MSE News discussion. Nationwide kills cheap overseas spending

Bloomberg

davidgmmafan wrote: »

It is very true that they have done a good job of disillusioning thier customers, they've worsened the account and then they're bleating about people using it just for the one remaining perk. Maybe if they paid credit interest or SOMETHING to keep people's customer they wouldn't be about to leave in droves...

All I would say to KTF is that some of the negative changes, ie increase in the interest rate and the change to some charges for non-EU withdrawals then to charges for all, have happened pretty quickly. I wouldn't bother sticking around as they keep moving the goalposts so its a matter of time before they completely join the herd on this issue, what was once the unique selling point. Now they have none.

I totally agree with your post. As soon as the Nationwide started charging for non EU ATM usage I knew that it was the start of them falling into line with the banks. I was with them for ages and finally jumped ship two years ago over their Faster payments implementation. Had it not been for the free overseas ATM usage I would have left ages ago.

gallygirl

gallygirl wrote: »

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Ok, jury seems out on best debit card. Looking at Halifax Clarity credit card you get best rate for overseas withdrawals, and no fee. However, they charge interest on the withdrawal even if you pay off in full. But - what if you pay money in before you go so you have a credit balance and never go 'overdrawn'? Surely that would avoid charges, or am I missing something?

apt wrote: »

You are missing the bit in the Halifax terms and conditions stating that you should not put a positive balance on your card and that the bank can send back payments that do this.

Doh :doh:. Couldn't read T&C's online this morning as wouldn't load (probably crashed with all the people on here looking at it )

apt wrote: »

Who says Nationwide is still the cheapest for overseas cash withdrawals? Only Nationwide itself. If you want to avoid Santander and do not live in the right area for the Cumberland BS or Metro Bank it is much cheaper to get a Halifax clarity credit card and use that instead of Nationwide. If you pay off the balance at the end of a two week holiday Halifax will cost you about 0.5% compared to 2% plus £1 per withdrawal with Nationwide.

Or, if you know what you are likely to spend: go on holiday on 1st. Lift out wodge no. 1, say €500 on 2nd. Before you go set up a bill payment of say £375, or just below equivalent of €500, to come out on 5th (sometimes takes a few days for overseas transactions to appear on account). Lift out wodge no. 2, say €500 on 9th. Bill payment to come out on 12th. Almost never have a debit balance, but don't have a credit balance either . If you can be *rsed of course, but not too fiddly.

Saucepot

A few have mentioned MetroBank offer free transaction abroad on their accounts. I've not seen details of this on their website. Anyone got a link to a bit that specified this?

KCS1503

KTF

Your statement "I have been looking at Santander as well but if the Nationwide is still cheapest for overseas cash withdrawals even with the new charges, if there any point in switching away from them and all the hassle that can cause?" Apparently as a newbie I'm not allowed to "quote"

I read it that cash withdrawals overseas with the Santander Zero current account are without charge in the local currency (and why would you want anything else?).

To quote -
Please be aware that there are no fees from Santander for using your Visa Debit card abroad providing you select to have the cash withdrawal or transaction processed in the local currency. Choosing sterling means the retailer or bank will handle the currency conversion and may apply a conversion fee and/or a foreign usage fee. Other cash machine providers may charge a fee for using their cash machine. Read that at the Santander website - :mad: apparently I'm not allowed to post links either but just go the their UK website and then current accounts / zero current account.

The machine providers thing seems common in the US these days but I haven't seen that elsewhere - apart from the rip-off private machines in the UK....

KCS

KTF

The issue with the Santander zero account is that you need to have a mortgage or 'investment' with them to be able to get it which limits the availability.

Should they make it available to everyone then they will find a lot of new business coming their way.

deboradog

anyone know how halifax exchange rate compare to nationwide? i use my flexaccount to fund day to day living in spain. my spending is fairly predictable, i just need the ability to go to an ATM once or twice a week.. so, if the same day i needed money i were to use my flexaccount to credit the halifax credit card (as yet unobtained)- would that work? i'd have to make a stab at the exchange rate but surely they wouldn't be petty if the amount i transferred was a few quid more than the 600 euros actually cost? i suppse even easier would be to get a halifax current account and cut nationwide out of the picture altogether.

MOL69

I have a flexaccount, and have had since inception, I have an e-savings account converted from a cashbuilder account, I get naff all in interest.:mad: My three sons each have a savings account, I have a Nationwide credit card.

I HAVE LIVED IN FRANCE FOR THE LAST FOUR YEARS. :T

Do I count as one of the account holders who doesn't use the account properly? My ex pays the child maintenance into the account every month in sterling and I withdraw it over here in cash at the ATM. Are they going to increase the amount you can take out in one go or are we going to be forced to make at least two transactions a month and incurr at least £10 per month in charges?:mad:

How can nationwide purport to be "Proudly different" when they are now following the rest of the banks like sheep? Think I will stay until the next AGM then vote out the current board on principle!!

Olipro

It's irrelevant, all Flexaccount holders will be subject to the charge no exceptions.

northernstar5

Just spoke to someone from the complaints team at Nationwide. Apparently the letters to flexaccount customers about the changes have been put 'on hold'!

Also - been to Santander about switching my current account. They have a 6% super fixed rate monthly saver (putting in up to £250 a month for 13 months) for people who switch at present.

Olipro

northernstar5 wrote: »

Just spoke to someone from the complaints team at Nationwide. Apparently the letters to flexaccount customers about the changes have been put 'on hold'!

Also - been to Santander about switching my current account. They have a 6% super fixed rate monthly saver (putting in up to £250 a month for 13 months) for people who switch at present.

My inner optimist tells me they could be weighing up a change in terms to retain free withdrawals for qualifying customers.

my inner cynic says they think simply not publicising it is the best way to push it through.