Nationwide to ditch free transactions outside Europe and raise rates

JoseChungsDoomsday

This is a tough subject... but personally the only reason I kept my nationwide card (I have the post office and lombard direct mastercard) was because visa publish their daily exchange rates.

Now I'm just going to close the account.

Degenerate

JoseChungsDoomsday wrote: »

This is a tough subject... but personally the only reason I kept my nationwide card (I have the post office and lombard direct mastercard) was because visa publish their daily exchange rates.

Now I'm just going to close the account.

Presumably you don't ever need cash abroad, because it's going to cost you more to withdraw from an ATM with those other cards.

chattychappy

As mentioned earlier, it's the slightly opaque marketing speak that annoys me. Saying it's commission free and then saying "buy commission free we mean...". Nationwide like to make out they are different because they are a BS. Well, BS, I say!

I travel al ot on business and it's amazing how many wealthy businessmen (including bosses of PLCs) have black Amex cards and the like, but still use Nationwide overseas because it's commission free. I'm sure Nationwide do pretty well out of these people, and therefore so do their members.

As for "passing on what we're charged" and previously paying it on "our behalf" of course that's a nonsense. Businesses have all kinds of costs - direct and indirect costs in providing a service. They package it up and provide a service on. It's not a disbursement.

Still good value, but I've got Abbey Zero/Post Office for credit card transactions.

Don't mind if Nationwide feel it doesn't make sense to keep covering this fee - just wish they'd cut the marketing crap and show they are different by being plain and simple in annoucing the change.

Blink_Eden

chattychappy wrote: »

As mentioned earlier, it's the slightly opaque marketing speak that annoys me. Saying it's commission free and then saying "buy commission free we mean...". Nationwide like to make out they are different because they are a BS. Well, BS, I say!

I travel al ot on business and it's amazing how many wealthy businessmen (including bosses of PLCs) have black Amex cards and the like, but still use Nationwide overseas because it's commission free. I'm sure Nationwide do pretty well out of these people, and therefore so do their members.

As for "passing on what we're charged" and previously paying it on "our behalf" of course that's a nonsense. Businesses have all kinds of costs - direct and indirect costs in providing a service. They package it up and provide a service on. It's not a disbursement.

Still good value, but I've got Abbey Zero/Post Office for credit card transactions.

Don't mind if Nationwide feel it doesn't make sense to keep covering this fee - just wish they'd cut the marketing crap and show they are different by being plain and simple in annoucing the change.

Spot on :T :beer: :T

JoseChungsDoomsday

Degenerate wrote: »

Presumably you don't ever need cash abroad, because it's going to cost you more to withdraw from an ATM with those other cards.

When I'm on holiday I put almost everything on credit card, I bring maybe £200 coverted as loose change

colinw

I will still be using it in Italy and Australia this year. In Italy it will still be free and in Oz it is still excellent value. Possibly only bettered by the Post Office. Having read about the Abbey customer service or lack of it I would not touch them with a barge pole. So I will stick with the Nationwide. I might also get a Post Office as a backup card. As for the other banks they have always put a 2.5%-3.5% surcharge on foreign transactions.