Monthly Budget For A Single Person

PRAISETHESUN

sausage_time said:

You should not have to receive "far less in £" because of exchange rate.  Check companies such as Wise for the actual rate (which depends on currency and amount).

https://wise.com/gb/currency-converter/

There are many options for competitive conversion and transfers.

I was going to recommend the same thing.

@Hovegull I'd strongly recommend opening a EUR denominated account somewhere and receive you pension directly into that account. From there you can manage the currency conversion to GBP using specialist services, such as Wise. You will be charged a small fee, but it will be a far cry from the fees and poor exchange rates used if you allow your high street bank to manage the conversion.

jimjames

Hovegull said:

eskbanker said:

Hovegull said:

I have a small pension that will be converted from € to £ so will have quite a large loss of income.

I don't understand this logic - why would there be a large loss of income?

Firstly, I get 8% deducted because I'm leaving the country. Secondly, the exchange rate means that I receive far less in £ plus I would have to factor in currency exchange fees.

The exchange rate has improved for conversion from EUR to GBP in recent weeks. Even to the extent of a car hire deposit being returned 7 days later and getting more back in my account than I'd paid for it which equated to around 2% return.