Nationwide Debit Card abroad or cheap Euros in cash?

Zajko_Zuzulyatovsky

Hello all,

After studying the cheapest way to spend abroad I have gone for a Nationwide debit card (zero transaction fees etc etc) plus some Euros (yet to decide where to get them). My question is this: By using a debit card abroad (Nationwise or Abbey I think was the other cheap one) am I getting more Euros for my money than by using Euros in cash purchased at the cheapest source ? (Thomas Cook I think it was)

Is the answer to my question in comparing the respective exchange rates??? (Devil is in the detail, eh?)

Au revoir!

Zajko

benjus

The Nationwide card gives you the best rate you could possibly get. It is based on the interbank wholesale rate, i.e. the rate the banks trade between themselves. If you look up the current rate on www.xe.com/ucc or similar, this will be close to the Nationwide rate.

Bureaux de Change put a "spread" on the rate, so they will sell Euros for a certain percentage below the rate, and buy at a certain percentage above the rate. This is where they make their profit. The wholesale rate is therefore roughly half way between the "sell" and "buy" rates - also called the "mid-market" rate.

The bottom line is that you cannot do better than the Nationwide card. In fact most bog-standard debit cards are cheaper than most Bureau de Change.

newcastlebelle

2 weeks ago I was getting 1.20 at PO, Thomas Cook etc, still about the same today

last week I was in Greece and used the Nationwide flexi card and got 1.27 withdrawing cash from ATMs

so, get your cash at your destination with your card;)

chauhan89

Although the rates are good, if you're planning on opening up an account with them in order to use the card abroad, be aware, I am going to the states in less than 2 weeks time and i've been waiting for them to process my details for more than 4 weeks now... I decided not to use them anymore because i am travelling soon and still no card or account!

Ah well nevermind!

Zajko_Zuzulyatovsky

Thanks to all who have helped here, looks like the Card wins the day by far as opposed to cash.

I have had a NWide account for a couple of years and not used it, looks like it really comes into its own in Europe though, can appreciate them being a bit slow though, banks eh?

Regards

Zajko

dezza

I'm hoping to get a Nationwide card before going to Majorca in a few weeks time.
Today, the best rate is with TMS, ordering 21 days in advance is 1.228. Is the Nationwide card likely to give a much better rate than this? Also, are there suitable cash machines everywhere in Europe?
It would also save on poor buy-back rates - which are currently standing at 1.37, so the Nationwide card would be favourable.

benjus

dezza wrote: »

I'm hoping to get a Nationwide card before going to Majorca in a few weeks time.
Today, the best rate is with TMS, ordering 21 days in advance is 1.228. Is the Nationwide card likely to give a much better rate than this? Also, are there suitable cash machines everywhere in Europe?
It would also save on poor buy-back rates - which are currently standing at 1.37, so the Nationwide card would be favourable.

This is a variation of the "buy now or buy later" question which is constantly asked on this forum.

The Nationwide card will always give the best possible rate at the time of the transaction. What you are asking is effectively: "will the Nationwide rate be higher or lower than 1.228 in a few weeks time?"

Nobody can answer this question - you are basically taking a bet on how you think the rates are going to change. Most of us prefer not to indulge in currency speculation and just use the Nationwide card. Remember that if you buy from TMS you will be paying a spread on the rate (about 2.5%), whereas the Nationwide card give you the wholesale rate.

dezza

I was asking if the Nationwide card offers a better rate at the time of the transaction - I know that no-one knows what the rate will be like in weeks to come, which is a shame:rolleyes:

Someone on here mentioned that it took their card over 4 weeks to come through - is this the same in all cases?

wanye

i signed up for an account about a month and a half ago. card arrived after about a week, followed by the pin about a week later.
today (nearly 7 weeks later) the info on internet banking came (login and pin)

so yeah,.its taking them a while.

my card doesnt have a visa logo on it, only cirrus/link. does this mean i wont be able to use it abroad?

dezza

Just completed the online process and the card/pin should arrive within 10 working days, and the online login within 5 - obviously this isn't always the case.

dezza

Just wondering if it's much point waiting for the card... going away in under 3 weeks time - is it much point waiting for the card and hoping it arrives in time, or ordering currency now and get a better rate by ordering in advance?