Exchange Rates for UK pensions paid in Ireland

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

  1. jamesburgess7

    jamesburgess7 New Member

    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

    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

    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 .

    - 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.

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

    jamesburgess7 New Member

    I am very grateful for your clear and helpful advice!