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The true costs of bank charges on British cards abroad up to 47

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wanderer


Joined: 05/02/2009
Posts: 1653

Message Posted:
19/02/2012 12:06

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Message 1 of 5 in Discussion

ROYAL BANK OF SCOTLAND and LLOYDS were named and shamed for imposing the highest charges on people who use debit cards abroad.



BANK OF SCOTLAND part of Lloyds charges more than 47 in fees when someone makes ten 50 purchases and five ATM withdrawals of 50.



RBS charges 43.13 for the same transactions, see the table below.



This is nearly double the amount charged by NATIONWIDE, Britain's biggest building society.



Watchdog WHICH? urged the Office of Fair Trading to force banks to be more transparent about fees. Which? executive director Richard Lloyd said: "It's a scandal that despite all the current anger and all the political noise about the state of the banking industry, they are still hiding the figures.



"They are impossible for most people to work out how they are calculated.



"The OFT yesterday said banks have to change or be changed. What more evidence do we need that fundamental action should be taken by regulators?



wanderer


Joined: 05/02/2009
Posts: 1653

Message Posted:
19/02/2012 12:08

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Message 2 of 5 in Discussion

cont

Which? sent researchers to Calais in France to find out how much various banks and building societies charge.



The NORWICH & PETERBOROUGH BUILDING SOCIETY tops the poll with ZERO fees because of its Gold Light account. Customers are guaranteed no additional fees for overseas transactions if they use it a certain number of times.



Which? researchers withdrawing 20 (or 16.92) from the Nationwide were actually charged 18.25.



This includes a "foreign loading fee" of two per cent to cover currency exchange costs, and a 1 ATM withdrawal fee.



HALIFAX the bank that gives you "Xtra" charged 18.89 for the withdrawal.



It costs 19.13 at HSBC, and 19.38 at SANTANDER.



NATWEST charges 19.39 while customers at Lloyds pay a total of 19.43.



Bank of Scotland trousers 1.5 per cent of the amount withdrawn at the ATM up to a maximum of 4.50.



http://www.thesun.co.uk/sol/homepage/news/money/city/4137991/47-fees-to-use-bank-card-on-holiday.html



Woodspeckie


Joined: 25/01/2009
Posts: 2263

Message Posted:
19/02/2012 12:33

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Message 3 of 5 in Discussion

I have never ever been charged by Nationwide for sterling withdrawals from my debit card in North Cyprus orf Turkey and not been charged interest on my credit card, if you have the correct Flex Account you don't get charged, I paid my 4 weeks Hotel bill from 6th Dec to 4th Jan on the 4th January with my credit card and just paid it on the 17th February with no charges.



blade


Joined: 19/06/2010
Posts: 1286

Message Posted:
19/02/2012 13:36

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Message 4 of 5 in Discussion

I have used my Halifax debit card here recently at an ATM they only charged me 2.50 for a withdrawing 300 pounds.

The Lloyds international account debit card, i have charges me nothing to withdraw from ATM's but it does have a monthly fee for having the account.

Transfering money with the Halifax i found expensive something like 20 pounds to change sterling to euros and transfer abroad.

I do think all banks need watching right now more than ever.



Deniz1


Joined: 28/07/2009
Posts: 3829

Message Posted:
19/02/2012 13:38

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Message 5 of 5 in Discussion

Great if you live in the uk and can open an account with Nationwide. Those of us who cannot just have to pay.



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