Sterling bank account needed to receive pension payments

Discuss everything from tax issues to the best way of transferring money.
Post Reply
Kazza
Posts: 1
Joined: Thu Dec 29, 2016 8:58 am

Sterling bank account needed to receive pension payments

Post by Kazza » Mon Feb 24, 2020 10:00 am

I'm resident in Cyprus and only have a bank account in Cyprus. Pension payments are due to be paid shortly in sterling and I thought it would be better to have a sterling account so I could choose when to exchange currencies.

Does anybody know who offers a sterling account to an expat living in Cyprus which is capable of receiving pension payments electronically from England?

User avatar
josef k
Posts: 866
Joined: Thu Dec 29, 2016 4:15 pm
Location: Emba

Re: Sterling bank account needed to receive pension payments

Post by josef k » Mon Feb 24, 2020 2:53 pm

I use a Transferwise account.

www.transferwise.com

User avatar
Diocletian
Posts: 456
Joined: Thu Jan 02, 2020 4:08 pm
Location: Neo Chorio.
Contact:

Re: Sterling bank account needed to receive pension payments

Post by Diocletian » Mon Feb 24, 2020 4:06 pm

Kazza wrote:
Mon Feb 24, 2020 10:00 am
I'm resident in Cyprus and only have a bank account in Cyprus. Pension payments are due to be paid shortly in sterling and I thought it would be better to have a sterling account so I could choose when to exchange currencies.

Does anybody know who offers a sterling account to an expat living in Cyprus which is capable of receiving pension payments electronically from England?
Would your existing Cypriot Bank offer an account to accept Sterling?
Ticking away, the moments that make up a dull day.

User avatar
Diocletian
Posts: 456
Joined: Thu Jan 02, 2020 4:08 pm
Location: Neo Chorio.
Contact:

Re: Sterling bank account needed to receive pension payments

Post by Diocletian » Mon Feb 24, 2020 4:07 pm

Kazza wrote:
Mon Feb 24, 2020 10:00 am
I'm resident in Cyprus and only have a bank account in Cyprus. Pension payments are due to be paid shortly in sterling and I thought it would be better to have a sterling account so I could choose when to exchange currencies.

Does anybody know who offers a sterling account to an expat living in Cyprus which is capable of receiving pension payments electronically from England?
Would your existing Cypriot Bank offer an account to accept Sterling?
Ticking away, the moments that make up a dull day.

galexinda
Posts: 2111
Joined: Wed Dec 28, 2016 9:47 am
Location: Paphos

Re: Sterling bank account needed to receive pension payments

Post by galexinda » Tue Feb 25, 2020 9:27 am

Worth checking the cost of maintaining a sterling account run by your Cypriot bank - overall may be better off just having the pension transferred direct from UK to Cyprus. I originally had a sterling account with my Cyprus bank but soon closed it because of this.

If the pension payment is your State Pension then the DWP does give a very competitive exchange rate for those who choose to have it paid directly into their Cyprus Euro account.

Concerned Chlorakas
Posts: 4
Joined: Tue Aug 02, 2022 4:25 pm

Re: Sterling bank account needed to receive pension payments

Post by Concerned Chlorakas » Sat Nov 19, 2022 4:45 pm

I'm in a similar position concerning the pension payment. For 8 years now I have been with NedBank Isle of Man. Pensions put into the Sterling account by bank transfer by DWP. Within the one account I have both Sterling and Euro accounts. When the rates are advantageous, I can exchange GBP to Euro within the account. A GBP and EURO Visa card are supplied so in Cyprus it is obviously best to use Euro card. Their online portal is easy to use, and they have excellent telephone customer support. No charges provided you maintain the minimum balances in each currency. I would highly recommend them.

User avatar
Devil
Forum Curmudgeon
Posts: 3150
Joined: Wed Dec 28, 2016 8:34 am
Location: Mosfiloti

Re: Sterling bank account needed to receive pension payments

Post by Devil » Sat Nov 19, 2022 6:40 pm

I understood from my bank that they receive the payments directly in EUR.

Jimgym
Posts: 2003
Joined: Wed Dec 28, 2016 7:37 am
Location: Paphos

Re: Sterling bank account needed to receive pension payments

Post by Jimgym » Sat Nov 19, 2022 6:42 pm

Open a Revolut account. I have sterling and euro accounts. I did have a sterling account with Hellenic, but it appears that they take sterling and each time you withdraw there were charges. Needless to say i switched to Revolut and it's brilliant.

Les Bean
Posts: 1378
Joined: Thu Dec 06, 2018 8:43 pm

Re: Sterling bank account needed to receive pension payments

Post by Les Bean » Sun Nov 20, 2022 10:06 am

Kazza wrote:
Mon Feb 24, 2020 10:00 am
I'm resident in Cyprus and only have a bank account in Cyprus. Pension payments are due to be paid shortly in sterling and I thought it would be better to have a sterling account so I could choose when to exchange currencies.

Does anybody know who offers a sterling account to an expat living in Cyprus which is capable of receiving pension payments electronically from England?
I guess this isn't the dwp oap, which can be paid in euros to a cy account? As others have said Revolut and Wise are great alternatives. I have both.

User avatar
Devil
Forum Curmudgeon
Posts: 3150
Joined: Wed Dec 28, 2016 8:34 am
Location: Mosfiloti

Re: Sterling bank account needed to receive pension payments

Post by Devil » Sun Nov 20, 2022 10:16 am

I have only a Hellenic EUR account and a 25% UK pension. The latter is paid directly in EUR once every three months. The exchange rate that the UK operates is favourable and a tad better than if I had to do the change locally. I believe it is a mistake to have a GBP account in a Cypriot bank.

Post Reply