How The Nationwide Calculate Their Baht Exchange Rate

[topfield]

Thank you for the additional information but the rate applied by Visa

International is an independent rate calculated by Visa based on the

amount of currency they purchase from World Banks.

We are told that the rate is often favourable to the Visa cardholder.

So whilst you're information is interesting it does not apply, although

the rates might be similar.

Regards

Andrew Lock

Nationwide B.S.

Payment Services

Tel: 01793 652102

Fax: 01793 656041

//email removed per forum rules - lopburi3//

[Khun Bob]

What information did you supply ? And what was the basis for the query ?

Also who is Andrew Lock (is he v senior - if so good email address to have !)

Edited February 16, 2007 by Khun Bob

[topfield]

What information did you supply ? And what was the basis for the query ?

Also who is Andrew Lock (is he v senior - if so good email address to have !)

Hi K.Bob,

Hope to provide more info in the next week as Mr Lock's reply wasn't particularly enlightening was it and am currently seeking clarification.

Sounds like it came from Alan Greenspan !!

[solo siam]

shouldn't really post his email address though, its a bit off.

[JimGant]

So whilst you're information is interesting it does not apply,

topfield, just what 'interesting' information did you provide him? I can't seem to find anything searching your posts here.

[topfield]

So whilst you're information is interesting it does not apply,

topfield, just what 'interesting' information did you provide him? I can't seem to find anything searching your posts here.

................................................................................

.........................................................................

I would have thought that was obvious. Just the facts regarding the dual exchange rate system and how it operates as the man admitted knowing nothing whatsoever about Thailand which he refered to as Vietnam in an email !

Its now clear his job with Nationwide is solely to investigate complaints on cardholders' transactions and that he neither knows nor is interested in finding out the way the Visa or Cirrus exchange rate is calculated

Indeed he admitted not even knowing how he would go about finding out . See below an extract from his reply in relation to that offshore rate on the Cash Card

'I've still to identify the area in Nationwide that would deal with this

because it is not only going to affect us but all Cirrus Account holders

and it might be time to exert some pressure on Cirrus."

As to why N/W Cash Card uses the offshore rate while their Debit card the onshore rate here is his reply :

"unfortunately, the Cirrus

Network is run by Master card and it is they who choose what exchange

rate to use and secondly, we have no control over how a Country or

company runs it's banking operations. "

So it seems unlikely we will ever be able to unlock the secrets of the use in Thailand of N/W's plastic and we will have to content ourselevs with the indisputable fact that, for Debit card holders anyway, the exchange rate we receive , whether in Thailand or Singapore or elsewhere , is unbeatable.

[daveb1]

I have always found Nationwides exchange rate to be very good! No problems as far as i am concerned.

[JimsKnight]

All that Nationwide told me was that rate of exchange they get travellers on foreign currency is the 'wholesale' rate! Which likely means its a good rate of exchange.

[topfield]

All that Nationwide told me was that rate of exchange they get travellers on foreign currency is the 'wholesale' rate! Which likely means its a good rate of exchange.

It sure is ..except for holders of their Cash Card ...see the posting above from markhuahin....who get a full four baht per pound less than the going rate in Thailand !!

[Khun Bob]

So surely it is best to get your money out of the ATM in Thailand around 8am in the morning using the Nationwide Visa debit card !

Seems the BOT have more money in the morning to try and weaken the baht ?

So it is a case of the exchange rate used by the visa network against the cirrus network ?

So whilst you're information is interesting it does not apply,

topfield, just what 'interesting' information did you provide him? I can't seem to find anything searching your posts here.

................................................................................

.........................................................................

I would have thought that was obvious. Just the facts regarding the dual exchange rate system and how it operates as the man admitted knowing nothing whatsoever about Thailand which he refered to as Vietnam in an email !

Its now clear his job with Nationwide is solely to investigate complaints on cardholders' transactions and that he neither knows nor is interested in finding out the way the Visa or Cirrus exchange rate is calculated

Indeed he admitted not even knowing how he would go about finding out . See below an extract from his reply in relation to that offshore rate on the Cash Card

'I've still to identify the area in Nationwide that would deal with this

because it is not only going to affect us but all Cirrus Account holders

and it might be time to exert some pressure on Cirrus."

As to why N/W Cash Card uses the offshore rate while their Debit card the onshore rate here is his reply :

"unfortunately, the Cirrus

Network is run by Master card and it is they who choose what exchange

rate to use and secondly, we have no control over how a Country or

company runs it's banking operations. "

So it seems unlikely we will ever be able to unlock the secrets of the use in Thailand of N/W's plastic and we will have to content ourselevs with the indisputable fact that, for Debit card holders anyway, the exchange rate we receive , whether in Thailand or Singapore or elsewhere , is unbeatable.

