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Discussion Starter #1 (Edited by Moderator)
Hi all - Jim here

Checked the threads before sending this - don't want to get a <snip> for repeating our selves.

We have been planning our move to Cyprus over last few years and just about all the pieces are in place - but one thing I am uncertain about and can't realy get to the bottom of is the money transfer issue.

I get the main idea but wondered if you guys out there have any ideas as in how often you transfer etc.

We will be living off a drawdown pension a small company pension and in a few years I will get my state pension.

In my mind I would get in advance of my required transfer, have all my money paid in one bank off shore and transfer monthly? is that the way to do it?

Any items of experience would help.

Thanks

Jim
 

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Hi Jim,
We use several ways of transfering money. Occupational pensions will often pay into a foreign bank account using a central transfer system, mine uses the 'TAPS' system. I suggest you write to the pension provider and ask if they can. Different schemes exist and they all charge different fees for doing it so watch the fees. Some are too high but the upside is that usually you get a preferential exchange rate because they are transfering large amounts of money. The UK state pension can be paid directly into an account abroad.

For the other sums of money, we have offshore accounts in Sterling and Euros with a major UK bank. We receive the money into a sterling account and watch the exchange rates then when they are in our favour we move money from one account to another.
 

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Discussion Starter #3
Thanks

Hi Jim,
We use several ways of transfering money. Occupational pensions will often pay into a foreign bank account using a central transfer system, mine uses the 'TAPS' system. I suggest you write to the pension provider and ask if they can. Different schemes exist and they all charge different fees for doing it so watch the fees. Some are too high but the upside is that usually you get a preferential exchange rate because they are transfering large amounts of money. The UK state pension can be paid directly into an account abroad.

For the other sums of money, we have offshore accounts in Sterling and Euros with a major UK bank. We receive the money into a sterling account and watch the exchange rates then when they are in our favour we move money from one account to another.
Thanks BabsM

The state pension is paid in stering into my bank in Cyprus?

So the off shore - they take dual currency - so when the rate is best you just swap over to the euros - no charge? and I presume we can do that online? seems easey if that is the case.

Jim
 

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You'd have to check the State Pension situation with someone who does it but I think its paid in Euros.

Some offshore accounts can also do dollar accounts. Yes, we just transfer the money over when the rates are right. I say that a charge is built into the exchange rate you are offered! That being said, I usually get a similar rate with the bank to what is offered on Larnaca seafront. I have a Euro debit card that draws off of the Euro account and another that draws off the Sterling account. The only drawback, I get charged for drawing cash off of the Euro debit card in any ATM.
 

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In Cyprus you can have an account in any currency you like. There are always charges when exchange currencies. Either build in to the exchange rate or extra. Also if you have an account in a foreign currency when you move the money from let's say savings to checking there is a charge.

With the State pension, I would assume you can do it in either currency, but it would be better if you asked them directly.
 

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Thanks BabsM

The state pension is paid in stering into my bank in Cyprus?

So the off shore - they take dual currency - so when the rate is best you just swap over to the euros - no charge? and I presume we can do that online? seems easey if that is the case.

Jim
Theresoon is correct, you can also have Sterling accounts with the Bank of Cyprus and Laiki Bank and probably the other local banks. However the charges and the comparative exchange rates are better with Lloyds TBS International than the Bank of Cyprus, making Lloyds more cost-effective, that's why I didn't mention the Bank of Cyprus. Also, with the LLoyds account you get a UK sort code and account number (Isle of Man) making it easier to put money in there and to make payments to other people in the UK
 

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Discussion Starter #7
You'd have to check the State Pension situation with someone who does it but I think its paid in Euros.

Some offshore accounts can also do dollar accounts. Yes, we just transfer the money over when the rates are right. I say that a charge is built into the exchange rate you are offered! That being said, I usually get a similar rate with the bank to what is offered on Larnaca seafront. I have a Euro debit card that draws off of the Euro account and another that draws off the Sterling account. The only drawback, I get charged for drawing cash off of the Euro debit card in any ATM.
Hi BabsM

Tanks for the info - helps a great deal.
 

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In Cyprus you can have an account in any currency you like. There are always charges when exchange currencies. Either build in to the exchange rate or extra. Also if you have an account in a foreign currency when you move the money from let's say savings to checking there is a charge.

With the State pension, I would assume you can do it in either currency, but it would be better if you asked them directly.
Thanks Theresoon

I think I will have to change my name to Theresoon 2! Jimsoon doesn't have the same ring!
 

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Discussion Starter #9
Theresoon is correct, you can also have Sterling accounts with the Bank of Cyprus and Laiki Bank and probably the other local banks. However the charges and the comparative exchange rates are better with Lloyds TBS International than the Bank of Cyprus, making Lloyds more cost-effective, that's why I didn't mention the Bank of Cyprus. Also, with the LLoyds account you get a UK sort code and account number (Isle of Man) making it easier to put money in there and to make payments to other people in the UK
Once again BabsM thank you.

This Expat site is brilliant for getting info, I see I have one star -what do you have to do to get 10 stars?
 

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I got two stars now!

Just keep posting andyou get more stars:)
I am not sure anyone gets 10 stars though because even our most prolific posters only seem to go up to 9 stars.
Maybe we get the tenth star when we have made 10.000 posts:D
 
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