If you have the facility of a safe, then I would take your money over in Euros, rather than trawling around for fractionally better exchange rates on cash, or carrying your passport in order to change travelers cheques.

I also use my credit card for meals etc. over there, as the exchange rate is usually favourable and the meal often doesn't appear on my card bill at home for two months.

Get a nationwide flex account - even better!

Get a nationwide flex account - even better!

DITTO

Anyone who goes abroad several times a year, and doesn't have a Naionwide card, WELL . It's not a contrick, or a gimmick, just an honest way of accessing your OWN cash.

Anyone know of any similar cards out there ???????????????

Robby

Please explain the benefits of a Nationwide card over, say, what I use at the moment - a Visa debit card, which allows me to take money directly out of my current account without commission.

With Nationwide, you don't pay any charges whatsoever for the bank to convert sterling into euros. You don't get charged for withdrawals, and you get a great exchange rate.

My barclays debit card charges for the conversion, but I don't know the rate - can add up over a 2 week holiday.

Am I missing something here? Isn't what you call a Nationwide Flex Account simply a Visa debit card issued by Nationwide?

Yes, I think it is.

Simply Tony, it's the same as any other debit card, but no charges (ie 1.75% etc or the £1.50 fee) apply, and you get the full wholesale bank rate (not the tourist rate) of the day.
I have heard there maybe another bank who also does this, but not quite sure who, and anyone who has a similar deal hopefully will post details.
The only down side I can see, is you can only draw £250 max. per day, but of course you can also use your card for transactions.

Robby

wholesale bank rate

What on earth is that Robby, I`ve never heard of that expression.?

This sounds too good to be true...and it actually, is.
The cards that don't charge commission against those that do, are a good deal, but what you have to remember is this....
If you put your card in the hole in the wall and ask for example 300 euros, the machine will gladly spew out 300 euros, commission free and without any charges.
However, that transaction is then forwarded to the London branch of your bank, which will then convert the euros back into sterling to debit your account.....and this is where people are mis-informed.
Buying and selling currency has a wide discrepancy.
The bank in London will buy those Euros that you have taken out of your account at the buying rate the bank is charging on that day.
A good example is....the exchange rate in the resort may be 1.43 Euros for every £ sterling but the buying rate will be 1.53 euros for every £ converted....which means that the bank will require 1.53 Euros on every £ that they convert back for you.

When you put your card in a machine in Spain, the Spanish bank is selling you Euros, when the transaction is transferred to London, your bank is buying Euros at a higher rate....which means you are getting less Euros to every pound sterling.

The fact that they are not charging you for this conversion, is the only good thing and commission free travellers cheques, which are insured, are still the best deal, with an exchange rate in the resort, that will always be higher than the banks, when the conversion has been completed.
It`s a very complicated process to understand fully.
No bank in the world does something for nothing, and the difference in selling/buying is where they make their money.

beos xxx
sanji

What on earth is that Robby, I`ve never heard of that expression.?

Well that's a surprise. I was told you knew EVERYTHING

Robby

Well that's a surprise. I was told you knew EVERYTHING

Who told you that Robby.? anybody I know.?

Remember, sarcasm is for people who are not clever enough to be witty.

Besos xxxx

When you put your card in a machine in Spain, the Spanish bank is selling you Euros, when the transaction is transferred to London, your bank is buying Euros at a higher rate....which means you are getting less Euros to every pound sterling.

Alas my dear friend, not with the Nationwide. No matter what currency you withdraw, it is calculated by the "wholesale rate" ( no spread price whatsoever). It has worked in Greece, Spain, etc, as well as the Prague Koruna - no probs at all, and yep, all at the daily "wholesale rate of the day"

You can keep your stirling, travellers cheques etc. Those in the "know" use the Nationwide

Robby

Remember, sarcasm is for people who are not clever enough to be witty.

That sums me up perfectly

Well my dear friend...you obviously know more than my hubby.
He has not long since retired from the HSBC....working all his life for them....doing foreign monies, exchange & transfers for big business`s, dealing in millions every day....selling and buying currency....and dealing with tourists and their accounts, and he has never heard of what you are talking about.

Maybe you would like to explain in more detail, for us mere mortals who are not in the know.....I know my hubby would be interested.....and me of course...I have a reputation to sustain.
besos xxx

HSBC - well, that tells a story. It's not compulsory to be a Nationwide member, it just makes a lot of sense. If your hubby has been in banking as you say and doesn't know the benefits of a Nationwide account, one can only shakes ones head in disbelief. If he has the time to look into the Nationwide @ htp://www.nationwide.co.uk/banking/current_account/flex-intro.htmt he will no doubt be able to explain the benefits to you, and if I may say, actually add to your knowledge.

Robby
PS: You don't have to take my view of things, but take a look at the "REAL" expert @ http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1106765397,71685,

Not too familiar with all this banking speak, but what I do know for certain is - Barclays charge you for the conversion - Nationwide do not. We also got a very good rate with N/W compared to Barclays in Oct/Nov.

I will NEVER use TC's again.

If your hubby has been in banking as you say and doesn't know the benefits of a Nationwide account

Yes Robby he has been in banking, holding a high position and up to him retiring which was 7 years ago ( how time flys) he still maintains that he had never heard of the "wholesale" rate....maybe this is some new terminology for what was know as the current exchange rate, after the Euro came in.
He knows the benefits of Nationwide cards, and against some other cards that charge commission and a fee for conversion, they are good.
However, if you look into the small print, you will find that Nationwide set the rate of convering your Euros back to sterling, at a rate set by Visa.

When you use your Cash Card; FlexAccount Debit Card or Nationwide Credit Card to withdraw cash or make purchases abroad, Nationwide will not charge you a currency conversion fee. Your purchases and cash withdrawals will be converted to sterling at a rate set by VISA. Card providers have the option of adding a percentage to that exchange rate. This is a currency conversion fee.

Visa do not set the rates of the Euro, the Central banking system does that, so one must presume that Nationwide have to get their money from somewhere, and this is where they are getting it.!
So, how does the conversion rate with Nationwide compare with its rivals.?

besos xxx
sanji

Yes Robby he has been in banking, holding a high position

Hope it wasn't hanging on to the ceiling lights.

As you know the Torremolinos area, you will no doubt know of the cash machine near the roundabout on the seafront (P. Maritimo), yep that's the one, not far from the Hotel Principito. Well then if you withdraw Euros there my dear, before finally ending the transaction, it will tell you the conversion rate for that day, and believe it or not, it actually quotes the "wholesale rate", it actually says it. I'm not a "banker", but have been called similar things , but I have heard of this term, and to me that means the rate that business transactions will be calculated at on that particular day.

Whether Visa sets this rate, I know not, I just know this rate fluctuates and settles at a conversion rate for each days transactions. If Visa does indeed set this rate then I would assume this rate applies to all cards and each bank then takes its percentage away (maybe 2.75%), and then a transaction fee (maybe 1.5% - minimum £1.50). Still with me "chuck", yep, ok then, this is where the Nationwide differs, as no, repeat no charges are taken from their customers (bless them).

So then, have YOU applied for your Nationwide card yet my love ???? If not there is another option you could go for, and that my OLD cocker is the.............................

SAGA card, not yet for me, but no doubt an option for yourself, and I believe similar to the Nationwide one.

Happy shopping,

Robby

Can we tone this down please.

I don't care about banking terminology, I do know that we always use our Nationwide Card abroad. We have always had an excellent rate from them and are not charged any withdrawal fee.

We are happy to use our Nationwide Card abroad.

Good to see someone who knows a good deal Glynis.

Robby