Nationwide Flex (basic) using in USA

nickc25

Hi
I have had a Nationwide cashcard account for a number of years. I go to Orlando once or twice per year and normally take money out of the cash Machine when there. They offer the bank exchange rate which is usually a lot better than any currency exchange offers. But I have seen that they are starting (or started) to charge on their debit and credit cards a fee.

I do not have a debit card and it is just cash withdrawals, will I get charged? Or will it be better to buy travellers cheques? I normally buy a certain amount of travellers cheques for food and take the rest out when I need it. But if I am to be charged I think Id buy travellers cheques but just need to know if they now charge, anyone know this?

Cheers

KTF

Full details on this change are here:
http://www.nationwide.co.uk/current_account/foreigntransactions.htm

The overseas charges that Nationwide are introducing are currently on their blue Debit card (Visa) only. The cash card is a Mastercard so has no charges for the time being.

Rafter

nick,

Even with the charges, you will probably be better off than with travellers cheques, that normally have a poor exchange rate.

Always worth having a backup source of funds though.

R.

nickc25

Rafter wrote: »

nick,

Even with the charges, you will probably be better off than with travellers cheques, that normally have a poor exchange rate.

Always worth having a backup source of funds though.

R.

Actually the travellers cheques rates are normally better than cash rates...

I am not sure if that is the case for EURO because you have to go to a bank and cash them in which is a pain, but the dollar I always get TC because the rate is slightly better and obviously the protection is there along with spending them the same as cash.

Thanks for the replies, it looks like it just affects their debit cards so Ill get a few hundred in TC and the rest out in cash when Im there. Cheers

bundly

I phoned and checked this morning and the cashcard is most definintely still free for withdrawals abroad.

THe new charge applies ONLY to debit cards.

KTF

And only then to non-European countries as per the list on their website.

amc1

So will I be charged for using my Nationwide Flex debit card to withdraw cash from an ATM in the US or not ? I'm confused....

KTF

Yes, if you use the Debit card from May 6 you will be charged 0.84% or 1% from July 1.

This is to cover the Visa handling fee which is different to the charges that other banks apply. See here for full details:

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

amc1

Thanks. So are Travellers Cheques now the best option (financially), albeit a bit of a pain, when travelling to the US ?

KTF

I dont know what the exchange rate (or charges) are on travellers cheques compared to the Visa rate that Nationwide will give you.

I suspect that Nationwide will still be the best option but cant say for sure.

BruceyBonus

amc1 wrote: »

Thanks. So are Travellers Cheques now the best option (financially), albeit a bit of a pain, when travelling to the US ?

All these figures are based on exchange rates available at time of writing.

Costs to withdraw $100 in US:
Nationwide without charge: £68.00
Nationwide with 0.84% charge: £68.57
Nationwide with 1% charge: £68.68
Travelex cash (online): £70.36
Travelex travellers cheques (online): £70.36
Travelex currency card (online): £70.36
Post Office cash (online): £70.63
Post Office travellers cheques (online): £70.56
Local independent bureau de change cash: £70.82
Local independent bureau de change travellers cheques: £70.82

I know which of these options I'd choose!