Hi, have just arranged for my Royal Mail contributory pension to be credited to my Credit Agricole Account. The last credit was OK via Cabinet Office, & normal falling £:€ rate.
However, today’s was a nasty shock. It was via Bank of New York Mellon & the exchange rate was worse than parity & a drop of €339!
I’ve phoned the pension’s department & they will ring me in 48 hours.
I wonder whether anyone has experience of this?
I will NOT accept such a poor exchange rate & think I may have to get my pension paid in £’s into my UK a/c, then make cash withdrawals (no cost from my bank) or tranfers from my bank (small fee) into the French account.
Would appreciate advice from anyone who has experience of BNY Mellon. I understand they do pay pensions overseas for govenments. Wonder if this benefits the Government & BNI & they take me for a Lemon.?