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Bank charges


Laine
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Hi All,

I received a letter this morning from Barclays Bank (Isle of Man) informing me about a sudden charge of 40 pounds a year  if I didn't have 2,000 pounds in the bank at all times!  As my (very small) teacher's pension is the only thing paid into this account, I am now trying to find a cheaper way to receive this pension.  When I phoned the teachers pension agency they said a monthly cheque was the only other possibility and paid in sterling, not in euros.  My question is does anybody know what the French banks charge for this 'service' (Credit Lyonnais in particular)?  I have tried several times this morning to contact the bank without success.  It  may not be worth my while to  change  this, but I feel  I am being held hostage here!!   Any  help/advice much appreciated.

Regards,

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If you contact your pension provider, give them your French RIB, speaking to someone who actually deals with the payment process you should discover:-

1) They will automatically forward your pension monthly to your French bank account in euros through a system all public sector pensions use now through the Bank of Ireland.

2) The charge is minimal (£5 a month) and your pension is changed at the London spot market rate of the due date. (Commercial rate).

3) Your pension will be credited in France within 3 working days without charge. 

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Hi Logan,

Thanks very much for that information.  I have contacted the pension provider again and bingo - yes they will do this for only 1 pound a month! So next week I'll clear the English account and it's bye bye Barclays!

I have just looked at our French account and my old age pension has been paid (for the first time)by the Citibank of Ireland,  if you hadn't replied to me I would have wondered what had happened!!!

Do you know if this is a new  initiative and what the implications are please?

Thanks again - isn't the forum a wonderful place?

Regards,

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Glad I could help.

The DWP have recently contracted with the Bank of Ireland to send all the overseas payments through them because they are in the eurozone and do it cheaper. There are no peronal implications for you. In fact you should receive your money slightly quicker because of banking protocols.

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