credit card purchase in euros?

zagfles

hgotsparkle wrote: »

What many people forget to check, along with bank rates and transaction fees is a conversion fee.

The VISA tool asks for the bank fee, so that'll remind people. In the case of the Select card, it's 0%.

What people often forget when changing cash "commission free" is there is usually a large markup hidden in the rate. Whereas when paying by card, the VISA/Mastercard rates have a tiny markup, they're practically interbank.

As can be seen above - the Select card is better value than buying Euros at Travelex.

hgotsparkle

zagfles wrote: »

The VISA tool asks for the bank fee, so that'll remind people. In the case of the Select card, it's 0%.

What people often forget when changing cash "commission free" is there is usually a large markup hidden in the rate. Whereas when paying by card, the VISA/Mastercard rates have a tiny markup, they're practically interbank.

As can be seen above - the Select card is better value than buying Euros at Travelex.

Where something says commission free, the actual commission is in the profit margin of the sell to buy rates.

zagfles

hgotsparkle wrote: »

Where something says commission free, the actual commission is in the profit margin of the sell to buy rates.

My point. People do get misled by this "commission free" bull - we've had people on here outraged that their bank has charged them 2% exchange rate fee (now that they have to itemise it), and vowing that next time they'll buy their currency "commission free" in the UK to avoid the charge :rotfl:

Bell98

zagfles wrote: »

Correct answer at last! Yes Nationwide Select uses the VISA rate with a 0% markup, so this is what you'd get assuming the transaction is processed today. Also assuming you aren't conned by DCC (ie where the retailer converts the currency at a rubbish rate and pockets some of the commission).

For info:
2 days ago I bought flights on Aer Lingus website. They were charging Euros, at the final payment page they attempted to charge me in £'s. Fortunately there was a tick box which allowed me to pay in €'s. I made a note of the GBP amount. A few days later checked N/wide Select statement. Had I paid in £'s to Aer Lingus I would have lost £47.84. No doubt the bank they use get their cut and Aer Lingus get a cut for allowing the bank on their website.

Another note:
Be careful using the Select card in a chip and pin device in the Eurozone. Read the amount carefully before you put your Pin in.
Frequently it is charging the GBP rate and you need to ask to get it changed back to Euros.

Long live Nationwide Select.