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aquiring money abroad


arzangees

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a nationwide flex account.

 

They dont charge for withdrawing money abroad. You only get charged from the bank you get the money from, normally £1.50. Most other banks also charge £1.50, making it £3 a time.

 

We get £500 at a time, making the £1.50 not too bad. The rate of exchange is the going rate for all banks, so they dont hide their charge in the exchange rate

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michele - 2007-10-09 8:17 PM

 

I just use my cards in cash machines I am not sure that this is the best way though. 8-)

 

If its a Credit card ?? they are fine as long as you are in credit (if your allowed to), otherwise the bank charges you interest from when you withdraw the money, as well as the charges for withdrawing (nationwide doesnt charge on their credit card either, just immediate interest)

 

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Guest starspirit

A card usage charge is only half the story the other half is the exchange rate and how on earth can you tell whether a free or cheap deal is really a free or cheap deal without comparing the exchange rates from different banks at the same time on any one given day?

And how on earth would you do that?

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its called the 'interbank exchange rate', they almost all exchange at this rate, and then load a charge on this amount (between 1% and 2.5%)

 

Nationwide dont charge this, and they run very very close to the inter rate

 

Heres a typical thread on the subject on MSE

http://forums.moneysavingexpert.com/showthread.html?t=565070&highlight=interbank+exchange+rate

 

and another more in depth discussion on the nationwide rate, and what its based on

http://forums.moneysavingexpert.com/showthread.html?t=519653&highlight=interbank+exchange+rate

 

 

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You should def use the Nationwide DEBIT card issued with their FlexAccount.

Credit cards will charge you interest - they don't seem to care whether you're in credit or not.

 

Nationwide card wins plaudits from all sorts of sources, incl 'money expert' site quoted above and Which.

 

B-)

 

Hi 'cheley :D :D :D :D :D :D :D

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