Nationwide Account - Is It Really That Good?

[samran]

Hi all,

I want to start investigating the option of getting money to Thailand from the UK. I know many of you have raved about the free free Nationwide ATM account for withdrawls outside the UK.

However, I am a bit cynical, I have never known a bank to be out-and-out generous. So I am wondering, what are the exchange rates like for cash withdrawls when in Thailand with Nationwide? Have they merely given with one hand and taken away with another by dropping the withdrawl fee, but fattening up the spread they charge on the exchange rate.

[Totster]

Hi all,

I want to start investigating the option of getting money to Thailand from the UK. I know many of you have raved about the free free Nationwide ATM account for withdrawls outside the UK.

However, I am a bit cynical, I have never known a bank to be out-and-out generous. So I am wondering, what are the exchange rates like for cash withdrawls when in Thailand with Nationwide? Have they merely given with one hand and taken away with another by dropping the withdrawl fee, but fattening up the spread they charge on the exchange rate.

<{POST_SNAPBACK}>

My wife withdrew some money a coule of days ago... and the rate worked out at bt 74.858

Which I think is pretty good...!

totster

[RDN]

Have a look at this old post:

http://www.thaivisa.com/forum/index.php?sh...ndpost&p=101800

If you search for Nationwide, you will find a lot of threads on the subject.

[samran]

Have a look at this old post:

http://www.thaivisa.com/forum/index.php?sh...ndpost&p=101800

If you search for  Nationwide, you will find a lot of threads on the subject.

<{POST_SNAPBACK}>

Appriciate it! I have been searching and reading all afternoon, must have missed that one!

[Rinrada]

It aint a nasty BANK...gimmee yer money...now now......got shareholders to keep happy...

its still a Building Society and is owned (technically) by it members-customers.

Been using the old flex a/c to withdraw dosh in LOS for at least 10 years now....wife nieces all got a card and NO Problems....and more important NO RIP-OFF CHARGES plus interbank rates of exchange.

Standard Banks rip you for approx £5-£7 quid per £100....crazy...as the Thais say ..ting song

[Khun Bob]

I queried this with NAtionwide once and the reply i got was that they use the visa exchange rate - in all the transaction i have had with nwide both in thailand and malayia (and i have had regular withdrawls in malaysia over the past 5 years) i have never found nationwide to be underhanded. Their rates tend be be slightly below interbank rate.

They have tightened up recently on their credit card :

* No cash back for non GBP transations

* repayment period reduced to 2 weeks, previously 4

They pride themselves in offering no currency conversiion charges and no fee for ATM withdrawl abroad. I tried to find out how long this would be good for at the local branch but just got told to call head office. My conslusion is that as they are adversiting this USP it should be around for a while. As far as i am aware, having a flex account card in the place u want money to be taken out, this is the cheapest and best value way of doing it. But there is one gotcha to look out for. Some banks will charge for withdrawl. In my experience ATM's for Bangkok Bank and Thai Farmers Bank dont. Would be interesting to hear from other people of their experiences of withdrwaing money using nationwide flex maestro or visa debit cards and thai banks (whether thai bank charges)

Credit card wise there is only NWide and Lombard Direct in the UK that do not charge extra for foreign currency transactions.

There is a post on TV along time ago where some guy had a card issued from PayPal in the US and he went to a currency exchange place where they bought the cash from him rather than a cash advance and overall it worked out that he got better than interbank rate, thanks to cashback. But I think he found a wrinkle in the system...

The next cheapest way may be to use something like moneybookers or paypal or use currency exchange brokers for larger amounts (but I dont think they will transfer sterling into thailand, which is what you may want for larger amounts - certainly when i talked to them they wouldnt transfer GBP into switzerland, only CHF)

[lomatopo]

Hi all,

I want to start investigating the option of getting money to Thailand from the UK. I know many of you have raved about the free free Nationwide ATM account for withdrawls outside the UK.

