Transferring pension to spain

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13 Aug 2019 16:07 by johnzx Star rating in Spain. 5086 posts Send private message

I know everyone has what they believe to be the best solution.

I have a crown pension paid to U.K. account as I do not need most of that money in spain.   My DWP pension I have paid every four weeks directly to my Spanish bank account    The exchange rate on the day cannot be beaten and my bank make no charges on my account because the pension is paid into it.

I occasionally use my Nationwide visa credit card in spain.  Again I get the best exchange rate and no charges.

Anyone doing better that that ?

 

 

 

 



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13 Aug 2019 17:27 by Jarvi Star rating in Halifax UK. 664 posts Send private message

Yes I can. I watch the pound to euro exchange rates and when I think its the right time exchange my money using the cheapest and best foreign exchange company. If you rely on your money on a certain date you are tied to whatever the exchange rate is on that date, 2 days later or earlier you may get more, or if unlucky less. (My last transfer was in July and I got 1.11 to the pound, the lowest I have ever had is 1.10), and as for credit cards I have the Halifax Clarity card that I use in Spain which is the best by far. 





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13 Aug 2019 18:07 by johnzx Star rating in Spain. 5086 posts Send private message

Thanks Javi.

 You will have noticed I did say "The exchange rate on the day cannot be beaten ".

 I know if I waited and watched the market, as you do,  then I could achieve a better rate, but I would need to factor in the charges made by the exchange company.

I did speak to an exchange company a while ago, to see if I could improve on the rates I get,  but they said, on the day, they could not equal the DWP,  who get the very best interbank rate possible at the time of the transaction.

And as I said, because my pension is transferred to my Spanish bank account I qualify for free banking.  With the direct transfer from DWP the bank can see where the money comes from so no potential arguments.  

I also show the amount credited each 4 weeks, in euros,  when I make my annual tax declaration, and again no possibility of AEAT (Hacienda) misunderstanding the source of the transfer nor the exchange rate used for the income declaration.


This message was last edited by johnzx on 13/08/2019.

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