Nationwide flex up to 2% + £1

[dundee 0]

This one it seems loads the FX rate in their favour by 2.5%. Max ATM withdrawals per day £300. Assuming you could get £300 in one go from the Thai ATM the 150THB levy makes an overall %age of around 3.5%

 

Over the counter withdrawals £4.50 fee + 2% of total amount

 

 

 

All these pre loaded cards are much the same they either offer a Euro or Dollar card which they stripe you with the exchange rate on loading, or its a 'worldwide' one in sterling which naturally imposes fees as they get nothing for any currency exchange at time of loading.

 

Thanks for pointing that out,i didn`t realise that.Luckily i didn`t go down that route yet.If it seems too good to be true it probably is.

Regards Dundee.

.

[rogero 4]

This one it seems loads the FX rate in their favour by 2.5%. Max ATM withdrawals per day £300. Assuming you could get £300 in one go from the Thai ATM the 150THB levy makes an overall %age of around 3.5%

 

Over the counter withdrawals £4.50 fee + 2% of total amount

 

 

 

All these pre loaded cards are much the same they either offer a Euro or Dollar card which they stripe you with the exchange rate on loading, or its a 'worldwide' one in sterling which naturally imposes fees as they get nothing for any currency exchange at time of loading.

 

 

.

 

I was just about to apply for this card (global/worldwide) until I delved into the small print & found the 2.5% charge which took the value out of it.

I eventually signed up for the FairFX pre-paid card & no doubt there will be a few little surprises hidden away.

As you mentioned before "if it looks too good" etc.

 

I intend to use this card as an emergency back-up as it offers the ability to upload on line from my home account.

 

Good thread,

 

cheers rogero :gulp

[glynbuk 29]

TC's must be sterling or you get raped with the 'tourist' rates

 

Lloyds TSB is the way to go - 0% on Sterling TCs for account holders (ordered by phone) pick up at branch (or pay delivery fees) Only drawback you can only order up to £3K per day.

 

 

Ok, so i am still undecided on what to take for my next trip to Thailand which is for Xmas / New year.

 

I am thinking about travellers cheques, so if i go with LloydsTSB and buy the Sterling travellers cheques with no charge through the travel phone hotline and collect in branch i am looking

good, buy £2000 in Sterling and i get exactly £2000 pounds worth of travellers cheques, no charges so far that i can see.

 

I get to Thailand and there is a small charge to cash each cheque, good so far, but where are the banks making money on Sterling cheques ???

 

If i buy Euro or Dollar cheques then Lloyds will use a bid/offer spread on the currency to make their profit but on Sterling as far as i can see there is no spread(charge)

 

So, where are American Express making the money to print the cheques in Sterling ??, where are lloyds making their money on these transactions ???

 

I can understand that the Thai bank is making money on the spread on the currency and the charge for cashing a travellers cheque but what charges am i missing ???

[Regyai 414]

Ok, so i am still undecided on what to take for my next trip to Thailand which is for Xmas / New year.

 

I am thinking about travellers cheques, so if i go with LloydsTSB and buy the Sterling travellers cheques with no charge through the travel phone hotline and collect in branch i am looking

good, buy £2000 in Sterling and i get exactly £2000 pounds worth of travellers cheques, no charges so far that i can see.

 

I get to Thailand and there is a small charge to cash each cheque, good so far, but where are the banks making money on Sterling cheques ???

 

If i buy Euro or Dollar cheques then Lloyds will use a bid/offer spread on the currency to make their profit but on Sterling as far as i can see there is no spread(charge)

 

So, where are American Express making the money to print the cheques in Sterling ??, where are lloyds making their money on these transactions ???

 

I can understand that the Thai bank is making money on the spread on the currency and the charge for cashing a travellers cheque but what charges am i missing ???

 

 

 

This is exactly why Sterling T/Cs ordinarily always attract a charge - while foreign currency ones are always advertised as 'commission free' (of course they have their profits out of the exchange rate).

 

Lloyds TSB provide them free as a 'perk' for their customers. How long it will last before it goes the way of Nationwide Foreign Withdrawals who can say...but until then its there to be used (or in my case abused )

 

 

The small fee per cheque levied in Thailand (30baht from memory) is of course offset by the better rate for TCs over Notes, and should always be defrayed by only using highest denomination TCs (from Lloyds TSB that would be £200 ones)

 

 

.

Edited August 8, 2010 by Regyai

[Gus 97]

For UK members, more bad news for November along with the increased airport tax.

Nationwide Flex account which used to be free and then it went up to 1%, is now going up to 2% + £1 charge for every cash withdrawal abroad.

