UK Armed Forces Pension - Direct Payment Overseas

[Not Long Here]

Hi,
Just wondering if anyone here has their UK Armed Forces Pension directly credited by Equiniti to your overseas bank account. If so how does it compare in terms of rates to using a specialist company such as OFX.com from a UK bank to your overseas bank.

This would allow me to finally shut down my UK bank account and just make life simpler. Thanks.

[Janda]

Hi NLH
I lived in NZ for almost 25 years before returning to the UK. During that time my RAF pension was wholly paid into my UK bank. Up until a few years ago I had been under the impression that it was not possible to have the pension paid directly to my NZ bank. However, even if I had known I would still have kept my UK (IOM) account. It was great to have access to the money during my 3 yearly returns to Blighty. Also I would use that money on overseas holidays rather than using my NZ$. If I did need to access the money in NZ then I could shop around for the best rates. I found that OFX usually provided the best rates. Finally, keeping mu UK account paid dividends when I finally returned here 3 years ago.
Rgds
Janda

[lowfield heath]

Hi NLH

I have had my pension paid into my Luxembourg bank account for the past 4 years with no problems whatsoever.

[Asturias56]

I think the OP wanted some info on rates of exchange cp specialist providers. I'd have thought using a middleman would push the overall cost up - everyone i looking to make money from you.

[orionsbelt]

A bit off topic but:
My bank have told me that I must have a full UK address to have a UK Bank account. You can use an offshore Bank but you do not get the UK Gov protection.
You have to prove it with Utility bills etc with your name as the recipient at the property address.
Re exchange rates I always transfer money as £ Stirling not as UK Bank converted currency and if you can have a local £Stirling account it make life easy. If you are brave you can then play the exchange rate game!!
For Thai Baht, UK bank is 2 to 3 Baht worse than Thai bank. In addition I have found that the Thai Currency street booths offer the best rates, are safe and we shop around.
Also dont forget you have a UK Transfer fee of £9.5 (lloyds ) and recipient bank fee of 500baht max (BKK Bank )
If you have more than one pension ( Occupation, Military, OAP) over 1 year it save you a lot of fees to have a UK Bank account.
Living as an Expat is not as simple as people make out particularly with respect to medical expenses and finance.
***

[ZFT]

May I disagree - I have UK High St Bank accounts without any UK address. Statements etc. are all sent here, the only issue is with replacement bank cards which is a nightmare every time.

For getting money transferred across, I find Wise is both simple and the rates are far cheaper than the UK bank rates and typically with better exchange rates too.

[Janda]

I had a mainland UK bank account until 2012 (18 years living in NZ) when I was advised to go offshore. In my case I went to Lloyds Isle of Man. Didn't have any issues with statements or replacement cards. However, I had held a Barclaycard since 1971 and after living in NZ for over 20 years they suddenly decided that I was not entitled to one. So after 47 years I had to hand it back.

[Union Jack]

May I disagree - I have UK High St Bank accounts without any UK address. Statements etc. are all sent here, the only issue is with replacement bank cards which is a nightmare every time.

For getting money transferred across, I find Wise is both simple and the rates are far cheaper than the UK bank rates and typically with better exchange rates too.
Another supporter for using Wise.

Jack

[Courtney Mil]

Orionsbelt, you need a U.K. address to open a UK account, but once you have it you can move overseas and still keep it. Mine happily sends all my bank correspondence to my address in France.

[Not Long Here]

Thanks for the info above but what I am trying to track down is not about the merits of transferring from a UK bank versus specialist providers, but rather when Equiniti actually do it direct to your overseas account and how that compares with the specialist providers.

[1771 DELETE]

Hi mate
Before you do, check on the tax implications, for 15 years now i have kept my Nationwide account and paid tax at the UK basic rate, i am pretty sure i would be worse off paying it at all at a higher rate in the US.
It is very handy have a UK account for returning home occasionally and for the OAP pension and other things, so i would at least keep that open even if you do go for direct overseas payment. Are you still flying?

[Not Long Here]

Hi mate
Before you do, check on the tax implications, for 15 years now i have kept my Nationwide account and paid tax at the UK basic rate, i am pretty sure i would be worse off paying it at all at a higher rate in the US.
It is very handy have a UK account for returning home occasionally and for the OAP pension and other things, so i would at least keep that open even if you do go for direct overseas payment. Are you still flying?

Long time no speak Mr 1771 :)
The tax rules here are such that I have to declare it here anyway so I get paid the Pension gross in the UK and only then have one tax authority (the NZ IRD) to deal with. The NZ OAP is actually far better than the UK equivalent (which is not index linked here in the Commonwealth anyway) so it goes directly into the NZ Government coffers and I receive the full NZ payment.

I have no ties to the UK and have only been back a few times in the last seventeen years when I have been paid to go.

Ref flying I leave that to the youngsters these days and am very much in the capability delivery area which has both the P-8A and C-130J coming along soon. In less than two years I will make it to 50 years in uniform which will be my cue to retire :)

How's life in New England?

[fergineer]

I get mine paid direct to my NZ bank account then have to pay the tax once a year. Exchange rate is on the day they send it, cant complain so far

[Shadwell the old]

Long time no speak Mr 1771 :)
The tax rules here are such that I have to declare it here anyway so I get paid the Pension gross in the UK and only then have one tax authority (the NZ IRD) to deal with. The NZ OAP is actually far better than the UK equivalent (which is not index linked here in the Commonwealth anyway) so it goes directly into the NZ Government coffers and I receive the full NZ payment.

I have no ties to the UK and have only been back a few times in the last seventeen years when I have been paid to go.

Ref flying I leave that to the youngsters these days and am very much in the capability delivery area which has both the P-8A and C-130J coming along soon. In less than two years I will make it to 50 years in uniform which will be my cue to retire :)

How's life in New England?

Hi SW.

Long time no hear. Hope all is well with you and yours. Why am I not surprised that you are still in uniform!

Can you pm me please as I want to check that you have checked all the pension rules

Regards

Your ex neighbour (MP)