Nationwide's free foreign withdrawals smoke and mirrors ?

harryhound

My understanding is that Visa charges 1% (or there abouts) but nationwide absorb that charge.

Thomas_Crown

harryhound wrote: »

My understanding is that Visa charges 1% (or there abouts) but nationwide absorb that charge.

Nationwide absorb the current charge of 0.84% but when it increases to 1% they will only absorb the charge if incurred in certain countries. Read the link provided by dazza.mk.

harryhound

I get it "Western" Europe including the French colonies plus Turkey will still be free after 1st June on my Flex card.

Many thanks

apt

Thomas_Crown wrote: »

Nationwide absorb the current charge of 0.84% but when it increases to 1% they will only absorb the charge if incurred in certain countries. Read the link provided by dazza.mk.

Not quite true. It's VISA that does not does not make charges in some countries, so there's no charge for Nationwide to pass on. At least Nationwide is not (at least for now) levying its own 2.75% foreign currency charge like most banks.

gozomark

apt wrote: »

Not quite true. It's VISA that does not does not make charges in some countries, so there's no charge for Nationwide to pass on. .

indeed, link above says

"The list below provides details of the countries for which Visa charge a fee"

PurpleBox

Does anybody know if ATM withdrawals included?

Biggles

PurpleBox wrote: »

Does anybody know if ATM withdrawals included?

This applies to all Nationwide card transactions.

eeja

Biggles wrote: »

This applies to all Nationwide card transactions.

Sorry to ask but where do you get that information from ? The link above clearly referred to Nationwide Visa card transactions only .
Yes...it is not only Visa that N/W use !!

eeja

gozomark wrote: »

I took out € on Monday night (23/2), dated yesterday (24/2) on online statement - 1.133 rate

the visa site isn't misleading - as per my post above "Every day – except weekends and public holidays – Visa calculates the rate for the next day's transactions. The Visa rate is selected from a range of rates available in wholesale currency markets or the government-mandated rate in effect one day prior to the applicable central processing date." So in other words they fix a rate each day, and its the mid price rate (or possibly with a 0.1% spread) - whatever it is, its the best rate possible

as for the xe.com rates - from visa link

How accurate are the rates provided by Xe.com?

The rates you are shown are from Xe.com’s database of foreign exchange rates and are subject to their terms and conditions. These are provided to give an indication of the rate you could expect to receive.

Believe me Gozomark , the info on the Visa Corporate website is nonsense.
How could the rate be fixed for the day when the rates in fx markets are constantly changing ? Please do not ask how N/W fix their rates as correspondence over a three month period with their head office failed to clarify the issue..... just made it more muddled. ! The conclusion reached was that the rates used and the methods by which they are obtained are in fact confidential and top secret to prevent currency speculators getting into the act The fact is the rate with one exception, is constantly changing every few minutes. That exception was a well timed withdrawal on a Sunday when all fx markets were shut thereby allowing withdrawals to be made at a predermined exchange rate.

ozzage

eeja wrote: »

Sorry to ask but where do you get that information from ? The link above clearly referred to Nationwide Visa card transactions only .

Well they are Visa cards... credit and debit... it's pretty clear in the link that it applies to both and I'm sure if they were excluding a certain type of transactions (ATM withdrawals) from the fee they would be yelling in loudly in that text.

Have I missed your point?