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Payment of UK state pension into a bank in the USA

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Payment of UK state pension into a bank in the USA

Postby 4REF50 » Mon 18 Jan 2016 03:26 GMT

Could any one please advise me, on which bank in the USA, would be the best to have my future UK State Pension paid into..... regarding exchange rates, fees, hidden charges etc etc....
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Re: Payment of UK state pension into a bank in the USA

Postby Graeme » Sun 31 Jan 2016 21:16 GMT

Tough question, there are many banks who take UK pension payments. My sister in law opened an account just for this as she was worried about releasing banking information to the UK pension people. I guess you will have to approach a local bank and ask. Many of the large chain banks have affiliates in the UK and I'm sure they will be willing to help, just be aware they don't do it for free and there are always fees.
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Re: Payment of UK state pension into a bank in the USA

Postby Kay » Mon 1 Feb 2016 05:16 GMT

Do you have to let the bank do the currency exchanges for you? Banks are notorious for being expensive and giving poor rates. Have you investigated using a forex company? That way you could have your UK pension paid into a UK account (in sterling) and set up a regular payment via the forex company to convert it into dollars and pay it into your US bank account.

We have several articles on the main site about currency transfer:
http://britishexpat.com/category/resources/currency/

In particular, you might find these useful.

http://britishexpat.com/resources/curre ... fectively/
(We personally use UK forex for our currency transfers.)

http://britishexpat.com/resources/inter ... -consider/
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Re: Payment of UK state pension into a bank in the USA

Postby Jadiejadecat » Wed 3 Feb 2016 09:53 GMT

Have you set up a Transfer wise account? It's a great way of transferring money abroad, and is ALOT cheaper than bank charges.
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Re: Payment of UK state pension into a bank in the USA

Postby Jadiejadecat » Wed 3 Feb 2016 09:53 GMT

It works sort of like a PayPal account
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