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Nationwide to charge 2% for cash withdrawals!!!!!!!

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judyr


Joined: 07/07/2009
Posts: 956

Message Posted:
19/09/2010 13:18

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Message 1 of 16 in Discussion

http://www.bbc.co.uk/news/business-11344048



karakum5c



Joined: 18/03/2008
Posts: 1021

Message Posted:
19/09/2010 13:38

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Message 2 of 16 in Discussion

Try Santander Zero card---doesnt charge!



phylray



Joined: 21/09/2007
Posts: 1727

Message Posted:
19/09/2010 13:43

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Message 3 of 16 in Discussion

Thanks karakum5c have got an a/c them anyway so will try it.



malsancak


Joined: 23/08/2009
Posts: 2874

Message Posted:
19/09/2010 14:32

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Message 4 of 16 in Discussion

not according to Money saving Expert - http://www.moneysavingexpert.com/travel/cheap-travel-money#topcards



Pippie


Joined: 02/12/2009
Posts: 1288

Message Posted:
19/09/2010 22:58

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Message 5 of 16 in Discussion

If it's right I'm going to suggest to my friends/family to send their money to me through Barclays if they need over 200 (20 flat charge) when they get here, and I'll withdraw it here for them when they arrive. Will save them a fortune!



sienna


Joined: 09/01/2009
Posts: 1627

Message Posted:
19/09/2010 23:12

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Message 6 of 16 in Discussion

Pippie I know I am not any good at maths but 2% of 200 pounds is ............... ?? not 20 ......... !!??



Pippie


Joined: 02/12/2009
Posts: 1288

Message Posted:
20/09/2010 17:50

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Message 7 of 16 in Discussion

Good point Sienna, well I was tired at the time!!

I meant 1000 of course ...



michelle3012


Joined: 07/11/2008
Posts: 578

Message Posted:
20/09/2010 17:54

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Message 8 of 16 in Discussion

THIS IS FROM THE NATIONWIDE WEBSITE, I READ IT AS BEING FREE ON 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.







Charge Amount Applies to cash withdrawals Applies to card purchases (see note 1)



Commission charge for non-UK transactions 2.00% of the transaction amount



Non-UK cash withdrawal charge (as well as the commission charge) 1 for each withdrawal (see note 2)



judyr


Joined: 07/07/2009
Posts: 956

Message Posted:
20/09/2010 18:04

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Message 9 of 16 in Discussion

Am I missing something then? Surely all money you draw out here is not sterling so not only do you pay 1 per transaction but you will also incur a 2% charge?



michelle3012


Joined: 07/11/2008
Posts: 578

Message Posted:
20/09/2010 19:22

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Message 10 of 16 in Discussion

HI no you can draw sterling from some of the banks, HSBC cash point being one of them, then you would exchange it to TL at an Exchange place in town, then you can avoid those charges!



judyr


Joined: 07/07/2009
Posts: 956

Message Posted:
22/09/2010 09:31

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Message 11 of 16 in Discussion

Thank you - I didn't know that



tattlad


Joined: 13/12/2008
Posts: 479

Message Posted:
22/09/2010 11:53

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Message 12 of 16 in Discussion

Weren't Nationwide the ones that were advertising no charge for using your card abroad not long back ?



sienna


Joined: 09/01/2009
Posts: 1627

Message Posted:
22/09/2010 12:05

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Message 13 of 16 in Discussion

yes they have changed their policy - announced on their website and if you are customer they did notify you .... all good things come to an end



LondonCypriot


Joined: 15/12/2008
Posts: 426

Message Posted:
23/09/2010 00:43

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Message 14 of 16 in Discussion

http://www.bbc.co.uk/news/business-11344048



"Metro Bank, which has just launched, doesn't charge any fees for overseas use of its debit card, but you have to visit a branch to open an account, and it is only based in London at the moment," says Mr Black.



The recently launched Metro Bank Credit Card also doesn't charge any foreign currency exchange rate fees for purchases and there is also no fee for cash withdrawals. It charges interest of 19%.



Read more: http://www.thisismoney.co.uk/bargains-and-rip-offs/travel/article.html?in_article_id=510574&in_page_id=1093#ixzz10IU1NsLi



Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
23/09/2010 00:47

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Message 15 of 16 in Discussion

I predict Nationwide will suffer a lot of sizeable withdrawals as a result of this policy change... They might just reverse the decision if that happens.



Cyprusquest


Joined: 09/12/2008
Posts: 428

Message Posted:
23/09/2010 13:26

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Message 16 of 16 in Discussion

Nationwide have made for them a good choice.

Many of the clients who may withdraw having lost the facility will have only topped up their accounts when wanting cash for years and not actualy contributed as members of the building society. (I suspect there will not be many sizeable withdrawals; which Groucho mentioned.)

For members (like us) who have other travel insurance we will lose out as we do not gain the Nationwide benefit of free insurance but it is still a mutual society looking to the benefits of its general members and that is good. If you have been on the free withdrawl gravy train bow out gracefully and thank the society who was nice to you for so long, do not complain.



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