Foreign Cash

[charles_reed]

I've been aware of UK banks' increasing greed (or should we blame the 2 credit-card networks), but this morning was the first time I'd sat down to quantify it.

Using, not the spot-rate, but the post-commission rate that Credit Agricole give me for UK£, I found that on purchases the average charge made by the Visa network was 3.5% which, if you drew cash goes up to 5.5%.

Against the spot rate, the price that they are paying this works out at about 5% and 8%. Not bad for a nearly risk-free activity.

Now who should we complain to the UK Trading Standards, UK Monopolies Commission, S Mori.

Of course if you change cash the banks ar even more outrageous, nicking 5.5-8.5%.

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[Rowana]

Banks are >>>

<<< very good at lending you an umbrella. - Then asking for it back when it rains !

(Can't remember who said that, but it has a ring of truth about it, methinks !)

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[NigeCh]

The contents of my wallet in notes ....

£25; $188; €110 ....

I think that that says it all.



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[tcm]

We opened a french bank account. Then on-off rates for conversion, and no more sneering at us, and the credit card is a bit more secure

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[cynthia]

Open two accounts with an internet bank like Citibank: one for sterling, one for euros. You can then transfer money between the two free of charge at a rate very close to the bank rate and draw out an any Eurozone cash machine. Works a treat.

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[claudio]

Open a Nationwide Flex Account, they issue you with a Visa card for your current account and do not charge a comission for foreign currency. You can use the card to draw local currency anywhere in the world that takes VISA.



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[RupertW]

It\'s not the banks, it\'s the Europhobes

'cos if we'd only stop being sentimental we wouldn't need to change currency at all for our local sailing.

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[charles_reed]

VISA

I think you may have been misinformed - Visa ALWAYS charge for foriegn currency.

I have a VISA debit card, no charge for drawing cash in the UK but once I use a continental European cashpoint they take 2%.

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[claudio]

Re: VISA

No, I'm sorry your wrong

The VISA card draws from your Nationwide FLEX current account, there is no comission as it is your own money. I've used it for years and have never been charged comission. The exchange rate is current Forex at the time of the transaction.

BTW. I have no connection with Nationwide.

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[jamesjermain]

Re: The contents of my wallet in notes ....

It may say it all, but not in a language I understand, Nige!

My wallet contains 60 Euros, 320 Swedish Krone, 70 Danish Krone, 80 sterling, and a million or so Turkish Lira. Can you translate that for me?

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[Chris_Robb]

Re: VISA

Charles - this is probably a Debit card - ie debiting a current account direct. the Barclays connect card is similar. Anyone falling for the "no commission" gag should look at the buy sell spread - and see that they are getting it back there!



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[zefender]

Re: The contents of my wallet in notes ....

I could translate it, but I might charge you 3% or so

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[Aja]

Re: The contents of my wallet in notes ....

Too much money!

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[claudio]

Re: VISA

Chris, this is taken from my Nationwide Flex bank statement

Transaction date 8th Oct 2003
Withdrawal 80 Euro
Rate 1.421
Sterling amount £56.14

The flex account is the only account that they do not charge commision or bury it in the exchange rate, I also have a barclays connect with VISA debit and NEVER use this abroad (2% commission)



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[claudio]

Re: VISA

Oops, the sterling rate was £56.27


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[NigeCh]

Post-noon translation

The contents of our commission free one-way purchasing wallets are such that we don't want to covert what we have left over in our wallets back to Sterling and have to pay outrageous comissions.

It's my reckoning (IMO) that €€€'s and $$$'s are the way to go .... BTW, your Turkish Lira are now worthless.


<hr width=100% size=1><P ID="edit"><FONT SIZE=-1>Edited by NigeCh on 20/11/2003 13:57 (server time).</FONT></P>

 

[sailorman]

Re: Post-noon translation

pls forward Turkish cash this way, i must be able to use it for something, surely
Perhaps roll-it up & tie near those seacoks i ought to have & save on h/wood plugs.
ps wot is a seacock?.

<hr width=100% size=1><P ID="edit"><FONT SIZE=-1>Edited by sailorman on 20/11/2003 16:48 (server time).</FONT></P>

 

[EME]

Nationwide

If anyone is interested you are absolutely right.

I've 'lived ' in France for ages but worked in UK for most of that time. My flexaccount was acquired for exactly that reason.

Must have saved me a fortune on cash withdrawals.

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[rex_seadog]

Re: VISA

Fully endorse what you are saying Claudio. I have also recently discovered the Nationwide FlexAccount debit card and have used it to withdraw cash fom ATMs in various European countries. The rate of exchange has always been competitive and no commission. Similarly, I have recently started using a Nationwide Visa credit card and again no commission unlike the 2.75% charged by most of the others. To double check the rates I used two Visa credit cards, one NW the other Halifax, to each pay half of a Swedish hotel bill. The amounts debited were virtually identical except for the 2.75% less commission on the NW card. As a bonus I also get a 0.5% cashback (1% for the first 6 months) from the NW card.

Usual disclaimer, I have no connection with the NW other than having originally joined as a potential carpetbagger but now happy for them to remain as a BSoc.

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[LadyInBed]

Re: VISA

I use the Nationwide FLEX account debit card for the same reason.

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