MSE News discussion. Nationwide kills cheap overseas spending

edited 31 July 2010 at 8:04AM in Budgeting & Bank Accounts
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MSE_JennyMSE_Jenny MSE Staff
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edited 31 July 2010 at 8:04AM in Budgeting & Bank Accounts
This is the discussion thread for the following MSE News Story:

"Nationwide kills cheap overseas spending for current account customers"
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Replies

  • ManAtHomeManAtHome Forumite
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    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!)
  • MrTomatoMrTomato Forumite
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    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.
  • intalexintalex Forumite
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    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.
  • ReaperReaper Forumite
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    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.
  • callum9999callum9999 Forumite
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    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).
  • agsnuagsnu Forumite
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    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
  • aptapt Forumite
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    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.
  • greyteam1959greyteam1959 Forumite
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    So its goodbye Nationwide to ALL my business...........GOODBYE !!!!!!!!!!
    Savings, car insurance, house insurance & my credit card.........
  • ViolaLassViolaLass Forumite
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    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.
  • aptapt Forumite
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    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.
This discussion has been closed.
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