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Where to have pension paid

Posted by Karen-381938 - Created: 3 years ago
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8 replies (Showing replies: 1 to 8)

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Posted by Karen-381938 - 3 years ago

Thanks for the answers - good points on both sides.

Karen

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Posted by oldminiman-10052272 - 3 years ago

I agree, paid into a French a/c seems to get a better rate but keep your UK a/c going and a UK credit card so that you retain a credit rating score which is  vital if you ever come back.  We came back four years ago and our friends also came home.  Since they had no credit history or rating back here, they had to prove that they were not laundering the money they we're bringing back From France. Seems daft and we thought we would have to do the same but our credit history was enough.  It was also good for getting utilities set up.

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Posted by Watty-794352 - 3 years ago

I prefer to have mine paid into my UK current account.  That way I have, at least, some control by transferring it to France when the exchange rate is more favourable.  (It's no hardship to check the rate each day   ...   a few days can make all the difference.)

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Posted by DN-434538 - 3 years ago

I think it is impossible to beat the rate that you get by having it paid into your French account direct, that is on that day. Unless  you are brave or knowledgeable enough and you can afford to allow it to accumulat in the UK and transferring it when the pound is high then it is possible to get a better rate.

Fortunately I have a small income in the UK which permits me to keep a UK bank account ticking over for my visits there but my pension is paid direct in France, effectively at spot rate.

Also I have  friends who have a holiday home in France, if I need Sterling I swap Euros for Sterling with them. (I enjoy keeping th banks out of it where possible)

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Posted by Frazipan - 3 years ago

My local government pension gets paid into UK bank for buying goods over the Internet in sterling and my state pension is paid into CMB.  This has worked for us over the last 5 years.

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Posted by Tryval - 3 years ago

Left mine going into UK account to keep that ticking over, as it's an advantage for me to have a UK account, (if it lapses it would be difficult or impossible to open another), plus I pay for substantial items here, with UK visa card, when the rate merits doing that, or for items bought in UK (in sterling).

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Posted by phlophf-409902 - 3 years ago

We have ours paid direct to French account. Once, in a moment of boredom, I calculated what we had actually received compared to the exchange rate on the day and it was really very good.

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Posted by janes-394036 - 3 years ago

I looked into this when my husband retired and received both State pension and a small private pension and found then that it was cheaper to have it paid direct into our French bank account as well as being a lot less hassle. They seemed to get good exchange rates and as the money was sent in euros there were no bank charges at this end.