Receiving US SS pension in the UK

Hello! I'm an American expat, dual citizenship with the UK, and am about to receive my US pension.

I am wondering what the best type of bank account would be to set up, in order to receive this pension easily and at the best sort of exchange rate.

Does anyone have any advice? Thanks.

Personally I would consider using Wise (https://wise.com/) it used to be called Transferwise.

It allows you to have a US $ account based in the US with cheap transfers to £ sterling if and when you need it. My whole family have used these accounts for stimulus payments and tax refunds - works well and allows you to transfer when the time (or exchange rate) suits.

I will check that out, thanks!  Do they generally offer lower exchange rates than UK banks do you think?

You can test them out - generally much better. Here are today's rates (from their website);

$1000 buys £700.03 after fees. Better than any UK High Street Bank (1.4285) and arrives in less than 2 hours.

I had my SS sent directly to my account at Lloyds. I "thought" that was the best/cheapest way to do it.....could be wrong as usual. My pension still goes through my US credit union.....but at some point I will be changing that as well.....at this time I am using Transferwise/Wise to move that money.

I had my SS sent directly to my account at Lloyds. I "thought" that was the best/cheapest way to do it.....could be wrong as usual. My pension still goes through my US credit union.....but at some point I will be changing that as well.....at this time I am using Transferwise/Wise to move that money.

This sums up my approach as well. I have my US pensions go to my US bank then transfer with Wise as needed.

 All reports say that SS direct to UK bank is lowest cost way to do it plus that makes it easy to report on the HMRC self assessment tax return.