MSE News discussion. Nationwide kills cheap overseas spending

usedandabused

glider3560 wrote: »

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!

and by all accounts (no pun) a better bank than Santander

CliffH_3

The Spanish bank I've been using has increased its current account standing charge by 300% recently, and for that reason I have opened a Banco Halifax account over there. As long as there is a balance of at least 600 euro, there are no standing charges. I have enquired about opening a current account with Halifax in the UK, with a view to being able to transfer money to/from Spain. However the exchange rate they were offering on the day was 1.148 euro/£, whereas a Nationwide debit card withdrawal in Spain on the same day was just over 1.20. So the idea of transferring money to Spain via Halifax, and using a Spanish debit card, may not be such a good one after all. You get hit on a lousy exchange rate.
My main account in the UK is with Nationwide. Not sure what to do now. And what's more, I feel such a fool for recommending them to friends/family in the past!

davidgmmafan

"Unfortunately all banks and building societies are there to make money.

They have no regard nowadays of helping a customer to spend less. "

Erm wouldn't it help thier business if the helped customers? I know its a revolutionary idea but nobody seems to even consider it these days. Instead they all copy each other a chase instant profits now consequences be damned.

There is an interesting sub plot developing here which gives a good illustration of how customers are treated in the UK. If you want to use one of the alternatives it is fairly difficult to see what exchange rate will be used, without actually taking a gamble and using it, which kind of defeats the point. Its like doing a sum then realizing you don't have one of the vital numbers and there's no way to work it out.

Off topic but interesting. I'd love to see how many complaints they've had so far, I recall when working there you were supposed to log any expression of dissatisfaction on the member service log. Unless its been improved itll be crashing about now...

nickoi

I don't understand why there are so many problems on this forum. How about we look at the facts.

Firstly you will get charged now to use your card abroad, just like nearly every other current account out there. They've given plenty of notice (doesn't start till 1st November) and if you actually look around, it is still going to be one of the cheapest cards to use abroad. Martin does say about using a credit card instead, and the deal he says about is better, but for a current account nationwide is still one of the best to be using (Shop around and see what NatWest, HSBC, Barclays, Lloyds are doing for yourself).

Secondly, if you use the flex account as your main account you will gain free Europe wide travel insurance. This starts now and while it only works for UK residents, that is (to be fair) the vast majority who would use a UK current account as their main account. It also is good travel insurance. I'm a Type I controlled diabetic and it will cover me. If your unsure if your covered. Give them a call.

Thirdly, with the risk of repeating myself, Nationwide still has some of the best rates on the high street. However as anyone who visits this site probably already does, shop around. If you have the Flex Account as your main account you can get great mortgage and savings deals, and at the moment they have some good home insurance deals too.

Not everyone will benefit, namely those that have the card simply to use it abroad (which actually costs Nationwide a decent bit of money), which a number of the people moaning on these forums has admitted to doing! And for those that say being a building society or bank which says that its trying to save money is a bad thing why not take a reality check. Being a mutual gives Nationwide the power to give great deals on borrowing and saving, but it still has to survive as a business, cover costs and have enough money in the bank (so to speak) to cover itself.. have we not just seen a reccession caused by credit and banks not being stable and having to be saved by the tax payer?? Honestly!!

glider3560

nickoi wrote: »

I don't understand why there are so many problems on this forum. How about we look at the facts.

Firstly you will get charged now to use your card abroad, just like nearly every other current account out there. They've given plenty of notice (doesn't start till 1st November) and if you actually look around, it is still going to be one of the cheapest cards to use abroad. Martin does say about using a credit card instead, and the deal he says about is better, but for a current account nationwide is still one of the best to be using (Shop around and see what NatWest, HSBC, Barclays, Lloyds are doing for yourself).

Secondly, if you use the flex account as your main account you will gain free Europe wide travel insurance. This starts now and while it only works for UK residents, that is (to be fair) the vast majority who would use a UK current account as their main account. It also is good travel insurance. I'm a Type I controlled diabetic and it will cover me. If your unsure if your covered. Give them a call.

Thirdly, with the risk of repeating myself, Nationwide still has some of the best rates on the high street. However as anyone who visits this site probably already does, shop around. If you have the Flex Account as your main account you can get great mortgage and savings deals, and at the moment they have some good home insurance deals too.

