Police pension - into Italian a/c or other ?
Buon Natale to all.
My wife and I will in the next couple of months be moving permanently to our villa in Puglia and I would be grateful if any forum members could offer some pearls of wisdom as to their experiences in the best place to have a pension paid in to? It will be a government pension so therefore will only be taxed by the UK.
I am in a quandary as to know the best place to have it paid in to without incurring money transfer fees all the time.
Thanks in anticipation and happy holidays.
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There are 6 replies to this post
Would it be possible to have
Would it be possible to have it paid into a UK bank account and then transfer it when the rates are good into your Italian account?....say 3/4 times a year. Works well for me, and I can recommend Currencies Direct for the xfer.
Norwich and Peterborough do a
Norwich and Peterborough do a current account with no foreign transaction fees, so you can take money out abroad for nowt or else you can book a rate for a year with a currency dealer like TORFX.
Cost too much here..
... to have it paid into an Italian a/c... Poste click a/c is the best we have seen, but take the advice and keep it in the UK and transfer as and when - have a look at CurrencyFairhttp://www.currencyfair.com/exchange-pound-sterling-to-euro at some point or as suggested an FX Company or N&P.... Good luck...
Yes, I wouldn't want it
Yes, I wouldn't want it transferred automatically as you have no control at all over the currency rate you'll get. If you can do without it and transfer it in bulk every now and then, you can make your own decision on whether you think the exchange rate is decent or not. Rates are also better for larger transfers. I swear by HiFx for transfers but wait until I've got at least £5K to transfer as the rates only improve marginally for amounts above that. Below that you're losing over a cent/pound and below £3K you pay a fee as well as a lower rate again. Direct into Unicredit from HiFX is instantaneous (i.e. without hours) and we've never been charged any fees by intermediary banks to process the payment/receive the cash.
Grazie mille
Thanks very much to all the replies and the advice has certainly helped in making a decision.......I knew I could count on the forum's help. We will now look forward to 2012 to our new life in Puglia and will no doubt in the near furture post other questions as 'newbies' as we settle into a more relaxing and enjoyable time.......now the hard bit of packing/removals. Didn't realise how much stuff you accumilate over the years!
John & Angela
Mmmm all that stuff...
... look very hard at what you move over... We have now moved NOTHING!!!! Eventually come to the conclusion it was not worth the cost and effort.... Get a bed, live in the place, then decide, even if you have to store in the UK... Check the cost v buying new.....