Nationwide to charge to use debit card abroad

westender


Joined: 14/05/2009
Posts: 328

Message Posted:
31/07/2010 22:55

From 1st November Nationwide will charge on all transactions made abroad using a debit card, this will include withdrawals through ATM's, but Flex account holders who pay in £750+ a month will get free travel insurance (big deal).

cronos


Joined: 26/10/2008
Posts: 2093

Message Posted:
31/07/2010 23:02

If that's true then I've no reason to keep my Nationwide account.....that was the only reason to keep it....the free withdrawals fro ATM's whilst in TRNC

The interest rates on savings,just like many other banks,are derisory.

I reckon they'll lose a lot of customers with this decision.

westender


Joined: 14/05/2009
Posts: 328

Message Posted:
31/07/2010 23:13

Yes I'm afraid it's true, in the paper today & reported on thisismoney.co.uk where a lot of very unhappy customers have made their disapproval known!

MickSturbs


Joined: 23/12/2009
Posts: 110

Message Posted:
01/08/2010 00:26

I quite agree with you cronos, we will vote with our feet, no need for that account to be used at all! If you do not require the overdraft, good rate facility or not, the interest rate is pnuts, the charge is 2% every time you withdraw and you have a gift of free travel insurance which I am sure will not be valid in the TRNC then what is the use of having it!

HotHippo


Joined: 25/03/2010
Posts: 402

Message Posted:
01/08/2010 08:12

Just been checking the alternatives online, and it seems that Nationwide's proposed new charges will be less than many others are already charging. However, it seems to me that they ought to be able to differentiate between account holders who use their FlexAccounts as their main account (with established salary pay-in, and all household DDs, et cetera, set up), and those who only top-up the account just before going on a holiday abroad. Seems very harsh to penalise their genuine customer base, in order to weed out "hangers-on".



So, if anyone can find a cheaper alternative to Nationwide, please post the details.



Happy surfing!

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
01/08/2010 09:21

It was obvious in the current banking climate that they could not sustain this level of service. They will now be the same as most other banks.

Deniz1


Joined: 28/07/2009
Posts: 3829

Message Posted:
01/08/2010 09:29

wondered how long it would be. my bank (halifax) only charged me to withdraw ytl now i pay to withdraw sterling too £1.50 every time. I think its a rip off.

nurseawful



Joined: 06/02/2009
Posts: 5934

Message Posted:
01/08/2010 09:31

I wish we had kept our Nationwide account live instead of closing it and staying with Clydesdale Bank who charge is 3.75% for our transactions. Counted up over 6 years this a tidy sum.



Chris

cooper


Joined: 23/10/2007
Posts: 3386

Message Posted:
01/08/2010 09:41

Oh well worse things have happened at sea and we haven't had a bad run have we !!



Keep smiling )

malsancak


Joined: 23/08/2009
Posts: 2874

Message Posted:
01/08/2010 09:45

with a 1% transaction fee and no transaction charge, Nationwide's Debit card is still currently the best card for withdrawing money using an ATM in north Cyprus

sienna


Joined: 09/01/2009
Posts: 1627

Message Posted:
01/08/2010 10:03

they should change their website then because it is still advertising free withdrawals ! as far as I can see anyway

waddo


Joined: 29/11/2008
Posts: 1966

Message Posted:
01/08/2010 10:07

Sent them an email asking for clarification - waiting!!!!!!!! Did this because last year the same thing happened but only to withdrawals from ATM's outside of the EU.

malsancak


Joined: 23/08/2009
Posts: 2874

Message Posted:
01/08/2010 11:00

sienna, that's what was puzzling me. There appears to be no official Nationwide confirmation of this change although http://www.moneysavingexpert.com/news/travel/2010/07/nationwide-kills-cheap-overseas-spending-for-current-account-customers confirms the charge and adds that "the building society is actually trying to kick nearly a million customers out of the door. That’s because out of its 3 million+ account holders, 1.4 million use the debit card overseas and 900,000 of those use the account ONLY for that and nothing else – and that costs. So Nationwide want them gone to ensure it’s focusing on people using their account ‘properly’, as it sees it.”

