Nationwide Forex Rate?

eagleeye

Hello
Does any body have idea regarding the Forex rate on Nationwide debit card .I phoned them up and they said it is not possible for them until you do the transaction. I come to know that it is the visa company decides the rate on Nationwide transactions abroad. I found the visa tool on the internet but if nationwide use this tool for forex then they are unbeatable, but I’m not sure.
http://www.corporate.visa.com/pd/consumer_ex_rates.jsp
If you have ever transacted abroad on nationwide card then please leave your exchange rate for 1 GBP in comparison to USD with date of transaction so that I can compare it with other companies like xe,hi-fx ,etc.

Thanks

magentadreamer

You'll find with Nationwide Debt card you get the going bank rate at the time. They don't load conversions like other banks do.

thetope

yes, nationwide changes constantly (or as often as the banking "spot" rate changes). for a fairly accurate idea of the current rates try www.xe.com though in my experience nationwide is sometimes even better that that

eagleeye

Yes i just want to know the average rate offered by them.If they are better than Xe.com then they are unbetable for foreign debit card usage.Even the staff did told me that they offer better exchange rate than travel cheques.

ceebee_2

Eagleeye perhaps the following will help.
3 Aug. Norwegian K. = 11.375/£
6 Aug. US D. = 1.778/£
12 July Euro = 1.453/£
6 July Euro = 1.477/£
7 July Euro = 1.473/£
16 March Euro = 1.430/£
!7 March Euro = 1.436/£

These are figures taken from my statements for 2005, and are all Debit Card payments. Hope they help.
As an aside, I have a laugh at these figures because they are the only ones my wife can't calculate how much she's saved me after she's spent the money. HA HA HA.

Applicable to Nationwide account.

grumbler

30/12(statement) 27/12(used) EUR at 1.448
4/1(statement) 29/12(used) EUR at 1.452

See also my post #9 in What is the best Visa card? thread ...

kenshaz

Nationwide ,forget the rest and all the figures

kenshaz

Why all the research,think simply,accept

KTF

You cant beat the Nationwide rate. Its way ahead of every hight street bank and foreign currency places as well. I am suprised that they dont shout about it louder because it made me move to them for that very reason.

eagleeye

Thanks to all MSE revellers and especially to those who used their time to gave me the transaction values from the bank statements. I believe in evidence based management systems that’s why I requested about the exchange rates offered by Nationwide. The results which I got after comparison with the visa online tool , xe.com archive ,oanda.com archive is that EU & USD rates are almost similar to reference rate and for Indian Rupee rate is slightly below(About0.30 INR/1GBP) than the XE.com/RBI India reference rates but still unbeatable with all Money transfer services. The best rate offered by Indian MT is still 1-1.20 INR below than the XE.com/RBI reference rates. They are no doubt unbeatable as well as one of the cost effective bank for travellers. Kenshaz is absolutely correct –They are one of the unique banks in the world. So no need to research further .The only downside for couples as I come to know from ceebee is that they may end up in more debt due to shopping .So its better to lock this card away from wife !

ffym

Just to add, with my Nationwide CC On the 12th Dec 2005 I got 1.768 £ / US$ which I 've checked was slightly better than the FOREX that day! That with no hidden charges makes it a great deal in my book.
If there's a better way to buy abroad I'd like to know!