The exchange rates from cash machines are calculated in the UK when the transaction goes through. Generally it will be the rate of exchange on that day.

It depends on where you visit as to what sort of rates you might get while in resort, there is generally quite a lot of competition in larger resorts to change your sterling.

I would normally take enough for a couple of days and then change in resort. I travel often to Turkey and for purchases, trips they often like you to pay in sterling. I'm not sure for other countries.

The rate is set by your bank and some of them load it in their favour. Nationwide doesn't and you get the full interbank rate plus no fees for using it abroad.

luci

set by your bank and some of them load it in their favour

- yeah thats what I thought, think i will change most over here before going and keep some in the bank i case of emergency.

thanks for you help guys

The final straw that made me switch from Lloyds bank to the Nationwide was when they imposed big charges on using ATMs abroad.

I'm with Luci. With a Nationwide Flexaccount card you pay no charges when you withdraw cash abroad and you get a slightly better exchange rate than you would get in England. Added to which you don't have the worry of carrying a lot of cash around or leaving it in your accommodation when you go out. It really is a no-brainer!

Make sure you inform your bank that you are going to withdraw from abroad. Over easter I was in Toronto. I had a couple of problems with cash machines. The bank monitored this and blocked the card as they thought it was being used illeglly.

It really is a no-brainer!

I have got a HSBC Bank Account Plus which allows free withdrawals abroad, i just wasn't sure that the exchange rate was comparable with drawing out the cash here and changing it as opposed to drawing out over there

You could hedge your bets and do some research by doing both on the same day. Change some money while you're waiting at the airport, then use your card to get some cash from an ATM at the destination airport. Then you can compare the two rates for future reference. You will probably have to wait till you receive your statements though.

Of course you could always ask your Bank the question - but in my experience this doesn't always produce the correct answer (or indeed ANY answer!).

i use natwest and have found, by and large, that the rate i get abroad from the ATM is usually slightly better than i get from my branch although they charge me for drawing cash abroad but i get commission free exchange at my bank.
i would normally never draw less than 140 euros a time(approx £100) as drawing less does affect the charges imposed for each transaction, as the banks all have a minimum charge.
last year i went to belgium on a day trip with a friend who swears by the n/w flex account and for the exact same transaction (cigs bought in same shop at same time) i ended up paying 20p less than them due to the exchange rates that the banks use.
my advice therefore to anyone going europe would be to take some euros to get you through first night, then use ATM. i stopped using travellers checks years ago as i found them not VFM.
note, in my case i have 2 a/cs and access and visa and i split my cards up so i only carry one ATM and one visa card at any time, except on way there, but then i keep them split up in the same way ie 2 cards in wallet and 2 with travel docs separately.

I Have a Nationwide Flexaccount cash card, not a debit card.
Can these be used in ATMs abroad, Italy??

Thanx

I had a disaster last year in Olu Deniz as my cash card is a 'Link' card issued by the Alliance and Leicester Bank (who bought out Girobank years ago).

I couldn't find one 'Link" machine in Olu, I then went up to Hisoranu in a dolmus no 'link' up there and finally checked in Fethyie to no avail. Lots of symbols on the cashpoints, Visa, Mastercard, Cirrius etc plus a few German ones I didn't recognise.

I ended up having to draw money out on my credit cards, and incurr cash advance fees. I could have kicked myself for making the assumption that I would find a 'link' machine. Perhaps I just looked in the wrong places.

Surely even link cards are visa or mastercard? Just use a machine with the same sign.

Yes but the difference is that if you use it as a Link card there is no charge and if you use it as a Visa there is. Mine isn't a credit card, only a cash card.

Or am I getting mixed up. I did physically put it in the machine but it wouldn't let me withdraw.

the main guarantee associations are VISA or Mastercard and depending on who supports your card you can use it in any ATM displaying that symbol

HOWEVER we have just got home from Greece my wife tried to use her cards and both were refused as she hasn't used them abroad very often and so the banks computer declined them in-case of fraud, so if you haven't used your cards abroad i suggest you inform the issuer in writing before you go with destination and anticipated departure and return dates

I use a different bank and have had no problems as mine has/is used all over the world

wizard

hiya, is it safe to use atm's abroad, i worry that i may not be able to draw my money out for some reason or that the machine might swallow my card and we;ll end up with no money or something. i am with nationwide but as i said i dont no if id feel comfortable to rely on this?

I wouldnt rely on it as your only source of money, in case the card is witheld or lost. We are taking our Nationwide debit card, a credit card and around €100 until we get to an ATM.

Hi

I haven't used my card for my nationwide account yet do you think it would be worthwhile letting them know I will be using it in Greece in case it gets stopped? Also is it generally better to use a debit card or a credit.

I think I will take a 150 in euros as well.

Yes, it wouldnt hurt to let them know you will be using the card in Greece.

It is best to use Nationwide debit card for withdrawing cash from the ATM and a Nationwide credit card for spending. There are no charges with these cards and the best exchange rate you can get as they dont load the rate.