BUT, people like me have no cheaper alternative at the moment. Might as well vote for demutualisation and perhaps grab a cash bonus when the opportunity next comes up.

michelle3012


Joined: 07/11/2008
Posts: 578

Message Posted:
01/08/2010 11:02

http://www.dailymail.co.uk/money/article-1299240/Nationwide-raises-fees-abroad.html?ito=feeds-newsxml

Jimmyboy63


Joined: 16/03/2009
Posts: 400

Message Posted:
01/08/2010 11:02

HSBC Premier account is free of any charges

HotHippo


Joined: 25/03/2010
Posts: 402

Message Posted:
01/08/2010 11:05

Thanks for that, JimmyBoy - time to surf!

HotHippo


Joined: 25/03/2010
Posts: 402

Message Posted:
01/08/2010 11:11

Well, that didn't take long!



1 Any foreign currency debit card payments (including cash withdrawals) are converted to Sterling by VISA or MasterCard (as appropriate) using wholesale market rates applying on the day the conversion is made. These transactions are subject to our foreign exchange charge of 2.75%. We will deduct the payment from your account once we receive details of the payment from the card scheme, at the latest the next working day. Details of the current wholesale market rates can be obtained by calling us on the usual telephone numbers.

Cash machines: Some cash machine operators may apply a direct charge for withdrawals from their cash machines and this will be advised on screen at the time of withdrawal.

Shops and retailers: There is no transaction fee for using your debit card to pay for goods and services overseas.

*HSBC Premier is available without a monthly account fee if you meet any of the following criteria:

You have savings or investments of at least

HotHippo


Joined: 25/03/2010
Posts: 402

Message Posted:
01/08/2010 11:12

Continued:



*HSBC Premier is available without a monthly account fee if you meet any of the following criteria:

You have savings or investments of at least £50,000 with HSBC in the UK. We request that your main income is paid into your HSBC Premier Bank Account; or

You have an individual annual income of at least £100,000 paid into your HSBC Premier Bank Account and either:

a mortgage(s) of at least £300,000 with HSBC in the UK

a product taken out through our independent financial advisory service, excluding mortgage-related insurance; or

You qualify for HSBC Premier in another country.

HotHippo


Joined: 25/03/2010
Posts: 402

Message Posted:
01/08/2010 11:16

Anyone aware of the qualification criteria for this account with HSBC in TRNC? It might make sense for me to have my main account in the UK, linked to another HSBC account at the Kyrenia branch.

malsancak


Joined: 23/08/2009
Posts: 2874

Message Posted:
01/08/2010 11:26

so the HSBC account is not worth changing to unless you put £50,000 in and even then is not free for overseas ATM use. Nationwide is still the cheapest for that, even after 1st November.

Jimmyboy63


Joined: 16/03/2009
Posts: 400

Message Posted:
01/08/2010 12:19

HSBC Premier account is free for any transactions overseas including ATM's

HotHippo


Joined: 25/03/2010
Posts: 402

Message Posted:
01/08/2010 12:56

Hello Jimmyboy,

Not according to the HSBC website:

1 Any foreign currency debit card payments (including cash withdrawals) are converted to Sterling by VISA or MasterCard (as appropriate) using wholesale market rates applying on the day the conversion is made. These transactions are subject to our foreign exchange charge of 2.75%. We will deduct the payment from your account once we receive details of the payment from the card scheme, at the latest the next working day. Details of the current wholesale market rates can be obtained by calling us on the usual telephone numbers.



Cash machines: Some cash machine operators may apply a direct charge for withdrawals from their cash machines and this will be advised on screen at the time of withdrawal.

Jimmyboy63


Joined: 16/03/2009
Posts: 400

Message Posted:
01/08/2010 13:31

Thanks for the info....I will check it out when I go home next week

flightholiday


Joined: 19/07/2007
Posts: 3217

Message Posted:
01/08/2010 15:33

Eddie Msg 5 - I have been a Nationwide customer for well over 20 years and I feel the bulk of the clients they loose will be the ones who are not building society savers and users but people who wanted free withdrawals aboard. People like me who believe in the service & ethic will still stay with them.

