Pension to be paid into French or UK bank account

Morning All

As per Jane’s instructions I am getting my ducks in a row, ready to apply for my State pension.

From people’s experience would you recommend paying into a UK or French bank account.

Financially it is not critical for me either way.

Which do you guys find most convenient.

Again, thanks in anticipation

Andy

Personally, we have ours paid into our French Bank Account.

this makes it easy… we live on what we receive…

also, when Declaring World Wide Income… the amounts in euro are easily found…

but everyone has their own idea on this… as will you…

1 Like

Our two State Pensions are paid directly in Euro to our French bank account - HMG usually achieve the best forex rate on the day it is transmitted. How that might change after Brexshit, who knows.
That said, we have our two Govt Service pensions paid to UK bank accounts as the agencies concerned usually achieve a poorer forex rate and IIRC collect a fee for the privilege so we have avoided!
For forex GBP to EUR we use Revolut as they seem to give the best market rate without incurring fees (from 12 August there will be a small fee for transfers over £1k in a rolling 30 day period - we have addressed that by having one Revolut account each so effectively £2k per 30 day rolling period).
I keep account of all this in a spreadsheet which gives me the figures for declaring to the fisc.

1 Like

The UK Pensions Service gets a much better deal than you can by changing money in very large amounts and they don’t have charges for each individual.

I still come across Brits who keep their money in the UK and rely on credit cards and cash machines, regardless of the fact that every transaction carries an overseas handling charge. They are giving away money unnecessarily every day.

Have it paid into a French bank. It’s a no brainer!

2 Likes

Agreed. Good idea Andy to get your ducks in a row in advance. I did the same and had it paid into my French account as soon as we arrived, having discussed it with the Pensions Service beforehand.

2 Likes

It’s a no brainer. Use your loaf @andyw !

You’ll get it every 28 days, so get used to it gradually coming earlier in the calendar month as the year rolls on. :date: :thinking:

And there can be minor fluctuations in each payment due to rates of exchange adjustments.

Edited to say you get 13 payments in an average year, not 12 ‘monthly’ ones. Bear this is mind when making your Declaration sur les Revenues. Plus your Christmas bonus of a tenner :santa::evergreen_tree::roll_eyes::grin:

3 Likes

We have our pensions etc paid into our UK accounts. Since we have a small income here, we are in the lucky position to be able to wait for good exchange rates and bring money over in larger chunks once every year /18 months using a forex trader. We last brought money over in February at 1.18.

Working out the amount to declare in euros on French tax return is not that complicated.

1 Like

We have OAP paid directly into French accounts and our private ones into UK accounts. Best of both worlds.

2 Likes

Useful if you regularly visit the UK and want to spend it there. But “Channel hopping” may get complicated in future.

1 Like

can’t wait to sample all that world beating English wine, sausages and home grown beef, not :wink:

3 Likes

Family still in the UK. But also means we don’t have to move money to France so often so are more flexible for rates and anyway both our private pension providers won’t pay into a foreign account.

2 Likes

Very dry and vinegary, tasteless, and immature. Your comment, not.

Actually my godparents make fabulous wine: Bride Valley Vineyard Ltd.
https://www.google.com/url?sa=t&source=web&rct=j&url=https://bridevalleyvineyard.com/&ved=2ahUKEwi0i6Xr0o7rAhXMyYUKHT3CD_IQFjAKegQIAxAB&usg=AOvVaw2CYpSlMwRBR_5oDm9qhbvR

that said, I’m teetotal and sausages are strictly off the menu for me :wink:

What’s lacking or bad with British beef?

Ah! Now, I’m glad you brought that up. My comments apply only to minced beef sold by the UK supermarkets and Eric theCleric in FR.

Staying with pals in Brittany, shopping in Eric theCleric for minced beef to make spag bol, there was just one choice - ‘boeuf haché’. No ‘fat free’, nor ‘steak mince’, no ‘Angus beef’ mince. Just ‘boeuf haché’. It made a spag bol which tasted of beef like I had never tasted before.

And exactly the same thing when my pal made a chilli con carne with ‘boeuf haché’ from an Eric the Cleric hundreds of kms south, in L’Herault. Beef that tasted of beef!

I set about trying every one of the 4 or 5 variations of minced beef on sale at the 5 principal UK s/mkt chains. Bland, tasteless - all of it.

Probably I would have got better mince at a butcher who minced quality beef - at a premium price. That’s not the point. The point is one can get fab minced beef from Eric theCleric but not from a UK s/mkt, in my experience.

1 Like

Our Super U has a butchery counter where they will show you a piece of beef and mince it for you right there in front of your eyes. Doesn’t cost a lot.
But maybe it won’t last, even the French are learning to eat rubbish!

Fascinating range of answers to the money question. Our work pensions are paid into UK account, I then do a transfer once a month to French back account. That way I avoid handling fee by the French Bank for transfer as pension provider only pays in GBP. No, I haven’t worked out if the rate i get from my currency service could be improved if I had the money paid direct- although it would save me a couple of days while the money is in transit - otherwise very pleased with Smart Currency.

1 Like

Fair enough… it works for you.

Initially, CA charged us for regular funds which arrived from UK in £…

However, during a general conversation they/we mentioned the charges … and as soon as they knew it was Pension they flicked whatever switch and the charges ceased…

yippee…

years ago… no idea if that would work today…

1 Like

Revolut have announced that payments will be made instantly without extra cost…

1 Like