Transferring money on-line with Nationwide

[Lavanda]

You may already know this but I think it's worth a post. Nationwide have introduced a new service. If you have an account with them and use on-line banking the normal procedure for moving big amounts of sterling has been to print off the transfer form, fill it in and post it. You never knew what exchange rate you were going to get as it depended on when Nationwide got the form and processed it. Rather frustrating.

You can now transfer sterling into your euro account on-line using your card reader in the usual way of making payments and transfers in the UK. If you do the transaction before 1.00pm GMT you get that day's exchange rate. It's easier to plan moving money and with daily changing exchange rates it has to be much better. What an improvement to their service and 'Well Done' Nationwide!

[Mowser]

Thanks for this Lavanda. I wasn't aware of the change. I've also tried to find info about this, but can't find it anywhere in the on-line banking section. Any ideas?

[El Viejo Hombre]

http://www.nationwide.co.uk/search/Disp ... sages=True

[Mowser]

I thought it was free. Blast.

[rafiki]

Have a look at an XE.com account. Trade online at live rates, rate is better than our UK bank (FD); they accept the faster payments system for which there is no charge so payment is with them same day and there is no charge for an electronic transfer from them to our Cajasol bank (who also make no charge for receiving). Whole deal takes two to three days. Same good rate for large and small amounts.

[dxf]

Hi

I use on-line banking to move money around; I use Nationwide and Halifax normally. The Halifax arrives the next day, no charge and the rate has always been good.

Just another alternative

Davexf

[Campo Steve]

Nationwide charge £20 each time, for doing all the work yourself!

xe.com do make charges for their service, normally about £12 I have found and do give live rates. There may be others I have missed but I reckon xe.com gives the best deal.

[rafiki]

Just done a couple of trades with XE. Transmission to Spain by electronic transfer. No charge.

[Campo Steve]

No charge for electronic transfer but a month ago there was still a charge included in the amount I had to send them for fees.

[rafiki]

Hmm...interesting. You had a separate invoice for fees? I was just trying them out and there was no mention of oncosts that I could see. I'll report back if I get a bill.

[Campo Steve]

All on same bill. Transfer to XE by wire and delivery to bank in Spain by wire.

Quote gave Exchange Rate, Sub-Total, WIRE FEE and Total.

What did you do differently to avoid the wire fee.

[Julie]

Doesn't the charge depend on the agreement they have with the recieving bank ?

[rafiki]

All on same bill. Transfer to XE by wire and delivery to bank in Spain by wire.

Quote gave Exchange Rate, Sub-Total, WIRE FEE and Total.

What did you do differently to avoid the wire fee.

I chose transmission by EFT/ACH. It still got there in 2 working days.

[Campo Steve]

Doesn't the charge depend on the agreement they have with the recieving bank ?

Receiving bank normally makes their own charge upon receipt. Cajamar will make the charge from the account upon receipt, unless it is under €5000 in which case there is no charge.