Feb 13 2007
British pensioners living abroad and claiming the state pension could be wasting millions of pounds each year through bank charges and unfavourable exchange rates, it has been claimed.
Foreign exchange broker HiFX reports that over a million Britons claiming a state pension live abroad, with charges and exchange rate fluctuations meaning a potential £300 million could be lost each year.
Mark Bodega, marketing director at HiFX, said: "With over a million retirees living abroad and claiming their state pensions form the UK, this equates to a lot of money being paid in fees and unnecessary bank charges and millions exposed to foreign currency fluctuations every month."
He added that the company's payment service would allow pensioners to circumnavigate bank charges and avoid the risk of currency fluctuations diminishing their pension.
Last year, Prudential reported that four per cent of British pensioners would consider moving abroad to a more affordable country in order to be more comfortable in their retirement.
