State pension

Does anyone have their state pension paid directly into N26 bank. If so, what are the charges and do you get a good exchange rate compared with say, TransferWise (wise)? Please, no other bank comparisons because I only have N26. Thank you.

It’s not the receiving bank that decides the rate, the funds are sent in euros from DWP.

If you still have a UK bank the best option is having your pension paid into that and using a company like transferwise to send it to your bank in spain
You will get a good exchange rate with minimum fees and the best thing is you can wait until you have a decent exchange rate before transferring, with it going direct into a spanish bank it is usually done on a set date
We dont get a particularly large pension as it is compared to the rest of europe, and a lousy exchange rate normally, so every cent counts

UK state pensions are, at the moment, paid by Worldpay in USA, and you will not get a better exchange rate at the time. I believe that receipts of pension income into Spain are fee free by law.

Good Post

Espanabums wrote:UK state pensions are, at the moment, paid by Worldpay in USA, and you will not get a better exchange rate at the time. I believe that receipts of pension income into Spain are fee free by law.

Good to know

Pay state pension straight into Spanish bank(if you have one) best rates & no charges.

You may get the 'best rate' on that particular day, but as telmel said, if are not reliant on the money arriving that regularly, you may get a better rate by holding it in the UK until you can transfer a lump sum at an even better rate. It may also be the case that, at the moment you need it, the rate is worse, but that is a risk some people choose to take.

I get all my pensions paid into a UK bank account then transfer if needed to Sabadell when rate is good 1.17 today

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

I think that should read 1.17