Nationwide exchange rates: What you need to know
Nationwide offers convenient ways to spend, send and receive money in a multitude of different currencies. Foreign exchange rates represent a major pricing point and there is often little clarity around them. We researched Nationwide’s exchange rates to provide you a table showcasing their currency rate spread.
Nationwide exchange rates: Information and tips
Know the latest interbank rate for your currency pairs
The interbank rate (also called mid-market rate) is the midpoint between the buy price and sell price of two currencies on the currency markets. Nationwide does not offer the interbank rate but instead adds a margin to it, which makes the foreign currency transaction more expensive for you. Before using Nationwide for international transfers, card payments abroad or your travel money needs, make sure to know the current interbank exchange rate. That way, you’ll be able to calculate FX losses on a foreign currency transaction. You can find the latest interbank rates using our currency converter.
How to calculate exchange rate loss
Here’s what you need to do in order to determine how much Nationwide’s exchange rate spread is going to cost you:
- Multiply your original amount by the current interbank rate (find it on x-rates.com)
- Multiply your original amount by the exchange rate Nationwide offers
- Subtract the first amount from the second amount
- This is the amount you’ll lose through currency conversion with Nationwide
Exchange rates can vary
Banks often offer different margins depending on the product and the customer. Commercial exchange rates offered to a business customer are usually better than exchange rates for individuals. For example, the currency conversion rate on an international transfer will differ from a card payment overseas. FX rates also vary by currency and destination countries. Ordering currencies with low market liquidity is likely to be more expensive.
Beware of currency conversion fees
For most types of currency transactions, there are usually more conversion fees that apply. These can either be administrative/service fees coming from Nationwide, or third party fees from credit card providers or correspondent banks. Always make sure to ask your local branch manager for the full scope of fees before making a transaction involving foreign currency exchange.
Make use of alternatives
New providers and startups in the FX space have emerged to compete with traditional banks. These companies often provide better foreign currency rates than traditional banks. Make sure to compare Nationwide’s exchange rates with the rates of other currency providers to ensure you get the best deal.
For the best exchange rates, we highly recommend TransferWise. Enjoy your first transfer for free on transfers up to £500.
Nationwide exchange rate table
The exchange rate spreads below are for ordering foreign currency in cash / international money transfers / remittance. Rates on other services might differ. Those exchange rate margins are indicative at the time of research. Use the Nationwide currency converter or visit the nearest branch to get the latest rates.
|Currency||ISO Code||Exchange Rate||Mid-Market Rate||Exchange Rate Margin / Loss|
|Czech Republic Koruna||CZK||28.509||29.22449||2.45%|
|Hong Kong Dollar||HKD||9.7935||10.03526||2.41%|
|Sri Lanka Rupee||LKR||222.274||228.94732||2.91%|
|New Zealand Dollar||NZD||1.8265||1.87637||2.66%|
|Saudi Arabian Riyal||SAR||4.6888||4.80458||2.41%|
|Trinidad & Tobago Dollar||TTD||8.3159||8.63243||3.67%|
|CFA Franc BEAC||XAF||737.2871||737.30285||0.00%|
|East Carribean Dollar||XCD||3.3634||3.46231||2.86%|
|South Africa Rand||ZAR||17.4063||17.91977||2.87%|
Nationwide’s exchange rate was collected from Nationwide’s website on 21/11/2018. Interbank rates collected from x-rates.com on 21/11/2018. The information displayed on this site is subject to change at any time and we do not guarantee 100% accuracy of the information. For the today’s rates, visit Nationwide’s website, contact Nationwide’s customer support or log into your online banking and search for their exchange rate calculator. Currencyfees.com is not liable for any financial decisions based on the above information. Currencyfees.com is supported by referral compensations by some of the companies listed in our articles.