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Nationwide v Post Office


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Just put Excel to a good use - comparing Nationwide with the Post Office.

Nationwide uses Visas rate (and this will depend when it is processed) less 2% and a charge of £1 for each transaction.

Today Visa rate is 1.169926. Take 2% off of this and it gives a rate of 1.146527

The Post Office is giving 1.1429

Now, if you construct a spreadsheet where in the first column the GBP is increasing from £10 by £10 on each row and then calculate what you will get from Nationwide on the basis of:

(Amount - £1) x actual rate - i.e (£200 - £1) x 1.146527

Post office

Amount x rate - i.e. £200 x 1.1429

Up until approx £317 you get more euros via the Post Office.

Now my Nationwide card will only allow me to draw £300 a day. Therefore, based on todays rates, I will get more euros by using the Post Office. -

Looks like it wil be the Post Office for me - BUT we are off on Saturday, with the Irish problem will the exchange rate change in a favourable way?

Just checked and Travelex pre order rate is even better than the PO.


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