PJay Posted April 22, 2012 Share Posted April 22, 2012 Could someone who is currently in France/Spain , please give me some idea of exchange rate? we are leaving on Saturday, and have some currency, also a Tesco travel card loaded with Euros. The rate here yesterday was 1.18. Want to know wether to bring more, or get from ATM,s via my Nationwide debit card, which is what we usually do Thanks PS hope the weather improves PJay Link to comment Share on other sites More sharing options...
Derek Uzzell Posted April 22, 2012 Share Posted April 22, 2012 The information on Nationwide's website suggests that, if you used your Nationwide debit-card to obtain euros in cash from a French/Spanish ATM at this precise moment, the exchange-rate would be €1.249051 per £1 Sterling. That exchange-rate includes the 2% conversion fee Nationwide imposes, but excludes the £1 per-withdrawal fee. As an example, if you obtained €300 from the 'foreign' ATM (and assuming that the exchange-rate were employed instantly) your Nationwaide bank account would be debited £251.8 Link to comment Share on other sites More sharing options...
ian81 Posted April 22, 2012 Share Posted April 22, 2012 Derek Uzzell - 2012-04-22 8:58 PM The information on Nationwide's website suggests that, if you used your Nationwide debit-card to obtain euros in cash from a French/Spanish ATM at this precise moment, the exchange-rate would be €1.249051 per £1 Sterling. That exchange-rate includes the 2% conversion fee Nationwide imposes, but excludes the £1 per-withdrawal fee. As an example, if you obtained €300 from the 'foreign' ATM (and assuming that the exchange-rate were employed instantly) your Nationwaide bank account would be debited £251.8 .thats a pretty good rate given that the markets closed on Friday at just under €1.22!!! If correct and they honour it someone should make a killing!! Link to comment Share on other sites More sharing options...
PJay Posted April 23, 2012 Author Share Posted April 23, 2012 Derek, thanks That indicates the commercial rate , which I know I get from Nationwide, as opposed to the travellers rate , which the exchange bureau give. . Looks like I wait untill I get over the water Was hoping some-one could give me "on the spot" rate PJay Link to comment Share on other sites More sharing options...
Derek Uzzell Posted April 23, 2012 Share Posted April 23, 2012 PJay - 2012-04-23 8:30 AM Derek, thanks That indicates the commercial rate , which I know I get from Nationwide, as opposed to the travellers rate , which the exchange bureau give. . Looks like I wait untill I get over the water Was hoping some-one could give me "on the spot" rate PJay I hesitate to ask this but, as you will have some currency with you when you go abroad, plus a loaded Tesco travel card, plus a Nationwide debit card, why would you be considering obtaining euros from an exchange bureau change? At best, I'd expect to get no better than the 'tourist' rate of exchange. You are probably aware of this, but it's perhaps worth saying anyway - not all 'foreign' ATMs are the same when it comes to the exchange-rate imposed on a cash withdrawal. Even if one's UK debit-card provider imposes no charges for obtaining cash abroad and the currency conversion the UK provider uses is the wholesale rate of exchange, that doesn't prevent a foreign ATM 'owner' from applying its own (inevitably less attractive) exchange-rate to the cash withdrawal transaction. Link to comment Share on other sites More sharing options...
ian81 Posted April 23, 2012 Share Posted April 23, 2012 The 'spot rate' this morning is running above €1.22 to £1. I suspect the rate Derek is quoting is for selling euros to Nationwide -not the other way about. At the moment the euro seems to be weakening so it may be beneficial to use your card rather than bring cash. I have found recently that euro cash on the high street can be obtained at quite a good rate -often only a couple of cents below current market rate. Link to comment Share on other sites More sharing options...
Guest JudgeMental Posted April 23, 2012 Share Posted April 23, 2012 ian81 - 2012-04-23 9:26 AM At the moment the euro seems to be weakening so it may be beneficial to use your card rather than bring cash. I have found recently that euro cash on the high street can be obtained at quite a good rate -often only a couple of cents below current market rate. maybe because 20% of the French have voted for an extreme right wing fascist party?:-S The pundits have been right so far and had predicted a rise in £ against the euro. how long it lasts and how high it goes who knows....... We get a lump of euro's from exchange at Victoria that gives nigh on bank rate, then use nationwide cards for cash withdrawals Link to comment Share on other sites More sharing options...