Time for me to find a better deal.

http://www.thisismoney.co.uk/nationwide

[Irish boy 67]

For UK members, more bad news for November along with the increased airport tax.

Nationwide Flex account which used to be free and then it went up to 1%, is now going up to 2% + £1 charge for every cash withdrawal abroad.

Time for me to find a better deal.

http://www.thisismoney.co.uk/nationwide

http://www.pattayatalk.com/forums/index.php?showtopic=50080

[jacko 8,762]

I'm not sure what you mean by "vehicle for investment". They employ IFAs who will advise as IFAs usually do - i.e. on a fee or commission basis. Yes, they do like to put forward HSBC's own offerings but it is not difficult to reject them if you think they are not for you. However, they do have some good products - take a look at HSBC World Selection Dynamic for instance.

Banks have recently proven themselves to be very good at mismanaging money. They needed government bailouts and continued to pay themselves bloated bonuses, money that should have gone elsewhere. If you are invested via a bank, you are behind the employees and the shareholders in the dole-out.

HSBC World Selection Dynamic... I notice they charge you 4% initial so it is an immediate loss. The YTD figure is 3.76, less than the initial charge. Source..., hardly mind-blowing. I made more last month on one of my investments....

Edited August 9, 2010 by jacko

[Bazle 1,448]

If you are invested via a bank, you are behind the employees and the shareholders in the dole-out.

The investments are held in my own name so I don't think that that can be correct,

[Regyai 414]

[thechairman18 174]

I have an accunt at the Halifax and if transfer money to Thailand via internet the charge is £9.50 usually takes 2 days . Make sure you request money to be sent in Stirling .

 

Last year, I phoned the Halifax,and asked them to do this.

They insisted, they could only convert it, and then transfer it, (and it was a poor rate).

I'm not doubting you, but could you explain exactly how you did it?

I already have internet banking with both Halifax, and Bank of Ayudhya (Krungsri)

Thanks.

[The Jock Bomb 0]

Last year, I phoned the Halifax,and asked them to do this.

They insisted, they could only convert it, and then transfer it, (and it was a poor rate).

I'm not doubting you, but could you explain exactly how you did it?

I already have internet banking with both Halifax, and Bank of Ayudhya (Krungsri)

Thanks.

 

He says online? Not calling them?

 

But if it is like any international money order, there is an option on the application as to how you want your money transferred, you opt for UK£

 

You will probably be charged by the Thai bank as well. Never actually done it to Thailand but have done it to China for import purposes.

[jacko 8,762]

The investments are held in my own name so I don't think that that can be correct,

If it is a managed fund, don't you have to pay annual charges?

[The Jock Bomb 0]

So with all this in mind, what is the best UK bank account just now for the traveller? Who offers the best overseas rates etc?

[jacko 8,762]

So with all this in mind, what is the best UK bank account just now for the traveller? Who offers the best overseas rates etc?

Well 'overseas rates' should not apply. It is always best to travel over here with £, or send £ to a Thai bank. Never buy baht there!

The Nationwide Flex account always got the rave reviews as previously it did not charge for the use of the ATM overseas, I believe that is not the case now.

Perhaps Lloyds with the free £ travellers cheques...

Myself I go for a bank with good internet services which make transferring to Thailand straight-forward and reasonably priced.

HSBC 's Internet works well, and I have had a lot of negative feedback regarding Barclays, they make it hard to transfer your money.

Edited August 10, 2010 by jacko

[The Jock Bomb 0]

Well 'overseas rates' should not apply. It is always best to travel over here with £, or send £ to a Thai bank. Never buy baht there!

The Nationwide Flex account always got the rave reviews as previously it did not charge for the use of the ATM overseas, I believe that is not the case now.

Perhaps Lloyds with the free £ travellers cheques...

Myself I go for a bank with good internet services which make transferring to Thailand straight-forward and reasonably priced.

HSBC 's Internet works well, and I have had a lot of negative feedback regarding Barclays, they make it hard to transfer your money.

 

Having travelled for many years to Thailand I am proud to say I have never changed cash in the UK. The exchange rate is shocking in comparison.

 

The 'free' cheque are never that as they normally change them into your destinations currency.

[jacko 8,762]

The 'free' cheque are never that as they normally change them into your destinations currency.

No, we had this discussion elsewhere where someone was ordering traveller's cheques in £ and they were face cost, no charges.

Of course that is normally why they advertise 'commission free' TCs, they want you to buy them in $, Euros or whatever then give you a poor rate.

[Bazle 1,448]

QUOTE (jacko @ Aug 9 2010, 02:26 AM)

If you are invested via a bank, you are behind the employees and the shareholders in the dole-out.

