Using Visa Debit Abroad

[pumpjack]

Im using nationwide visa debit card.
Im in thailand.
I need withdraw approx £300
Will my home branch do the conversion from uk to thai baht.
I dont want this as they will give a terrible rate
Thanks

[JJ109]

Yes it will be converted at the UK rate which is always a lot worse than the Thai rate.

Not only that but you will also be charged a fixed fee by the Thai ATM, which I believe is 100 baht (2 pounds 50p) and also a fee by the UK bank for using your card abroad. The Uk fee varies depending on which bank. The Thai bank's fee is payable, irrespective of amount, whether you draw 10 pounds or 300 pounds.

I don't know the fee that the nationwide charges. Even banks that do not charge in the UK often charge a fee when a debit card is used abroad, and the UK fee is often a % fee and not fixed.

Therefore as you need to draw approximately 12000 baht when you do withdraw, make sure that you go to an ATM where you can draw it in one go. At least that way you are minimising the Thai bank fees.

[johnk]

When you withdraw your cash the machine will ask if you want to continue in pounds sterling. Don't do this as there is a charge and you get a lesser rate, it's another banking rip off started by the biggest rip off merchant Santander!

[ABerrant]

It is a VISA card so the conversion will be made by VISA using their exchange rate, as is the case with any VISA card supplied by any UK bank or building society.

Unless you have a Debit Card that specifically allows 'free' foreign cash withdrawals the usual Nationwide transaction fees are 2.75% plus £1, so for a £300 conversion you should expect to be charged £8.75 + £1 from the UK part of the transaction.

https://www.nationwide.co.uk/support/travel/fees-charges#xtab:fees

[ABerrant]

D'oh!

£8.25 + £1