Grecian Posted June 27, 2008 Share Posted June 27, 2008 Sorry to post about this subject again, I have done a search but cannot find anything up-to-date regarding the exchange rate obtained, by using a Nationwide debit card to withdraw money in France via an ATM. If anybody has made a withdrawal recently, can you please post the exchange rate you got when making the withdrawal.I have telephoned the Nationwide twice, and on each occassion, the lady was unable to tell me whether the rate is commercial or tourist, although the second lady I spoke to, said she had been asked the question hundreds of times.As it looks like we will be leaving the UK somewhere towards the end of September, we both want to open our Nationwide accounts before we leave, so any info on the rate would be most appreciated. Our current bank will not allow us to keep our UK account open with a French address. Link to comment Share on other sites More sharing options...
Benjamin Posted June 27, 2008 Share Posted June 27, 2008 Withdrew 300€ on Wednesday which hit my account yesterday at 1.260.I can't tell you if it's a commercial rate but it certainly ain't a tourist rate. I think most people who use them know that it's always a very good rate.Incidentially I notice on their website that they have just increased their rate for a one year bond from 6.6% to 7.0% which is pretty good in anyone's eyes. Link to comment Share on other sites More sharing options...
Pads Posted June 27, 2008 Share Posted June 27, 2008 Like Benjamin says .... Everytime I have used them I have had a very good rate. They cant tell you what the rate will be as it changes all the time. So if they tell you today , tomorrow it may be different and its amazing how many peple will ring back the next day and say but you said it would be ************* amount. They are just covering them selves. , snid Link to comment Share on other sites More sharing options...
Anton Redman Posted June 27, 2008 Share Posted June 27, 2008 Yes but they should at least be able to tell you how much or how little they add or subtract from the mean market rate. HSBC last time I checked charge you 1 % on transfers up £ 250,000. Link to comment Share on other sites More sharing options...
Pads Posted June 27, 2008 Share Posted June 27, 2008 Nation wide so I understand it dont make a charge to there customers. In fact most times I have used my card I have had a better rate than the current exchance rate . Link to comment Share on other sites More sharing options...
mona Posted June 27, 2008 Share Posted June 27, 2008 I've always found the rate from Nationwide to be excellent. They do not seem take commission and appear to give the commercial rate at the time which of course fluctuates. Link to comment Share on other sites More sharing options...
tuppence Posted June 27, 2008 Share Posted June 27, 2008 Nationwide exchange rate is a commercial rate. I check the website of a well known currency dealers each day and the interbank rate is the one you get with Nationwide. Always consistently better than anyone else AFAIK. So much so that my mother, who is coming to visit for a month, has changed her bank account to Nationwide so that a) she gets a better exchange rate and b) she gets more interest on her deposit account than most banks in the UK are offering at present. A win-win situation for her!!tuppence Link to comment Share on other sites More sharing options...
AnOther Posted June 27, 2008 Share Posted June 27, 2008 We got 1.263 on the 25th which was more or less the same as HiFx were showing at the time and pretty average for the day.No 'appear' about it Mona, they do not charge commission and do give the interbank rate. God bless em [kiss] Link to comment Share on other sites More sharing options...
AnOther Posted June 27, 2008 Share Posted June 27, 2008 Tuppence,Along with other stock advice given to prospective emigrants should be 'open a Nationwide A/C BEFORE you leave' [;-)] Link to comment Share on other sites More sharing options...
Wendy Posted June 27, 2008 Share Posted June 27, 2008 In our experience Nationwide always give the best rate available. Having said that, the 'rate' as such is not calculated until Nationwide actually receive the transaction in their system and this can take days depending on where you are when you are spending - they use the 'inter-bank' rate. We have a Gold Nationwide Card, take it everywhere we go around the world, and would never be without it. No fees, no charges...what more could you want?I honestly do not understand why more people do not have one. We have guests who use Lloyds TSB, HSBC cards and the like to pay their bill here and the fees/charges they are paying on those cards are astronomical...why do they do it ?Talk about 'uninformed'! Link to comment Share on other sites More sharing options...
Blossom Posted June 27, 2008 Share Posted June 27, 2008 [quote user="Benjamin"]Incidentially I notice on their website that they have just increased their rate for a one year bond from 6.6% to 7.0% which is pretty good in anyone's eyes.[/quote]Mmm…I've noticed a gradual increase in the NW’s one year bond rate despite three recent decreases in the BOE's base rate: hope they are not getting themselves into too much trouble in the land of LIBOR! Link to comment Share on other sites More sharing options...
Polremy Posted June 27, 2008 Share Posted June 27, 2008 I withdrew money from the hole in the wall here in 66 on Wednesday (around 2pm). With my Nationwide Debit card I got 1.262!! Link to comment Share on other sites More sharing options...