However, I am a bit cynical, I have never known a bank to be out-and-out generous. So I am wondering, what are the exchange rates like for cash withdrawls when in Thailand with Nationwide? Have they merely given with one hand and taken away with another by dropping the withdrawl fee, but fattening up the spread they charge on the exchange rate.

<{POST_SNAPBACK}>

Would you consider opening a bank account in Thailand, say at Bangkok Bank, where they will give you an ATM card. Then you could wire transfer money from the UK to your Bangkok Bank account, and use your BB ATM card for local withdrawals.

[spacebass]

Hi all,

I want to start investigating the option of getting money to Thailand from the UK. I know many of you have raved about the free free Nationwide ATM account for withdrawls outside the UK.

However, I am a bit cynical, I have never known a bank to be out-and-out generous. So I am wondering, what are the exchange rates like for cash withdrawls when in Thailand with Nationwide? Have they merely given with one hand and taken away with another by dropping the withdrawl fee, but fattening up the spread they charge on the exchange rate.

<{POST_SNAPBACK}>

Would you consider opening a bank account in Thailand, say at Bangkok Bank, where they will give you an ATM card. Then you could wire transfer money from the UK to your Bangkok Bank account, and use your BB ATM card for local withdrawals.

<{POST_SNAPBACK}>

At GBP20+ per wire. Plus pre arranging wires if you are in Thailand.

The way to go is to keep your money in a Nationwide E savings account getting 5% (gross), linked to flexaccount fully manageable on the internet, then transfer whatever you need to draw out through the ATM in Thailand from E savings to flexaccount whenever you need it, no penalties, in internet cafe or wherever, and then draw it out, all for nothing earning 5% til required.

Money in Bangkok Bank =0%interest (or thereabouts).

Edited June 26, 2005 by spacebass

[Steve&mem]

Hi All.

We have used the Nationwide now for about 5 Years, Very good service on the Flex Account for drawing small amount of cash from ATM's (no charges and good rates).

When we bought some land beginning of this year we needed to move one large sum, we did a test run and sent a couple of hundred GB pounds, got a very bad exchange rate at the Thailand end. so when we did send the main lump of cash we ask Nationwide to send it as Thai Baht, this was not at the tourist rate but the bank rate, if i remember right we got about 73 baht to the GBP and the bank in Thailand charged us 700 Baht for the privilege and Nationwide charged 24GBP.

Steve and Mem

[samran]

Thanks for the replies! Looks like a great way to transfer small amounts, but not larger amounts, in which case a wire transfer would be better.

Should have figured that cause it was a Building society they would give a better deal.....

[lomatopo]

Hi all,

I want to start investigating the option of getting money to Thailand from the UK. I know many of you have raved about the free free Nationwide ATM account for withdrawls outside the UK.

However, I am a bit cynical, I have never known a bank to be out-and-out generous. So I am wondering, what are the exchange rates like for cash withdrawls when in Thailand with Nationwide? Have they merely given with one hand and taken away with another by dropping the withdrawl fee, but fattening up the spread they charge on the exchange rate.

<{POST_SNAPBACK}>

Would you consider opening a bank account in Thailand, say at Bangkok Bank, where they will give you an ATM card. Then you could wire transfer money from the UK to your Bangkok Bank account, and use your BB ATM card for local withdrawals.

<{POST_SNAPBACK}>

At GBP20+ per wire. Plus pre arranging wires if you are in Thailand.

The way to go is to keep your money in a Nationwide E savings account getting 5% (gross), linked to flexaccount fully manageable on the internet, then transfer whatever you need to draw out through the ATM in Thailand from E savings to flexaccount whenever you need it, no penalties, in internet cafe or wherever, and then draw it out, all for nothing earning 5% til required.

Money in Bangkok Bank =0%interest (or thereabouts).

<{POST_SNAPBACK}>

Good points.

Wire transfers for me (U.S. based, Bank of America, via Bangkok Bank {intermediary} in NYC to Bangkok Bank in Thailand cost 10USD per and are easily pre-arranged. The resulting exchange rate is always quite acceptable. I think Bangkok Bank does apply a slight charge for incoming wire transfers. Bangkok Bank does pay interest, something along the lines of 0.75%?

