Nationwide

Recently withdrew from Nationwide Flex Bank Account in Thailand using Flex Card. A brilliant rate, whilst the banks in Pattaya were giving around 67.75 for cash and 68.50 for TC, the flex card gave me 69.12 to the UK pound and no charges. A great rate eh.

Hi Whitedesire i too bank with Nationwide and have constantly been impressed with the service i get from them, also the great deal on useing my card abroad. They also dont charge on their CC.

... it really is a great deal, I don't know if there are any other banks that offer the same type of service - anyone know of any.

If you compare it to taking money out of your bank account using a debit card (excluding N/Wide of course), the savings are enormous, i.e. a rotten rate, say 67 and a typical charge of 2.25% charge plus in some cases another 0.75% charge.

Recently withdrew from Nationwide Flex Bank Account in Thailand using Flex Card. A brilliant rate, whilst the banks in Pattaya were giving around 67.75 for cash and 68.50 for TC, the flex card gave me 69.12 to the UK pound and no charges. A great rate eh.I love any rate that has 6 and 9 as sequential digits

Hi Whitedesire i too bank with Nationwide and have constantly been impressed with the service i get from them, also the great deal on useing my card abroad. They also dont charge on their CC.

You don't say! I understand ArtnoId also banks there...not to mention several other posters who spell the beach "Jomptien". Quite a crowd!

[Lunchtime O'Booze]

but I don't want you going mad with that extra 1.37 baht and spoiling the market :laughing3:

How did you work out what rate you got whilst abroad, or at home come to that?

Recently withdrew from Nationwide Flex Bank Account in Thailand using Flex Card. A brilliant rate, whilst the banks in Pattaya were giving around 67.75 for cash and 68.50 for TC, the flex card gave me 69.12 to the UK pound and no charges. A great rate eh.


Sorry, but I am having my doubts that the exchange rate quoted be a Thai bank has anything to do with Nationwide.

The exchange rates in Thailand are centrally set at any banking day for any (ATM) debit card used within a banking group, i.e. Bangkok Bank. The local Thai bank staff was probably too lazy, in order to notify the daily change rates at the board as required.

Exchange rates usually do vary from bank to bank.

Maybe the quotation for processing your Nationwide card was less, but this is another matter.

The costs quoted by Nationwide for using the ATM card in Thailand might be interesting. If fees are low, using ATM is a good idea. Same banks do charge substantial amount of costs per use which can turn out pretty expensive by the end.

Generally the TC exchange rates are better, especially on higher figures per check since costs are set for all together 33 TBT.

This is a very interesting topic. I am keen to know who to change even larger amounts at a fair price.

I always found that I get best exchange after talking to my local bank manager and cashing a bankers draft to be payed into my Thai bank account.

[Smiles]

Bangkok Bank FX rates for July 3/07: http://www.bangkokbank.com/Bangkok+Bank ... +Rates.htm (http://www.bangkokbank.com/Bangkok+Bank/Web+Services/Rates/FX+Rates.htm)
(For the UK Pound they match fairly closely to WhiteDesire's quotes).

The Canadian dollar is creeping ever closer to parity with the US $$ . . . i.e. good for me. :cheers:

Cheers ...

... yes it is an interesting subject, on this holiday I actually took notice on a day by day basis - one day it was 68.44 for TC then 68.54 and 68.58, and around that figure for a few days, similarly the cash note rate was about 0.75 lower, that was with TMB and Bangkok Bank had similar rates. That was in Pattaya by the way, I also think that Pattaya banks give you less than the Bangkok banks, I don't know why, but I did notice a difference, without going into too much detail.

When I checked my internet account, for the dates concerned they were 68.75, 69.12, 69.12 with no charges.

When using other debit cards in the past, namely one of the Big Four banks in the UK, I have received a lot less, in the region of 67 for instance. Similarly with credit cards. And in both cases, there are charges involved. Why the Nationwide card is privileged with such a good rate I don't know, but it all points to the fact that other debit/credit cards are charging more.

With regard to the extra 1.37 bht per pound one is receiving, then its an extra 2000 bht odd on around 1500 UK pounds, now that is not to be sneezed at, let alone cost savings on other charges other card providers charge.

