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Bank charges on overseas pensions
Highopes_2
Posts: 2 Newbie
I'll be receiving small pensions from the USA and from Canada. The bank will charge £12 per transaction, ie £24 each month for converting US and Canadian dollars to £ sterling. Does anyone know a way of reclaiming or avoiding these charges? Thanks, Highopes
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Comments
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It's a foreign transfer so the answer is no. However, I am sure natwest charge less specifically if it is a Canadian pension. You cannot claim those charges back though.I'll be receiving small pensions from the USA and from Canada. The bank will charge £12 per transaction, ie £24 each month for converting US and Canadian dollars to £ sterling. Does anyone know a way of reclaiming or avoiding these charges? Thanks, Highopes
How do you receive the pension?0 -
You could open up a US dollar account, get them paid into that and source a cheaper means of conversion. However, that will run up costs as well but they may be lower than what you currently have.
The other option is to see if the company paying the pension will convert to sterling at their end. That will incur them costs but its usually cheaper than converting it at this end.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
You could open up a US dollar account, get them paid into that and source a cheaper means of conversion. However, that will run up costs as well but they may be lower than what you currently have.
The other option is to see if the company paying the pension will convert to sterling at their end. That will incur them costs but its usually cheaper than converting it at this end.
Many thanks for your replies. The pensions are paid via the US and Canada benefits departments. I was hoping they'd be able to pay me less frequently than once a month but so far it seems they're not that flexible. I'm waiting to hear if they can pay me in GB£sterling. Meanwhile I'll check out bank charges at Nationwide and other banks/building societies - I'd assumed they'd all be the same. I'll also look into opening a dollar account.0
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