Grecian Posted June 27, 2008 Author Share Posted June 27, 2008 Once again many thanks for all the replies. It seems pretty conclusive that you obtain commercial rate, when withdrawing you dosh from an ATM in France. Somewhere around 1.26 at the moment, is certainly what you will obtain from a spot rate from any fx company.I have to say that is one cent better, than the forward fixed rate I have taken for our property purchase, oh for a time-machine to go back 12 months![:@] Link to comment Share on other sites More sharing options...
Georgina Posted June 27, 2008 Share Posted June 27, 2008 Hey Grecian, I am from West Yorkshire, and I posted the same question. I also could not get a straight answer out of Nationwide, hence why I asked on here. So far I am really happy with the account. Seemed too good to be true, being from West Yorkshire and all, did not believe it, - was waiting for the catch, relax, there isn't one. [:)]Georgina Link to comment Share on other sites More sharing options...
AnOther Posted June 27, 2008 Share Posted June 27, 2008 Just going back to the OP, I wonder which bank it is that won't allow you to keep an account ?It's the first time I've heard of it and is contrary to both my own experience and I believe that of many others. Link to comment Share on other sites More sharing options...
mint Posted June 27, 2008 Share Posted June 27, 2008 I am with Ernie here. No probs with any bank account I already held before coming to live in France. Different scenario once you live here.Just seen Tesco's e-savings account rate with a 1.5% bonus for 12 months. Thought I'd get myself one of those but, of course, when I read the Conditions, it said for UK residents only. Gr......... Link to comment Share on other sites More sharing options...
AnOther Posted June 27, 2008 Share Posted June 27, 2008 I think it's pretty well across the board for 'high street' products Sweets.I've got ISA's which I can keep but not pay any more into for instance.All a bit of a shame when returns are so good in UK at the moment. Still, lets see what happens when my NW eBond matures in September [;-)] Link to comment Share on other sites More sharing options...
mint Posted June 27, 2008 Share Posted June 27, 2008 And mine matures in November, so I will expect you, as my financial advisor, to point me in the right direction when the time comes![:D] Link to comment Share on other sites More sharing options...
AnOther Posted June 28, 2008 Share Posted June 28, 2008 If that's the way of it Sweets I'm afraid I'll have to send you an invoice for my fees [kiss] [;-)] Link to comment Share on other sites More sharing options...
mint Posted June 28, 2008 Share Posted June 28, 2008 Erns, I am also thinking that it might be prudent to get some money out of sterling. I have wondered whether it's worth buying another French property (given that I want to move anyway) and getting some £s over to do that.Then, I can sell the present one in a year or two's time. I do realise it's a bit of a gamble (what isn't?) but I am nervous about keeping too much in sterling at present.How about giving us your considered professional opinion? [;-)] Link to comment Share on other sites More sharing options...
lorna Posted June 28, 2008 Share Posted June 28, 2008 So this good rate is given for both debit and credit cards? Unfortunately we don't have a Nationwide account but I could advise visiting family and friends to get one. Also we have relations who will be moving to Spain presumably the same applies there? I will suggest they open a Nationwide account if they don't already have one. Link to comment Share on other sites More sharing options...
cooperlola Posted June 28, 2008 Share Posted June 28, 2008 The good rate certainly applies to debit cards. I imagine that cash withdrawals from a credit card are much the same as in the UK - ie the interest is payable immediately, with no grace period. But I don't have the credit card so couldn't say for sure.Yes, it applies everywhere in the world (well, the US, Canada, Malta, Belgium, France and Holland from personal experience anyway!) Link to comment Share on other sites More sharing options...
Benjamin Posted June 28, 2008 Share Posted June 28, 2008 [quote user="lorna"] Also we have relations who will be moving to Spain presumably the same applies there? I will suggest they open a Nationwide account if they don't already have one.[/quote]A word of caution when withdrawing cash from an ATM in Spain. Some banks (don't know how many) offer to debit you account with a sterling amount which is shown on the machine's screen.DON'T ACCEPT IT as they are building in an extra commission for themselves. Link to comment Share on other sites More sharing options...
cooperlola Posted June 28, 2008 Share Posted June 28, 2008 Good point, Benjamin. This happens in some shops too (especially near the channel ports) in France. Link to comment Share on other sites More sharing options...
Grecian Posted June 28, 2008 Author Share Posted June 28, 2008 Hi Ernie, in response to your question regarding which UK bank refuses to let us keep our current accounts open with a French address. The answer is... drum roll...Cahoot, which is owned by Abbey, formerly Abbey National. I suppose technically they are not now a UK bank, as Abbey is owned by Bank of Santander.We are both now in the process of opening a Nationwide account, in plenty of time before we leave the UK, so I guess it is bye bye Cahoot. Link to comment Share on other sites More sharing options...
Recommended Posts
Please sign in to comment
You will be able to leave a comment after signing in
Sign In Now