Edited February 17, 2007 by Khun Bob

[Khun Bob]

Thank you for the additional information but the rate applied by Visa

International is an independent rate calculated by Visa based on the

amount of currency they purchase from World Banks.

We are told that the rate is often favourable to the Visa cardholder.

So whilst you're information is interesting it does not apply, although

the rates might be similar.

Regards

Andrew Lock

Nationwide B.S.

Payment Services

Tel: 01793 652102

Fax: 01793 656041

//email removed per forum rules - lopburi3//

getting through to important people in nationwide is very difficult (still have the tel no above).

My pursuite to get another flex account was in vain as i could not directly talk to the underwriters (or whatever they are called) - jus got told of an unwritten policy to only allow people to have 4 flex accounts. Fine I have 5 all ready ! Still using an alernative address may allow me to do so or applying for a investdirect account from a more distant branch and a monkey cashier may give me a second instance of my identity with natiowide to get additional flex accounts...

[topfield]

Thank you for the additional information but the rate applied by Visa

International is an independent rate calculated by Visa based on the

amount of currency they purchase from World Banks.

We are told that the rate is often favourable to the Visa cardholder.

So whilst you're information is interesting it does not apply, although

the rates might be similar.

Regards

Andrew Lock

Nationwide B.S.

Payment Services

Tel: 01793 652102

Fax: 01793 656041

//email removed per forum rules - lopburi3//

getting through to important people in nationwide is very difficult (still have the tel no above).

My pursuite to get another flex account was in vain as i could not directly talk to the underwriters (or whatever they are called) - jus got told of an unwritten policy to only allow people to have 4 flex accounts. Fine I have 5 all ready ! Still using an alernative address may allow me to do so or applying for a investdirect account from a more distant branch and a monkey cashier may give me a second instance of my identity with natiowide to get additional flex accounts...

Hi Kun Bob,

In case people are scratching their head wondering why anyone should want a dozen flexaccounts I think I have the answer as clearly there is currently a huge advantage to an investor with assets to own these multiple cards.

Kun Bob never answered when asked why on this forum but clearly the ability to carefully time ones ATM withdrawals when the rate is say, over 70 as it is a few times a week, and withdraw a hundred thousand a day can be hugely beneficial. Right or wrong....or no comment........... K.Bob ??

[JimGant]

I would have thought that was obvious

If it was obvious, I (and Khun Bob) would not have asked..... Sure, it's easy to figure out in general terms what you asked. But Mr. Lock says that whatever you asked "doesn't apply." Hard to fit 'general terms' against that.

Anyway, maybe Mr. Lock doesn't appreciate "attitude" -- and maybe that's why he blew you away.

[Khun Bob]

Thank you for the additional information but the rate applied by Visa

International is an independent rate calculated by Visa based on the

amount of currency they purchase from World Banks.

We are told that the rate is often favourable to the Visa cardholder.

So whilst you're information is interesting it does not apply, although

the rates might be similar.

Regards

Andrew Lock

Nationwide B.S.

Payment Services

Tel: 01793 652102

Fax: 01793 656041

//email removed per forum rules - lopburi3//

getting through to important people in nationwide is very difficult (still have the tel no above).

My pursuite to get another flex account was in vain as i could not directly talk to the underwriters (or whatever they are called) - jus got told of an unwritten policy to only allow people to have 4 flex accounts. Fine I have 5 all ready ! Still using an alernative address may allow me to do so or applying for a investdirect account from a more distant branch and a monkey cashier may give me a second instance of my identity with natiowide to get additional flex accounts...

Hi Kun Bob,

In case people are scratching their head wondering why anyone should want a dozen flexaccounts I think I have the answer as clearly there is currently a huge advantage to an investor with assets to own these multiple cards.

Kun Bob never answered when asked why on this forum but clearly the ability to carefully time ones ATM withdrawals when the rate is say, over 70 as it is a few times a week, and withdraw a hundred thousand a day can be hugely beneficial. Right or wrong....or no comment........... K.Bob ??

My motives are not for taking advantage of good exchange rates and the limitation of only £250 per day withdrawls. However this is beneficial. The secondary purpose is for redundancy in the event of loss or theft - having a few spare cards allows me to continue despite Nationwides policy on overseas living. The primary purpose, I dont wish to disclose. (maybe I shouldnt say that...) <deleted> I tell it as it is !

[topfield]

Thank you for the additional information but the rate applied by Visa

International is an independent rate calculated by Visa based on the

amount of currency they purchase from World Banks.

We are told that the rate is often favourable to the Visa cardholder.

So whilst you're information is interesting it does not apply, although

the rates might be similar.

