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NatWest Overseas Spending Rip-off
CherwellRiver
Posts: 129 Forumite
Hello.
I have used my NatWest Mastercard for a few transactions in the US. However, after reading my statement, I discovered that I only got a pathetic rate of 1.8652 between 12-14 June. Certainly, there is a loading of 2.75% using cards other than Nationwide, PO and Abbey. However, a rate of 1.8652 implies that the Mastercard corporate rate at that moment was 1.918.
Unlike VISA which discloses their exchange rate in their website, Mastercard is not transaparent in this matter. However, using the interbank rate and rate on XE.com as a reference, both rates were higher than 1.94 during that period. Though Mastercard may not use these rates, I believe their wholesale rate would not fall too far behind.
It appears that NatWest foreign transaction loading is based on a rate only known to themselves, instead of the Mastercard wholesale rate.
Digging the issue further, NatWest past record is really not impressing.
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2004/06/02/cmlorn02.xml
Have I been ripped off? Please comment.
Nonetheless, even this is the case, I am not going to pursue the issue further, as at the end I believe I have over-paid a few pounds only. Just feel that it is important to draw the attention of all MSEers who will use NatWest credit card abroad.
HY
I have used my NatWest Mastercard for a few transactions in the US. However, after reading my statement, I discovered that I only got a pathetic rate of 1.8652 between 12-14 June. Certainly, there is a loading of 2.75% using cards other than Nationwide, PO and Abbey. However, a rate of 1.8652 implies that the Mastercard corporate rate at that moment was 1.918.
Unlike VISA which discloses their exchange rate in their website, Mastercard is not transaparent in this matter. However, using the interbank rate and rate on XE.com as a reference, both rates were higher than 1.94 during that period. Though Mastercard may not use these rates, I believe their wholesale rate would not fall too far behind.
It appears that NatWest foreign transaction loading is based on a rate only known to themselves, instead of the Mastercard wholesale rate.
Digging the issue further, NatWest past record is really not impressing.
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2004/06/02/cmlorn02.xml
Have I been ripped off? Please comment.
Nonetheless, even this is the case, I am not going to pursue the issue further, as at the end I believe I have over-paid a few pounds only. Just feel that it is important to draw the attention of all MSEers who will use NatWest credit card abroad.
HY
0
Comments
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If you read martins travelmoney maximiser you will see that Natwest is one of the worst cards to use while abroad.0
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If you read martins travelmoney maximiser you will see that Natwest is one of the worst cards to use while abroad.
Yes, I could not agree more. I also have a Nationwide Flex account which gave me cash withdrawal at a rate of 1.981 yesterday.
My concern is the system of how NatWest charges consumers in reality is opaque (even though the terms are well written. Loading is 2.75% based on VISA/Mastercard International's rate at the time the transaction is processed). They have charged more than they should have. Avoid using them abroad at all cost.0
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