Exchange Rates for UK pensions paid in Ireland

Discussion in 'Public sector pensions' started by jamesburgess7, May 20, 2016.

  1. jamesburgess7

    jamesburgess7 New Member

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    2
    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?
     
  2. rob oyle

    rob oyle Frequent Poster

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    447
    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.
     
  3. moneybox

    moneybox Frequent Poster

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    715
    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.
     
  4. CiaranT

    CiaranT .

    Posts:
    4,545
    - 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 here) to EUR.
    - Money gets moved to your EUR current account.

    Avoid:
    - Default bank FX rates as the bank will apply a large margin.
     
  5. jamesburgess7

    jamesburgess7 New Member

    Posts:
    2
    I am very grateful for your clear and helpful advice!