Abbey - Get 2% cashback in Spain

ericthekidstoner

saw this after loggin out of net banking...

http://www.abbey.com/central_logon_exit.htm

Get 2% cashback in Spain
Use your Abbey Visa Debit or Electron card in any Santander cash machine in Spain and earn 2% cashback on withdrawals - for details call 08459 724 724

anyone going to Spain???

buses7675

Hi All,

2% cashback on cash?! I hope as they are 'their' cash machines, because Santander is the owner of Abbey, their isn't a fee for taking money out that would wipe off that 2%!

Wonder if you can also pay in back into the account in Spain, this earning multiple 2%s! - Could even get a free hol out of it if you went a bit OTT!

Not that I have an Abbey Debit card, nor am I going to Spain, but hey!

Cheers

Steve

MPH80

Oh my god they are charging a fortune for cash withdrawls:

http://www.abbey.com/index/cash/current_accounts_index/current_account/abbey_account_index/abbey_account_rates.htm

PLUS cash machine withdrawal handling charge 1.5% of the value (minimum £1.50)

Visa debit card and Visa Electron card usage outside the UK (6) 2.75% of the value

And so you go to look at (6):

Cash withdrawals made outside the United Kingdom are subject to this charge in addition to the Visa/PLUS cash withdrawal handling charge.

So - you actually get hit for 4.25% of the transaction cost.

But - under this deal they'll give you 2% of that back ...

*sigh*

M.

buses7675

Not really good then - Just a bit 'less bad' than before!

Never mind!

Wonder if this applies to Cahoot cards?

Cheers

Steve

PBA

MPH80 wrote:

So - you actually get hit for 4.25% of the transaction cost.

But - under this deal they'll give you 2% of that back ...

*sigh*

M.

If you read closer, point 6 only applies to Visa Debit transactions, not ATM withdrawals (ie only to cash advances over the counter in a bank). If you use cash machines you only get the 1.5% charge.

Incidentally, todays exchange rate for Euros was 1.44. With the 1.5% considered it's 1.418. The best rate for Euros I could find on the high street today was 1.41 from Marks & Spencer, so even without the cashback you're better off using your card abroad than buying currency before you go.

Jon_C

The other thing is, the cashback is two per cent or Euro 2.50, whichever is the greater - so if the lowest amount you are able to withdraw from the machine is Euro 50, you'll get five per cent back.

Unless I have completely misunderstood of course.

MPH80

PBA wrote:

If you read closer, point 6 only applies to Visa Debit transactions, not ATM withdrawals (ie only to cash advances over the counter in a bank). If you use cash machines you only get the 1.5% charge.

That's not how I read it.

The entries I copied the table from is entitled, quite clearly, Charges for using Cash Machines

Which means, when you use your Visa debit card, in a non-Abbey/link cash machine, you are engaging in Visa debit card and Visa Electron card usage outside the UK 6.

Which means you are going to get charged that 2.75% of the value.

Feel free to try it if you like - but personally - I'm sticking with Nationwide.

M.

Compound_2

I wonder whether the Abbey offer is related to Grupo Santander's registration to operate Dynamic Currency Conversion across its ATM network. This allows them to apply their own exchange rate, less favourable than Visa.

Gartshore_2

I like the idea of getting my cash when I get to Spain rather than carry it around with me and a 2% back makes it even better but when I contacted Abbey to ask if Banco Santander had branches in Menorca and if so where they were unable to tell me. I tried the Banco Santander website but don't understand enough Spanish to navigate my way round. Does anyone know where the Santander bank has a branch in Mahon?

Kilty_2

Surely a Santander cash machine is an Abbey cash machine, as they are the same group therefore you will not be charged a fee?

Or am I missing something

EDIT- yes, I was missing something, you still get charged 2.75% plus 1.5% or £1.50 then you get the 2% or €2.50 back