Sending Money Abroad

Nothing wrong with that apart from that it breaches your agreement with the bank about not giving your card and PIN to anyone else.

But is the cash exchange rate competitive with the wire transfer exchange rate, taking the transaction fee into account?

I accept that there will be no comeback on NW if the card gets misused but that is no different to getting my card misused or transferring the money into my brother in laws's account and his card getting misused,eiher way the money would have gone. The advantage of a Flex accont is that there is no transaction charge which is why Flex is recommended for use overseas. Just wondering if NW could get pissy if they got wind of what was happening. It would be a lot less hassle for me because overseas transfers are a bind even without the expense.

Kevin

I opened a Flexaccount specifically for this purpose. Regular withdrawals are made on the card overseas and I have no problems at all. There are no transaction charges and the rate is very near the interbank rate.

Its an excellent way to do it.

I live overseas and regularly use my Nationwide ATM card to get money from a FlexAccount in the UK. Nationwide's exchange rates are as good as you'll get anywhere so it works out much cheaper than having them transfer the money to a bank account where I live

I've been doing this for years and they have never complained about what I'm doing.

Chris

The UK banks at the moment seem to be paranoid about money laundering but you don't seem to be have any problems so I will go ahead.

Kevin

Withdrawing £1,000 a month in cash doesn't sound unreasonable. I would expect that sort of money to fall well under their money-laundering radar.

Chris