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    • sujester
    • By sujester 17th Jul 08, 7:34 AM
    • 73 Posts
    • 382 Thanks
    sujester
    Decided not to apply for a new card for our hols in Spain after Tesco announced double club card points for foreign transactions this summer - think they did it last year, so on our card thats 2 points for 1 which I believe is like 8% if you take deals minus the 2.75% load, doesn't seem bad - unless someone can tell me otherwise?
    Originally posted by Happy_Shrimper
    On my Tesco credit card it's normally only 1 point for every 4 spend, so doubled that's equavalent to 2% in deals - so I'm sticking with my Nationwide.
    • DJFearRoss
    • By DJFearRoss 17th Jul 08, 9:14 AM
    • 87 Posts
    • 31 Thanks
    DJFearRoss
    I would also like to remind people that these scams are meant to confuse you, unethical i know, but what they do now is first say, "press no" for euros and press "yes" for pounds sterling. Then underneath they put the YES button first and the NO button second. ie. not in the order stated. I know it sounds easy to follow here, but make sure you double check when your using their machines.
    • bob_a_builder
    • By bob_a_builder 17th Jul 08, 9:37 PM
    • 1,674 Posts
    • 815 Thanks
    bob_a_builder
    And of course hotels abroad like to cash in on this one too, when checking out many of them ask would you like the bill in Pounds or Euros - I've never actually asked about their exchange rate but I'm sure it will be heavily skewed in their favor.
    I travel quite a bit on business, and this happens in all sorts of hotels
    • bettz
    • By bettz 22nd Jul 08, 9:38 AM
    • 141 Posts
    • 6 Thanks
    bettz
    Hi I'm going Cyprus in a few weeks and was wondering if its best to change my money before i go?.Ive used Martins Travel Money Maximiser and its showing that Thomas Exchange Global is offering the best rate at the moment.Ive got a Nationwide Flexi account though so would it be best to take some Euro's with me and just use the cash points or will i get a better rate using the Thomas Exchange Global?
    • dzug1
    • By dzug1 22nd Jul 08, 9:22 PM
    • 13,359 Posts
    • 6,125 Thanks
    dzug1
    Hi I'm going Cyprus in a few weeks and was wondering if its best to change my money before i go?.Ive used Martins Travel Money Maximiser and its showing that Thomas Exchange Global is offering the best rate at the moment.Ive got a Nationwide Flexi account though so would it be best to take some Euro's with me and just use the cash points or will i get a better rate using the Thomas Exchange Global?
    Originally posted by bettz
    If you use your Nationwide card in Cyprus the rate will be better (by 2 or 3%) than Thomas Exchange.
    • bettz
    • By bettz 23rd Jul 08, 6:35 AM
    • 141 Posts
    • 6 Thanks
    bettz
    Thanks for replying so its best to exchange a little amount of money then withdraw the rest when we need it over there & we'll get a better rate than Thomas?
    • scarlet macaw
    • By scarlet macaw 23rd Jul 08, 7:16 AM
    • 51 Posts
    • 57 Thanks
    scarlet macaw
    Does anyone know which bank is best when transferring money between bank accounts in two different countries and currencies. i.e sterling to euro. Or are they much of a muchness?
    Originally posted by rfburke
    It depends on how much you are exchanging. Small amounts (up to about 2000 ) will be at a rate only slightly better than the cash rates;

    for medium sums the banks will all give you a similar 'commercial' rate, at these levels any difference will be lost in the rounding and may be outweighed by the difference in transfer fees - but ask first or they may give you the small transaction rate;

    for large amounts, speak to the specialists; they are really geared for people transferring money to buy houses etc, but will normally quote for amounts over about 10000.
    • benjus
    • By benjus 23rd Jul 08, 10:43 AM
    • 5,288 Posts
    • 3,261 Thanks
    benjus
    Could I just say that the details given for the Caxton FX card are misleading.

    Saying that it has 0% loading is inviting direct comparison with credit/debit cards which do apply a loading. However, the credit/debit cards are loading on the Visa/Mastercard rate, whereas CaxtonFX is using a rate of its own choosing. This is therefore an invalid comparison.

    Instead of talking about loading, surely it makes more sense to talk about "spread on the mid-market rate". For credit and debit cards this is essentially the same as the loading (for major currencies at least). For the CaxtonFX card this would be the ratio of their exchange rate relative to the mid-market rate - roughly 1.5% based on today's EUR rate.

