FORUM

I live off my pension as a UK bureaucrat, and have moved money from my UK account, up to now, in chunks as the need arises. Capita, who pay my pension, will pay it in euros to a French account at what they say (paraphrasing) is a jolly good rate, but will not say, when asked, what rate they have applied on any particular day.

There must be others in my boat: so have you had your pension paid direct in euros, and if so, what is the exchange rate like?

The same question will arise, shortly and if I am spared, for my NIRP: I used to know the people who ran this at DHSS, as it was, and they used to get very good rates, and do it at cost. But those were different days: what is it like now?

I have my government pension paid into my UK account and then use a currency dealer to transfer money from that to my french account.

My experience seems to be generally borne out by others I know in my position and from my previous occupation in public service.

UK banks generally do not match currency dealers with their exchange rates.

My pensions department advised me prior to retirement that in their experience, it is generally better to be paid in sterling and use a dealer to convert to euro's. The reason being that pension providers, local governments and other similar public organisations generally use their banks and consequently those rates apply. They rarely match what specialists can do.

My currency dealer always beats the high street bank rates by some margin. Additionally, if you have a regular DD, they will normally (mine always does) not charge any fees either.

If you prefer to move money in 'chunks' as and when the need arises, make sure you move sufficient to avoid any fees. Some will charge fees for smaller amounts.

I have avoided being too specific about which banks and which dealers as I don't want to advertise on anyone behalf.

I hope this helps.

OH has his pension paid in euros by Capita - rates are very, very close to mid-market rates. Not even Transferwise or Currencyfair could better them.

I have my teachers' pension converted and paid straight into my French account at a very good rate, too. I suppose that's because they must change such large amounts each month. I'm very happy with the arrangement and rate. No fees either, of course.

Thanks. It was always obvious that the pension-payers could give good rates f they tried. A pleasant surprise to find that apparently they do try.

I used to have my state pension paid directly to Banque Pop in euros when we lived in France. No complaints about the rate. I now have it paid directly (in euros) to our bank in Tenerife since we spend winters there.
I quite like the frisson of excitement that comes with not knowing if it will be more or less than the previous month.

Good rates and thrills with it. Seems like a no-brainer.