I know of a number of users who joined them (sometimes even in other peoples names) purely for the free withdrawals not taking into account the costs still had to be covered by members! I am sure the "squeal" about unfair is happening with many other groups of expats or travellers too.

We as members will miss the benefit but then maybe we should have complained as members that it was being abused at our cost - so my fault!

Malcolm Msg 13 – I am sorry to say I do not like your sentiment that seems to be about breaking up a society that looks after it’s own just because you might feel miffed.

malsancak


Joined: 23/08/2009
Posts: 2874

Message Posted:
01/08/2010 15:40

msg 13, each to our own opinions, or don't you like that either

malsancak


Joined: 23/08/2009
Posts: 2874

Message Posted:
01/08/2010 15:43

sorry, msg 24 not msg 13 - I seem to be arguing with myself

cronos


Joined: 26/10/2008
Posts: 2093

Message Posted:
01/08/2010 15:46

Flightholiday...msg 24



I too have been with Nationwide for years.

But when they are paying no interest on the Flexaccount and only 0.45% when it transfers to the "high" interest E-saver,why should I use these accounts for anything other than free ATM withdrawals abroad?

Loyalty cuts both ways.

flightholiday


Joined: 19/07/2007
Posts: 3217

Message Posted:
01/08/2010 16:20

Malcolm Msg 25 + 26 - Opinions I like (but your second para. sounded a little more like an incitement to riot)

I do like the fact that I am not the only one with a senior/blonde moment

Cronos - I hear your view I think all other banks & B.S.'s are in a similar position at present. (Have you tried the bond's? To me they have seemed a little better.)

malsancak


Joined: 23/08/2009
Posts: 2874

Message Posted:
01/08/2010 16:40

flightholiday, more like an incitement to influence a decision which will probably cost me an extra £150pa, the price of a flight

malsancak


Joined: 23/08/2009
Posts: 2874

Message Posted:
02/08/2010 13:41

Just read the full details on this document - http://www.nationwide.co.uk/pdf/current_account/P1112.pdf it's 1%+2% so that a £100 ATM withdrawal in North Cyprus costs £3! That's £450 a year off my pension.

waddo


Joined: 29/11/2008
Posts: 1966

Message Posted:
02/08/2010 13:55

"We will introduce a commission charge and a cash withdrawal

charge for transactions in currencies other than sterling. These

will still be among the lowest in the market and will replace the

existing 1% fee for transactions made outside the Visa Europe

region."



I wonder if the above means that if I continue to withdraw Sterling on my debit card then I will not be liable for a commission charge?

malsancak


Joined: 23/08/2009
Posts: 2874

Message Posted:
02/08/2010 14:16

waddo, how do you withdraw sterling in north Cyprus using a Nationwide debit card? I believe that by withdrawing sterling you won't have to pay the 2% commission charge although I'm sure you'll have to pay the 1% transaction fee.

nick1


Joined: 06/07/2010
Posts: 20

Message Posted:
02/08/2010 14:18

my mum has been using hsbc premier in nc for over 5yrs now,cash withdrawls from hsbc in girne then gets sterling changed up.never been charged as it is free as part of the premier package.

waddo


Joined: 29/11/2008
Posts: 1966

Message Posted:
02/08/2010 14:29

Malsancak, HSBC cash points have sterling, bank next door to Mr Pound has sterling, in fact lots of banks give you the option of sterling. lira or euro's. I very rarely withdraw lira as I enjoy the chase around for a 0.05 increase in the exchange rates from place to place. Normaly draw my pension in sterling then await the right time to hop down to the money changer.



If it is so, don't mind the 1% fee after all. Would love to have a premier package with HSBC but I think they want me to actually have money to do that - my £27.19 in Lloyds is probably not enough!!!!!

malsancak


Joined: 23/08/2009
Posts: 2874

Message Posted:
02/08/2010 14:43

Waddo, thanks for that. Just applied online for and been accepted for a Halifax Clarity Card! According to http://www.moneysavingexpert.com/news/travel/2010/07/nationwide-kills-cheap-overseas-spending-for-current-account-customers

"What should Flexaccount customers do?



