Sterling deposits into Irish banks

D

dhoun

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I will be receiving a monthly sterling payment (UK pension) into my bank account from next month. What deductions or charges are usually made on such payments by Irish banks? For instance, if a payment of 100 pounds sterling is deposited in my account, will I normally end up with more (taking the exchange rate into consideration) or less than 100 Euro?
 
You will need to check the Terms and Conditions with your bank for both the charges that will apply and the 'margins' they will add to the exchange rate. Currently your £100 is worth about €118 (before any charges or margins) but this will change as the euro/Sterling exchange rate fluctuates.
 
My English pension arrives directly into my account as Euro from Citibank. No info re exchange rate or fees.
 
Same as Rayn. The November pension exchange rate meant £1 was received as €1.165.
 
The costs of these transactions are very significant.

You should consider opening a sterling bank account to receive the money.

If you have sterling expenses, or if a friend has sterling expenses, e.g. a child at college in the UK, you can exchange it directly with them and avoid the bank's exchange rate margin and charges.
 
Brendan,
As Gervan in previous post.
On the 9th. Dec. my pension was converted at Rate of 1.166€ to £UK1.
This included all charges.
UK Pensions Service says "will be automatically converted into the local currency at a favourable rate"
Seems ok to me. What do you think.
 
I set up a Sterling account here to accept my private UK pension, but they absolutely refused to send Sterling from the UK they convert it to Euros first, I think it is the same with UK state pension, but I stand to be corrected on this matter
 
Perhaps you could open a bank account in NI and park a bit of it there until the current uncertainty is resolved?
 
Slim said:
Perhaps you could open a bank account in NI and park a bit of it there until the current uncertainty is resolved?
Click to expand...

Exactly. Take control of the FX rate on your pension by ensuring the money is paid into a UK GBP account which they will have to accept.
 
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