Exchange rate

[dawnpisces]

Is anyone else watching the dollar rate like me? It seems to be moving up again.
www.onlinefx.co.uk have $1.8678 at the moment.
What are your opinions - do you think it will continue to rise or will it drop?
I know its all a bit of a lottery but I'm only interested in what people think!

 

[disney13]

I think it will continue to rise to about $1.95. I was in Covent Garden today and saw that the rate at the local Bureau de Change was $1.90 to the £. I may go and get some $ tomorrow. I'll be very happy with that rate!

Andy

 

[dawnpisces]

Hi Andy,
Oh I soooo hope you are right!

 

[~Piglet~]

woo - hoo! Long may it last!!

HSBC exchange rate is slightly lower than onlinefx at 1.85, but remember onlinefx also charge £4.95 delivery fee.

 

[paulh]

get a nationwide cc and the rate today would be $1.92 and no comision charge
Paulh

 

[Miffy2003]

I have no idea what it will do but I hope it stays this way until August!!

 

[scooch]

Paul,

I have a nationwide card... where do you find out the current exchange rate for it?

Cheers,
David

 

[tartangirl]

I'm with Paul on this one - get yourself a Nationwide credit card and while your doing it you may as well get the Flexaccount debit card. I plan to load it up with ££ before I go and just get money out the cash machines while I'm over in Orlando - no charges for doing this .

I get the exchange rate from www.foreignexchange.co.uk - it's not the actual rate used by Nationwide but I find it to be pretty much exactly the same.

 

[paulh]

you get the main intrbankrate from anywhere its the one that they quote at the end of the news and msa and wanadoo home pages the tourist rate is worked out from this which is usaly 2.75% less .the Flexaccount will that give you the tourist rate onlny tartangirl?
Paulh

 

[tartangirl]

The flexaccount gives you the same rate as the credit card.

Neither have the 2.75% charge that is usually hidden in the rate. The credit card still has a charge if you withdraw cash (1.5% or something) but the flexaccount doesn't charge for taking money out so long as you remain in credit- hence the reason for loading it up with ££s before we go.

That's my understanding.

 

[paulh]

we only use cc for buying over there and our dvc dues never for getting cash out will open a flexiacount now more money to spend on beer over there thanks have you used it over there as when i enquired about it in branch they are not sure
Paulh

 

[Cochise]

Have people with the Nationwide card got as good a rate when using over in the US ? We may get a card for simply using over there for purchases and clear when we get home

 

[kristieuk]

Yes, it's exactly the same rate you would get, whether you make a $ purchase from the UK, or whether you actually use the card in the US. I would definitely go ahead and get the card and use it as you suggest.

 

[XAVIER]

Can someone explain more about this Nationwide Credit Card? Why is it different from a normal VISA card? Why do you get a better exchange rate with it?

 

[Cochise]

Excellent

Thanks Kristie

 

[tartangirl]

Can someone explain more about this Nationwide Credit Card? Why is it different from a normal VISA card? Why do you get a better exchange rate with it?

The difference is that Nationwide dont charge for converting from foreign currency to £ - not sure how they make their profit, maybe being a mutual that dont need to make much of a profit .

Most credit cards charge an administrative fee of about 2.75% but you dont see this as the exchange rate you get on your statement already has the charge within it. If you look at the terms of your credit card (and sometimes the back of your statement) you'll see what your credit card charges.

Nationwide however still offers the same rate but without the charge so the net effect is that we get more $$s for our £s.

 

[LoopyLoo]

You can also get a good deal if have a Marks & Spencer credit card you can buy cash or Travellers cheques on line with no Cash advance fee and if you pay off the whole balance you do not get charged the normal cash advance interest and you also get more than points not bad this mornings exchange rate was 1.86.

 

[heatherbelle]

I have banked with the nationwide for years.

There are at least 2 types of credit cards. One offers cash back. I have that one as I clear my balance each month. They offer 1/2% on everything you spend. When you first join I think from memory you get 2% for the first 6 months. Until March of this year, you use to get 1% cash back, but obviously people like me were spending too much, and clearing their balances each month, so they didn't make any money. You get the cash back added to your statement at the end of December. Watch the interest rate on this one though if you don't clear your balance.

The other one is a normal credit card, no fancy things attached, but lower interest rates if you don't clear you balance monthly.

The Nationwide Flexaccount, is a normal bank account. They are great if you overdrawn on a regular basis, if you go overdrawn. You only pay interest for the time you are actually overdrawn. For example last month, I was overdrawn for around 2 weeks to the tune of £300.00 (paid the credit card off as usual), and I had to pay interest of around 0.50p. No charges for cheques etc like some of the other banks.

Anyway, I used my credit card to buy some tickets from the US in Nov 2004, when I checked my statement, they had given me the official bank rate for the transaction, and not the tourist rate. So if you spent something on your card today, you would get around 1.91. Great or what.

I have bought some dollars, but the rest will go on my credit card, and I will pay it off when I come home.

Happy shopping.

P.S. In case you were woundering, I don't work for the Nationwide, I just spend lots of money I don't have, and have found a bank that doesn't charge a lot for going overdrawn on a regular basis. I actual work for the Government. Someone has to