MSE News discussion. Nationwide kills cheap overseas spending

apt

The EHIC is not a substitute for travel insurance. If Nationwide wants more people to use the Flexaccount as their main account the only way to do that is to make it a better product which these changes have not done. It could have dealt with the problem of free loaders by saying you only qualify for free withdrawals abroad if you paid your salary into the account or kept a minimum balance of say £1,000. Instead it chose to get rid of its unique selling point and angered many of its members.

glider3560

Traveller11 wrote: »

A number of years ago the Caravan Club withdrew their 0% Commission Credit Card for Europe and on the first day TEN THOUSAND Members called the switchboard to cancel their accounts.

The 'Reward' of Multi Trip Insurance in Europe is not worth a carrot as the EHIC (European Health Insurance Card) covers you, and having been there and bought the T Shirt I speak with some experience.

I will be off today to make enquiries about the 'Alternatives' and then move all my dealings to a competitor.
With antics like this for its 'Members' it's time the 'Fat Cats' in their Ivory Towers got their come uppence!

The EHIC provides only the minimum cover which is provided to locals (in some countries, this can be close to nothing).

You also don't get the following on an EHIC:

• Cancellation or curtailment cover
• Personal accident benefit
• Baggage/possessions cover
• Delayed baggage benefit
• Personal money cover
• Passport cover
• Personal liability insurance
• Delayed departure
• Missed departure
• Legal expenses

Olipro

Ask yourself this, do you think Nationwide switched free withdrawals for Travel Insurance because they expected it to cost them more, or less?

apt

I am expecting A&L to phase out the free European travel insurance now the bank has been merged with Santander.

KTF

Looks like a trip to London and Metro Bank is in order then...

ViolaLass

Gamegal wrote: »

The EHIC card covers you for emergencies only

Not quite right, the EHIC entitles you to be treated as a local so when I needed a convenient but not really urgent x-ray while in Greece last year, I paid 10% of the cost, as the locals do.

There may be varying views on whether travel insurance is really needed in Europe (I've never bothered) but what I find annoying with Nationwide is that the choice is taken out of my hands. If I want travel insurance, I'll buy it but if I want free travel money, my options are extremely limited. As others have commented, that was Nationwide's USP and it is baffling that they have removed it.

I'm living abroad at the moment but moving back in October, just in time! As soon as I get back, I'll be switching.

worldwheeler

KTF wrote: »

Looks like a trip to London and Metro Bank is in order then...

What about using the Halifax Clarity and preloading it before travelling abroad? Would this result in a fee free ATM withdrawal and no interest as the card has an in credit balance before and after the transaction!?

Anyone know if this would now be the cheapest foreign cash option? Not sure what exchange rate Halifax card use on cash advances from credit cards?

KTF

I already have the Santander Zero credit card from before they restricted its availability so I guess I could preload that instead?

jonesjw

If Nationwide really wanted to penalise only the people who utilise the account for travel, they could exclude anyone who has their salary paid into the bank account from the charges.

I do have my salary paid into the Nationwide. I shall have to move my bank account elsewhere.

jonesjw

KTF wrote: »

I already have the Santander Zero credit card from before they restricted its availability so I guess I could preload that instead?

Don't these credit cards generally have terms which prevent you from pre-loading the card? That was certainly the case last time I looked at such a card.

What if I take a 4 week holiday & withdraw £300 a week on a credit card that's charging 2% interest a month. Then I log on & make 4 debit card payments the same day as the withdrawla, which might take 4 days to clear.
Would I be charged £300 x (4/30) x0.02 x 4 = £3.20 interest?
That would be 0.26% of the total withdrawn, which seems like a good deal to me. If that's the way they calculate interest.
Has anyone tried this?