bank charges for UK pension to irish account?

T

trumpet

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I have a monthly UK pension of £125. I just discovered that the cost of each (swift) transfer to my PTSB account is £43!! Surely this can't be the going rate? The UK pension fund are looking in to this but does anyone have any similar experience or suggestions? Thanks for looking.
 
Why is the transfer by SWIFT rather than SEPA XML? Do you know?

Is the fee a PTSB fee or a sender fee?

Do you have a GBP account with PTSB or a EUR account?

You could:
- Open a UK GBP account online with Monese.
- Get your UK pension paid into this account.
- FX the amount to EUR with an online FX broker like TransferWise.
- Wire to your EUR PTSB account.
 
CiaranT said:
Why is the transfer by SWIFT rather than SEPA XML? Do you know?

Is the fee a PTSB fee or a sender fee?

Do you have a GBP account with PTSB or a EUR account?

You could:
- Open a UK GBP account online with Monese.
- Get your UK pension paid into this account.
- FX the amount to EUR with an online FX broker like TransferWise.
- Wire to your EUR PTSB account.
Click to expand...
Hi Ciaran T, thanks for your helpful reply. The fee is a sender fee (don't have details). I have a PTSB euro account here. I will look at your suggestions as hopefully I have a few more miles in the tank and resent fleecing by some greedy bank in the UK.
 
trumpet,
This might suit you.
There is nothing to stop you opening a UK account eg in N Ire and have your £125 sent there.
You will then only have the usual small charges, and I think? you can then transfer to ROI euro account @ small cost..
 
Which UK bank ?

What about using a UK bank that has a presence here like RBS - Natwest / Ulsterbank?
 
Open UK BANK ACCOUNT then open an account with currency fair, transfer funds from UK bank account account into account with currency fair who will fwd it to your Irish bank account all in the same day. Cost £3. Scandalous that bank charging you £43, daylight robbery. What bank is it?
 
The UK pension people are very helpful.
Maybe write and ask their advice ? they are bound to have across this , at least might give you pointers..
 
Gerry Canning said:
The UK pension people are very helpful.
Maybe write and ask their advice ? they are bound to have across this , at least might give you pointers..
Click to expand...
Sorry for the delay getting back. The UK pension provider was helpful but can't use eg Transferwise but did suggest opening a sterling account here. I am going to my local Ulsterbank branch today! I don't know which UK bank is the culprit but they are 12 x £43 richer thanks to me. I really appreciate all the advice given.
 
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