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transfer money to buy a house Nationwide vs FX


Ma Baggins

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Having read that so many of you tend to use Nationwide accounts for changing sterling to Euro's to spend or pay into your french accounts. Plus that the exchange rate would appear to be the same as you get from an FX.

Unless you choose to fix a rate with an FX.  A spot transfer would be just the same as a Nationwide swift transfer costing £20 and in my mind be a simple way forward.

Or have I missed something - i am new to all this and have not yet got a french acount as just purchasing my first french property. 

 

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Hi, I think you'll find that people use a Nationwide Flex Account for transactions where you can use a debit card, e.g ATM's and purchases, because the exchange rate used is the very top 'interbank' rate and there are no charges or loading, making for excellent value.  If purchasing a proprty however, you will need to be able to transfer funds directly to the Notaire's Account, including the cost of the property and his fees, taxes, etc.  The best way of doing this is to use an FX company in the UK such as HiFX.  They will give you a spot rate (or forward contract if you don't want the funds straight away) which is better the larger the amount, and they will then transfer the sums to either the notaire's account or your own french account for free.  The rate isn't quite interbank, but it is hassle free and there are no associated charges.  I'm not  aware of any advantages over FX companies in making swift transfers from nationwide accounts to france in Euro, but others may know different.

Hope this helps 

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Not sure what your point is Ma Baggins.

For larger amounts such as deposits, balances and maybe bills for major renovations naturally one would turn to an FX.

Outwith that however most simply want to transfer their pensions or draw day to day spending money for which an FX is simply not cost effective so the NW card comes in very handy.

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