From: "Alec" 
Newsgroups: uk.finance
Subject: Re: Best Credit Card for overseas use
Date: Sun, 8 May 2005 16:11:03 +0100


"Layezee"  wrote in message 
news:aWofe.26428$vU4.6956@newsfe6-win.ntli.net...
>> They claim 0% commission. Is it truly 0% or does that mean they don't add 
>> any extra on to what Visa/Mastercard charge? If you compare what you pay 
>> for a transaction against the Interbank rate listed online, how much is 
>> it off by?
>>
>
> It's 0% - zilch - nothing.
No they don't and even do not pass on the 1% Visa/Mastercard charge card 
companies for currency conversion. In my experience the rates have always 
been very close to interbank rates, though with daily fluctuation in 
exchange rates (it can move 1-1.5 % in one day), it's sometimes difficult to 
pin down the interbank rate for the day. The figures quoted on Ceefax page 
241 and financial pages are middle London closing price, which isn't 
necessarily the one used for your conversion, but it's still one of the 
rates applicable at the time the conversion was made, which could be same 
day, the day after or even two days after (over a weekend, say). But with 
Nationwide (together with Liverpool and Victoria in for card use in EU), you 
will always save at least 2.75% over other cards, plus the 1-1.5% fee 
charged on cash withdrawals.

Alec