Nationwide's free foreign withdrawals smoke and mirrors ?

Enigmatic_Me

We are not long back from Dubai and used our Nationwide Flex account debit card for ATM withdrawals and Nationwide Credit Card for all shop/restaurant/hotel purchases. What I was surprised about was there were different rates for the same day?

For example on 10th Feb some of the transactions are at a rate of 5.40 and some of the transactions are at a rate of 5.27 ??

Unfortunately one of the biggest transactions on 10th is at 5.27?

Is this correct that they can have two rates for the one day?

Swipe

I'm sure I read somewhere on here that NW are going to start charging again for foreign withdrawals

eeja

sugarbabe61 wrote: »

We are not long back from Dubai and used our Nationwide Flex account debit card for ATM withdrawals and Nationwide Credit Card for all shop/restaurant/hotel purchases. What I was surprised about was there were different rates for the same day?

For example on 10th Feb some of the transactions are at a rate of 5.40 and some of the transactions are at a rate of 5.27 ??

Unfortunately one of the biggest transactions on 10th is at 5.27?

Is this correct that they can have two rates for the one day?

Read the earlier postings on this thread. N/W changes the rate in line with the fx market . If it didn't the currency speculators would have a field day.
As mentioned a well timed set of withdrawals on a Sunday is the only way to predict accurately the rate one will receive.

EdInvestor

Swipe wrote: »

I'm sure I read somewhere on here that NW are going to start charging again for foreign withdrawals

They are now recouping the Visa charges in all countries outside Europe.Cash withdrawals are Mastercard so not yet affected it seems, just a matter of time

http://www.nationwide.co.uk/current_account/foreigntransactions.htm

Biggles

Swipe wrote: »

I'm sure I read somewhere on here that NW are going to start charging again for foreign withdrawals

I'm sure you read it earlier in this thread.

LongTermLurker

EdInvestor wrote: »

They are now recouping the Visa charges in all countries outside Europe.Cash withdrawals are Mastercard so not yet affected it seems, just a matter of time

http://www.nationwide.co.uk/current_account/foreigntransactions.htm

Not quite correct Ed - cashcard account withdrawals are Mastercard - the Gold credit card is a Visa and will be hit for purchases and cash withdrawals on "V day". Also, the Flexaccount Debit card is a Visa and will be similarly affected, just starting in a different month (I forget the dates).

There are three cards involved in the debate.

freeasabird

What a nuisance, I am planning to go to two countries this year that are outside Europe and where a fee will be charged. This was the main reason for having a flex account. I don't think any of the ads with that guy who talks about the tactics used by other banks will ring true now because Nationwide seem to have forgotten about the customer and are as greedy as the rest of the banks. At least I know where I stand with the big, and profit -at- all cost banks.

LongTermLurker

freeasabird wrote: »

I don't think any of the ads with that guy who talks about the tactics used by other banks will ring true now because Nationwide seem to have forgotten about the customer and are as greedy as the rest of the banks. At least I know where I stand with the big, and profit -at- all cost banks.

Be fair, they're recouping their costs, not necessarily making a profit or being greedy.

Nationwide <1%
Other banks >2% %

freeasabird

LongTermLurker wrote: »

Be fair, they're recouping their costs, not necessarily making a profit or being greedy.

Nationwide <1%
Other banks >2% %

The trouble is, this comes after a period when savers in particular have been getting increasingly worse rates from Nationwide and it would have been helpful if they'd let their customers know about this new charge. I had to find it out from here so perhaps that's why I'm feeling less than charitable today.

omelette451

freeasabird wrote: »

The trouble is, this comes after a period when savers in particular have been getting increasingly worse rates from Nationwide and it would have been helpful if they'd let their customers know about this new charge. I had to find it out from here so perhaps that's why I'm feeling less than charitable today.

Have you thought that perhaps they do plan to tell us about it officially before it starts being applied? I mean, they've got several months to do it...

MSE has established a reputation for being very on-the-ball and it's hardly surprising that its eagle-eyed fans spotted the announcement early on. If it gets to June and NW still hasn't given customers official notice, then you should be angry. Frankly I would be much more annoyed if they wasted loads of money writing to everyone now when they can, for example, include a note with next month's statement.