Money transfer of two UK pensions to Spain

robbishop · 18 June 2018 at 2:38PM

Hi guys,

I currently receive both an RAF and War Pension, both of which are tax-free. We are moving to Spain soon and wanted to know the best way to send this money each month to a Spanish bank to get the best currency exchange.

I know there are online sites such as this: ransferwise.com, but is there a way to ensure I get even better exchange rates?

Thanks in advance guys.
Regards,
Rob

greenglide · 18 June 2018 at 3:59PM

Both the MOD pensions and the War Pension can be paid directly into an overseas bank account.

This will be converted into the currency of the account at the market rate (by CITI bank?). I doubt you could find a cheaper way.

robbishop · 18 June 2018 at 5:58PM

Thanks greenglide for the info - I will contact my pensions to see what can be done. Much appreciated

Jonni_2 · 31 July 2018 at 7:11AM

Specialist currency brokers will typically give you a GBP/EUR exchange rate of between 0.5% and 1.0% (with no commission fees) - but you might want to consider the other main advantage of using this type of service, which is: being allocated a "personal account manager" for all of your transactions.

Basically a personal account manager is a personal point of contact who you can speak to over the phone and who can advise you on all your currency transfer needs. This is one of the main benefits of using a currency transfer specialist as it gives you some piece of mind that your finances are being handled correctly and professionally.

For the Spanish market, the number one currency transfer specialist is "Currencies Direct" - They have been operating in this market for longer than most others and have more physical offices in Spain than any other currency specialist. Their rates are also very competitive, typically between 0.7% to 1.0% and they are able to set up monthly transfers for you.

Any other questions then just let me know. I hope this is of interest!

robbishop · 10 September 2018 at 9:37AM

Jonni, from what greenglide said above it seems that a bank to bank direct transfer would be cheaper. also, I am guessing you work for currencies direct - correct?

Joey_Soap · 10 September 2018 at 11:17AM

Try xe.com. I think it is basically a white label version of HiFX but very competitive transfers.

Money transfer of two UK pensions to Spain

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