Ex-pats finance

[mumsy2]

Hi,

No, I'm not being nosey!.   My interest is in the ways in which people get their - pensions in particular - cash transferred to Corfu.  Has anyone found a way to reduce the rate of exchange. i.e maybe getting the pension contract paid in Euros, or something like that. Or maybe using a financial advisor to do it for you.  I don't really know.  I would welcome other peoples idews - experiences.  Thanks   Marie

[Maggie]

  I'll be watching this thread with interest Marie. It never occurred to
  me how these things would be transferred. I hope someone knows.

[Eileen]

Transferring money Pension wise is not something that I have looked into, but there is some information here
that you might find useful.


Eileenx

[Fiona]

I had been thinking about this, but haven't done any research on it.

Now there is an ATM in Arillas, I was thinking that I could have the pension paid into a Nationwide Flex account in the UK and use the card to withdraw euros at the local rate with no charges.  I think this would save having to have a euro account.  What does anyone else think?

Fiona

[Joe]

One thing my Mum has had trouble with is opening a Greek Bank account, in fact after one year after moving she is still using her English account and yes its costs a fortune taking larger amounts out of the ATM's as the charges scale up respectively.

The mutually beneficial solution we have found is for my Mum to send me her money by cheque, I then put this into an ISA back here in the UK where it can accrue interest, then when I go to visit I can take out the amount my Mum needs. I can either exchange it here using my Thomas Cook rate or take her the English money, which she may change.

For smaller amounts she still does use the cash machines but so far this has worked well. (and me as I get more interest on my ISA)

Its worth noting that even if your bank offers you free cash withdrawals abroad its still dependant on the machine, much like here, which may charge you additional handling and interest rates and of course you have the exchange rate to contend with.

[Sandy x]

I don't understand why your mum has had problems opening a bank account Joe. My friend Joyce and I are having a house built in Arillas and we just went in to the bank at Acharavi with our passports last May and opened an account and registered for tax. I'm sure Eileen will have done the same.

[Maggie]

  I think anyone who has property in Corfu must have a
  bank account there. They must also register with the tax
  people. As far as I'm aware, it's quite easy to open an account.
  I'm not sure about having pensions paid in from U.K. tho.

[Eileen]

Yes we did the same Joyce.  The proceedure was very easy and  like yourselves it was before we had an 'address' in Corfu. 

Eileenx

[Joe]

I wonder what the issues are my Mum is encountering, I shall have to call and perhaps someone on here can help. Last time I tried to speak to her she was out a town meeting regarding bringing wireless broadband to Arillas for the whole community, can't wait to hear how that turned out.

[harold]

Now to throw a spanner into the works.As Sally and I are planning to stay in Winter and have the summers back in the UK,i wondered if it would be better to open a greek account and set up a monthly transfer,i even wanted to do it now and then our holiday spends would be there when we arrive in May(Sally said NO).But as we have a Nationwide flex account i wondered if i need to bother.

[Eggy]

Harold
I think a monthly transfer will not only incur a charge from your English Bank but also a small charge from your Greek Bank. We tend to transfer as larger sum as possible to avoid these additional expenses.
(We pay a fixed rate regardless of the sum we transfer)
We can also take advantage of the exchange rate this way, as well.
Your Nationwide flex account may be a better option.
I may be wrong so could be another one for Joe here.
Cheers
Negg

[Joe]

I'll post back when I hear from my Mum. I have to go on some Flight Deck Audits (one is Funchal with is scary landing and everything) now so i'll be away until Tuesday, hopefully will have some useful info by then.

[Maggie]

   Harold, If you're looking to transfer large sums of money, take a look
   at some of the exchange companies. They change money for no fee,
   and you only pay the bank £20 quid to send them the money, no matter
   how much it is.
   

[Jo Wissett]

All Greek to me! hee he

[harold]

Thanks for that at the moment its 10 yrs till i retire,so no great rush