Page 3 of 3
Re: Ex-pat UK Banks to shut Brit accounts due to EU red tape
Posted: Sat Aug 20, 2022 4:30 pm
by WHL
Being a bit thick as usual, but is it such a hardship to have your pensions, paid directly into a Cyprus bank from the UK, or elsewhere in the World?
Re: Ex-pat UK Banks to shut Brit accounts due to EU red tape
Posted: Sat Aug 20, 2022 5:23 pm
by WHL
fishbeardsunset wrote: ↑Sat Aug 20, 2022 5:03 pm
WHL wrote: ↑Sat Aug 20, 2022 4:30 pm
Being a bit thick as usual, but is it such a hardship to have your pensions, paid directly into a Cyprus bank from the UK, or elsewhere in the World?
Hi
not a question of being a bit thick, but what you need to consider is that if it is paid directly into a Cyprus account then presumably the conversion from UK pounds to euros will have already taken place at that day's market price...
If the exchange rate is bad then you will get a lousy return... From my own personal experience, I use WISE to transfer money when the exchange rate is favourable to me i.e this week (17/8) it was €1.19019 but since has now fallen again..to €1.17841 In essence, I keep money in my UK account and then transfer into my Cyprus account after reviewing the markets- maybe a bit time consuming but for me every little bit helps
Is it possible to open a sterling account over here, then change into euro when it is favourable
Just checked with my wife, and she tells me we have a sterling account with the BOC, had it for over 30 years, we have 20 odd pound in it but we haven't used it for donkeys years
Re: Ex-pat UK Banks to shut Brit accounts due to EU red tape
Posted: Sat Aug 20, 2022 6:41 pm
by trevnhil
WHL wrote: ↑Sat Aug 20, 2022 4:30 pm
Being a bit thick as usual, but is it such a hardship to have your pensions, paid directly into a Cyprus bank from the UK, or elsewhere in the World?
In answer to the question.. Yes sometimes it is.. There are UK pension companies that will only pay into a UK account .
Re: Ex-pat UK Banks to shut Brit accounts due to EU red tape
Posted: Sat Aug 20, 2022 7:11 pm
by daveg
Revolut now offer a bank account,......use it for sterling in, euros out....
Re: Ex-pat UK Banks to shut Brit accounts due to EU red tape
Posted: Sat Aug 20, 2022 8:49 pm
by galexinda
trevnhil wrote: ↑Sat Aug 20, 2022 6:41 pm
WHL wrote: ↑Sat Aug 20, 2022 4:30 pm
Being a bit thick as usual, but is it such a hardship to have your pensions, paid directly into a Cyprus bank from the UK, or elsewhere in the World?
In answer to the question.. Yes sometimes it is.. There are UK pension companies that will only pay into a UK account .
In addition, after the 2012–2013 Cypriot financial crisis many people decided to move/keep their funds out of Cyprus.