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Money matters

UK Pensions Exchange rate

No, really... it does!
But does it matter more in Malta than at home?

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UK Pensions Exchange rate

Postby FOXGLOVE » Fri 23 May 2014 10:06 GMT

I am thinking of having my state pension paid direct into my Maltese bank account instead of my UK bank.
Can anyone tell me what the UK pensions service base there exchange rate on? I could email them and ask but an answer may take a while!

Cheers

Ray :compucoffee:
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Postby JJ » Fri 23 May 2014 10:55 GMT

It may well be that they pay it to your account in sterling so it would be your local bank that sets the rate.
There's loads more to see and do on British Expat— why not check out our home page?
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Postby gozomark » Fri 23 May 2014 16:02 GMT

I think I saw they do the exchange themselves before transferring the funds and at the middle rate - ie best rate you will get
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Postby gozomark » Fri 23 May 2014 16:04 GMT

https://www.gov.uk/state-pension-if-you ... ad/payment

"You’ll be paid in local currency - the amount of money you get may change slightly due to exchange rates."
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Postby PeaCakes » Sat 24 May 2014 06:10 GMT

And a charge for the transfer at the UK end and a small
bank fee at this end.....I would think?
There's loads more to see and do on British Expat— why not check out our home page?
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Postby gozomark » Sat 24 May 2014 06:16 GMT

My understanding is no fee for sending, but yes fee on arrival as per usual if you normally pay one
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