Author Topic: Ex-pats finance  (Read 21957 times)

0 Members and 1 Guest are viewing this topic.

Offline mumsy2

  • Silver Medal {over 40 posts}
  • *
  • Posts: 43
Ex-pats finance
« on: March 12, 2007, 04:22:31 PM »
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

  • Guest
Re: Ex-pats finance
« Reply #1 on: March 12, 2007, 10:14:31 PM »
  I'll be watching this thread with interest Marie. It never occurred to
  me how these things would be transferred. I hope someone knows.

Offline Eileen

  • Arillas regular visitor
  • ARILLIAC
  • *
  • Posts: 2501
  • Linakis lemons!
    • http://www.villalinakis.com
Re: Ex-pats finance
« Reply #2 on: March 12, 2007, 11:04:11 PM »
Transferring money Pension wise is not something that I have looked into, but there is some information here
that you might find useful.


Eileenx

Offline Fiona

  • Arillas regular visitor
  • Arillas Addict
  • *
  • Posts: 259
Re: Ex-pats finance
« Reply #3 on: March 13, 2007, 12:13:57 AM »
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

Offline Joe

  • Forum Fanatic
  • *
  • Posts: 662
    • Thomas Cook Airlines
Re: Ex-pats finance
« Reply #4 on: March 13, 2007, 11:57:20 AM »
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.

Offline Sandy x

  • Sandy
  • Arillas regular visitor
  • ARILLIAC
  • *
  • Posts: 3023
  • Kouklospito
Re: Ex-pats finance
« Reply #5 on: March 13, 2007, 12:09:40 PM »
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.
Sandy x

Maggie

  • Guest
Re: Ex-pats finance
« Reply #6 on: March 13, 2007, 05:28:32 PM »
  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.

Offline Eileen

  • Arillas regular visitor
  • ARILLIAC
  • *
  • Posts: 2501
  • Linakis lemons!
    • http://www.villalinakis.com
Re: Ex-pats finance
« Reply #7 on: March 13, 2007, 05:39:08 PM »
Yes we did the same Joyce.  The proceedure was very easy and  like yourselves it was before we had an 'address' in Corfu. 

Eileenx

Offline Joe

  • Forum Fanatic
  • *
  • Posts: 662
    • Thomas Cook Airlines
Re: Ex-pats finance
« Reply #8 on: March 14, 2007, 12:54:57 PM »
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.

Offline harold

  • Arillas regular visitor
  • Forum Fanatic
  • *
  • Posts: 948
Re: Ex-pats finance
« Reply #9 on: March 14, 2007, 02:02:09 PM »
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.
Harold,
Theres only one Altrincham FC

Offline Eggy

  • On the Spot reporter
  • ARILLIAC
  • *
  • Posts: 6407
Re: Ex-pats finance
« Reply #10 on: March 14, 2007, 02:33:44 PM »
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

Offline Joe

  • Forum Fanatic
  • *
  • Posts: 662
    • Thomas Cook Airlines
Re: Ex-pats finance
« Reply #11 on: March 14, 2007, 07:17:36 PM »
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

  • Guest
Re: Ex-pats finance
« Reply #12 on: March 14, 2007, 09:47:23 PM »
   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.
   

Offline Jo Wissett

  • Arillas regular visitor
  • ARILLIAC
  • *
  • Posts: 2591
Re: Ex-pats finance
« Reply #13 on: March 14, 2007, 10:04:13 PM »
All Greek to me! hee he

Offline harold

  • Arillas regular visitor
  • Forum Fanatic
  • *
  • Posts: 948
Re: Ex-pats finance
« Reply #14 on: March 15, 2007, 11:08:18 AM »
Thanks for that at the moment its 10 yrs till i retire,so no great rush
Harold,
Theres only one Altrincham FC


 

Booking.com