Advice on best exchange rate when paying from Irish bank account

S

Solo77

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Hi Folks,

Can I start by thanking all the poster who have put up info on this forum relating to the UK pension. I was able to find everything I needed to go through the whole process and have not had any need to ask a question until now.

I qualify for Class 2 payments back until 2006. I am about to make the payment for all those years through the Bank of Ireland online system. HMRC are setup as a payee and I currently have to wait 48 hours until the €1000 a day limit is removed then I can make my contribution payment.

Whilst I am waiting, as far as I can tell, the safest strategy is to overpay slightly when calculating the euro/sterling amount. Can anyone suggest a relatively accurate exchange rate to go with assuming I make the payment this coming Thursday? I don't have any issue sending more than is needed to play it safe, but I dont have any meaningful experience of exchange rates, or if the common webpages that pop up from a google search are appropriate...

Should I be contacting the bank and asking them what rate to use on a specific day?

I feel like I may be asking a stupid question here but, nevertheless, any advice appreciated.

Many thanks.
 
Hi ya, can I ask what account details are you paying it to? Sorry can't really comment on exchange rate but I doubt if it will differ greatly daily.
 
I use an online neobank.

I convert euro to the precise sterling amount live in the app.

Then I transfer to HMRC.
 
Edited: To encourage others to not use random IBAN's etc.... including this one! All the info you need is on the dot gov dot uk website, the link for which is on the letter you received from HMRC. Hope that's better.

@Norreen8

The bank details are tricky to find on the gov.uk website. I would be careful to check that you are using the right method for you. A number of posters here consistently point out that we are best to follow the details on the response we received from revenue. In my case, they are as follows:

Use the following details:

  • account number (IBAN) - GB49 BARC 2020 4830 9447 93
  • Business Identifier Code (BIC) - BARCGB22
  • account name - HMRC NIC receipts
You then use the following as your reference:

Use your National Insurance number followed by ‘IC’, your surname then your initial.

If your bank limits you to a certain amount of characters, you should use your National Insurance number followed by ‘IC’ and as much of your surname as possible.

Examples
If your name is Anne Jones and your National Insurance number is QQ123456A, you’d write the reference as QQ123456AICJONESA
If your name is John Douglas-Hamilton and your National Insurance number is QQ123456A, you’d write the reference as QQ123456AICDOUGLAS-HAMILTONJ

This is also covered in the key post in this forum:

step-by-step-guide-to-applying-for-uk-state-pension ( I cant link it sorry )

Best of luck with it.
 
Last edited:
Could I strongly suggest that people use the bank account numbers on the HMRC website or on the letters sent to them. Do not send money to accounts that people post on the forum - I'm not saying that @Solo77 or any of the others who have done on AAM are spammers, but it is possible that someone would give out an IBAN as a scam.
 
Solo77 said:
Should I be contacting the bank and asking them what rate to use on a specific day?
Click to expand...
I paid by Bank Of Ireland and was able to pay GBP for the exact amount I needed to pay. So no need to guess or estimate. Select International payment and then GBP. Good luck.
 
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