[Smiles]

" ... yes it is an interesting subject, on this holiday I actually took notice on a day by day basis - one day it was 68.44 for TC then 68.58, and around that figure for a few days, similarly the cash note rate was about 0.75 lower, that was with TMB and Bangkok Bank had similar rates. That was in Pattaya by the way, I also think that Pattaya banks give you less than the Bangkok banks, I don't know why, but I did notice a difference, without going into too much detail.

When I checked my internet account, for the dates concerned they were 68.75, 69.12, 69.12 with no charges.

Someone pointed out that I might not be even getting a good rate even with Nationwide and that it could be more, that may be the case, but it certainly in the upward trend. I don't know any other way of getting a better rate ... "
It's always a treat to read the scintillatin' details of WhiteDesire's fun-filled holidays in Thailand.

Cheers ...

[jinks]

... yes it is an interesting subject, on this holiday I actually took notice on a day by day basis -

How can one holiday when looking at the cost on a daily basis?

I go on holiday....

Day one hit an ATM when that has nearly run out go to the ATM again.

Repeat as and when necessary ......

Have a nice holiday and find out the cost AFTER getting home.

... I don't spend my holiday specifically trolling around the bank looking at whether the exchange rate is going to change. I changed quite a lot of TCs when I arrived in Thailand and mentally observed the rate - towards the end of my holiday I needed more money and generally took it out on a day to day basis (3 times in 3 days to be precise) as I needed it. It was on these separate days I noticed the rates in the window of the bank. It was a simple observation as I went to the cash machine, simple as that.

[billyhouston]

In the past, used Sterling TCheques because they gave the best rate. Moved to Nationwide to take advantage of their overseas 'no charges' on ATM and credit cards. You get the interbank rate, or as near as dammit, which varies minute by minute so 3 charges on the same day produce slightly different exchange rates. Overall an excellent deal from Nationwide if you change a lot of currency. It's the cheapest way to feed my Thai account.

It's interesting to look at how narrow is the difference between buying/selling rates in Thailand and how wide it is in UK. It should be illegal to advertise 'No commission' when there is a 10% - 15% spread on buying and selling rates... but that's what they all do. The spread is currently less than 1% at my Thai Bank so it's almost always better to buy your currency in Thailand than back home.

As I type, Nat West are offering ┬г1 = Bht63.626 whereas Kasikorn offer ┬г1 = Bht68.050 (both for notes) which is almost 7.5% better.

Why the Nationwide card is privileged with such a good rate I don't know,

Really? I thought you worked in the City. The Nationwide is a mutual i.e. owned by the users - both savers and borrowers. Haven't you been invited to the shareholder's meetings or to vote for Directors?

Not all their services are City beaters, though. I sought their advice for my ISA a couple of years back, shortly after the cute guy returned from "The Apprentice". Their suggestions were very mundane taking no account of my particular situation.

When drawing money out of a cash machine it comes from the backers mate which is Cirrus or Visa for example.

When drawing money out of a cash machine it comes from the backers mate which is Cirrus or Visa for example.


Eh? How does that relate to anything in my post? I'm inferring that Nationwide are taking smaller slices of this particular transaction than other users of those particular carrier services. I doubt if they are subsidising the service as a loss leader.

Why the Nationwide card is privileged with such a good rate I don't know,

Really? I thought you worked in the City. The Nationwide is a mutual i.e. owned by the users - both savers and borrowers. Haven't you been invited to the shareholder's meetings or to vote for Directors?

Not all their services are City beaters, though. I sought their advice for my ISA a couple of years back, shortly after the cute guy returned from "The Apprentice". Their suggestions were very mundane taking no account of my particular situation.

Relevance = a combination of both my quote and your reply and the reasonings behind a good rate irrespective of whether Nationwide or any other bank for that matter is mutual.

[billyhouston]

When UK credit cards (other than Amex) first became usable overseas, invariably you received Interbank rates and the card was a cheap way of buying things internationally. After a few years the loading appeared and was 'blamed' on Mastercard or Visa. I have a Nationwide account solely for its freedom from loadings, both debit card and credit card, when used overseas. I think you will find that Nationwide are actually subsidising this.

We have:

Nationwide Flex Account
Travellers Cheques

What else, what other cards give a good rate?