Nationwide CC Foreign Purchase Exchange rates?

ceminem

Hi, I have a new Nationwide 9months 0%, I am going abroad but am unsure of what rate NAtionwide will use, if its below the general exchange rate I can get in M&S then i'd prefer paying cash.

jojo1978_3

As far as i'm aware, the conversion rate is governed by mastercard and visa,not by the credit card companies, and will be figured out by the daily rate.
But Nationwide don't charge the standard conversion fee (2.75%) back to uk pounds

bengal-stripe

http://corporate.visa.com/pd/consumer_services/consumer_ex_rates.jsp

gazhawkins

Have been using a Nationwide Debit and Credit card abroad in Europe, SE Asia, S Africa, India, Japan, The South Pacific, USA and Canada for years: the currency conversion rates are excellent.

Absolutely no conversion charges (overt or covert) on the debit or credit card.

Don't use the NW credit card abroad to withdraw cash (unless your CREDIT card account is in credit) - only for purchases.

Three cheers for the Nationwide:T

ceminem

Thanks for all the help,

The visa link above says give excellent rates that are based on market prices, so if I top up the CC with funds it would make more sense to withdraw cash with the NW CC rather than exchange money at a bank or exchange bureau! Will the Flex Account card give the same rates or only the CC?

KTF

As far as I know they give the same rate.

jojo1978_3

ceminem wrote:

Thanks for all the help,

The visa link above says give excellent rates that are based on market prices, so if I top up the CC with funds it would make more sense to withdraw cash with the NW CC rather than exchange money at a bank or exchange bureau! Will the Flex Account card give the same rates or only the CC?

Most credit card companies will still charge you to withdraw cash on your credit card, do nationwaide not do that?

KTF

Nationwide do charge for withdrawing money on the Credit Card overseas but the Debit Card is free.

Have a look at the table here:
http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1106765397,71685,#bb

spring85195

Used the debit card coupl days ago in france, the rate is 1.45. The best i have seen anywhere.

lisyloo

The visa link above says give excellent rates that are based on market prices, so if I top up the CC with funds it would make more sense to withdraw cash with the NW CC rather than exchange money at a bank or exchange bureau!

I don't think it's a good idea to load the credit card.

If you load it and subsequently your money is stolen then Nationwide DO NOT INSURE your money.
They insure money that they might lose i.e. you have a negative balance., but they do not insure money that YOU might lose i.e. you have a posistive balance.

This is what Natiowide have told me over the phone (several times as I double and triple checked).
I went to the Ts and Cs and it isn't completely clear, so I would therefore warn against it.

Obviously it might be a risk you consider worth taking if it's only going to be a few days, but I just wanted to make you aware of it.

ceminem

M&S are offering 13.9 and visa site says 14.4

Guess I'll have to laod up the flexaccount then, and withdraw when on holiday. Im assuming cus its a visa debit card it will use the exchange rates on the visa site.