which gives the best currency rate Nationwide or Abbey Zero

eslick

Hi All

Now that Abbey Zero has been around for a few months has anyone used them abroad and noticed if they give a good of an exchange rate they give. Has anyone compared them against the Nationwide credit card which gives the better exchange rate.



Thinking about it, who gives the best exchange rate, Nationwide, Abbey or the Post Office, could be they are all the same and give the normal bank rate.

King_Of_Fools

Abbey and Post Office cards are Mastercards and will use the Mastercard exchange rate.
Nationwide is Visa and will use the Visa exchange rate.

These rates will be very similar but change all the time (even during the day). At some times you might find that Mastercard is better and at other times Visa. However you will not know which is better until you have used the card and the amount appears on your bill some days later.

eslick

Thanks King

Isnt it true that with some card you get a better exchange rate than other, or would it have been just the fees that make the difference.

King_Of_Fools

eslick wrote: »

Isnt it true that with some card you get a better exchange rate than other, or would it have been just the fees that make the difference.

I believe all cards use the interbank rate (certainly Visa and Mastercard - not so sure about Amex) as it is set by the card brand not the issuing bank.

However as you say, most cards also charge varying commission between 2.5% and 3% but they hide this in the exchange rate so it would look like the rate is worse than a Nationwide card (for example).

BenL

Here is the link to the VISA rate

http://corporate.visa.com/pd/consumer_services/consumer_ex_rates.jsp

It is rounded to 2dp whereas on your statement you may get to 4dp though.

Today rounded, £1 gets 1.27Euro