# Exchange rates



## SidT (May 9, 2005)

"Working Lunch" on BBC2 today did a feature on exchange rates. the reporter bought 100 Euros from the PO, Beurau de Change(S?) and a travel agent in England then went to Calais and using a Capital One card and a Nationwide debit card drew 100Euros from three Atm's.
The three withdrawals in France were all cheaper with the Nationwide card being the cheapest at £68 with the dearest in England costing nearly £73.
Cheers Sid


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## 95375 (Jun 7, 2005)

a couple of weeks ago we went over to Germany to buy our Carthago and took nearly 20k sterling in euro cash.. We had checked our bank, the post office and various other High St institutions for exchange rates.. The best deal we got was from Thomsons Travel Agent! The difference between our bank (RBS) and Thomsons amounted to £600 on £20K !!! So beware especially if you need larger sums!

Cocky..


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## gaspode (May 9, 2005)

Hi Cocky

Yes - you are quite right about poor exchange rates on large Euro money transfers. I think that of all the problems buying in Germany, getting a good exchange rate is one of the most difficult. I had a major argument with our bank (HSBC) about it. They wanted to give me the normal tourist rate and wouldn't even quote me on a commercial rate. As you say the difference is enormous, in our case over £1000 on the transaction. Anyway, to cut a long story short, by persisting with the bank and finally talking to their foreign exchange office over the head of the local branch, I finally badgered them into giving me the full commercial rate on a SWIFT transfer. It made over £1000 difference! The biggest problem is that bank branches these days aren't experienced in anything out of the ordinary day to day banking so are only capable of offering their standard product. I couldn't believe that the person in charge at our local branch (I hesitate to use the term "manager") simply didn't know that there were different exchange rates available other than the standard rate that they used for tourist conversions!
My advice if you are buying abroad is not to take the first deal your branch offers, look on the internet for the daily commercial rate and don't settle for anything less.


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## 88845 (May 9, 2005)

Confirming "Working Lunch" findings.We take very little euro cash from UK usually what we have left from our previouse trip.
Using a Nationwide Flex account direct debit card in June we got an exchange rate at ATM's of between 1.492 and 1.507 euro's to the pound . That equates to 100 euro's costing between £67.02 and £66.36, much better than UK tourist rate. 
For purchases we use a Nationwide credit card for which the same rules apply with no add on costs.

Regards 
John


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## 95375 (Jun 7, 2005)

*Nationwide rates*

Hi John, Can I ask you what dates you were away in June? I have all the daily rates from XE for the last 18 months or so.. I would like to compare that rate with your Nationwide account.. On the face of it you are getting full commercial rate.. In which case we off to move from the RBS to them!!

Colin


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## 88845 (May 9, 2005)

Hi Colin,
We were away all of June, but the rates and dates as shown on statement as follows:-
15/06/05 1.492
23/06/05 1.501
25/06/05 1.507
29/06/05 1.501
01/07/05 1.493

These are the figures I have , the first four being ATM cash withdrawalls and the last being a direct debit. Hope this helps , but I think you are right ,commercial rates are being used. Would be interested to know your conclusions.
Regards 
John.
P.S. You of course realise these dates are probably two days later than the actual physical transaction took place. I know this for a fact on the last one.


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## Detourer (May 9, 2005)

I recently had to trans a bulk sum for a purchase out of the UK.......messed around with bank (RBS) etc etc. Finally went with Money Broker who we used when we moved to Spain when most of our assets were transferred.......once again so simple.........deposit amount with them in £'s await best commercial rate, call and convert to e's...........they trans (free) to destination/bank/person/business whatever..............Obviously only good for purchases abroad. think their min was £5000.


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## 95375 (Jun 7, 2005)

FERDINAND said:


> Hi Colin,
> We were away all of June, but the rates and dates as shown on statement as follows:-
> 15/06/05 1.492
> 23/06/05 1.501
> ...


Cheers John .. Well here are the comparisons (sad I know) :

15th your rate 1.492 FX rate 1.5044
23rd your rate1.501 FX rate 1.502
25th your rate 1.507 FX rate 1.508
29th your rate 1.501 FX rate1.505

This shows that your exchange rate is less than .001 difference on the best commercial rate (unless you are buying say 100k Euro at a time ) I know I have had to buy bulk for our Spanish house..

Clearly you bank is excellent!! All trhis without any charges on the transactions either! Guess where I'm off to to open an account!!

Cheers that has been REALLY useful and will save me a considerable amount on my pension when I get it paid direct into my Spanish account.. The Vino is on me!!

Colin


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## 91929 (May 1, 2005)

In March we found best rate was obtained at PO paid in cash (drawn over bank counter by cheque)

When there used Caravan Club Credit card (charged at commercial rates)

PO would have bought back at the rate we paid

Converted some Travellers Cheques at Rabobank with no commission


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## smifee (May 17, 2005)

i am a certified tech thickie  but think i am financially savvy  eg when all around me were rushing to get endowment mortgages i saw the flaw and was proved right.

i have posted about the merits of the nationwide flex account - it is one of only 2 cards in the world that do not charge a fee for withdrawing cash abroad. the other card has conditions to qualify for fee free withdrawls. nationwide doesn't.

i have also posted that the nationwide credit card doesn't have a 'free period' if you pay the whole amount off on the due date. I WAS WRONG. i had elected to pay the minimum amount by direct debit each month. when i wanted to pay the whole amount off i deducted the direct debit amount. unfortunately i hadn't realise they don't take the minimum if you make a payment before the direct debit date. the amount was trivial so i didn't check out why for several months    

the nationwide flex account and credit cards give the best rates day in day out. from time to time other financial institutions have short lived special offers which give the same rates. 

i haven't found a foreign ATM that charges for cash withdrawls(france, belgium, netherlands,germany,portugal,andorra). 

have i just been lucky :?:


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## MOTORHOMER (May 9, 2005)

Hello Smiffee


I dont know what the secod card is you talk of but we have a caravan club visa card as back up to the Nationwide when we go abroad. & it too does not charge commission on purchases abroad. 


Motorhomer


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## 88862 (May 10, 2005)

*Exchange Rates*

If travelling regularly to Europe, why no open a bank account in France :!:


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## 93795 (May 1, 2005)

Hi Roger, an interesting suggestion, do you know if it is possible to open a bank account in France or Italy or Germany, for instance, if you don't have a permanent address in those countries?
Phil.


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## smifee (May 17, 2005)

hi motorhomer

i looked at the caravan club card but although it does not charge commission on purchases outside the uk it does charge, from memory i think it was 1.65% on cash withdrawls outside the uk.

mike


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## 88862 (May 10, 2005)

*Exxchange Rates*

Hi Phil
Yes you can open an account with Credit Agricole.
The account is CA Britline: http://www.britline.com
It is all done by post; you get a cheque book and a Visa debit card,
There is a yearly fee with the debit card.
Hope this is of some help.
Roger


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