Nationwide Flexaccount

smk77

Apologies if this has been asked before but I've done a search on 'Flexaccount' but there are so many results I thought that it would be easier to risk the possible abuse from re-posting the same question!

Anyway, I understand that the Nationwide Flexaccount is ideal to use when withdrawning cash from abroad because of the low cost. I'll be in Canada in the summer and have a Flexaccount already. However, how does the cost of actually getting, say, £1000 in CAD before going compare to withdrawning using the Flexaccount debit car?

Going by today's rate the MSE holiday money tool suggests that my best option for cash would be give me $1656.00 from £1,000.

How does this compare to the Flexaccount? From http://www.moneysavingexpert.com/travel/cheap-travel-money I see there is a "load fee" of 1%. I thought that load fee was when you put money onto a credit card?

Also, what exchange rates to Nationwide use for their Flexaccount debit cards?

smk77

Think I've got my answer...It'll be the VISA rates

<<invalid link removed>>

which at the moment would be

1.679 so $1679...

or $1662 if there is a 1% loading fee to pay.

Baldur

smk77 wrote: »

.....what exchange rates to Nationwide use for their Flexaccount debit cards?

See http://www.nationwide.co.uk/current_account/foreigntransactions.htm

As you will see, there is a VISA fee of 1% outside the VISA Europe area for the Flex a/c Debit Card but, currently, no fee for the (Cirrus-based) Nationwide Cash Card; there is also the following link on the page http://www.visaeurope.com/fxcalculator/main.jsp

tingtong

From memory, I seem to get about 4% better exchange rate with my Nationwide card, as opposed to ordering money from, say, Travelex. This was before the 1% loading so should still about 3% better, which is a reasonable amount on £1000.

smk77

Baldur wrote: »

See http://www.nationwide.co.uk/current_account/foreigntransactions.htm

As you will see, there is a VISA fee of 1% outside the VISA Europe area for the Flex a/c Debit Card but, currently, no fee for the (Cirrus-based) Nationwide Cash Card; there is also the following link on the page http://www.visaeurope.com/fxcalculator/main.jsp

ok, thanks for that. It still works out better than most options with the fee,

smk77

tingtong wrote: »

From memory, I seem to get about 4% better exchange rate with my Nationwide card, as opposed to ordering money from, say, Travelex. This was before the 1% loading so should still about 3% better, which is a reasonable amount on £1000.

At the moment 1632.50CAD at Travelex for £1000.

If I convert 1632.50CAD back to GBP using the VISA link then I get £971.65. So a withdrawal of 1632.50CAD will cost me £971.65 plus 1% so £981.37. That's just under 2%. Not quite your 3% but I guess that depends on the selected currency and better the 2% in my pocket!

zolablue25

I am aware that if I withdraw Euros from my Flexaccount I won't be charged a transaction fee, but are there any free to use cash machines in Europe (particularly Tenerife). If not, does anyone know from experience what sort of fee the machines will charge?

DaMaNiAc

You won't be charged for using ATM machines in Europe. You should also make sure that you don't ask the cash machine to convert into your home currency as the exchange rate will be poor.

zolablue25

DaMaNiAc wrote: »

You won't be charged for using ATM machines in Europe. You should also make sure that you don't ask the cash machine to convert into your home currency as the exchange rate will be poor.

So Nationwide has agreements in place with foreign banks so that you can use their cash machines free of charge? Very interesting, thanks.

dzug1

zolablue25 wrote: »

So Nationwide has agreements in place with foreign banks so that you can use their cash machines free of charge? Very interesting, thanks.

No Nationwide has no such agreements. It's a Visa requirement and applies to all bank owned machines (privately owned ones, as in petrol stations and convenience stores, may charge just as they do here).

At one time this applied world wide but in some countries (eg USA) the arrangement has been declared anti-competitive and charges have crept in. I expect this may spread here.

barnishroader

I am planning to go to Barcelona in April.

Would i be best getting a Flex Account now and putting my intended holiday money in it now rather than just changing it into euros before i go?