Transfer Money Overseas
How to Arrange Your Overseas Pension in France
To receive your pension in France as a citizen of the UK, you will need to
transfer Money to France
from your account in UK or have the state wire it to your account in France directly.
The official age to qualify for pension is 65 for men and 60 for women. Once you have reached this age, you are entitled to receive your pension.What if you are not currently residing in the UK? Can you still receive your pension without issues? Let us look at some basic steps you can take to ease the process.
Open an Account
If you don’t already have one, go ahead, visit any nearby bank branch, and open a French bank account. Preferably, it should be a current account, as the pension will be in the form of regular monthly payments and you will also be making frequent withdrawals from it for daily necessities. Select the bank that has the lowest monthly charges and transaction fees. This should be done well in advance of your retirement date.
Applying for the Transfer
Next, a few months before you attain the official retirement age, get a form to apply for receipt of pensions in another country from the UK pension service and fill it out. The two countries (UK and France in this case) then work out how much you would have received had you been working in France. This amount is then processed to you through the French social security office in your locality. As stated, this transfer of money to France process can be time-consuming so the earlier you can begin it, the better.
Receiving your Money
Your pension will be sent to the French bank account you opened by the social security office. This will obviously incur the usual costs to transfer money to France from the UK. However, those seeking to minimize these costs can approach a currency broker and arrange to have their pension channeled through them. Your money will thus be received in Euros, ready for you to withdraw and use in France. Consider the option of setting up a regular overseas payment plan. By asking a foreign exchange specialist about this, you can minimize the risk of adverse currency fluctuations.
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