 

The investments are held in my own name so I don't think that that can be correct

 

If it is a managed fund, don't you have to pay annual charges?

I think we might be talking at cross purposes here! As with all unit trusts, there are annual mangement fees - imposed by the investment manager, not HSBC.

[Anfield 8]

Last year, I phoned the Halifax,and asked them to do this.

They insisted, they could only convert it, and then transfer it, (and it was a poor rate).

I'm not doubting you, but could you explain exactly how you did it?

I already have internet banking with both Halifax, and Bank of Ayudhya (Krungsri)

Thanks.

 

Chairman

On left hand side of my accounts in the menu there is International payments complete your bank details there is a box for sending money in Stirling. Kaiskorn make a small charge when receiving the payment. My transfer last week I got a rate of about 50.7 . Hope this helps

[jacko 8,762]

I think we might be talking at cross purposes here! As with all unit trusts, there are annual mangement fees - imposed by the investment manager, not HSBC.

Okay, so the bank sell them to you and just take their commission, but they are a HSBC product and hence still involved. Fund Manager

HSBC Global Asset Management (UK) Ltd.

You are correct that the bank should no longer be involved, whether they were needed in the first place is questionable then.

So we now have an investment that YTD is showing 3.8%, an initial charge of 4%, an annual charge of 1.25% (win or lose) and is based mainly in equities (US, UK, Europe Ex UK). The UK FT index currently stands below where it was Jan08, as of course does the Dow. If you invested in Feb09, you will have done okay. But for 2010, so far the markets have been a roller coaster ride going nowhere. Good luck with it.

[Obsession 571]

So with all this in mind, what is the best UK bank account just now for the traveller? Who offers the best overseas rates etc?

 

According to "the moneysaving expert" ( Martin Lewis's website), it's Halifax clarity credit card. He recommends we all ditch our NW accounts, and he is probably right. If the public voted with their feet more often, we would get better deals.

[THE_DRUID 21]

According to "the moneysaving expert" ( Martin Lewis's website), it's Halifax clarity credit card. He recommends we all ditch our NW accounts, and he is probably right. If the public voted with their feet more often, we would get better deals.

 

Yeah money saving expert is an excellent website for tips.

 

moneysavingexpert.com/travelmoney

[Bazle 1,448]

Okay, so the bank sell them to you and just take their commission, but they are a HSBC product and hence still involved. Fund Manager

HSBC Global Asset Management (UK) Ltd.

You are correct that the bank should no longer be involved, whether they were needed in the first place is questionable then.

So we now have an investment that YTD is showing 3.8%, an initial charge of 4%, an annual charge of 1.25% (win or lose) and is based mainly in equities (US, UK, Europe Ex UK). The UK FT index currently stands below where it was Jan08, as of course does the Dow. If you invested in Feb09, you will have done okay. But for 2010, so far the markets have been a roller coaster ride going nowhere. Good luck with it.

No, the investments do not have to be HSBC products. Most of mine are not.

[jacko 8,762]

No, the investments do not have to be HSBC products. Most of mine are not.

But those that are..... like the one you mentioned earlier.

HSBC World Selection Dynamic sounds like it is, do you hold this or suggesting I look at it despite your choosing to avoid it yourself?

Edited August 11, 2010 by jacko

[thechairman18 174]

Chairman

On left hand side of my accounts in the menu there is International payments complete your bank details there is a box for sending money in Stirling. Kaiskorn make a small charge when receiving the payment. My transfer last week I got a rate of about 50.7 . Hope this helps

 

Anfield

I used to keep money, in my e-account, as it paid a good rate, and feed my current a/c.

Then I noticed the rate has changed, (without telling me), and is now next to nothing.

So I have put most of money elswhere.

I will put some cash, back into my current a/c, and try to send it over.

Thanks for your reply.

Edited August 12, 2010 by thechairman18

[THE_DRUID 21]

According to "the moneysaving expert" ( Martin Lewis's website), it's Halifax clarity credit card. He recommends we all ditch our NW accounts, and he is probably right. If the public voted with their feet more often, we would get better deals.

 

Ok Yesterday i received confirmation (and the form to sign) informing me that my application for The Halifax Clarity Card has been approved.I applied for the Card over the telephone because i already had a Halifax One Credit Card and had to have that Card temporarily 'put on hold' whilst my application for the clarity card was being processed(because you can't have more than 1 Credit card issued by The Halifax running concurrently apart from a charity card).The adviser told me not everyone is guaranteed the 12.9% per annum rate,for my application she told me that the 12.9% rate was applied for and thankfully i got it).I've now sent the form back to The Halifax and await my card and Pin to arrive.Then it'll be all systems go for my next trip(end Sept/Oct) when i'll test the waters with it.