More and more pensioners are choosing to retire abroad, yet many will have lost money when transferring their pension overseas, because they did not use a foreign exchange broker. Whether living abroad and receiving a pension or thinking of moving your pension pot overseas, it is important that you speak to a foreign exchange broker, who can provide jargon-free step by step guidance.
Foreign Exchange specialists can help maximise your international pension transfers. They will make the transfer of funds overseas much easier, while helping you avoid losing money to exchange rate fluctuations and high bank charges.
Many don't realise the banks can levy hefty fees and charges on regular overseas pension transfers. A reputable and recognised foreign exchange provider authorised by the Financial Conduct Authority (FCA), such as FC Exchange can often make significant savings on your foreign currency transfers compared to the high street banks.
Arranging a new transfer with a bank every month incurs a separate set of high bank charges each time. A foreign exchange broker can take the hassle out of this process and they usually provide much more favourable exchange rates than the high street banks.
Tailored to each individual’s circumstances, foreign currency brokers provide regular payment programmes specifically for overseas pension transfers. Key benefits include;
- Competitive exchange rates
- Reduced risk of less funds being received in your overseas account (e.g. pension income)
- Significant savings on fees and charges compared to high street banks
- International payment solutions geared to frequent overseas pension transfers
- Expert and jargon-free guidance from a dedicated foreign exchange specialist
The regular payment programmes cut out a lot of the hassle associated with frequently sending money abroad. This is particularly beneficial to those requiring a high degree of certainty about their income and outgoings. There are three key options to consider;
Option one – Fixed sterling amount sent each month
The amount transferred each month is a fixed sterling amount, so you always know the sterling cost, but the amount received in your foreign currency account will fluctuate.
Option two – Fixed foreign currency amount received each month
The amount of foreign currency you receive each month is fixed, so the foreign currency amount received each month will be known, but the cost of each transaction will vary.
Option three – Fix the exchange rate for up to two years
This provides certainty about the income received overseas and the cost of each transfer. The key benefit is certainty, protecting you against unfavourable currency market movements. However, if currency markets move in your favour during the fixed-rate period, you will not be able to take advantage of them.
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