Sending Your Pension Overseas
If you’ve retired to the good life abroad (and who could blame you?) but still have a UK pension, it can be tricky knowing how to make the most of your pounds when you’re living in another currency.
Some pension providers are happy to pay directly into your overseas bank account if you have one, but this usually means you’re subject to astronomical bank-based exchange rates and needless fees. Other providers will only pay into your UK bank on the other hand, leaving you to exchange the money yourself or simply use your debit and credit cards as you would in the UK – this is the least cost-effective way of accessing your money imaginable and should be avoided at all costs.
With Clear Currency, you’ll get transparency on what fees you pay, the convenience of a dedicated online exchange platform and phone support and a guaranteed competitive exchange based on the mid-market rate rather than an inflated bank rate.
So you want to send your pension overseas?
Relocating or retiring overseas is an understandably popular option for many Brits. From cheaper properties to lower living costs mixed in with a whole lot more sunshine than the UK can offer, more and more of us are opting for an expat post-work life. But if you’ve worked in the UK and have a British based pension, it’s important to make sure you’re making the most of your hard earned retirement money.
Even more so than with a simple currency exchange for, say, a holiday, it’s crucial to take into account the costs and risks involved because you’re likely making regular monthly exchanges where volatile, fluctuating exchange rates can have a real impact on how much money you have to spend each month.
Let’s take an example where you retire to France with combined private and government pensions that pay you £2,000 a month.
A one-off exchange is manageable and will likely give you the time to buy your euros when the rate is at its most favourable – but needing to exchange monthly dramatically increases your risk exposure to fluctuating rates, especially if you’re using that income to pay your bills and living costs. Could those changing exchange rates mean you may not have enough euros some months? You also need to take into account how long each exchange takes and whether that aligns with then you need to pay your bills.
We give you the options and information to help manage these risks based on your particular circumstances. If you need your money monthly, our expert team can help map out when you need to make your transfers by to ensure you have the euros when you need them. If you don’t need them monthly, we can develop a longer term strategy that means you can save your pounds and exchange them into euros when the rates are more favourable, helping you get more from each exchange.
And if you’re not so confident online using our exchange platform, that’s fine too. Our team is only ever a phone call away and can walk you through each exchange so you know exactly what’s happening, when you’ll get your euros and how much to expect. Here’s how we can help:
- Open a Clear Currency account – it’s free, comes with no obligations and takes about two minutes. You can do this online or if you’d rather, just call us on +44 (0) 207 151 4832 and we’ll do it for you there and then.
- From your online Clear account you can follow the simple instructions to make your exchange – we’ll show you the exchange rate, what you’ll get for your pounds and will let you know as soon as the exchange is complete, usually the same day.
- If you’d rather speak to one of our team or want to discuss a longer-term exchange strategy, just call or email us and we’ll advise you on the best options for your situation and do our best to answer any other questions you may have.
- Let us know where you’d like the foreign currency sent, once your exchange is made and we’ll transfer it immediately from your Clear account. Or you can leave the money in your Clear account until you’re ready to send it on.
- That’s it – simple!
We’ve helped thousands of people send their pensions overseas quickly, painlessly and with market-leading rates that save you money.
The benefits of using Clear Currency to send your pension abroad
- Expertise to help you pick the best time to move your money
- Best exchange rates based on the mid-market rate
- Secure and reliable – just like the banks, we’re FCA regulated
- Protection from fluctuating rates with long-term exchange strategies and forward contracts
- Huge savings in hidden fees, charges and inflated exchange rates from the banks
Talk to us today
With Clear Currency, you’ll get transparency on what fees you pay, the convenience of a dedicated phone support and a guaranteed competitive exchange rate. Call us today to find out how we can help you get the most of your overseas pension.