How do you get your UK pension in TRNC

billyboy1


Joined: 01/06/2009
Posts: 590

Message Posted:
17/04/2011 11:47

My grandmother for years has received her Uk pension by cheque sent to her in cyprus....she does not have a bank account in the Uk , has a bank account in cyprus with a bank that does not have a branch in Uk....



she has been told that the cheque payments should be stopped...



what can she do, any suggestions....

Geoff


Joined: 25/06/2008
Posts: 1370

Message Posted:
17/04/2011 12:23

If she contacts the Pensions people in Newcastle she can have her pension paid directly into her Cyprus bank account. Most of us do that, what is more the exchange rate they use is better than you can get yourself.

Geoff

Famagusta City

crusty


Joined: 03/09/2010
Posts: 22

Message Posted:
17/04/2011 13:20

Geoff



Do they deduct bank charges for the transfer?

kaiserphil


Joined: 14/12/2008
Posts: 1096

Message Posted:
17/04/2011 13:29

"My grandmother for years has received her Uk pension by cheque sent to her in cyprus". Amazing! When I lived there, hardly anything sent to me actually arrived.

Things must have looked up.

scruff


Joined: 15/07/2008
Posts: 1070

Message Posted:
17/04/2011 13:33

Geoff.

Can you give more detail. For instance, you say the exchange rate is better than you can get for yourself. Are you saying that they really pay a higher rate than the exchanges in the TRNC ??

My understanding was that you had to bank with a mainland Turkish Bank in Turkey & then use a cash card to withdraw money here. I would contact the IPC of the DWP, but my experiences with them have been dreadful over several years, so I avoid this if possible. They are even worse than HMRC & their website lacks any detail re. this issue. Even the State Pension application is devoid of the fine detail.

What is the timing of the payment in Cyprus versus payment into a UK. Bank account.

I understand that the pension has to be paid in TL, although a TC said it could be paid in Sterling as well. Is this the case ?

Deniz1


Joined: 28/07/2009
Posts: 3829

Message Posted:
17/04/2011 14:25

Why should the payments be stopped if its worked well for years? Who said so?

billyboy1


Joined: 01/06/2009
Posts: 590

Message Posted:
17/04/2011 15:57

message 6



her pension wont be stopped, apparently as stated the cheque payments will be....



she has had a letter from the dwp stating that they are stopping cheque payments and for her to sort out a bank account.....



i shall be talking to the international pension centre to find out more.....on my nans behalf

annie


Joined: 30/05/2007
Posts: 208

Message Posted:
17/04/2011 18:01

You should not have a problem arranging payment direct to Ing Bank, Ours is paid in TL at what ever the rate is on payment day and takes around 3 days after due date to arrive in your bank account here. I would think this method would be much safer than a cheque and quicker to receive.

Deniz1


Joined: 28/07/2009
Posts: 3829

Message Posted:
17/04/2011 18:44

Msg 2 when i first came here i was told that the electronic transfer from Dept of Pensions was not compatible with the banks here has that changed? They used to use a swift code i think.

scruff


Joined: 15/07/2008
Posts: 1070

Message Posted:
18/04/2011 12:40

Can anyone answer my message 5. ??

Geoff in message 2 says 'most of us do that' i.e. have their pension paid direct to Cyprus, but I do not know a single person out here who does.

Does anyone out there have their UK. State pension paid directly to the bank here by the DWP ?

stellasstar1



Joined: 02/07/2008
Posts: 1519

Message Posted:
18/04/2011 14:37

No, I don't All the people I know have their money paid into a UK account, except for one, and he has his cheque sent here. Maybe he will be a getting a letter like you soon.

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
18/04/2011 14:50

I had a letter, put it aside and forgot all about it until this thread came up. I sent them my bank details last night by e.mail and I had a prompt reply this morning saying that they cannot accept instructions by e.mail because of missing signature. Fair enough. They suggested that I fill in the form, sign it and then send it by a) post, b) by fax or c) scan it and send it by e.mail. It was simple enough for me to scan it and send it by e.mail.



I gave my HSBC bank account in Famagusta, TL account. They insist on local currency. Of course its HSBC Turkey, so as far as they are concerned I live in Turkey. If anybody wants a blank form, I suppose I can tippex all the details and then scan it for you.

ismet

japeal



Joined: 12/09/2008
Posts: 1052

Message Posted:
18/04/2011 15:02

Suggest you open an internet account for example with cardonebanking, you could get your pension paid into it, you get a card and you could draw sterling out and exchange at better rate than having it paid into bank over here. Yes you would have to give a uk address to have your card registered but that is all.

SourBrandy


Joined: 24/07/2010
Posts: 84

Message Posted:
18/04/2011 19:18

I bank with CreditWest, my pension comes in to my bank account every month by transfer. CW don't charge anything as long as it goes in to a deposit/savings account. Another pension which comes in yearly also goes straight in no problems. However, they are both cleared by ING Bank in Turkey first. All the IBAN nos and Swift nos work fine and the money comes in within two days of despatch. Worth having a word with them?

billyboy1


Joined: 01/06/2009
Posts: 590

Message Posted:
18/04/2011 19:22

I spoke to The international pension centre today, no problem , all i need to do is supply them with the name of the bank and IBAN no and account details, ie. name and account number and no prob at all....



Money will get transferred direct into my grandmothers account, and will only take 3 days longer than how she receives it now.....she has to inform them of the details via phone or mail....i cant do that part.....



also told them that her bank was in TRNC, lady said, "why should that be a problem", "we send money where ever you want us to send it"

scruff


Joined: 15/07/2008
Posts: 1070

Message Posted:
18/04/2011 19:39

Billyboy1

Well thanks for answering 2 out of 3 of my questions. There has been a lot of hearsay on this issue, including the fact that UK. Pensions could be paid locally in the TRNC, in Sterling. This info was supplied to me by a London TC, now living here, a few months ago. I did not think this was correct. You are indicating that as long as you supply a BIC & IBAN No. (I am sure they will need the BIC number as well) then the pension can be paid in TL in the your TRNC bank, 3 days after it would have been paid to a UK bank. The only outstanding query that I have is what exchange rate do they use ?

If it is a similar rate to that available from a UK. bank then IMO it's a non starter. If, however, the rate is close to the amount that you get here, then that is different.

contd.

scruff


Joined: 15/07/2008
Posts: 1070

Message Posted:
18/04/2011 19:42

Sour Brandy.

I also bank with Creditwest Bank & until last summer, I too used to transfer money monthly & into a TD deposit account. Then I was told that the minimum amount for this method was now £5k minumum.

This would have meant some delay in bringing money over here & whilst remaining in the UK. earning virtually no interest.

Maybe Creditwest are not treating all their customers on the same way ??

Tango1


Joined: 19/02/2011
Posts: 1151

Message Posted:
18/04/2011 20:11

We don't bother with having pensions paid over here. We have it paid into ???? Bank in UK, draw it out in Stg. over here and convert to TL as and when the rates are favourable. As we have deposit acounts here, it does mean that we don't have all our eggs in one basket, as it were.



Tango1