The solution is simple: anyone who has its debit card purely for taking on holiday needs to ditch and switch. They should then sign up for one of the specialist cheap foreign spending credit cards, which bizarrely will still include Nationwide.



The very best of these is the Halifax Clarity card, which is load-free worldwide, has no ATM fees and charges a low 1%-ish interest per month. Get one only for use abroad, then set up a direct debit to repay in full at the end of the month to minimise interest."

basil


Joined: 10/04/2009
Posts: 168

Message Posted:
02/08/2010 14:49

Yep, either use a suitable credit (not debit) card to pay for goods, then use internet banking to pay the credit card off in the UK from your sterling account over there, or write a cheque to your TRNC bank and wait a month for it to clear. As we are getting negligible interest on cheque accounts anyway, the latter works for me - until they start to do away with cheques entirely.

teatime


Joined: 20/10/2008
Posts: 852

Message Posted:
02/08/2010 18:12

Basil, are there any charges involved with writing a cheque to your TRNC bank?



Malsancak, Surely, being a credit card, using the Clarity at atm's incurs interest from the time you use it, could this not work out expensive?

Woodspeckie


Joined: 25/01/2009
Posts: 2263

Message Posted:
02/08/2010 22:47

I have been into a Nationwide today, I asked about taking out sterling in Turkey or North Cyprus as I usually do at HSBC then change to tl and was told charges would still apply because I was taking it out in a foreigh country. I will check it out by sending an e-mail to customer services I will post the reply.

basil


Joined: 10/04/2009
Posts: 168

Message Posted:
02/08/2010 23:52

Teatime - no charges at Tutk Bankasi for pauing in by UK cheque; you should confirm with your own local bank. You are correct about the interest on the credit card.

teatime


Joined: 20/10/2008
Posts: 852

Message Posted:
03/08/2010 13:28

Thanks Basil, I'll check with Creditwest.

cooper


Joined: 23/10/2007
Posts: 3386

Message Posted:
05/08/2010 09:11

This has just been taken from their website - http://www.nationwide.co.uk/current_account/flexaccount-changes.htm



Ref insurance - http://www.nationwide.co.uk/insurance/traveloptions/flextravelcover/introduction.htm

Deniz1


Joined: 28/07/2009
Posts: 3829

Message Posted:
05/08/2010 11:23

Msg 35 I looked online at the Halifax and it does not show Clarity card. I have an account with them and i did a search of their site and found nothing.

Woodspeckie


Joined: 25/01/2009
Posts: 2263

Message Posted:
05/08/2010 13:36

Under the heading 'Using your card abroad' is says there will be a commission charge & cash withdrawal charge for transactions in currencies other than sterling, I have asked Nationwide to clarify if I can get sterling from a cash machine in Turkey & North Cyprus without incurring charges, I usually get the sterling and change to tl at the change offices.

teatime


Joined: 20/10/2008
Posts: 852

Message Posted:
05/08/2010 15:59

Deniz, try http://www.halifax.co.uk/creditcards/clarity.asp

BeeKeeper


Joined: 29/09/2009
Posts: 137

Message Posted:
05/08/2010 17:12

This new bank in London, Metrobank, is offering free forex transactions. Bad news is they have only one branch at present - it's on Holborn, London. You need to go there in person to open an account.

zerochlor


Joined: 03/04/2009
Posts: 4024

Message Posted:
05/08/2010 17:25

Thats good news. no commission if you draw out in sterling.



We will introduce a commission charge and a cash withdrawal charge for transactions in currencies other than sterling. These will still be among the lowest in the market and will replace the existing 1% fee for transactions made outside the Visa Europe region.



From 1 November 2010 you will be charged the charges shown in the table below when you use your card anywhere abroad (or make payments in currencies other than sterling). These include all charges that we have to pay to other organisations on your behalf.