UK pension to Spain

[sinbad]

I'm a non resident living here in Spain - if I get my UK state pension paid directly into my Spanish bank account:

What exchange rate can I expect? Is there somewhere that the specific rate is given, and how does it compare to the Tourist / Commercial rates?

Is my Spanish bank (Halifax/LLoyds) likely to charge for receiving the payment?

[Almendros]

I assume you mean you are not resident in the UK.

The rate you get when your state pension is paid direct into your Spanish bank as as good a rate as you could get anywhere - very close to the interbank rate on the day.

By law, the bank cannot make any charges for accepting pension payments.

[OldTimer]

By law, the bank cannot make any charges for accepting pension payments.

... I take it that's just the UK Banks ?

[Almendros]

By law, the bank cannot make any charges for accepting pension payments.

... I take it that's just the UK Banks ?

I was referring to Spanish banks. The rule applies across the EU.

[OldTimer]

I suppose they just work around this ruling by offering a lower exchange rate.

[Almendros]

I suppose they just work around this ruling by offering a lower exchange rate.

Not at all. The exchange rate is set by the DWP in the UK. They buy Euros at the best rate and transfer the cash to Spain in Euros.

[sinbad]

Thankyou, Almendros - you learn something new every day !