MSE News discussion. Nationwide kills cheap overseas spending

John_Pierpoint

Olipro wrote: »

all this electronic "!!!!!!" as you put it is for providing as much automation as possible in payment processing, if you can't figure out who is making your dividend payments you need to get them earmarked better by the sender, alternatively you could use the share accounts for reference and link the amounts to what is on the statement.

For the office of the company secretary
Intergelactic Bank Plc.

Dear Sir.

I am one of you 1,000,000 shareholders and I receive two dividends a year via your registrar. Unfortunately, unlike the old fashioned cheque system, I no longer get a payment notification.
The old postal system used to give me the dividend payment since the present structure of your company was established, say 321. and obviously it included details of my share holding and your company name.
Now I get some strange numbers such as 123/0987 and a financial amount. This latter amount I just might be able to reconcile with you dividend notification; if I can remember that you eventually send it with the notification of AGM, voting papers and other miscellaneous bumph offering me loans etc.

Please can you find out exactly what information is supplied by your registrar to The Nationwide Building Society when the payment is made.
Depending on who supplies what to whom, I will then be in a position to redesign both firms' electronic systems to better serve my needs and the function of reporting my income to HMRC.

Yours faithfully,

J.P.
(long time small shareholder)


Yes that will do the trick.

Olipro

John_Pierpoint wrote: »

Yes that will do the trick.

If that's not going to do the trick, consider yourself screwed, either way it's not a flaw inherent in electronic systems, it's a flaw inherent in poor implementation.

Regardless of this however, whilst you may enjoy queueing up to pay in your cheque, there are plenty who don't.

John_Pierpoint

Olipro wrote: »

If that's not going to do the trick, consider yourself screwed, either way it's not a flaw inherent in electronic systems, it's a flaw inherent in poor implementation.

Regardless of this however, whilst you may enjoy queueing up to pay in your cheque, there are plenty who don't.

I used to pop them in a prepaid envelope and send then to an alternative Building Society.
Unfortunately the postal system had gone down the drain too and managed to lose one of my cheques before it arrived at my home.

Then I started using the "Nationwide" box of tricks that accepted your cheque and produced a photocopy of it.

I agree that electronic systems, well designed and implemented, are the future. Sometimes you find an organisation that has managed to create good software.

roddydogs

So the Cashbuilder a/c i use for the sole purpose of paying in cash, and then drawing a cheque so I can send to my online a/c will; now attract a charge of £10?........I haven't been notified of this, is this 100% correct?.
The Invest Direct a/c is another example of N/W eroding good a/cs , it used to be one of the top interest payers, now its peanuts.

RobertinHerts

roddydogs wrote: »

So the Cashbuilder a/c i use for the sole purpose of paying in cash, and then drawing a cheque so I can send to my online a/c will; now attract a charge of £10?........I haven't been notified of this, is this 100% correct?.
The Invest Direct a/c is another example of N/W eroding good a/cs , it used to be one of the top interest payers, now its peanuts.

Nationwide Building society cheque may be free if over £1000 withdrawn.

Robert

roddydogs

So it is £10 for less than £1000? B.........cheek, dont blame me I voted for conversion 9 years ago, did you?

DRC21

There must be an awful lot of Expats in Spain and the rest of Europe who operate their banking in a simple way viz-- UK income into UK Bank - Nationwide Flex Account Debit card into Spanish Bank cash machine, 300 euros out for day to day spending and topping up Spanish Bank Account for direct debits etc.

However, what is going to be the best solution for cash machine withdrawls from November 1st when Nationwide will be charging 2% plus £1 for each transaction, i.e. £6 on an exchange rate of 1.2.
HSBC, who we have an account with, charge a max of £5 but I believe the exchange rate may well be less than that given by Nationwide.

Prepaid cards may be an option? FairFx charge 1.5 euros per withdrawl but at their exchange rate. The Caxton card does not charge but apparently offers a slightly lower exchange rate than FairFx. Would there be any problems using these cards and topping them up online using a Nationwide Debit Card? Does the lower exchange rate eliminate any saving on the cost of withdrawl?
What are others Expats proposing to do??

KTF

The best option for people living in Spain would be to open a current account with Santander as they get free cash withdrawals from any Santander ATM in Spain.

What charges apply if I use a Santander Cash Machine in Spain?
All main adult current accounts (those which are credited with at least £1,000 per month) could benefit from free cash machine withdrawals in Spain. Simply use your Santander Debit Card in a Santander branded cash machine in Spain to receive the withdrawal fee free. This means: No Cash Handling Fee AND No Foreign Exchange Fee will be charged.

From: http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&canal=CABBEYCOM&cid=1210607920422&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateA1#What%20charges%20apply%20if%20I%20use%20a%20Santander%20Cash%20Machine%20in%20Spain?

glider3560

DRC21 wrote: »

What are others Expats proposing to do??

You could open an account with Halifax in the UK and with Banco Halifax Hispana in Spain. Transfers from Halifax UK to Halifax Spain are free when performed using the UK online banking. Then use the Spanish debit card when in Spain. Plus you may even get the free fiver if you pay in £1000 per month to the Halifax UK account!

SpanishBlue

DRC21 wrote: »

What are others Expats proposing to do??

Santander is only a viable option if you are able to credit the account with a £1000 a month.

I am looking at companies like HiFX & Currencies Direct.

Unfortunately, I don't seem to be able to post links here - but if you Google them, you should find them quite easily.