Nationwide Flexaccount

KathysBoy

seven-day-weekend wrote: »

We became Nationwide customers due to Portman being taken over and each of us have an ISA.

I rang them up today to see if we can open a Flexaccount so that we can have the Cashpoint card as it is free to use in foreign cashpoints. I was not sure whether I could open one due to living in Spain but they have said they will post me an application forma and as far as they can see it should be OK. I passed all the security checks when I rang.

What I want to ask is, do you get a reasonable Exchange Rate when you use these cards? (I do know the £/E is really bad at the moment so wouldn't expect a fortune, but don't want to use the card and find it's even lower!).

Thanks!

I don't think you'll be able to open an account if you put your address as Spain. You have to be a UK resident when you open a Flexaccount. You can then move to Spain once its open, and they will change your address to Spain, but you must have a UK address to open it initially.

I know this is correct because I opened our account with them before we moved, and told them what I was planning to do, and this is what they told me.

Recently I tried to open an online deposit account in my wifes name (we currently have joint Flexaccount), but it said she had to open a Flexaccount in her own name first. When I tried to do this (all online) it refused the application because " Your address is overseas. Accounts can only be opened with a UK address".

Sorry to be the bearer of bad news, because the Debitcard is brilliant. For the last few months I have just drawn out our money each week, at virtually market rates and no charges.!

PS I have a BBVA debit card, and my branch set it up so that everything at the ATM is in English. If you have another bank you should ask them if they have this facility. As "APT" says it's a standard option for non-spanish cards at ATM's

owlet

What I want to ask is, do you get a reasonable Exchange Rate when you use these cards? (I do know the £/E is really bad at the moment so wouldn't expect a fortune, but don't want to use the card and find it's even lower!).

Thanks![/quote]


I was in the Netherlands three weeks ago and got 1.24 - 1.26 euros to the pound using my Nationwide visa debit card at ATMs and for purchases. I only ever go abroad with about 10 euros cash, I wait till I'm out there and use the ATM. Always a much better rate than changing up before you go!

seven-day-weekend

KathysBoy wrote: »

I don't think you'll be able to open an account if you put your address as Spain. You have to be a UK resident when you open a Flexaccount. You can then move to Spain once its open, and they will change your address to Spain, but you must have a UK address to open it initially.

I know this is correct because I opened our account with them before we moved, and told them what I was planning to do, and this is what they told me.

Recently I tried to open an online deposit account in my wifes name (we currently have joint Flexaccount), but it said she had to open a Flexaccount in her own name first. When I tried to do this (all online) it refused the application because " Your address is overseas. Accounts can only be opened with a UK address".


Sorry to be the bearer of bad news, because the Debitcard is brilliant. For the last few months I have just drawn out our money each week, at virtually market rates and no charges.!

PS I have a BBVA debit card, and my branch set it up so that everything at the ATM is in English. If you have another bank you should ask them if they have this facility. As "APT" says it's a standard option for non-spanish cards at ATM's

I can't open it online (because I can't put the postcode in) but the advisor said there should not be a problem otherwise. All the ID they want I am able to provide.

We are existing customers and I have opened other bank accounts since I've been in Spain with TSB and Co-Op where we are also existing customers. Both were quite happy to register it to the Spanish address.

I know as a Spanish Resident you can't open an account in a bank where you are NOT an existing customer, but otherwise I haven't found it to be a problem.

If there is I still have a house in the UK and they can register it to that address (although my ISA with them is registered to the Spanish one).

Anyway, we shall see....watch this space!!

Inactive

seven-day-weekend wrote: »

Ours doesn't.

It will give you the option of English as it is an English Card.

Baldur

seven-day-weekend wrote: »

......(although my ISA with them is registered to the Spanish one).

That IS likely to be a problem if you continue to subscribe to it - http://www.hmrc.gov.uk/leaflets/isa-factsheet.htm

Moving abroad You can only subscribe to an ISA if you are resident and ordinarily resident in the UK for tax purposes. Overseas residents are not eligible to apply for an ISA. If you are unsure about this, call our Centre for Non-Residents on

• 0845 070 0040 (UK) or
• 44 151 210 2222 (from abroad).

If you cease to be a UK resident while you already have an ISA open, you will no longer be able to put money into it. However, you will still be able to keep your ISA open and you will still be entitled to the tax benefits on investments held in the ISA. If you then return to be UK resident and ordinarily resident, you can start putting money in again.

seven-day-weekend

We know that we cannot contribute to the ISA - we were told this by Portman when we first moved here - thanks for the info though.

alphason

Baldur wrote: »

The Visa exchange rate is applied to ATM withdrawals - just enter your chosen currencies and '0' in the "Bank Fee" box on this link to find the daily rate.

I have used my Flex Debit Card in Dubai & Bulgaria & always receive a better rate than cash rates at local banks in those countries.

Thsi is really handy, thanks. I once asked the Nat if they publish the rate anywhere and they told me no.

seven-day-weekend

UPDATE: Just to say that they would not open my Flexaccount from the Spanish address, but I have opened it whilst on a visit to the UK as I was able to provide all the ID they wanted from my UK address.

I am going to have my State Pension paid into it when I start receiving it in January 2010.

Thanksall for your advice.

Inactive

Great news, thanks for the update..