This is an open comment to anyone.... I live in england- hence have a nationwide flex account that lets you withdraw cash from ATM's anywhere in the world for no commission fee. This sounds all well and good, but I was wondering, dont they just give you a crappy exchange rate so they make their money from that and not from the commission??
Does anyone have any insider knowledge how this works or would work and why it is such a good deal!!??
I have a Nationwide flex account, there are no catches at all! I thought this when I first opened an account with them. When you withdraw money abroad, they charge you the Bank of England exchange rate at the time you withdrew. For example, my boyfriend was in Bangkok on business last month, the money exchange places were charging 69 baht to the pound but when he got home and checked our statement, he had got 74 baht to the pound.
I also have friends who did a RTW and used their Nationwide debit card who said that the exhange rates were that good they actually made money in some countries!
Nationwide is still a building society, it has no shareholders to keep happy, so it can afford to pass on the benefits to its customers! No - I don't work for them, I just don't believe that I should pay for someone else to get rich!!