Derek Uzzell Posted April 23, 2012 Share Posted April 23, 2012 ian81 - 2012-04-23 9:26 AM ...I suspect the rate Derek is quoting is for selling euros to Nationwide -not the other way about... Could be - I just followed (or thought I'd followed) the instructions on Nationwide's website http://www.nationwide.co.uk/current_account/foreigntransactions.htm I have to say it looked suspicious to me, so it's probable I did something wrong. I've just had another go that produces a rate of 1 Euro = 0.836292 Pound Sterling with a currency conversion loading of 2%. I think that converts to 1.1957 Euros = 1 Pound Sterling, which sounds more realistic. My earlier statement "As an example, if you obtained €300 from the 'foreign' ATM (and assuming that the exchange-rate were employed instantly) your Nationwaide bank account would be debited £251.8" seems to have been correct, despite me getting the exchange-rate cock-eyed. Link to comment Share on other sites More sharing options...
JamesFrance Posted April 23, 2012 Share Posted April 23, 2012 JudgeMental - 2012-04-23 10:42 AM maybe because 20% of the French have voted for an extreme right wing fascist party?:-S The pundits have been right so far and had predicted a rise in £ against the euro. how long it lasts and how high it goes who knows....... More likely it is because the markets think France will have a socialist president. Hollande has promised to renegotiate the treaty, reduce the French retirement age to 60 again and expand the public sector, already 64% of GDP. French industry would become even less competitive than it is now. Link to comment Share on other sites More sharing options...
Guest JudgeMental Posted April 23, 2012 Share Posted April 23, 2012 JamesFrance - 2012-04-23 2:39 PM JudgeMental - 2012-04-23 10:42 AM maybe because 20% of the French have voted for an extreme right wing fascist party?:-S The pundits have been right so far and had predicted a rise in £ against the euro. how long it lasts and how high it goes who knows....... More likely it is because the markets think France will have a socialist president. Hollande has promised to renegotiate the treaty, reduce the French retirement age to 60 again and expand the public sector, already 64% of GDP. French industry would become even less competitive than it is now. Sarkozy now pulling out all the stops to get the neo nazis on his side and prevent his fall from power.......Dont you just love politicians :D Link to comment Share on other sites More sharing options...
kelly58 Posted April 23, 2012 Share Posted April 23, 2012 Just checked my Nationwide Acc online diesel purchased in Luxembourg on 19/01/12 @ 1.277 ltr cost 53.23e the exchange rate was 1.22e so the cost was £43.62 for 41.68ltrs . I bought some euro's to-day @1.192e = £1 no commission , so not a bad purchase rate. Link to comment Share on other sites More sharing options...
lennyhb Posted April 23, 2012 Share Posted April 23, 2012 Since Nationwide introduced charges we now make most of our purchases on a Nationwide Credit Card same good exchange rate without any charges. Link to comment Share on other sites More sharing options...
Guest JudgeMental Posted April 23, 2012 Share Posted April 23, 2012 lennyhb - 2012-04-23 5:31 PM Since Nationwide introduced charges we now make most of our purchases on a Nationwide Credit Card same good exchange rate without any charges. are you sure Lenny? as I thought interest was automatic for cash withdrawn using credit card. I only use mine for purchases and fuel...... Link to comment Share on other sites More sharing options...
Derek Uzzell Posted April 23, 2012 Share Posted April 23, 2012 Nationwide's credit-card does not attract a commission fee or a currency-conversion fee if you use it to obtain cash from a foreign ATM. What does happen though, is that you get charged (currently) 27.9% interest on the amount you 'borrowed' beginning from the date of the ATM withdrawal. As there's no interest-free period on cash withdrawals this can be quite costly. This is made clear on Nationwide's website. http://www.nationwide.co.uk/creditcard/credit-card/offer-deals.htm#tab3 So OK for foreign 'purchase transactions'; not so hot for getting cash abroad. (We've got a Santander Zero current account and its debit-card genuinely attracts no charges when used for withdrawing cash from ATMs abroad.) Link to comment Share on other sites More sharing options...
lennyhb Posted April 23, 2012 Share Posted April 23, 2012 JudgeMental - 2012-04-23 5:34 PM lennyhb - 2012-04-23 5:31 PM Since Nationwide introduced charges we now make most of our purchases on a Nationwide Credit Card same good exchange rate without any charges. are you sure Lenny? as I thought interest was automatic for cash withdrawn using credit card. I only use mine for purchases and fuel...... I did say purchases Eddie I would never use a CC for cash. Too much veno affecting your eyes :D Link to comment Share on other sites More sharing options...
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