This shows how the banks have it all sown up.
I received my first monthly UK pension payment from a Private pension trust today.
I was surprised to find that although the payslip is in pounds sterling they paid me in Euro. Even though I have a pound sterling bank account set up in Ireland.
The annoying part is that their exchange rate is terrible at 1.146 and to-days rate is 1.29 meaning that I got €48.53 instead of €54.60, the rate has never been this low in the last year at 1.146 (look up Google finance)
I will loose this plus more every month when I receive my full amount.
I had a heated discussion with these people because they refuse to send sterling to my sterling account outside of the UK, or send a cheque, or solve this problem, blaming the bank. They also said I cannot use an Irish bank located in the UK.
They are sending out 4,000 pensions (or was it 40,000). each month in Euros. Thousands of pensioners with a much higher pension than myself living abroad in Ireland and Europe are loosing out on these bad exchange rates. The only people gaining are the banks.
Example; Take a pensioner with £350 per week
At their exchange rate 1.146 = €401
At todays rate 1.29 = €451
I am trying to set up a Sterling account in the UK to deposit this pension into, so that I can exchange at the best time and rate, or use it when I go to the UK, but I know the answer before I try, (they will not do it because I have an Irish address)
How do people set up offshore accounts?
Barclays Isle of Man would do it but they wante £10 a month just to maintain the account (and for the priveledge of having a regular deposit)
Shabby treatment to pensioners
I received my first monthly UK pension payment from a Private pension trust today.
I was surprised to find that although the payslip is in pounds sterling they paid me in Euro. Even though I have a pound sterling bank account set up in Ireland.
The annoying part is that their exchange rate is terrible at 1.146 and to-days rate is 1.29 meaning that I got €48.53 instead of €54.60, the rate has never been this low in the last year at 1.146 (look up Google finance)
I will loose this plus more every month when I receive my full amount.
I had a heated discussion with these people because they refuse to send sterling to my sterling account outside of the UK, or send a cheque, or solve this problem, blaming the bank. They also said I cannot use an Irish bank located in the UK.
They are sending out 4,000 pensions (or was it 40,000). each month in Euros. Thousands of pensioners with a much higher pension than myself living abroad in Ireland and Europe are loosing out on these bad exchange rates. The only people gaining are the banks.
Example; Take a pensioner with £350 per week
At their exchange rate 1.146 = €401
At todays rate 1.29 = €451
I am trying to set up a Sterling account in the UK to deposit this pension into, so that I can exchange at the best time and rate, or use it when I go to the UK, but I know the answer before I try, (they will not do it because I have an Irish address)
How do people set up offshore accounts?
Barclays Isle of Man would do it but they wante £10 a month just to maintain the account (and for the priveledge of having a regular deposit)
Shabby treatment to pensioners