MSE News discussion. Nationwide kills cheap overseas spending

nickoi

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.

The changes don't happen till 1st November so no worries just yet. Also there is free travel insurance for regular Flex Account users. Best check the conditions but I'm Type I diabetic and they'll cover me.. there's a phone number to call to check on the website. Oh and the insurance starts now (not on 1st November)

Also if you compare all the charges for all the current accounts out there you'll find it still on of the cheapest for using abroad.. compare it if you don't believe me!!

There's also other bonuses for using a flex account, including great borrowing rates, so pop into your local branch and ask! :T

northernstar5

nickoi wrote: »

The changes don't happen till 1st November so no worries just yet. Also there is free travel insurance for regular Flex Account users. Best check the conditions but I'm Type I diabetic and they'll cover me.. there's a phone number to call to check on the website. Oh and the insurance starts now (not on 1st November)

Also if you compare all the charges for all the current accounts out there you'll find it still on of the cheapest for using abroad.. compare it if you don't believe me!!

There's also other bonuses for using a flex account, including great borrowing rates, so pop into your local branch and ask! :T

Have you called them to check that they will cover you for no extra charge? There are many medical conditions that they won't cover.

I can't see any benefits that are applicable to my situation.

Engeroosi

I'm an abuser!

davidgmmafan

I can see how it could be offensive to say people abuse thier account. Its mainly Nationwide's fault surely? Think about it if a company has an offering which loses them money, and doesn't cover all the basis, can you really blame savy customer who take advantage of the loophole? I'd say not. That's why the T & C's on credit cards are so tight, or why when I got cashback for swapping utility suppliers they waited like three months before paying the money through quidco.

I also don't buy that the board may have been put of by the tech people, they cannot even administer ISA for god's sake! That's a pretty sad thing to say of an organisation whos primary function is collecting savings deposits to lend out. There has been a marked decline since Beale took the helm, maybe he got dealt a bad hand, but I don't see any meaningful efforts to turn this perception around.

PS loving these people popping up with like no posts defending Nationwide I wonder what possible motivation they could have

oxenryd

marklee wrote: »

Interesting.

Just had a phone call from Nationwide in response to my complaint yesterday.

The representative explained the rationale behind the change (which was repeating the reasons already picked over here a million times).

[..]
- A NW credit card (still fee-free overseas)
- If I move to Metro Bank, that I retain my NW current account and just use the MB account when going overseas.

[...]

I find it quite ironic that they are recommending exactly what they are trying to stop!!!

avqs43

Spoke to A&L Santander today. Opened an Esaver for my father as the Online 5 is now paying only 0.5%. Suzanne assured me that father can use his ESaver card at ANY Santander ATM worldwide with no fees. Can anyone confirm that, in effect, if you use the instant access Esaver account card at any Santander ATM abroad you will get a good rate of exchange and no fees?

If so, this sounds like the answer, if NW continue on its current course. You are getting 2.75% interest and you don't need to transfer from the savings account to the current account.

KTF

I believe all Santander accounts with a cash card can take money out of Santander branches in Spain for free. Nice idea if you mainly go to Spain but outside of Spain and/or the UK Santander is pretty few and far between.

dzug1

davidgmmafan wrote: »

I can see how it could be offensive to say people abuse thier account. Its mainly Nationwide's fault surely? Think about it if a company has an offering which loses them money, and doesn't cover all the basis, can you really blame savy customer who take advantage of the loophole? I'd say not.

No.

Nor can you blame the company if it tries to redress the situation. You may think thay are doing so ineptly, but that's a different question.

fightbacknow_2

marklee wrote: »

You are assuming that there are no customers who use this feature and get their monthly salary paid in to their account, have other savings / loans from the society, etc. Unfortunately you're wrong. Whilst there are people who abuse this feature, there are plenty of 'genuine' customers who use this feature, and who use the Flex Account as their primary account.

As has been said elsewhere, the easiest option would have been for the society to make a £750 / £1000 monthly payment into the account a pre-requisite for fee-free overseas use. I know a couple of people who travel a lot with their work and are on good salaries - and they bank with Nationwide because of their fee-free overseas use - with this move, the society risk pushing away many high-earning high-value customers too.

It's also worth remembering that people are in effect 'paying' for the fee-free use from Nationwide, through the 0% interest rates paid on the account.

I'm not assuming anything, I was one of those that paid in monthly and used it as my main account and lived abroad in various countries for four years, they took away withdrawing in non European countries while I was working in one and I wasn't particularly unhappy- As I said, we have been lucky to have this perk for so long and times always have to change at some point, I probably used the service more than all of those posting on this thread.

avqs43

Thanks KTF. We go to The Canaries two or three times a year so that's fine. I may just get the Zero credit card as well. Despite posts saying that Santander are awful, I have to say that my experience today was first class. The lady answered all my questions and left me completely satisfied with the service. I also used an 0800 number instead of the publicized 0844 (which costs a small fortune in call charges). See "saynoto0870" website.