchange rate?
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Re: State Pension Today

Postby costalad » Fri Jan 27, 2023 11:55 am

Got my state pension yesterday (26th) at 1.13 to the pound, about correct as the interbank rate was 1.136 that day and the evening before.
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Re: State Pension Today

Postby Silverlocke29 » Fri Jan 27, 2023 1:26 pm

I’ve never seen the conversion rate of state pension paid directly into my Spanish Bank account. Would like to know where to look for this information.
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Re: State Pension Today

Postby Adey » Fri Jan 27, 2023 1:31 pm

You won't find it anywhere, basically you take the amount of euros you received, then divide it by the amount of pounds you are paid for your pension.
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