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Holiday money!!
stoneman
Posts: 4,551 Forumite
No, not THAT question!!
I have just noticed that Nationwide are no longer giving bank rate as exchange rate for withdrawling U.S. dollars. Have used my bank card 6 times whilst here in the states and checked my account this morning, it seems that the best I am getting is $1.96 to the £. This is even slightly lower than I would have got at Thomasexchange, and yes I have taken the $2 charge for using the machine into account (Wells Fargo). So I would have been better off bringing cash, as I wouldn't have had to stump up $12 in fees.
I have just noticed that Nationwide are no longer giving bank rate as exchange rate for withdrawling U.S. dollars. Have used my bank card 6 times whilst here in the states and checked my account this morning, it seems that the best I am getting is $1.96 to the £. This is even slightly lower than I would have got at Thomasexchange, and yes I have taken the $2 charge for using the machine into account (Wells Fargo). So I would have been better off bringing cash, as I wouldn't have had to stump up $12 in fees.
The common law of business balance prohibits paying a little and getting a lot. If you deal with the lowest bidder, it is well to add something for the risk you run, and if you do that you will have enough to pay for something better.
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Comments
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hmm.. interesting.. the best rate i can get on $$ in cash is $1.94 today, so if its only a couple of ¢ then i might not bother using my card next time i go on holiday..
thanks for this0 -
Were you comparing the rates on the same day as recently the GBP has been dropping against the USD & EUR, so if the rate at Thomasexchange is from before your holiday then it's not surprising that it's better.
In any case Nationwide uses the Visa rate which us about 1% below the interbank rate0 -
Yes, I was comparing same day rates. today you can get $1.97 at http://www.thomasexchangeglobal.co.uk/ Nationwide used to always be a good 4 to 5 cents better than any holiday rate. I noticed this last month when I went to Spain as well but thought I must have been mistaken, that is why I decided to keep a proper track this time.The common law of business balance prohibits paying a little and getting a lot. If you deal with the lowest bidder, it is well to add something for the risk you run, and if you do that you will have enough to pay for something better.0
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