Not everyone will benefit, namely those that have the card simply to use it abroad (which actually costs Nationwide a decent bit of money), which a number of the people moaning on these forums has admitted to doing! And for those that say being a building society or bank which says that its trying to save money is a bad thing why not take a reality check. Being a mutual gives Nationwide the power to give great deals on borrowing and saving, but it still has to survive as a business, cover costs and have enough money in the bank (so to speak) to cover itself.. have we not just seen a reccession caused by credit and banks not being stable and having to be saved by the tax payer?? Honestly!!

The travel insurance is of no benefit to me as I don't holiday in Europe, whereas the free withdrawals were useful for holidays outside Europe and for internet purchases.

Nationwide's savings rates can be beaten on every account they offer.

Their home insurance was over £100 more expensive than my renewal, even including the latest marketing gimmick of "100 free days".

northernstar5

nickoi wrote: »

I don't understand why there are so many problems on this forum. How about we look at the facts.

Firstly you will get charged now to use your card abroad, just like nearly every other current account out there. They've given plenty of notice (doesn't start till 1st November) and if you actually look around, it is still going to be one of the cheapest cards to use abroad. Martin does say about using a credit card instead, and the deal he says about is better, but for a current account nationwide is still one of the best to be using (Shop around and see what NatWest, HSBC, Barclays, Lloyds are doing for yourself).

Secondly, if you use the flex account as your main account you will gain free Europe wide travel insurance. This starts now and while it only works for UK residents, that is (to be fair) the vast majority who would use a UK current account as their main account. It also is good travel insurance. I'm a Type I controlled diabetic and it will cover me. If your unsure if your covered. Give them a call.

Thirdly, with the risk of repeating myself, Nationwide still has some of the best rates on the high street. However as anyone who visits this site probably already does, shop around. If you have the Flex Account as your main account you can get great mortgage and savings deals, and at the moment they have some good home insurance deals too.

Not everyone will benefit, namely those that have the card simply to use it abroad (which actually costs Nationwide a decent bit of money), which a number of the people moaning on these forums has admitted to doing! And for those that say being a building society or bank which says that its trying to save money is a bad thing why not take a reality check. Being a mutual gives Nationwide the power to give great deals on borrowing and saving, but it still has to survive as a business, cover costs and have enough money in the bank (so to speak) to cover itself.. have we not just seen a reccession caused by credit and banks not being stable and having to be saved by the tax payer?? Honestly!!

There are many other people who won't benefit, not just the category you refer to.

davidgmmafan

"Firstly you will get charged now to use your card abroad, just like nearly every other current account out there"

That's the whole point, no longer Proud to be different, instead proud to be the bes of a bad bunch. What were Nationwide's last annual profits? Around £200 million I believe. Not as good as the boom times but certainly not struggling to survive.

If we're talking facts could you declare if you are employed by Nationwide since your account seems to have just sprang up? Or are you just a committed member? If so there are many of them hear and they are not amused as a Mutual Nationwide should listen to them.

As an example of throwing the baby out with the bath water you couldn't have a better one than this. Perhaps in the future they'll use it for training?

davidgmmafan

No I was responding to nickoi, whos comments are just plain wrong IMO. As you were - intended in the sense of an officer saying it to a soldier who salutes...

Olipro

davidgmmafan wrote: »

No I was responding to nickoi, whos comments are just plain wrong IMO. As you were.

I agree, completely built on a fallacy and nickoi sounds like a Nationwide apparatchik towing the party line.

So far they haven't given *ANY* notice at all, there's only been press releases, nobody on here has received personal notification about the change as required by the account terms.

secondly, the issue of "giving notice" is irrelevant, it does not make this change any more or less acceptable.

if they gave notice they were going to start charging a monthly account fee of £10 to all accountholders without exception, would that also be considered acceptable because they "gave notice"?

As for Gamegal... the purpose of "harping on" is to hopefully make Nationwide listen; they're not a bank, they do have a level of accountability to members, and therefore, this goes beyond "they said they're doing X with proper notice so that makes it acceptable"

The point of this whole thread is that Nationwide have made changes that conflict with what they are supposed to represent and also with what members want - which defeats the objective of being a Building Society.

Olipro

Gamegal wrote: »

I think I'll probably stay out of this thread, as many now have, as I don't much care for your high handed opinions of some of us who are just trying to add our thoughts to this.

there's a difference between "adding our thoughts" and telling everyone they should stop harping on about Nationwide.