Foreign Cash

[Apetts]

Re: VISA

What you need to know is how your rate - 1.421 compares with the international visa rate set, I think by the bank of New York. You will probably find that there is upto 2.75% difference,ie you have probably already paid 2.75% commission which does not show anywhere on any statement. Its in very, very small print on your card agreement. Check the small print. The big banks make the charge but some smaller organisations dont.

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[claudio]

Re: VISA

Why do I need to compare 1.421 with the VISA rate?
This is the actual conversion rate from sterling to euro which incorporates all charges.

All you need to do is compare the rate with the forex rate on the date specified and see if there is any variation, this would be the total charge.

In the end I cannot force anybody to save money on their foreign cash transactions. Just use whatever method you're happy with. I am sure that all of us who have worked out the nationwide deal will stick with it, keep smiling.


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[pandroid]

Re: VISA

I have a Natwest a/c and my wife has a Nationwide Flex. In cash withdrawls this year in Scandanavia, (mine using the NW Servicecard, her using the Visa against the Flex account, so both withdrawing from existing funds, not against credit) hers were significantly cheaper. The spread rates were (near enough) identical, but never worse for her against mine. I had to pay the commmision AND the transfer fee (up 6%) on top. Scandalous.

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[jhr]

Simple explanation for all of this

Natwest = part of p.l.c. with demanding, mostly institutional shareholders, and need to make a profit, grow share value and pay dividends.

Nationwide = mutually owned friendly society, existing for the benefit of its members.

OK; it's a slight over-simplification, and gratuitously provocative, but I know who I'd rather have a mortgage with.............

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[charles_reed]

The High & Low

Median rates for that day were 1.430 - 1.412, which means they gave you the mean for that day - very good.

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[snowleopard]

nationwide flexaccount

we opened one before heading across the pond on the advice of the Times travel section, good rates and no commission. what we neglected to do through failure to read the small print was to open an internet account with them as well so we could keep the bulk of our money earning interest then transfer into the instant access account as needed.

the only places we had trouble with the visa debit card were Statia(no cash machines on the island) and french territories where half the machines wouldn't work for us

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