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Payment Reasons > Pension/Mortgage Payments

Stop the value of your pension from decreasing or the cost of your mortgage from increasing!

Many expats abroad unknowingly lose money when receiving their monthly pension payment. Often a pension is paid in sterling at a UK (or off-shore) bank, exchanged into the local currency required, and then sent to the pension holder’s overseas bank account. Alternatively, pensions are paid into a sterling account in their overseas bank account, and then exchanged into local currency.

By using the standard banking system, money saving options are often overlooked, unnecessary charges are made and poor currency conversion rates applied. On average, a pension holder loses around £30-£50 unnecessarily on every transfer – this amounts to actually giving away £600 a year – and in some cases, much more! So what is the solution? It’s simple – use Smart Currency Exchange rather than a bank.

The money saving option – fix the currency exchange rate
Sam retired to his sunny overseas destination at the end of May 2009. In June, he called Smart Currency, explained that his monthly pension amounted to £2,476 and wanted to know what options were available. After a chat with a Smart Trader, he decided to set up a regular payment with a fixed exchange rate for €1.175/€1 for the full year. In July, he received €2,909 in his overseas location and would continue to do so every month for the full year. To set up this facility, Sam set up a standing order from his bank to Smart Currency and paid a small administration fee.

If Sam decided against fixing a currency exchange rate, his monthly amount would have decreased with the weakening sterling rate and by November 09 his payment would have amounted to less than €2,650 - a 9% drop in value. Banks often fail to offer or even mention the option of fixing a currency exchange rate for use in the future.

Avoid charges
Sam, like many other expats, assumed he was getting the best possible deal from his bank - but sadly, banks often fail to offer or even mention the option of fixing a currency exchange rate for use in the future. They tend to offer customers lower exchange rates and usually charge commission and transfer fees, all of which can be reduced, if not eliminated altogether. There is absolutely no point paying fees you don’t have to, particularly in the current economic climate where every penny counts!
 
Get good exchange rates
Smart Currency Exchange offers exchange rates that are guaranteed to beat the rates provided by the bank. Banks often set their buying and selling rates for currency first thing in the morning – when you visit a branch, you’ll see them hanging on the wall. Specialists like Smart Currency, however, do not set the rates in advance but call into the market floor to obtain the best rate possible at the time of the transaction. 

Watching the value of your pension depreciate can be soul-destroying. Receiving €2,650 rather than €2,900 can also cause anxiety. These situations can be avoided when discussing matters with an international payment specialist.

And what about an overseas mortgage payment?
Sadly, unlike Sam, his neighbour Richard failed to talk to Smart Currency. His mortgage payment was € 700 per month. Richard paid his mortgage from the UK using sterling month by month through a bank. By November of this year, the cost had risen to £636. If Richard had been Smart every payment could have been set at £569.

In order to ensure that you know how to save money and to eliminate the possibilty of a decreasing pension or increasing mortgage payment, call on our free phone number 0808 163 0102 (free phone) or Apply Online.

Client Feedback

"Thank you for being true to your word and delivering on all the promises. It helped make the process much easier-will use again on regular basis to transfer money for mortgage. John O'Mahony " more testimonials


So...how can Smart specifically help you to save money on pension and mortgage payments? Smart helps to:

  • Provide better-than-bank exchange rates by calling through to the market floor for the best rate on your behalf
  • Reduce the risk that the amount you want to receive decreases in value (eg. pension income) or reduce the risk that the amount you need to pay increases in value (eg. mortgage payment)
  • Offer a service with no commission an no hidden charges. There is, however, a small administrative fee on all transfers below £3,000. However, the savings in better-than-bank exchange rates and the ability to fix rates for the future far outweighs the small fee.
  • Give you direct access to your dedicated Smart Trader. Your Smart Trader will be able to explain the options available when making regular payments, the market conditions and various ways to hedge against changes in the value of currency exchange rates. Also, it's important to note that unlike most UK international payment specialists, Smart Traders are not paid on commission, thus your trader will be working for you - not their pay-packet.
  • Make the whole process fast and effortless - leaving more time for you to spend focusing on enjoying your pension payment!

Apply online now and get access to your Smart Trader to discuss just how much Smart can save you!

Are you interested in saving money the Smart way?

Apply Online to open your free, no-obligation trading facility
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  • Read our Free Report - Find out how much you can save by being Smart!

Suggested ways to transfer money:

Buy currency at today's rate for a payment soon Exchange and transfer money today at a rate far more competitive than the high street banks
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Reserve today's currency rate for a payment later
This option is fantastic for property buyers that have staged payments and want to ensure against an unexpected change in the price of your currency
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