Paying the UK State Pension into an American Bank

4ref50

Can anyone advise me on which American Bank is the best to have my upcoming UK State Pension paid into ...regarding fees, exchange rates, charges, etc etc....any information would be appreciated, Thank you.

JezR

The way that it works is that Citibank operates the payment system, ie they receive money from the DWP in pounds, convert it at their midpoint rate, and wire it to the recipient's bank.

So the exchange rate is dealt with before the money is received and the choice of the bank may come down to any charges made on wired deposits and general operation. It could be the case that a Citibank account might receive the money a bit quicker but someone with experience would need to speak to that.

greenglide

Or you could have it paid in sterling into a UK bank account (if you have one or can open one) and then transfer it to USA when you wish to taking into account exchange rates etc?