Hi kilgorek ... this particular forum is intended for members requiring advice or assistance with holiday complaints. For general discussion about currency related matters, please check out the following topic:

http://www.holidaytruths.co.uk/viewtopic.php?t=35796

David

For a house purchase in euros in France I used funds in NATIONWIDE and the firm was equivocal about an exchnage rate but hinted that it was good.
After the exchange I saw that it was not good; it cost me over £1500 more compared with my normal bank Natwest.

And, lo, did I then spot that the exchange had been done with Thomas Cook (who it appears do all Nationwide exchanges) and they charged a huge commission.

Complaints afterward to Nationwide, Thomas Cook , banking Ombudsman were (a) sorry we are not prepared to do anything not even apologise (b) no reply ever (c) not our concern.
So now you know who NOT to use for foreigne exchange.
Woolwich in Guernsey were good but they were taken over by Barclays so it's back to square one.

That's really unethical, as Nationwide promote themselves as being the organisation to use abroad. Particularly their credit card. It's always being recommended in the financial press for when you go abroad as apparently they don't load on extra charges. I think many people go for it on this basis and therefore it raises the profile of Nationwide in this area.
So for Nationwide exchange rates we should read Thomas Cooks.

I cannot see how they are ripping anyone of as they have their exchange rates there for you to see and if you dont see them i presume you ask what the rate is.
Its up to you to shop around and get the best rate for your money not them.

Sorry but point was that although Nationwide had exchange rates they would not guarantee them as I remember and the Thos. Cook charge proved to be a commission over the top of the rate: I was not warned about it and the connection to Thos. Cook was hidden at the time of my transaction.
Perhaps they are now more open about the connection but I would not touch them again.
Naturally I shopped around and was led to view Nationwide as having the best rate available so the extra surcharge/commission was a foul surprise.
I still consider the transaction to have been handled in an underhand way and do not forgive Nationwide for their subsequent total unconcern about (a) having used TC for the exchange and (b) not having revealed that this third party would be involved with ensuing commission charges.
The deal was presented as being entirely Nationwide's affair with apparently every expectation of achieving the best possible result.
I rest my case and opened it only in the hope that others would not be equally misled.

Cario

It sounds as though yours was a commercial transaction. The rate is vastly different for commercial bank transfers as opposed to the tourist rate which is advertised in banks and travel shops.

Also, commercial transactions always incur commission charges.

Mandy

Mandyc is right
I live in Germany and often transfer funds between the two countries, the rate the banks offer me is normally higher than the tourist rates but after commission charges in both countries I alway end up getting less than expected. Doesn't help much in your case but if you need to transfer money in the future you will be more aware of possible problems.

I have used my Nationwide debit card to draw cash from ATM's all over the World and have never been charged commission. Even if they're hiding charges in the exchange rate it's still ALWAYS a significantly better rate than what you get when buying foreign currency here.

Thomas Cook rates are always pretty low though, but you only have to ask for a better rate and they'll give it you! They'll always match the best rate in the town they're located in (but still not as good as using the Nationwide card abroad).

I always find Marks & Spencer offer very competitive rates. They are also commission free and offer an buy back service.

Thomas Cook will match the M & S rate if you tell them.

Mandy

As this really isn't a holiday complaint as such I will now close this topic.

Anyone wishing to discuss currency may do so :- HERE

Glynis