How Nationwide Calculate Their Exchange Rate

pin

But its impossible to know the exact rate that you will get, this is becuase the transaction may not be posted the day you made the ATM withdrawal or card purchase. Also, as said the rates are moving on an hourly basis, so what the rate is at 10am will be different to what the rate is a 2pm.

No-one is lying, you are just getting yourself worked up over nothing.

eeja

Thanks for that dear PIN ( by the way the name a famous Thai banker of Finance One who fled to Belgravia !) but you are wrong.
PLEASE read this from the Visa webite at it is unlike N/W, totally clear and explicit !

"Every day, except weekends, U.S. Memorial Day, Christmas Day and New Year's Day, 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. Visa makes this rate available to issuing banks, which may adjust the rate in billing cardholders. The rate Visa makes available to issuing banks may vary from the rate Visa itself receives. Most consumers find that using Visa is a convenient and cost-effective way to make purchases and obtain cash when traveling internationally.



How accurate are the rates?

The rates you are shown are from Visa's internal database for exchange rates and are accurate to two decimal places. However, they are only meant to serve as an indication of the rate you could expect to receive from your issuing bank. As exchange rates change constantly, the rate is only accurate for one day. The exact rate you are charged depends on when the transaction is posted to the Visa system which may be later than the day on which you paid, depending on how promptly each merchant handles their Visa transactions."

So there is ONE rate FIXED for the day and should the transaction be posted the SAME DAY as it often is, one should get the rate given.

HOW DO THEY DO IT.?..with all other rates fluctuating by the minute ?
Thats the 64000 dollar question and what I have unsuccessfully been trying to find out from N/W for the last month !
Once one has the answer one can time ones withdrawals both to make money and/or prevent loss. This is probably why no explanation is forthcoming !!!