Halifax Bank and Nationwide BS exchange rates!

Fortyfoot

The Halifax Clarity Card exchange rate for cash withdrawals and purchases was 1.173€ to £. Better than I expected.
At the same time I used my Nationwide credit card, this is their exchange rate!
02 Dec 2019ARCADE 5.60EUROPEAN M at 1.16666666.

Fortyfoot

boo_star

Because Halifax use Mastercard who have slightly better exchange rates than Visa who Nationwide use.

Its barely over half a cent difference, not really anything to lose any sleep over.

Highland76

boo_star wrote: »

Mastercard who have slightly better exchange rates than Visa
.

Not always though. Where transactions have been processed on the same day, I sometimes find a better forex rate has been applied on my MBNA Everyday card (Visa) versus my Halifax Clarity (Mastercard). However as you say, the difference is usually very small and not worth creating a fuss over.

fifeken

Highland76 wrote: »

Not always though. Where transactions have been processed on the same day, I sometimes find a better forex rate has been applied on my MBNA Everyday card (Visa) versus my Halifax Clarity (Mastercard). However as you say, the difference is usually very small and not worth creating a fuss over.

What currency? An MSE article from a couple (?) of years ago found Mastercard almost always better IIRC.

MDMD

I know the above is about EUR but as an example the VISA GBP/USD rate today shows £1 = $1.292129.

The MasterCard rate is 1.2983 ($1 = $0.770197)


https://www.visa.co.uk/support/consumer/travel-support/exchange-rate-calculator.html?amount=1&fee=0&exchangedate=12%2F04%2F2019&fromCurr=GBP&toCurr=USD&submitButton=Calculate+exchange+rate

https://www.mastercard.co.uk/en-gb/consumers/get-support/convert-currency.html

nicetomeetyou

I wasn't changed any exchange rate with my Nationwide flex plus card.

Ben8282

nicetomeetyou wrote: »

I wasn't changed any exchange rate with my Nationwide flex plus card.

If the card was used for a non-GBP transaction an exchange rate must have been used to convert the non-GBP amount to GBP.
Please explain how such a conversion could have been done without using an exchange rate.

nicetomeetyou

I meant to say wasn't charged any exchange rate fees?

boo_star

nicetomeetyou wrote: »

I meant to say wasn't charged any exchange rate fees?

We're not talking about fees though?

jackieblack

Duplicate thread
https://forums.moneysavingexpert.com/discussion/6078369/exchange-rates

zerog

If you want to know the exchange rate in advance, you'll have to use something like Revolut, open a euro account, or use cash (yes, it is possible to beat Visa and MC rates with cash, but requires careful planning and carrying large amounts around the world). Otherwise you are at the mercy of the card companies, and yes, if the exchange rate changes suddenly (for example on EU referendum day) you may be charged a lot more than you thought you would be.

Actually, Unionpay uses close to interbank rates, but it is difficult for a UK resident to get a Unionpay card.