Whether you’re chasing the sun, looking for a bargain overseas property or simply moving closer to loved ones, retiring abroad is a rewarding and rejuvenating experience. However, it isn’t without its challenges - one of which can be funding your new life abroad.
With this in mind, it can be important to rely on some support when you need to move your savings or transfer your pension payments abroad. As specialists in foreign currency exchange, we provide our customers with a quick, easy and cost-effective way to transfer funds between their UK and foreign bank accounts, helping to get more out of their money.
What happens to my state pension if I move abroad?
When it comes to bringing your state pension abroad with you, there are two options: transfer your pension pot to an overseas pension scheme, or leave your pot in the UK and simply send yourself the funds as and when you please.
The second option is the most popular with retirees abroad, allowing you to enjoy the protection of the UK pension scheme whilst still bringing your money with you for your new life overseas. In order to send yourself your pension payments, you’ll need to make international payments.
How can I make pension payments to a foreign bank account?
Moving your money from a UK bank account to a foreign account can be more costly than first thought for some, with many high-street banks providing poor exchange rates and charging steep transfer fees.
Fortunately, we can process payments of your savings or state pension abroad, saving you money with excellent exchange rates and low-fee transfers.
If you have access to your full pension pot, you can send your money over to your foreign bank account with one large overseas payment, or you can set up regular international transfers between the two accounts.
How to protect your pension payments from exchange rate movement
Our foreign exchange tools allow you to protect your money against exchange rate movements, by securing a prevailing rate for up to two years with a forward contract. While this may require a deposit, this ensures you know how much you’ll receive from each future currency conversion.
It’s up to you to decide how to manage your funds, with the option to manage it all and send money online, or if you’d prefer, talk to one of our currency experts. Our experienced team can provide support and guidance, and can also regularly inform you of market movements or updates.