2813 Transferring pension payments

I need advice on the best and most cost-effective way of dealing with getting a monthly pension paid in the UK in sterling out to us in Italy. We will be moving out to Bologna for good in the summer, all being well, and we have started to make enquiries at this end about how best to transfer money. Our bank (First Direct) informs us it will cost £21 for each monthly transfer of my husband's pension. Is there anyone out there who has experience of having a UK monthly pension sent out to Italy - all advice gratefully received!

Also, as we are about to set out on the great adventure which is buying an Italian property, would people generally recommend using a currency broker rather than a bank when it comes to dealing with the payment for the property? Does this actually save money?

Many thanks!

Category
General chat about Italy

Submitted by Anonymous (not verified) on Thu, 03/02/2006 - 03:59

I have mine sent directly to my Italian Bank, but, there are issues with Italian Banks which have been discussed to death on the forums, however, a member recently posted some information about an English Bank which has a reasonable policy for dealing with overseas customers, if you click the "search" button at the top of the page, then type in "banks" you will be able to see the full list, I will try to find the original for you.
Can't help with the money brokerage thing though.

Submitted by Anonymous (not verified) on Thu, 03/02/2006 - 04:05

Hi Mannette,

Are you talking state pension - or private pension?
The state pension is easy to have paid direct to your Italian bank, just by filling in the appropriate form - or so I've read..... will be giving it a try in the fairly near future.

Also currency brokers will do regular payments (as well as lump sums) so are worth looking into as they can organise a regular payment to send a private pension over.
Comparing the one we used fxsolutions (but there are many to choose from) with our Bank we got a much better rate and also Barclays wanted to charge us about £25 to send the money which we didn't have to pay - so I'd say that yes they do save money.
As well as that they were very efficient (money arrived very quickly) and I had been having some issues with the competence of Barclays at the time so it was a no-brainer for us.
Hope this helps, Lesley & Brian

Submitted by Anonymous (not verified) on Thu, 03/02/2006 - 04:22

Talk to your pension provider - he can probably do a direct transfer to your Italian account without going through your UK Bank.

I know that mine (I haven't retired yet but a colleague did, to France) will send direct abroad, and a very favourable exchange rates.

Good luck.

Submitted by Anonymous (not verified) on Thu, 03/02/2006 - 15:06

Hi Manette
The best way is to keep the UK bank where the pension is going into and just draw here at an ATM.
Should add that I shut my Natwest as they were cahrging silly withdrawl charges so opened up a Nationwide flexaccount, I draw it at the local ATM and Nationwide do really good rates.
Once you are set-up you can pay your electricity bill with ENEL and the like
Ciao Brian

Submitted by Anonymous (not verified) on Thu, 03/02/2006 - 15:32

Hi Manette
I have may relatives that have pensions paid directly into Italy Bank accounts, I use Banco Posta, low charges about 30 Euro a year.

Nationwide Flexi Account lets you draw cash from any ATM in Europe free of charge. :D :D :D :D

Submitted by Anonymous (not verified) on Thu, 03/02/2006 - 15:37

Using a currency broker on our £58,000 transfer meant we got over 1500 Euros more than the bank quoted and the bank also wanted to charge over £25 for the transaction. We could have done even better but we were in a rush.

Dave & Dawn