Using the WorldLink® platform, you can apply to be paid in local currency bank accounts in over 100 countries. The Fund will ask its paying agent, Citibank Europe plc, to convert your regular pension payment into the local currency equivalent amount and pay directly into your account.
Advantages to the pensioner
- Direct credit to a personal account in local currency
- Elimination of delays in obtaining funds that occur when using cheques as payment instruments, due to faster delivery of the electronic payment
- Lower transaction charges and competitive exchange rates
If you decide to use this service, you will be required to complete a 'mandate form' detailing your foreign bank account and return it to the Fund. Once this has been done, the Fund will ask Citibank to pay you in the account you have selected. Citibank will process your application and then transfer funds into your bank account on behalf of the Fund.
Any account at a bank or financial institution that accepts direct deposits can receive these payments.