Mitzyboy

Well you get the currency in cheques based on the rate of exchange they used for the cheque currency you are buying. Same with actual currency ... you can go to different places and get different rates. If they add a bit on in the transaction for themselves then thats they way they
make a little money, based on what they paid for it originally.

Why would anyone issue currency, cheques or cash, without making something on it ... just wouldnt be good business

msj5

Thankyou.!!!!!

msj5

Thanks Mitzy!!

msj5

So what about the UK goverment adding 2 and 1/2 % to VAT as of the 1st January 2011? Does that not affect all of you in the UK.? Have you given the Chancellor Of the Exchequer or David Cameron or HRH merry hell about this by email?
Thats gonna have far more affect on your pockets than what the Nationwide propose to charge you for drawing money while in India.

Being as I am a bored expat(I wish) I intend to spend a day or two(when I have time) going to various money changers/legal and black market(of which very few are open at this time of year) with cash and T/Cs and will do a survey for you all as to what you get for your various forms of money.I shall also use my Nationwide card at a couple of ATM`s.I do online banking so will know exactly what exchange rate I get. My internet info I use is X-Rates. Will let you know the outcome!!

sandyscot

Johhny5

I pay a fee each month for my current account which has various benefits, one of which is commission free travellers cheques. When I order £500 of travellers cheques, that is exactly what I get and £500 exactly comes off my account. If I was getting cheques in a foreign currency then I have no doubt that the rate would be in their favour. As I said before any unused cheues are cashed at face value, so I do have commission free travellers cheques. The package may not suit everyone but it suits me.

a_f_d

I have regularly checked against XE.com which show the mid-price, and (not unreasonably perhaps) Nationwide do take a buy/sell margin (well they won't be selling Rs.)

AndyD 8-)#

noni

All I know that up until last season I would go into Lloyds (ordinary account) in the village, get say £5,000 of Sterling T cheques and pay £5,000. - so I am totally confused now. The rate used to be the same when cashing them or hard cash, if you shopped around. Look forward to Msj5 being out mystery shopper and reporting back.

Lloyds TSB - Travel money
Choose from foreign banknotes or American Express® Travellers Cheques ... (There is also no commission charge when buying Sterling Travellers Cheques over the phone .... your Lloyds TSB branch.
"you may place multiple orders using your current account to pay for your purchase providing each one does not exceed the maximum sterling value of £3,000. The total value of each order must be at least £100."

noni

From www.goanvoice.org.uk - this is not doing Goa's reputation any good, all the UK papers are naturally watching this case.

Scarlett Keeling Death: Some of Today's Reports
The Guardian (UK). Scarlett Keeling's mother accuses Goan minister. 591 words. Click here.
The Sun (UK). 'Minister's drug mafia killed teen'. 408 words + photos. Click here.
BBC News. Alleged killers of Scarlett Keeling 'gave her drugs'. 342 words. Click here.
The Telegraph (UK). "Son of powerful Goan politician gave daughter drugs" 376 words. Click here.
The Independent (UK). Teenager 'fed drugs' by murder accused. By Dielle D'Souza. 448 words. Click here.
Daily Mail (UK). Fiona McKeown breaks down in Court. 526 words. Click here.

a_f_d

I seem to remember that all TC's were once like that - they made their money on i) interest foregone and ii) lost (and not claimed)/ forgotten/ discarded TC's.
But you never got a particularly good rate for them.

AndyD

noni

We must have had magic ones, as at one time you could get 1 rup a £ more for T/C than £'s. Then the same rates last year. - Totally confused, have not had time to go into Lloyds to see if the internet is out of date, and things have been changed.

noni

Royal Enfield plans a Mumbai-Goa ride for enthusiasts

3 Aug: Wheels Unplugged (India). Royal Enfield will be conducting a Hill & Sea special 5-day ride along the Mumbai-Goa stretch of the NH-17 for biking enthusiasts... This will start from Mumbai on August 15...


Scarlett Keeling case: Goa House adjourned twice over Fiona's allegations
3 Aug: PTI. The Goa legislative assembly was adjourned twice today in the wake of allegations made against state home minister Ravi Naik and his son Roy, by Fiona Mackeown, mother of slain British teenager Scarlett Keeling

www.goanvoice.org.uk

dreadsoc

I also take travellers cheques. I order the amount in pounds, they deliver them to my address free, and the amount I order is the amount they take from my account with no extra fees. That is with Nat West.
When I have some left over I take them back to the bank and get the full amount back.
In Goa I have shopped around for the best exchange rates, and have found a chap in a jewellers shop at the top of Calangute main street who always has the highest rates around that area and charges me 50 rupees for each exchange as his commission, regardles of how much I change up. That said he charged me no commission when I only changed up a few quid on my last day, and occasionally lets me off paying any commission.

Personally I am quite happy with that.
I am looking forward to hearing from Msj5 when she has the results of her market research.

Dread - money talks
x

noni

http://www.moneysavingexpert.com/news/travel/2010/07/nationwide-kills-cheap-overseas-spending-for-current-account-customers



Dump Nationwide's debit card for overseas spending
From 1 Nov, it's adding a 2% 'load' charge on ALL spending overseas, plus a £1 cash withdrawal fee
New cheapest is Halifax's Clarity credit card, which is load free worldwide, with a low ATM fee, though always pay in full each month or it's 12.9% APR. News: Nationwide overseas charges Guides: TravelMoneyMax.com, Cheap Travel Money

http://www.moneysavingexpert.com/travel/cheap-travel-money

iain492001

Thought you were in the UK, Noni. Why up so early? Dawn chorus waken you?

a_f_d

In fact it's 12.9% APR starting from moment of withdrawal even if you pay in full each month - that's a tad over 1% per month (and sod's law says that's what you'll pay!)
In the past I've used Nationwide for speed but otherwise used ICICI bank transfers and money2India. ICICI had stopped their online transfer facility but it's supposed to be back again. I'll check when I have time and post the result.

AndyD 8-)#

P.S. I sent Nationwide a secure email to complain - they have tried to phone me about it twice but I was out.
If you've got an account with them EMAIL A COMPLAINT!