    If you don't want to put an actual figure on the article, I suggest that you avoid mentioning "loading" at all when discussing the CaxtonFX card.
    Let's settle this like gentlemen: armed with heavy sticks
    On a rotating plate, with spikes like Flash Gordon
    And you're Peter Duncan; I gave you fair warning
  • artfult
    Help!! I'm confused!

    I'm going over to Spain with my gf in a few weeks and she has a Nationwide debit card, so we are considering pre loading spending money into her account. I realise this may be a cheap way of doing it but how do you know what exchange rate you get???

    If I were to transfer, say 500 into the account how much would I be able to draw out in Euros when I'm in Spain?

    Does it depend on the exchange rate on that particular day? If so, surely I could get a better rate by changing it all into Euros before I go!

    Can anyone explain?

    Thanks in advance!!
    • benjus
    • By benjus 23rd Jul 08, 12:00 PM
    • 5,288 Posts
    • 3,261 Thanks
    benjus
    Help!! I'm confused!

    I'm going over to Spain with my gf in a few weeks and she has a Nationwide debit card, so we are considering pre loading spending money into her account. I realise this may be a cheap way of doing it but how do you know what exchange rate you get???

    If I were to transfer, say 500 into the account how much would I be able to draw out in Euros when I'm in Spain?

    Does it depend on the exchange rate on that particular day? If so, surely I could get a better rate by changing it all into Euros before I go!

    Can anyone explain?

    Thanks in advance!!
    Originally posted by artfult
    The exchange rate used is the Visa rate (http://www.corporate.visa.com/pd/consumer_services/consumer_ex_rates.jsp) - put zero in the "Bank Fee" box.

    It does vary from day to day, so it is possible that you would get a better rate by changing money in advance. However, there are two points against this:
    1. The exchange rate could move in the other direction, meaning that you get a much worse rate by changing money in advance
    2. A bureau de change will make a charge for exchanging (typically 2-5%), while the Nationwide card does not charge anything. So exchange rates would have to move by more than the amount charged by the Bureau de Change for it to be worthwhile.

    So if you can change the money in advance at 3% spread, and the Euro strengthens against the pound by more than 3% while you are away, it is better to exchange money in advance than to use the Nationwide card. IMO that's a big "if" - especially as the pound has recently strengthened slightly against the Euro.

    Bottom line - it's generally best just to stick with the Nationwide card. Work out how many Euros you have in the account at the exchange rate just before you go, then try to leave a small amount in the account so that you don't go overdrawn. A big shift in the exchange rate while you are away is not particularly likely, but keep an eye on the exchange rates for big movements if you are worried.
    Let's settle this like gentlemen: armed with heavy sticks
    On a rotating plate, with spikes like Flash Gordon
    And you're Peter Duncan; I gave you fair warning
  • JudyM
    Does anyone know which bank is best when transferring money between bank accounts in two different countries and currencies. i.e sterling to euro. Or are they much of a muchness?
    Originally posted by rfburke
    No they certainly aren't much of a muchness - to transfer between accounts, use a foreign currency exchange company (I'm with First Rate FX here in France: www.firstratefx.com ), as (a) the transfers are FREE and (b) the rates are much better and (c) you can transfer money same day within Europe, next working day ROW. Their minimum amount for a one off transfer is around £1000, although they will do monthly payments (eg for mortgage txfr) for less than this.

    You will save around 4% against the High St banks. FX companies make their money (as the banks do) by taking a portion of the difference between buying and selling the currencies. But they take a MUCH smaller amount than the banks, which is why banks post such huge annual profits!
    Last edited by JudyM; 23-07-2008 at 12:27 PM.
  • jupops73
    Travelling to Spain
    Goodness, have just read the thread and am confused as to what to do.

    I am travelling to Spain, therefore need Euros approx 1200 worth. I was going to change cash before I go as this is what I did last year, previous years Traveller Cheques. I had a look on the cash conversion calculator and it says that Thomas Exchange is the best.

    Is this what I should do? and how reiliable is it coming through the post????

    I do not have Nationwide Bank account as this seems a popular choice!

