Exchange Rates_Again

[anyroads]

I notice today Caxton FX are quoting 1.145 (for as little as eur 150).

With Italy about to explode ( and Spain not far then behind ) is the £ going to recover further ?.
Is this the point when rates start going back up ?.

anyroads

[El Cid]

Well the current FX rate is now 1.174 and it's still going up.

Sid

[anyroads]

Well, that is the bank to bank rate.

I am talking about us mere mortals. As it happens I have just topped up (just eur 250) with Caxton FX at 1.15.

Won't be tempted again until 1.175 !

anyroads

[El Cid]

Well, that is the bank to bank rate.

I am talking about us mere mortals. As it happens I have just topped up (just eur 250) with Caxton FX at 1.15.

I can get better than that just paying a Natwest cheque into my Spanish bank - in fact I will be doing that tomorrow.

Sid

[Mowser]

I was quoted €1.174 this morning paying in a Nationwide cheque.

[anyroads]

Ah,

But do these banks charge for negotiating a sterling cheque ?.

My 1.15 is on my Caxton card, awaiting me drawing it out of a hole in the wall at no extra charge !

anyroads

[fyfin]

I was quoted €1.174 this morning paying in a Nationwide cheque.

I'm afraid I wouldn't trust Nationwide. I was quoted the interbank rate and was about to make a payment out of my flex to a Spanish account when i decided to check again and was given a different answer entirely. The rate actually varied by 4 cents. The explanation was that the advisor thought I would get the same rate as at a cash point machine in Spain but swift payments are negotiated via another bank.
Now, of course Nationwide apply charges if you use your debit card abroad but we use our Norwich and Peterborough debit card and get the proper rate when we are over in Spain e.g. today we would get €1.17 +

[Campo Steve]

xe.com just quoted me 1.1658. No charges to transfer to my Spanish bank.

fyfin, can't really blame Nationwide for giving you a wrong quote. That was down to one advisor, which could happen with any bank.

I do like Nationwide. OK, annoying when they started charging for using cash machines overseas but those charges are amongst the lowest of all the banks and the rate they give, I have found, is always good. Norwich and Peterborough may not make a charge but they do have low usage charges, something easy to incur if not living in UK. I only make a few transactions a year with Nationwide and not had any charges. Of course, not doing transfers direct from Nationwide to Spanish bank helps in that respect.

[fyfin]

Couldn't agree more Steve. We have kept the joint Nationwide account and it is the main account that I use and have been big fans of them for many years. My wife opened the N & P just after Nationwide stopped the free atm use in Spain. They could just as easily restricted it to members paying in say £500 pcm and N&P spotted an opening.

Both accounts are used a fair amount so no problem there. I don't know what we will do if we move to Spain permanently as all income will be £ and outgoings in € . We have a Spanish bank account and I have used Currencies Direct for transfers but not great rates for smallish amounts say €1,000

Caxton rates seem reasonable and might explore that option.

[Mowser]

fyfin

I'm afraid I wouldn't trust Nationwide

It's the bank Cajamar that gives the rate for any cheque - not Nationwide! If you pay ANY cheque into a Spanish bank, it's the Spanish bank that tells you the exchange rate. Nationwide decide if you use an ATM.
I got €1.165 last week (minus their charges).

I now prefer to use a cheque and let Cajamar give me the rate. This deprives Nationwide from making any money.

[fyfin]

MY problem with Nationwide was more to do with sending paymnents by swift tgransfer to a Spanish bank. Their online system gives you an indicative rate e.g. today it is showing €1.1642 but it wouldn't even be close to the rate you actually get. Trying to get anyone to tell you the actual rate is impossible.

[Mowser]

Fyfin
Agreed. I used to send large amounts with Nationwide this way. It was unsatisfactory as the exchange rate was decided when they received and completed the order. I now write a cheque and hand it into the bank. The bank tells me the rate at the time and if I don't like it, go back next day. The only problem is that it takes a few weeks to clear.

[Campo Steve]

Mowser

What charges are incurred by paying a Nationwide cheque into Cajamar, both by Cajamar and Nationwide?

If it takes a few weeks for the cheque to clear, am I right in assuming that the funds aren't available at Cajamar until the cheque has cleared?

[Mowser]

Mowser

What charges are incurred by paying a Nationwide cheque into Cajamar, both by Cajamar and Nationwide?

If it takes a few weeks for the cheque to clear, am I right in assuming that the funds aren't available at Cajamar until the cheque has cleared?

No charge from Nationwide as it's Cajamar who is doing the transfer.
Cajamar charges €10 per cheque but if you ask nicely they "sometimes" waive this charge.
Funds aren't available till cheque clears.