MSE News discussion. Nationwide kills cheap overseas spending

MSE_Jenny

This is the discussion thread for the following MSE News Story:

"Nationwide kills cheap overseas spending for current account customers"

Read the full story:
MSE News - Nationwide kills cheap overseas spending for current account customers

ManAtHome

Dunno if I'm typical, but even though NW isn't my main current account I have substantial savings with them. Haven't bothered moving for the odd quarter percent - probably worked out level when comparing Flex usage in Europe v my (bog-standard) main account, but sounds like time to start reading/moving.

I suspect something like the new Halifax Clarity as a credit card and Caxton or FairFX pre-paid will be a reasonable substitute? I know there's been a few threads about these, but I didn't need to pay much attention until now... (gulp!)

MrTomato

Metro Bank to the rescue I suppose. If you live in London. And I've only read the news article on here about it having no fees.

intalex

Earlier this month, I used the card outside of the EU for a couple of withdrawals, and the rate I received (accounting for the 1% loading) was about 6% worse off compared to the Interbank rate published on Oanda.

I've been unsuccessfully trying to get Nationwide to ascertain and provide visibility of the Visa International rate they use, and how it links into the published Interbank rate. I guess it doesn't matter anymore anyway.

Reaper

I use my Flex account "properly" as it is my main account. However it sounds like I will still have to pay the extra fees. And what's this "reward" the Nationwide guy talks about. I can't make out what that is, if anything.

callum9999

Reaper wrote: »

I use my Flex account "properly" as it is my main account. However it sounds like I will still have to pay the extra fees. And what's this "reward" the Nationwide guy talks about. I can't make out what that is, if anything.

Probably the free insurance.

This is quite irritating - are there any other accounts that don't charge for use abroad for a debit card (apart from Metro bank, I don't want to go to London just to open it).

agsnu

intalex wrote: »

I've been unsuccessfully trying to get Nationwide to ascertain and provide visibility of the Visa International rate they use

http://corporate.visa.com/pd/consumer_services/consumer_ex_rates.jsp

apt

callum9999 wrote: »

Probably the free insurance.

This is quite irritating - are there any other accounts that don't charge for use abroad for a debit card (apart from Metro bank, I don't want to go to London just to open it).

The Cumberland BS if you prefer to move to its branch area instead. The dreaded Santander does not charge if you use its ATMs in Spain and pay in £1,000 per month.

greyteam1959

So its goodbye Nationwide to ALL my business...........GOODBYE !!!!!!!!!!
Savings, car insurance, house insurance & my credit card.........

ViolaLass

I'm the same, Mervyn.

I've been with Nationwide for 12 years (not out of laziness but because I genuinely liked how I got treated and I liked the rates). I'd been half heartedly considering changing my current account for the last year but now I definitely will. I've emailed them to point out that this will lose them all my custom - current account, joint account, two savings accounts and next year's mortgage.

What a cr*ppy idea they've had.

apt

Although it won't be much use for foreign spending from 1 November it might be worth keeping the Flexaccount for the free European travel insurance. You used to be able to get this free from Alliance and Leicester, but Santander may well phase this out.