My hubby gave instructions to pay pension to fcg a forex company which is registered with FCA. They did it once by mistake they said but won’t be doing it again as Citybank the American Bank is their client to deal with pensions and foreign exchange.
Is this legal? Can it be challenged. Hubby prefers this English company in Tring as he knows them. English money for English companies he says.
Instead he is bound to receive his pension from a US bank…
They must have moved the goal posts quite recently.
Anybody with the same concerns?
HMG uses WorldPay to transmit our State Pensions in Euro and it arrives on time every time.
Our other pensions we have paid to a UK bank account and then transfer as and when required using CaxtonFX and now just logging in with TransferWise for comparison purposes.
I think WorldPay is a UK based fx company who will take instructions for regular payments.
Which company you us is your choice. I think you only have to change the mandate with your pension provider and they will send the money wherever you want…
Thanks Graham,
DWP uses Citibank to transfer money. That’s a fact they confirmed yesterday. I do not know any other company you quote. Our instructions to choose any other forex company are not followed and worse incur delay if we do not obey the guidelines. They however did it once by mistake and have told us they have to transfer to a bank by statute and not a forex. I used foremost currency group which has a good reputation and two days processing.
So it looks various rules for various people. I am glad your arrangements are working for you.
Eventually my hubby will get his pension next week…!
His pension income will be taxed in France according to the double
taxation rules. Nothing to do with Brexit as this accord is outside the
auspices of the EU
.
I trust that you have completed the France-Individual forms which means
that (except for UK Govt pensions) he will not be taxed in the UK on the
income.
Hi Claudia,
Not sure what fees you pay on the transfer but if there are any fees then you might want to consider following Graham’s tactic of having all the money sent to a UK bank and then doing the Forex when needed/rates spike. Not only would any flat fees be reduced (less frequency) but larger transactions attract better rates of exchange than smaller ones.