Regards

Andrew Lock

Nationwide B.S.

Payment Services

Tel: 01793 652102

Fax: 01793 656041

//email removed per forum rules - lopburi3//

getting through to important people in nationwide is very difficult (still have the tel no above).

My pursuite to get another flex account was in vain as i could not directly talk to the underwriters (or whatever they are called) - jus got told of an unwritten policy to only allow people to have 4 flex accounts. Fine I have 5 all ready ! Still using an alernative address may allow me to do so or applying for a investdirect account from a more distant branch and a monkey cashier may give me a second instance of my identity with natiowide to get additional flex accounts...

Hi Kun Bob,

In case people are scratching their head wondering why anyone should want a dozen flexaccounts I think I have the answer as clearly there is currently a huge advantage to an investor with assets to own these multiple cards.

Kun Bob never answered when asked why on this forum but clearly the ability to carefully time ones ATM withdrawals when the rate is say, over 70 as it is a few times a week, and withdraw a hundred thousand a day can be hugely beneficial. Right or wrong....or no comment........... K.Bob ??

My motives are not for taking advantage of good exchange rates and the limitation of only £250 per day withdrawls. However this is beneficial. The secondary purpose is for redundancy in the event of loss or theft - having a few spare cards allows me to continue despite Nationwides policy on overseas living. The primary purpose, I dont wish to disclose. (maybe I shouldnt say that...) <deleted> I tell it as it is !

Hi K.Bob,

Having five cards is nevertheless an excellent idea as one can wait for a favourable rate ie over 70/71 and withdraw 'saen neung' from an ATM , if ones aim is to place ones money into a rock solid currency which has a good return ...and the baht is flavour of the month in this respect or rather flavour of the year (hopefully)

[Khun Bob]

I've got 5 accounts - card wise i have more than 5 (remember joint accounts give 2 cards - but this doesnt affect the daily withdrawl amount or does it ?)

Nationwides official line is that provide your can substantiate why you need more than 4 accounts then they will provide - so like thailand if you keep on trying then maybe you will strike lucky eventually. It doent help when yu have done sweet FA with 5 accounts for several years, apart from a few foreign atm withdrawls...

Still there is an earner here as if you can use the visa debit to get onshore rate then you go to a place you can sell at the offshore rate then your making 304 baht per pound potentiall - or have i got it completely wrong ?

Its a bummer the investdirect cards dont work in atms abroad as I could have hundreds of them...

There may be a further solution to having a second instance of the same (and genuine) identity with Nationwide... Working on this and may post later (possibly some months later...)

[topfield]

I would have thought that was obvious

If it was obvious, I (and Khun Bob) would not have asked..... Sure, it's easy to figure out in general terms what you asked. But Mr. Lock says that whatever you asked "doesn't apply." Hard to fit 'general terms' against that.

Anyway, maybe Mr. Lock doesn't appreciate "attitude" -- and maybe that's why he blew you away.

Wrong, Jimgant...the man is an employee of Nationwide and it is now clear that his job is to deal with problems that arise on customers' accounts with overseas ATM'S and clearly knows absolutely nothing about Thailand or Thai exchange rates.

As for your claim of 'blowing away"...a strange expression to use in this context ....I think you really meant "told to piss off" ....but were too polite to use that expression....he was in fact EXTREMELY polite as befits his job, but he can't provide info he doesn't have can he ?

Edited February 18, 2007 by topfield

[bendix]

I would have thought that was obvious

If it was obvious, I (and Khun Bob) would not have asked..... Sure, it's easy to figure out in general terms what you asked. But Mr. Lock says that whatever you asked "doesn't apply." Hard to fit 'general terms' against that.

Anyway, maybe Mr. Lock doesn't appreciate "attitude" -- and maybe that's why he blew you away.

Wrong, Jimgant...the man is an employee of Nationwide and it is now clear that his job is to deal with problems that arise on customers' accounts with overseas ATM'S and clearly knows absolutely nothing about Thailand or Thai exchange rates.

As for your claim of 'blowing away"...a strange expression to use in this context ....I think you really meant "told to piss off" ....but were too polite to use that expression....he was in fact EXTREMELY polite as befits his job, but he can't provide info he doesn't have can he ?

Yes, the whole thing is a complete mystery and I'm worried I won't be able to sleep tonight now.

Mr Lock is obviously doing his best but, Topfield, I think you should now focus your attention and send a personal letter to every Nationwide shareholder in existence alerting them to these important issues. If that fails, perhaps the Chancellor of the Exchequer should get engaged.

I sincerely wish you well with your endeavours, and please do keep us up-to-date with your news.

[Khun Bob]

Wouldnt it be good if TV had the ability for members to rate the value of each post ?