State pension paid in euros

NottinghamKnight

retiredinfrance said:

Thanks, Mgdavid and Mordko. We started online on 4th November and Mr. got a card after a fortnight. I'm just waiting and strangely enough the queries they raised with me weren't even considered with Mr.'s account - same documents. I suppose he got a less paranoid employee! Anyway , what Mordko says is good news as this is the type of account we need.

He's describing a Canadian account, not a UK one.

[Deleted User]

NottinghamKnight said:

retiredinfrance said:

Thanks, Mgdavid and Mordko. We started online on 4th November and Mr. got a card after a fortnight. I'm just waiting and strangely enough the queries they raised with me weren't even considered with Mr.'s account - same documents. I suppose he got a less paranoid employee! Anyway , what Mordko says is good news as this is the type of account we need.

He's describing a Canadian account, not a UK one.

No. I have a UK account with HSBC. And a Canadian account. And HSBC credit cards in both countries.  I can have accounts in a whole bunch of countries.  Thats the point.  And no, it does not cost me. 

steampowered

You can open a Euro bank account in the UK.

Barclays offer a Euro account, for example.

NottinghamKnight

Deleted_User said:

NottinghamKnight said:

retiredinfrance said:

Thanks, Mgdavid and Mordko. We started online on 4th November and Mr. got a card after a fortnight. I'm just waiting and strangely enough the queries they raised with me weren't even considered with Mr.'s account - same documents. I suppose he got a less paranoid employee! Anyway , what Mordko says is good news as this is the type of account we need.

He's describing a Canadian account, not a UK one.

No. I have a UK account with HSBC. And a Canadian account. And HSBC credit cards in both countries.  I can have accounts in a whole bunch of countries.  Thats the point.  And no, it does not cost me. 

What account is that?

[Deleted User]

NottinghamKnight said:

Deleted_User said:

NottinghamKnight said:

retiredinfrance said:

Thanks, Mgdavid and Mordko. We started online on 4th November and Mr. got a card after a fortnight. I'm just waiting and strangely enough the queries they raised with me weren't even considered with Mr.'s account - same documents. I suppose he got a less paranoid employee! Anyway , what Mordko says is good news as this is the type of account we need.

He's describing a Canadian account, not a UK one.

No. I have a UK account with HSBC. And a Canadian account. And HSBC credit cards in both countries.  I can have accounts in a whole bunch of countries.  Thats the point.  And no, it does not cost me. 

What account is that?

HSBC Premier. You need to meet some criteria to qualify but they are not very onerous. 

NottinghamKnight

Deleted_User said:

NottinghamKnight said:

Deleted_User said:

NottinghamKnight said:

retiredinfrance said:

Thanks, Mgdavid and Mordko. We started online on 4th November and Mr. got a card after a fortnight. I'm just waiting and strangely enough the queries they raised with me weren't even considered with Mr.'s account - same documents. I suppose he got a less paranoid employee! Anyway , what Mordko says is good news as this is the type of account we need.

He's describing a Canadian account, not a UK one.

No. I have a UK account with HSBC. And a Canadian account. And HSBC credit cards in both countries.  I can have accounts in a whole bunch of countries.  Thats the point.  And no, it does not cost me. 

What account is that?

HSBC Premier. You need to meet some criteria to qualify but they are not very onerous. 

Fine, so an earnings and/ or savings or investment criterion. 

nigelbb

JohnWinder said:

A quick and dirty look didn't show me what HSBC charges for currency exchanges. But their buy/sell spread for the global account is about 5%, which suggests to me one would be paying 2.5% on a GBP to EU exchange. Transferwise charges 0.37% on a mid-market rate I think. They should be paying me for these posts.

The HSBC charge for a GBP to EU exchange is irrelevant for the OP as when DWP pay pensions into an overseas account they pay in the local currency they do not deposit GBP which then need to be exchanged.

JohnWinder

Indeed. I think the earlier uncertainty was whether the exchange rate and/or fees when the Pensions Service pays the pensioner in euros would be better or worse than could be obtained by receiving the pension in GBP into a GBP account and then having your own financial institution change to euros. I think the jury is still out.

retiredinfrance

Thanks for all comments which 're very helpful in coming to a decision. So far we are going for the state pensions mine and Mr.'s being paid direct into euros into our accounts in France. Private pensions to be paid directly into our savings account in UK , which is where dividends go. I keep on with my application with HSBC in hope that it serves any UK needs . We will still need euros but transferwise will help out there. The idea is to try to spread risks/ benefits.