The Cheapest Way to Spend Overseas Discussion Area

Aletank

alison74 wrote:

Do you really get these rates ? I know NW is good, but some of the rates seem more like the xe.com rate i.e not what you would realistically get.

I am very interested as I will solely be using my card from next week for a few months in China, Laos, Thailand etc

For example M&S rate for Chinese Yuan today is 13.96, but visa rate is 14.69.

I am just curious as out of all the NW threads I have read before, I have never seen the rate link.

Could you just confirm this for me that I have picked it up right ? I will email myself the link and use it when I am away - thanks !

Yes you get this rate,as you say its the business rate

alison74

Thanks for that. I knew it was always a few points over your best high street rate, but I didn't know there was somewhere I could check what rate it would be (allowing for the transaction to get processed etc)

Great link to have ! Cheers

Aletank

alison74 wrote:

Thanks for that. I knew it was always a few points over your best high street rate, but I didn't know there was somewhere I could check what rate it would be (allowing for the transaction to get processed etc)

Great link to have ! Cheers

Just Incase you don't know, With a Nationwide Credit Card you would still get this rate but get charged 2% for cash withdrawals, leaving you still a little better off.
Nationwide Debit or Cash Card you get that rate with no charge!! So win win

eeja

NO, YOU DO NOT GET THAT RATE. IT IS A LIE !
Have been checking the rate given on that Visa website against the rate on my N/W statements by regular daily test withdrawals at different times . (I am in Bangkok ) It is different. N/W will confirm THEIR own rate is different.

alison74

eeja wrote:

NO, YOU DO NOT GET THAT RATE. IT IS A LIE !
Have been checking the rate given on that Visa website against the rate on my N/W statements by regular daily test withdrawals at different times . (I am in Bangkok ) It is different. N/W will confirm THEIR own rate is different.

So you do you have a link for NW rates at all please ?

pin

alison74 wrote:

So you do you have a link for NW rates at all please ?

There is no such link. Also Eeja seems to be on some sort of one man / woman mission over these so called lies involving Nationwide and Visa.

Fact is the rate you will get with Visa / Nationwide is damn close to the rate issued on the Visa website. You can never be sure on the exact rate because the settlement of payment will take a few days. However be assured that you will get the best possible rate if using your Nationwide card.

alison74

Thanks for clarifying that. I have used NW for a couple of years though and always been happy with the rates - but it would have been great to have a link to them direct - bit it's obviously not the case

Cheers

eeja

NO NO NO
I have withdrawn cash at an ATM in the morning and its come on my statement THE SAME DAY. Also N/W confirmed the Visa website rate which they call their treasury rate and they can and will email you their treasury rates for the past few weeks if you ask them.. What you get charged on your statement is DIFFERENT .
Often the rate used is the rate of the amount witheld by Visa within seconds of making a withdrawal .It appears on your statement as "amount available" in small letters under the balance.
The above is a fact but , Dear Pin, there is so much I do not know as we are not told. I freely admit this.
Think about it. A currency rate is fixed for the day but rates fluctuate so how can Visa balance their books ?
Only explanation ; Visa buys the currency it estimates it will need FORWARD . Clearly currencies work both ways ie Thais visiting the UK need pounds so often the amount bought equals the amount sold of a currency.
ONE THING IS CERTAIN : The Visa organisation is the largest currency trader in the world.

pin

ONE THING IS CERTAIN : The Visa organisation is the largest currency trader in the world.

That is actually incorrect. You will find that the big investment banks like Deutsche, UBS, HSBC, Goldman, etc are the biggest currency traders in the world. Visa is nowhere near them.

eeja

You may be right Pin as mine was only an informed guess. But how many Visa card holders are there in the world and if only a small proportion used their card in a country which uses a different currency or over the internet , the daily currency turnover would be unimaginable.
Wonder if Visa publishes any figures.