I use RBS but unfortunately the verification numbers done come through when the small withdrawal is made by moneybookers but you do get a visa debit card and not had any fees as of yet.
I've used a few bank accounts to fund bookies - Natwest, Barlays and Abbey, and none of them have given me any problems (although none of the accounts were newly opened for mb).
I probably use Natwest the most though, mainly because of the Maestro card, giving me free deposits to Moneyboookers (although the large interest-free overdraft is also useful as a float )
I have been using the nationwide flex account for the last few years for the cheap foriegn transactions. But as stated above they will be introducing charges in november..
Pretty sure alot of people use nationwide , so whats the next best bank account to go for...
Must admit that i normally use moneybookers and just take the 2% hit these days, so what do other flex account holders plan on doing ?......
I try to use primarily my money in moneybookers but have never had any problems with Halifax.
i'm wary of my AP-related bank account meaning that the bank wont give me a mortgage/etc in the future should I choose to ask for one. so I've decided to open a basic readycash (cash only) account with yorkshire bank, which doesnt seem related to a big bank here in the UK. my criteria:
[x] local branch
[x] maestro card (free MB deposits)
[x] free online banking
gonna go by on monday/tuesday to open one
Exchange rates for Nationwide
I deposited 100 EUR (via my n/wide flexi visa card) for a new sign up on two occasions and was debited about £82 and £84.
Now I have just ended up with a large balance over there, and am wondering (assuming the rate doesn't change) what rate I should get for my withdrawal.
I did google this and the rates are set by Visa and not the bank. For the 11th they say
- 1 British Pound = 1.211934 Euro
- 1 Euro = 0.825128 British Pound
Basically if you 1/x one you get the other, so there is no juice built in for buying/selling euros, so would 100 EUR = about £79 be about the right ball park for withdrawing back to my card?
If you get charged by your bank for transferring the money then it could be £20 or so, it depends on what bank it is, what the other bank is, what any intermediary banks are, etc etc... in short is fairly random. You could get hit with a 20gbp charge, but then again you might not. There's no way to tell unfortunately whether you'll be hit or not.
Originally Posted by r2d2
For more info see here for example:
Interwetten deposits and withdrawals: your experience - MoneySavingExpert.com Forums
In short, underlay everything so you make no profit if your bets lose at the foreign account.
EDIT: also see here: The Gambling Times - Threads Tagged with nationwide (you will be charged from november @flex for forex)
Thanks for the fast answer munk
Any idea on the approx rate coming back to my Nationwide account though? i.e. if a 100 EUR deposit took £82 out my account, would withdrawing 100 EUR back again on the same day be around £79 (I've seen a figure of 97% quoted) (that is before this fee you're talking about of course!)
PS This is all going via my nationwide flex visa card
There's no way of saying - if the intermediary bank (HSBC I think in the case of Nationwide) decide to charge you a SWIFT fee (like CHAPS) then you have to pay £20 ish... which is obviously a large amount if you only withdraw £82!
Originally Posted by r2d2
I don't know what book you're talking about, but if it was IW for example I would suggest you just don't withdraw from there... ever (if possible).
You need to check with your bank as some don't charge for small deposits.
I used to withdraw from IW to HSBC in £99 chunks (as £100 was a treshold) and never got charged. The same was for Nationwide (intermediary bank for Nationwide is HSBC), but it was necessary to use HSBC's SWIFT code (the one with MIDL characters) instead of Nationwide's one.
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