MSE News discussion. Nationwide kills cheap overseas spending

Inactive

Hungerdunger wrote: »

I can't see the problem. As a lone traveller, the free insurance should save me well over £40 per year. If I take more euros than usual with me, and pay for major items like car hire with my credit card, I shouldn't incur cash-withdrawal costs of anything like £40.

Possibly I'm missing something, but it strikes me there are a lot of moaning Minnies here, when in fact the whole story isn't too bad at all.

Fine for your needs, but what suits your needs doesn't suit mine, I will be putting my money where my mouth is come November.

If that makes me a " moaning Minnie " so be it.;)

chattychappy

I want a banking service from NW. This means putting money in and taking it out - including overseas.

I don't want "bundled" services. I rarely travel to Europe but often elsewhere. I have my own travel insurance which suits me exactly.

For years travel agents were criticised for pretty well forcing you to take bundled travel insurance which was often inappropriate (especially if you've got pre-existing medical conditions etc.) Now Nationwide are doing it - albeit instead of charging they are upping the fees on basic banking.

Stick to the knitting, that's what mutuals are supposed to be about.

Frankly I'd like it to de-mutualise. It's no longer different to the rest - just comes with a holier-than-thou attitude.

Nicholas

I only opened a Flexaccount initially in order to open an e-savings account. The load free foreign spending was an added bonus.

Sadly none of it is worth it anymore, especially with only 0.5% on the e-savings.

Nationwide moan about the number of people that don't use their account as the main account, but if they had let customers have an e-savings account without being forced to open a flex account first, then perhaps they would not have so many accounts to service.

I was already thinking about pulling most of my money out to put else where anyway. This is just the push that I needed.

Me and the missus have a Flexaccount each and also one in joint names. Like another poster said, I will keep the accounts open with just a few quid in. Sod them.:p

TOP_CAT

intalex wrote: »

Earlier this month, I used the card outside of the EU for a couple of withdrawals, and the rate I received (accounting for the 1% loading) was about 6% worse off compared to the Interbank rate published on Oanda.

I've been unsuccessfully trying to get Nationwide to ascertain and provide visibility of the Visa International rate they use, and how it links into the published Interbank rate. I guess it doesn't matter anymore anyway.

Intalex
This is what I did,I got the "corparate visa rate" for the day/date from poster Agsnu,s link/site above ( must use 0% fee) for the larger transaction I made with my nationwide gold creditcard.

Then later rang NW and asked for a complaint form concerning card rates etc.They sent a std type form.
I received it, filled it out,comparing visa corp rates/dates vs Nw rates/date and posted back,showing that incorrect on the day.

My transaction was about a 1500 euro hotel bill and I received aprox £11.50 credit on to my card.
It was very simple,later rang and transferred it to my flex ac.

I used to check all transactions like this,some were in NW,s favor and one my favor once but in pence figures as 50 or 100 euros withdrawals etc.
I really just did the complaint thing on the large transaction in my case, cause I thought , a tenner for a call and very quick letter was better in my pocket.

Goes to show though,just when you think you are on top with a good system,they still get you somehow.
You just don,t know it though, unless using the corparate visa site on every transaction to compare.
I will never start from a place of trust with a bank,givern I have time to check transactions, as thats the rub,99% won,t.

If they ever stop us using cash,they will have complete control.A scary thought but I think in the future thats the aim.

KiNeL

I have substantial funds with NW plus I have a salary paid in each month but I live outside the UK so the lack of fee free cash withdrawals will have a big negative impact on me.

Their travel insurance is of no use whatsoever to me.

Unfortunately, as a non UK resident, the options for changing UK banks are nil.

System

It was the account's only Unique Selling Point. Everything else about the account is mediocre at best, along with poor interest rates on e-savings and the rest.

Better to get a Barclay's current account and get access to their limited global alliance or get a Bank of Scotland / Halifax reward account with the £5 covering around 2 overseas cash withdrawals.

I wonder if all the Costa expats will be moving over to Santander :eek:

kilrail

I agree with Northerstar. We have all our accounts with Nationwide for the past 30 years and the main reason for sticking with them is we support the mutuality principle and we like the idea of the way they stopped the atm fees in this country by forcing the big banks to change their minds.
We also travel in Europe 2 or 3 times a year and like the way we can get the commercial rate with no charges. So why have Nationwide decided to take away this "benefit" and spposedly replace it with others. We buy annual travel insurance to include USA and ata family cost of £79 per annum so we won't benefit from this free insurance,
If they were really annoyed with cutomers only opening accounts to use to withdraw cash abroad, there would have been an easy solution as has been stated here already, e.g. regular payments in, direct debits, etc.
We always vote at AGM but I'm guessing if they had bothered to poll the members on this one, the result would have been interesting.
Maybe Martin could suggest they do this, after all they are a mutual, for the benefit of their members.

Rich1976

so which banks is everyone going to move to then that will enable them to be better off than if they stayed with Nationwide?

I for one will be staying with them as I will be saving more having the free travel insurance then the fees I saved by using their card abroad.
All the others you pay at least 2.75% on each transaction.

I know santander and Halifax offer better deals on their cards but I wouldn't touch either of those two if they were the last banks around.

LizzyTravis

Only joined Nationwide to get the card to use to draw money out abroad, will now move. Nationwide will loose a lot of customers like us, they are just jumping on the bandwagon and being greedy... Goodbye Nationwide.

Olipro

LizzyTravis wrote: »

Only joined Nationwide to get the card to use to draw money out abroad, will now move. Nationwide will loose a lot of customers like us, they are just jumping on the bandwagon and being greedy... Goodbye Nationwide.

unless you're paying large sums in or taking out their other products, you're exactly the sort of person they want to get rid of.

Nationwide - Proud to be Indifferent.