Bad News For Nationwide Flex Account Holders

[Nana Fly]

OK IT'S TIME TO DO A LITTLE MATHS

 

 

 

 

Thanks Jason for this simplified example. It certainly helps someone like me to decide who to replace my Nationwide account with. I think I'll plumb for the Halifax Clarity option. Also, after so many trips to LOS, I think I might as well open a Thai account on my next trip.

 

Cheers

[Sarse500]

I've used Kasikorn for quite a few (too many) transfers and not had any charges.

 

The rate I got was usually a few Satang better than the rate showing HERE

That rate is a little lower than interbank, that you'll find here:  xe.com

Their current Telex Rate is 48.001, Interbank as I post is 48.455.

 

 

 

Edited September 27, 2010 by Sarse500

[Edge]

That rate is a little lower than interbank, that you'll find here:  xe.com

Their current Telex Rate is 48.001, Interbank as I post is 48.455.

 

There are lots of rates quoted, some more exciting than others, but over nearly 4 years I've found the Thaivisa link to be a consistently accurate indicator of the exchange rate I actually got from the bank, so I'll stick with that thanks.

[Sarse500]

There are lots of rates quoted, some more exciting than others, but over nearly 4 years I've found the Thaivisa link to be a consistently accurate indicator of the exchange rate I actually got from the bank, so I'll stick with that thanks.

That's fine - but be aware the difference between interbank and what you get from the bank is their profit and your loss.  Your aim for any FX should be to get as close to interbank as you can on any given day.

Edited September 27, 2010 by Sarse500

[Edge]

That's fine - but be aware the difference between interbank and what you get from the bank is their profit and your loss.  Your aim for any FX should be to get as close to interbank as you can on any given day.

 

I see the difference, but how do I control which rate I get?

 

My money is with FirstDirect/HSBC and I transfer to Kasicorn.

Obviously I would like to transfer at the best point in time re exchange rates, but ultimately I get what I'm given and I look at the exchange rates to see what that is likely to be.

Apart from changing my banking system, how else should I be aiming to achieve the best rate?

Thanks.

[Al.]

I see the difference, but how do I control which rate I get?

 

My money is with FirstDirect/HSBC and I transfer to Kasicorn.

Obviously I would like to transfer at the best point in time re exchange rates, but ultimately I get what I'm given and I look at the exchange rates to see what that is likely to be.

Apart from changing my banking system, how else should I be aiming to achieve the best rate?

Thanks.

 

Log into First Direct point a shotgun at the screen and say "Give me your best rate"

 

Always works for me

 

Al.

Edited September 28, 2010 by Al.

[Edge]

Log into First Direct point a shotgun at the screen and say "Give me your best rate"

 

Always works for me

 

Al.

 

LOL - I don't have a shotgun but I'll try a brick.

 

As far as I can see, once I've chosen the moment at which to call FD and tell them to send the money I get whatever I get when it touches down at Kasikorn.

All I was saying is that historically, looking at the Thaivisa link has been very close to what I actually got.

Looking at a higher rate IME might lead me to be over optimistic and thus disappointed.

 

There are often topics posted here getting excited (Good News At Last!) about various exchange rates, especially for currency trading, but the Thaivisa one is the one I look at to see what is really likely to be happening at the banks and exchange booths and ATMs on the ground here.

 

I'm always happy to be educated though.

[thinkof1]

Recieved my Halifax Clarity card today. £10,450 credit limit with a 12.92% rate , £500 maximum withdrawal a day.

 

After reading all the bumph , the bottom line seems to be that it will cost me £1 for every £100. So an average trip will be £15 for my estimated spending of £1,500 ( minus hotel ). Seems ok for the peace of mind this will bring instead of carrying cash.

 

Will be landing in Los 18th October , will give the card a spin and report back.

 

Do the girls take MasterCard ?

[H261]

From my online statement:

 

Nationwide debit Card.

 

21 Sept 2010 Cash Bangkok Bank 10,000 Bht + 150 Bht charge = £214.80

 

 

17 Sept 2010 Cash Bangkok Bank 10,000 Bht + 150 Bht charge = £213.86

Edited September 29, 2010 by H261

[blue1878]

I've got my clarity card but I think I'll end up transfering my money from my UK bank account into my Thai bank account. Then when I'm in Pattaya I'll use my thai ATM to withdraw my money from my Thai banks ATM machines

[beeline]

It would be a useful exorcise to hear from people that have used cards in Thailand.

Quoting the exchange rate they got and when they were used

 

Am taking 4 different cards to patts this time, 1 visa debit and 3 credits - Nationwide (visa), Post office (visa I think - not sure) and Natwest (mastercard). I was planning on taking 10k out of each on the same day to see what the fees actually are. I will report back when I'm done

[Slacker]

Despite their change to overseas (non-EU) charges, Nationwide still assert that they will be competitive on rates. I've always used my debit card for cash withdrawals on previous trips and Nationwide have always given a very good exchange rate, so it might be worth a dabble if caught out without cash or T/Cs. I'm taking the bulk in T/Cs this trip as last trip was very positive and may open a Thai account for convenience - just got to do the Maths on whether this is a money-saving option.

[Laawman]

I've got my clarity card but I think I'll end up transfering my money from my UK bank account into my Thai bank account. Then when I'm in Pattaya I'll use my thai ATM to withdraw my money from my Thai banks ATM machines

 

 

That's what I'll be doing. It's a lot easier than pissing about trying to avoid the B150 ATM charge.

[Sarse500]

I've got my clarity card but I think I'll end up transfering my money from my UK bank account into my Thai bank account.  Then when I'm in Pattaya I'll use my thai ATM to withdraw my money from my Thai banks ATM machines

 

 

 

You'll find that you'll pay at least £20 to wire the funds.  You're also at the mercy of the receiving bank for the final exchange rate, so check that out as well.  

 

 

Cheaper would be to use a specialist "money mover"  xe.com or HIFX.

 

 

[blue1878]

Last Friday I went into a branch of Nationwide and transferred my holiday money to my SCB account. I've just gone online and checked my SCB account and the money is there. So it only took 3 working days for the money to go from the Nationwide account to my SCB account. Which is very good.

So when I go to Pattaya next month I will be able to use my Thai ATM card to withdraw my holiday money from a SCB ATM and it wont cost me anything