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Government Pensions received in France Exchange rates

Posted by Les Rouges - Created: 4 years ago
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6 replies (Showing replies: 1 to 6)

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Posted by Les Rouges - 4 years ago

Thanks for your responses. 

MyCSP have come back to me and basically it is a case of like it or lump it. This is an interbank rate and they don't believe that I'll get anything better! Worldlink is just another name for Citibank apparently.

Well I'm going to try, the last exchange was 5 cents short of the interbank rate. 

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Posted by anglogallois - 4 years ago

Yesterday the USA governement announced huge fines on amongst others Citibank for manipulation of exchange rates. Citibank handle overseas payments for DWP so I am going to write to my MP for an investigation and I am certainly going to get my pension paid to my UK bank account in future.

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Posted by steve the painter - 4 years ago

Yes, I received my pension on May 11th and I was awarded 1.33 exchange rate, which, quite frankly, was much lower than it should have been. Their excuse (DWP)  was that it was sent out on May 9th and there was a dip of a few cents, and that was the rate for the day. Last month, I received 1.39, which was correct for that day, so I can't understand the difference this month. But really, I remember 1.15 exchange rate, so can't really complain too much, but I always thought that DWP gave the very best rates possible. Seemingly not.

 

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Posted by lakeman-415065 - 4 years ago

I suggest you have your pension paid into your UK bank and use Currency Fair who will give you a much better rate than HIFX.  You get virtually the same rate for small value transfers as you get for larger amounts, whic you do not with HIFX.  You need to open an account with CFand then transfer your funds into their account before you can exchange.  Follow the exchange rates on www.XE.com and you can see when the best time is to effect the exchange.  I have been looking to exchange some money today and with the rate on XE today showing at one time 1.4013 Currency Fair were offering 1.3995.  You can check the rate CF are offering before you make the exchange.  If you have any problems making the transaction online their UK helpline in will advise you or talk you through it.  You need to use online banking and it takes about one working day for you to transfer your pounds in and one working day for your euros to arrive in your French bank.  Ther is a charge of £3.00 which is deducted from the sum they quote;

As an exercise last year I compared a £20,000.00 transfer into Euros from HIFX with CF and CF offerered the euro equivalent of £132.00 more.   If you have a small amount in hand and do not need to transfer on a particular date you can watch thre market and transfer at the most advantageous time.

<e mail me if I can assist you  further.

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Posted by countrydweller - 4 years ago

The other thing to bear in mind is that Worldlink deduct a charge from your sterling amount before changing it into Euros so this will also affect the amount you get making the exchange rate look poor.

 

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Posted by Ozzy Mandias - 4 years ago

If you still have an English bank account I would get your pension paid into that and just transfer lumps as and when you need them. I had my company pension paid directly into my French bank account for a long time but when I looked at it more closely the intermediary bank set up by my pension fund to effect the transfer was charging a commission and the rates weren't that good either. I found I was losing about £8 - £10 per month on the transfers. I now have it paid into my UK bank account and use HIFX to do a transfer when required. They don't charge commission and you set the rate up front so you know exactly what you're getting. You need to keep an eye on your balances so that you know when you need to make a transfer but other than that, it's hassle free.