Should I send out cash lump or set up Nationwide account in UK for Caribbean

beefy-stu

I have to transfer some money to my parents but the exchange rate is 4.2 east carribean dollars to the pound despite seeing online that it is 4.6 at the moment. Does this mean that the bank rate takes away .4% plus the transfer fee. Also there is no way that that figure can be guaranteed by the time it gets there. (7 days). I thought if I opened up a Nationwide account here in the UK and sent them a card, using fedex, they would receive a better rate for their money by withdrawing amounts whenever sterling was strong and be able to make free withdrawals. Is this a good idea? What do you think?
Cheers Beefy

grumbler

beefy-stu wrote:

...Is this a good idea? What do you think? ...

This idea is good and not new. It was discussed many times and was even added to Martin's article: Sending Money Overseas: Moving money large or small (see also discussion). The safest way is to use a cash card, not a debit card.

beefy-stu

Thank you for pointing us in the right direction, we will look in to it further

grumbler

If you chose this way, see also: DCC and ATMs abroad: for the attention of Nationwide card users