There are a few reasons why the deposit for your social security foreign pension might differ from the expected amount based on the average exchange rate.
- Exchange Rate Fluctuations: Exchange rates can vary daily, and the rate used for your deposit might differ from the average rate you expected. The rate applied could be the spot rate on the day of the transaction.
- Bank Fees and Charges: Financial institutions often charge fees for currency conversion, which can affect the final amount deposited into your account.
- Timing of Conversion: The timing of the currency conversion can impact the amount received. If the conversion was done on a day when the exchange rate was less favorable, the deposit amount would be lower.
- Withholding Taxes: Some countries impose withholding taxes on pension payments, which can reduce the amount you receive.
- Currency Exchange Policies: Different banks and financial institutions may use.
These are possible reasons why the difference occurred. Without knowing the specific reason, my advice will stand and that is to use the amount that was deposited into your bank.
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