Exchange Rates for UK pensions paid in Ireland

J

jamesburgess7

Registered User
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I want to use my UK pension in Ireland.
Can I ask - is it better to have UK pension paid in England and then arrange the best rate I can get from a dealer, or to trust that the UK government will not make a big profit on the exchange and ask to have it paid direct into an Irish bank account in Euros?
 
Either way the rate will be determined by a/the bank, not David Cameron and co.
If you have a lump sum to change (a 4-figure sum at least) then you could look to get a better rate by going to a company like Transfermate. If you're going to be receiving a payment each week and change it each week then there isn't enough of a difference between the rates on offer to make an special arrangements worthwhile.
 
Have you got an UK bank account? If you have then open an account with Currencyfair or Transfermate and do the exchange yourself, it will give you more control. I am with Currencyfair and cant fault them.
 
jamesburgess7 said:
I want to use my UK pension in Ireland.
Can I ask - is it better to have UK pension paid in England and then arrange the best rate I can get from a dealer, or to trust that the UK government will not make a big profit on the exchange and ask to have it paid direct into an Irish bank account in Euros?
Click to expand...

- Open a GBP account (can be done with most Irish banks).
- Get pension paid into the GBP account.
- Then do a FX with an online currency broker (Transfer Wise, Currencies Direct, Fair FX etc, guide ) to EUR.
- Money gets moved to your EUR current account.

Avoid:
- Default bank FX rates as the bank will apply a large margin.
 
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