Barclays is closing our account in Britain. Can we get our British pensions paid direct into a Wise account?
I’ve not tried it but I don’t see why not. Certainly we have two accounts with them, one with a UK bank and the other (euro) which is a German one and the examples they give for uses do include salaries etc. If you just give your pension providera set of UK bank details they shouldn’t care who it’s with, should they?
Should be possible - we have a Govt Service pensions paid in Sterling to a Revolut account and I see no difference having that done with Wise.
But why not consider having the State pension from DWP paid in EUR direct to your French bank account?
Thanks for the reply. Do DWP use the bank rate for the transfer, or do they do it via some national bank, which often use a poorer rate?. At least if we use Wise, we can choose when the sterling gets changed into euros.
If you are in a financal position which allows you to wait until the best x-change rate, that’s great.
Our DWP pensions come direct to our French bank… whatever arrives is what we can spend…
having said that… I’m sure that a previous discussion came to the colclusion that the Pensions were at an advanageous rate (although whether that is true, now… I do not know.)
IIRC the UK forward purchase Euro and have a contract with a company based in Dublin to make the international payments.
As the rate can be so fluid, it is difficult to make a direct comparison but as @Stella suggests, if you can afford to make your own choice of when to move, you may obtain an advantage but that, of course, can never be guaranteed.
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Our experience so far is that DWP pays directly into our French account and gets us a good rate of exchange on transfer. The other pensions we have go into a UK account and we transfer when we want to. They most definitely do not give a good rate of exchange on transfer so we do that ourselves.
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