Could international money transfers to Spain be on the rise?

International money transfers to Spain could be on the rise as the country has been identified as the most popular overseas retirement hotspot.

The European country came in first in a survey conducted by Standard Life.

France came in second place, followed by the US, Canada and Ireland.

However, people who are looking to retire abroad have been reminded that they need to be careful with their finances.

Andrew Tully, senior pensions policy manager at Standard Life, said: "Retiring abroad is a dream for many people but without careful planning and advice, things can potentially go wrong very quickly."

One of his main reasons for concern is that fact that any increases due to an individual's UK state pension will only be paid in certain countries.

Nations such as Canada which fall outside of the EU do not have a reciprocal social security agreement with the UK and will not pay these increases.

Mr Tully warned that in these cases, "basic state UK pension could halve in real terms" over a 20-year retirement.

Click here to make an international money transfer to Spain
Mr Tully warned that in these cases "basic state UK pension could halve in real terms" over a 20 year retirement.

Click here to make an international money transfer to Spain

Posted by Thomas Smith