For an U.S-based folks I can recommend a Fidelity fund, in a brokerage account, linked to a Visa/debit/ATM card which can be used in Thailand as an ATM card without fee and a competitive exchange rate. I use a Federal Tax-exempt fund which nets ~ 3% interest. I am certain other financial firms offer similar services.

[samran]

Hi all,

I want to start investigating the option of getting money to Thailand from the UK. I know many of you have raved about the free free Nationwide ATM account for withdrawls outside the UK.

However, I am a bit cynical, I have never known a bank to be out-and-out generous. So I am wondering, what are the exchange rates like for cash withdrawls when in Thailand with Nationwide? Have they merely given with one hand and taken away with another by dropping the withdrawl fee, but fattening up the spread they charge on the exchange rate.

<{POST_SNAPBACK}>

Would you consider opening a bank account in Thailand, say at Bangkok Bank, where they will give you an ATM card. Then you could wire transfer money from the UK to your Bangkok Bank account, and use your BB ATM card for local withdrawals.

<{POST_SNAPBACK}>

At GBP20+ per wire. Plus pre arranging wires if you are in Thailand.

The way to go is to keep your money in a Nationwide E savings account getting 5% (gross), linked to flexaccount fully manageable on the internet, then transfer whatever you need to draw out through the ATM in Thailand from E savings to flexaccount whenever you need it, no penalties, in internet cafe or wherever, and then draw it out, all for nothing earning 5% til required.

Money in Bangkok Bank =0%interest (or thereabouts).

<{POST_SNAPBACK}>

Sorry, forgot to ask, what is the daily withdrawl limit for a Nationwide account these days?

[spacebass]

Hi all,

I want to start investigating the option of getting money to Thailand from the UK. I know many of you have raved about the free free Nationwide ATM account for withdrawls outside the UK.

However, I am a bit cynical, I have never known a bank to be out-and-out generous. So I am wondering, what are the exchange rates like for cash withdrawls when in Thailand with Nationwide? Have they merely given with one hand and taken away with another by dropping the withdrawl fee, but fattening up the spread they charge on the exchange rate.

<{POST_SNAPBACK}>

Would you consider opening a bank account in Thailand, say at Bangkok Bank, where they will give you an ATM card. Then you could wire transfer money from the UK to your Bangkok Bank account, and use your BB ATM card for local withdrawals.

<{POST_SNAPBACK}>

At GBP20+ per wire. Plus pre arranging wires if you are in Thailand.

The way to go is to keep your money in a Nationwide E savings account getting 5% (gross), linked to flexaccount fully manageable on the internet, then transfer whatever you need to draw out through the ATM in Thailand from E savings to flexaccount whenever you need it, no penalties, in internet cafe or wherever, and then draw it out, all for nothing earning 5% til required.

Money in Bangkok Bank =0%interest (or thereabouts).

<{POST_SNAPBACK}>

Sorry, forgot to ask, what is the daily withdrawl limit for a Nationwide account these days?

<{POST_SNAPBACK}>

I can only get 20,000bht a day total, even going to more than one machine. I think they are tightening up from a security point of view, or is it me??!!

Edited June 28, 2005 by spacebass

[Rinrada]

Spoke to them recently (UK Branch)and they tell me that they have had to drop thieir max single 1 day withdrawel to a limit £300 to comply with UK banking security edic /regulations....or something...hence in LOS @Bt 20,000.

[bkk_mike]

Spoke to them recently (UK Branch)and they tell me that they have had to drop thieir max single 1 day withdrawel to a limit £300 to comply with UK banking security edic /regulations....or something...hence in LOS @Bt 20,000.

<{POST_SNAPBACK}>

Single day ATM is £300 - as above - but that means 21-22,000 usually.

It used to be £500 - which was a lot more useful.

However, so long as there's a branch that knows you, you can still take out more over-the-counter. These are just ATM limits...

(On the credit card - they changed the rules last year so that you can only have up to half your credit limit in outstanding cash advances. Found out at Disney when I went to use it in the ATM there...)