Current Account - To Use Abroad

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steven07968
steven07968 Posts: 158 Forumite
in Budgeting & bank accounts
Hi all, I'm going over to India next month and am looking to set up a bank account, that will allow me to use my card without incurring any charges, and if possible, take advantage of the local exchange rate instead of a standard bank exchange rate.

Is Nationwide still the current account to go with to have this facility?

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  • KTF
    KTF Posts: 4,820 Forumite
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    Yes, Nationwide is the one to go for.
  • Biggles
    Biggles Posts: 8,209 Forumite
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    Nationwide; either their Flexaccount with a debit card or their basic account with a cash card.

    Not sure what you mean by 'local exchange rate'. Nationwide base theirs on the interbank exchange rate, which means you pay nothing to draw local cash. Almost any other card (credit or debit) will charge you about 2.75% upwards if you draw local cash, and to change cash in a good bureau de change in the UK would cost you around 5% upwards. In a High Street in India I would think you would pay from around 10% upwards. You really don't want to get money at 'local rates'.
  • tishme
    tishme Posts: 47 Forumite
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    I think Steven most likely meant withdraw cash at the proper bank rate and not the poorer rate that bureau de changes offer.

    Nationwide is best option, always get good rates.

    Regards,
  • steven07968
    steven07968 Posts: 158 Forumite
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    Thanks all, it seems Nationwide have changed some of their T&C's, £100 to open an account now, awaiting mine going through now.


    Cheers
  • lolarentt
    lolarentt Posts: 1,020 Forumite
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    Biggles wrote: »
    Nationwide; either their Flexaccount with a debit card or their basic account with a cash card.

    .or their VISA card which also converts at Business ER, not Tourist rate, and no surcharges
  • KTF
    KTF Posts: 4,820 Forumite
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    steven07968 wrote: »
    Thanks all, it seems Nationwide have changed some of their T&C's, £100 to open an account now, awaiting mine going through now.
    You can pick one of four options:
    In order to open a current account with Nationwide you must select one of the following options:

    I will credit my account with £100 when I receive my card.

    I will use my Nationwide Current Account as my main account, and transfer my regular payments and credits from my existing bank account*.

    I will open an e-Savings, e-Bond or Monthly Income 60+ account when I receive my card.

    I am aged 16 or 17.
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