Visa Card Exchange Rate : This In The Answer

[topfield]

My dear British Expat Friends

EUREKA......we now finally have the answer. No further uncertainty !!!.

The URL below applies not only to Nationwide but to ALL Visa cards used in Thailand.

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http://www.corporate.visa.com/pd/consumer_...to=THB&rate=0.0

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Now we can no longer be cheated !!

[ps No reason this info will not cover ALL expats whatever their nationality/home currency]

[Guest endure]

From the same site:

"Has Visa changed its fee structure for international transactions?

Effective April 2, Visa assesses a 1% International Service Assessment (ISA). The ISA is not a currency conversion fee but rather a charge to issuing banks when transactions use the global payment system. It is not a charge to cardholders. The ISA will also be charged to Issuers on same currency, cross-border transactions like DCC. Visa will no longer charge issuing banks the 1% Multicurrency conversion fee. It is important to note that Issuing banks determine the cardholder pricing structure. If you frequently travel internationally, the different pricing structures charged by issuing banks should be one of the factors you take into consideration when you select the Visa card that best suits your needs, just as you would compare annual fees, interest rates and rewards programs. "

It's not Visa that determines the exchange rate you get, it's the issuing bank and, as has been said before, Nationwide are the cheapest which is all that matters to most people.

[topfield]

Hi friend,

This posting is not about one Visa card brand but ALL VISA cards .

For the very first time we now know what the actual VISA baht/pound rate is.

Nationwide/Smashionwide...they have never claimed the give the full VISA rate and do not take a cut for themselves ! Their advertising states no fees no commissions .

TRANSPARENCY for the first time is the name of the game for us VISA cardholders .

Let us hope all VISA cardholders will check the rate they get on their statements with the official VISA rate posted on the above URL and SCREAM LIKE hel_l if they see they are being overcharged !

Edited May 29, 2006 by topfield

[Guest endure]

So this has nothing to do with your previous postings about the few satangs that you reckon that Nationwide has ripped you off for? I don't think so. Here's a clue: Nationwide gives the best value for ATM withdrawals of all the UK banks when used in Thailand. That's all everyone (apart from you, obviously) is interested in. Now put the green ink away. BTW - I'm not your friend.

[jezchesters]

So this has nothing to do with your previous postings about the few satangs that you reckon that Nationwide has ripped you off for? I don't think so. Here's a clue: Nationwide gives the best value for ATM withdrawals of all the UK banks when used in Thailand. That's all everyone (apart from you, obviously) is interested in. Now put the green ink away. BTW - I'm not your friend.

Too true...

The proof of the pudding is in the eating

Nationwide has the wood on ALL UK banks - I dont't work for them, they have just given me a consistantly better rate through the ATM and card purchases than any other UK bank or credit card - FACT

[topfield]

FRIENDS : THIS POSTING WITH URL IS FOR ALL EXPAT VISA CARD HOLDERS OF ALL COUNTRIES

If you wish to give your views on the Nationwide please post under the Nationwide thread.

Thaivisa forum quite rightly does not permit duplicate threads on same subject and could remove this posting which would be sad as it gives invaluable info for all expat VISA card holders in Thailand whether from the USA , Australia or wherever.

Thank you for your co-operation.

[PREM-R]

(topfield) Nationwide/Smashionwide...

Nationwide is still the only "Bank" that does not charge "transaction" fees so any other Visa card provider will be more expensive even if you get the same exchange rates. ie:

Pay for an item that costs 100 GB pounds in Thailand with a Nationwide Visa Card and you will be billed for 100 GB pounds. Use another Banks Visa card and you will be billed 102.75 GB pounds for the same purchase. The exchange rate is not the only factor.

[topfield]

You MAY well be right, mate but not necessarily so !

Take the following example : Lloyds bank might be giving the full VISA rate but makes a charge on every transaction of a pound. The exchange rate N/W use may ( and I say may as I have not had a clear reply on this point from N/W...They appear reluctant to reply ) be 50 stang lower because N/W have docked 50 stang from the VISA rate .

The result would be a lower net amount on ones statement.... ie N/W comes second

PLEASE NOTE : THE ABOVE EXAMPLE IS FICTIONAL AND PURELY FOR ILLUSTRATIVE PURPOSES.

Until N/W reveal their policy on the VISA rate of exchange , we cannot know the true position.

Still trying to get that info from them !!!

[PREM-R]

You MAY well be right, mate but not necessarily so !

Take the following example : Lloyds bank might be giving the full VISA rate but makes a charge on every transaction of a pound. The exchange rate N/W use may ( and I say may as I have not had a clear reply on this point from N/W...They appear reluctant to reply ) be 50 stang lower because N/W have docked 50 stang from the VISA rate .

The result would be a lower net amount on ones statement.... ie N/W comes second

PLEASE NOTE : THE ABOVE EXAMPLE IS FICTIONAL AND PURELY FOR ILLUSTRATIVE PURPOSES.

Until N/W reveal their policy on the VISA rate of exchange , we cannot know the true position.

Still trying to get that info from them !!!

The transaction charge is 2.75% so I doubt that even if Nationwide were to offer a detrimental rate of exchange that it would result in them being more expensive. My experience in Thailand with Nationwide has been very good, I use their cash card to wthdraw money from the UK and even for small amounts there is no charge for the transaction (either from Nationwide or the Thai bank providing the ATM)

By contrast if I use the ATM to withdraw cash from my SCB account here in Thailand I have to pay 20-30 baht per transaction.

[topfield]

CURRENT VISA RATES

For 31 May AM Thai time

[http://www.corporate.visa.com/pd/consumer_ex_results.jsp?from=GBP&to=THB&rate=0.0]

1 British Pound = 71.91 Thai Baht

Average rate on trav. cheques Thai banks 71.30

Notes : 1. not yet ascertained at what time GMT Visa rate changes . Checking this every hour !

2. awaiting N/W response as to whether they give the full visa rate

3. depends if debit reaches visa that day : may be possible to time this for same day.

VIEWS PLEASE.