State pension

jpeg wrote:I get all my pensions paid into a UK bank account then transfer if needed to Sabadell when rate is good 1.7 today

Is that via an exchange company?or bank to bank

IMHO if you are dependent on an income in GBP you will lead a quite stressful life gambling on whether the exchange rate will go up and down and will kick yourself if you jump too soon, or too late.
In the last 10 years examples of EUR to GBP rates
1.44072 19/07/2015
1.19572 16/07/2016
1.14534 14/07/2017
1.12345 19/07/2018
1.10689 17/07/2019
1.10271 17/07/2020
1.16631 18/07/2021
1.17397 20/07/2022
1.16974 14/07/2023

The lowest rate was 1.02 on 30 December 2008, the highest was 1.752 on 3 May 2000, and the average rate from when it was introduced to today, is 1.31, a lot higher than at the moment.

I expect a lot of fluctuations around the general election period, may be Spring 2024 but certainly before 17 December 2024

Gustav wrote:

jpeg wrote:I get all my pensions paid into a UK bank account then transfer if needed to Sabadell when rate is good 1.7 today

Is that via an exchange company?or bank to bank

I use Wise always the best rates and the most euros in my bank

Ok thanks

I think that you can have your state pension monthly or every 13 weeks.
The charge to have it paid into a bank outside of the UK is £2.30 ?
So 13 Weeks is best.

I get mine paid every Monday no charge

Sorry its a no brainer,why have your pension paid into a UK bank, when you can open a Spanish account have your pension paid into for nothing. As well as having FREE banking in Spain as you have your pension paid into it. The UK gov gives us NOTHING so why give some of your hard earned money back?

solwayiceman wrote:Sorry its a no brainer,why have your pension paid into a UK bank, when you can open a Spanish account have your pension paid into for nothing. As well as having FREE banking in Spain as you have your pension paid into it. The UK gov gives us NOTHING so why give some of your hard earned money back?

. duh, you have it paid into a U.K. bank so that you can transfer it at the best rate at the time and not at the (usually lower) rate that a bank will give.

The exchange rates are NOT set by the receiving bank!! The money is transferred from DWP via Worldpay in euros, there is no exchange when the money reaches Spain as it’s already in euros!

Paul M wrote:The exchange rates are NOT set by the receiving bank!! The money is transferred from DWP via Worldpay in euros, there is no exchange when the money reaches Spain as it’s already in euros!

. If you get paid in sterling it still has to be converted to euros somewhere along the line. That’s why I prefer to have control over my own money.