    Thanks in advance for any help!
    • Cloudane
    • By Cloudane 24th Jul 08, 1:32 PM
    • 502 Posts
    • 356 Thanks
    Cloudane
    I noticed in town today there's a sign outside the co-operative saying 0% commission, would this be a good deal for grabbing some cash to take over initially (and then spend on Abbey Zero card over there if I ever get the darn thing)?
    • benjus
    • By benjus 24th Jul 08, 1:46 PM
    • 5,288 Posts
    • 3,261 Thanks
    benjus
    I noticed in town today there's a sign outside the co-operative saying 0% commission, would this be a good deal for grabbing some cash to take over initially (and then spend on Abbey Zero card over there if I ever get the darn thing)?
    Originally posted by Cloudane
    The phrase "no commission" is almost completely meaningless. The only thing that matters is how many Euros (or whatever) you get for 500 (or whatever). The exchange rate may be good or it may be lousy. However, it will not be as good as the Abbey Zero card.

    If it's just for a small amount of cash to get a taxi from the airport or something, the difference between a good rate and a bad rate will not be much, so it's probably not worth shopping around. If you want to get more money as cash it pays to shop around - check the Travel Money Maximiser on this site. If you are travelling via an airport with a TravelEx branch, bear in mind that apparently you can get TravelEx to price match the best rate from other providers.
    Let's settle this like gentlemen: armed with heavy sticks
    On a rotating plate, with spikes like Flash Gordon
    And you're Peter Duncan; I gave you fair warning
    • Cloudane
    • By Cloudane 24th Jul 08, 1:58 PM
    • 502 Posts
    • 356 Thanks
    Cloudane
    Thanks, yeah any cash bought beforehand would likely be just a small amount, basically for getting from the airport, getting settled and then getting to a cash machine.

    Just hope this Abbey card arrives, seems it's normal that they're slow. Also read somewhere that you have to tell them before going abroad or they'll decline payments.
    • Mat_Lock
    • By Mat_Lock 24th Jul 08, 2:00 PM
    • 2,053 Posts
    • 5,565 Thanks
    Mat_Lock
    My on going saga with opening a Basic Cash Card account at Nationwide is still going on... 2 months later and they still haven't got it open. Useless !!!
  • valan
    Local Bank Account - Spain
    As a result of reading a message from Scarlet Macaw dated 9/7/08. This may help?
    If you travel/holiday regularly in Euro countries.
    Although initialy opened to enable me to buy a holiday home in Spain, I have found that having a local Spanish bank account (ie. Euros) which provides a cheque book, debit card, internet access etc. has made life a lot easier when it comes to sorting out travel money to any country where the Euro is their main currency. To open the account I did transfer a decent sum which meant I could get the commercial exchange rate for the transfer, but to keep it topped up, whenever I visit my Spanish Bank I take Sterling Traveller cheques and just pay them in over the counter, giving me a very competitive rate. I then draw out my spending money using my Spanish debit card. I keep a small amount of Euros at home for immediate arrival costs. I have also used my Euro cheque book to purchase items in/from France with no trouble. There are local bank charges, ie. being a non resident, debit card, but overall it has taken a lot of hassle out of my hols and its very convenient and I believe the rates always work out competitive.
  • abbo
    Abbey zero
    Just a thought but...

    I see that the Abbey zero card does not charge a fee for withdrawing cash abroad, but charges 25.9% interest. I'm aware that when you receive the bill, you are still charged the interest, even if you pay in full on time.

    However, what if you paid the outstanding balance BEFORE receiving the bill. OR even better overpay your credit card BEFORE you go away (leaving a credit balance)

    Does anybody know how / if interest is still chargeable in these circumstances (especially if the amount you withdraw is within the amount of credit you have built up in advance)?
    • Cloudane
    • By Cloudane 25th Jul 08, 9:50 AM
    • 502 Posts
    • 356 Thanks
    Cloudane
    The terms and conditions I just signed seem to suggest that interest is charged between when the transaction was made, and when it's paid off in full. In other words, if you paid it off early, I think it'd only be charged for the few days that it was borrowed.

    Not 100% certain though, as I don't think the interest itself is added on until the statement, so it depends what they mean by "pay off in full".

    Could also do with knowing how long before the agreed Direct Debit date they actually commit to a payment, as one thing I don't want to do is withdraw £500, pay it off in full (£500) and then have them take the direct debit (£510 or whatever), leaving me short.
    Last edited by Cloudane; 25-07-2008 at 9:53 AM.
  • abbo
    As long as you pay the 500 before the statement is issued, the DD will just collect whatever is outstanding.

    If the 500 was paid after the statement was issued, but before the DD is taken, that sounds potentially risky. However, you would think the process would be intelligent enough to see what is owing at the point the DD is taken. I know for a fact that this is the case with an Egg credit card, as I have done it.

    Alternatively, you could just cancel the DD and pay via a BACS transfer.
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