In electronic systems with long-range Coulomb interaction, the nonlocal Fock-exchange term has a bandwidening effect. While this effect is included in combined many-body perturbation theory and dynamical mean field theory (DMFT) schemes, it is not taken into account in standard extended DMFT (EDMFT) calculations. Here, we include this instantaneous term in both approaches and investigate its effect on the phase diagram and dynamically screened interaction. We show that the largest deviations between previously presented EDMFT and GW +EDMFT results originate from the nonlocal Fock term, and that the quantitative differences are especially large in the strong-coupling limit. Furthermore, we show that the charge-ordering phase diagram obtained in GW +EDMFT methods for moderate interaction values is very similar to the one predicted by dual-boson methods that include the fermion-boson or four-point vertex. DOI: 10.1103/PhysRevB.95.245130 Dynamical mean field theory (DMFT) [1] self-consistently maps a correlated Hubbard lattice problem with local interactions onto an effective impurity problem consisting of a correlated orbital hybridized with a noninteracting fermionic bath. If the bath is integrated out, one obtains an impurity action with retarded hoppings. Extended dynamical mean field theory [2-10] (EDMFT) extends the DMFT idea to systems with long-range interactions. It does so by mapping a lattice problem with long-range interactions onto an effective impurity model with self-consistently determined fermionic and bosonic baths, or, in the action formulation, an impurity model with retarded hoppings and retarded interactions.While EDMFT captures dynamical screening effects and charge-order instabilities, it has been found to suffer from qualitative shortcomings in finite dimensions. For example, the charge susceptibility computed in EDMFT does not coincide with the derivative of the average charge with respect to a small applied field [11], nor does it obey local charge conservation rules [12] essential for an adequate description of collective modes such as plasmons.The EDMFT formalism has an even more basic deficiency: since it is based on a local approximation to the self-energy, it does not include even the first-order nonlocal interaction term, the Fock term. The combined GW +EDMFT [13][14][15] scheme corrects this by supplementing the local self-energy from EDMFT with the nonlocal part of the GW diagram, where G is the interacting Green's function and W the fully screened interaction. Indeed, the nonlocal Fock term [Gv] nonloc is included in the nonlocal [GW ] nonloc diagram. As described in more detail in Ref. [15] (see also the appendix of Ref.[16]), the GW +EDMFT method is formally obtained by constructing an energy functional of G and W , the Almbladh [17] functional , and by approximating as a sum of two terms, one containing all local diagrams (corresponding to EDMFT) and the other containing the simplest nonlocal correction (corresponding to the GW approximation [18]). This functional construct...