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retiring to cyprus
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Author:  susanknap [ Mon Jul 05, 2010 10:50 am ]
Post subject:  retiring to cyprus
hi we are retiring to cyprus in october we are with the hellenic bank but every time we transfer money out there they make a charge. do all banks do this as we want to get our pension transfered out monthly and this will make a hole in our pension.
we would like to fly back in april because we hold a summer job in england will this be a problem.We have a property in cyprus so accomadation is not a problem but we are wondering about the money side off things. I am sure there are lots of retired folk that can give us information regards sue
Author:  fairyshirls [ Mon Jul 05, 2010 11:08 am ]
Post subject:  Re: retiring to cyprus
Morning
I have no bank accounts in the UK at all and receive my UK State Pension which is transferred direct from the Pension Department to my Alfa bank account directly in €'s, every 4 weeks, seems to work fine. I live here permanately so have no need for UK banks.
I would have thought that if you intend going back every year it would be better to keep your pension in UK bank, and mabye use your cash card to withdraw from the machines here. I know some have a building society card, not sure which one it is but no doubt someone will be along soon to tell you, that does not charge you to withdraw cash. As I said not 100% sure on that but wait for someone to confirm that.
Welcome to the retirement world!!! :greetings
Author:  Jean [ Mon Jul 05, 2010 12:29 pm ]
Post subject:  Re: retiring to cyprus
You need to open a Nationwide Flexaccount - there is no charge for withdrawing anywhere in Europe (so that includes Cyprus), and you get an excellent rate of exchange as well. I have company pensions which would not pay into my Cyprus account, so I opened the Nationwide and no problems whatsoever. Like Shirls I am with Alpha Bank and have my state pension paid into that with no problems either.

Life is good for us retirees - come and join us :bounce :bounce
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