MSE News discussion. Nationwide kills cheap overseas spending

ManAtHome

The Caxton Global card isn't as good as FairFX anywhere - 'no charge', but uses interbank less 2.5%.

I'll probably end up with loadsacards - Halifax Clarity CC (no purchase charge, 0.25% ish a week for ATMs), FairFX anywhere in case of Ryanair and backup for non-EU, and Caxton Euro as backup for EUland.

iblametheparents

ManAtHome wrote: »

Caxton Euro as backup for EUland.

You get a slightly better rate on the FairFX Anywhere card for Euros though, but of course with the Caxton card you could buy Euros at a particular exchange rate, which could then fall, and you have locked in at the higher rate.

Fortyfoot

ManAtHome wrote: »

I've been tracking load rates of FairFX and Caxton for a couple of weeks now and the gap has narrowed in favour of Caxton. FairFX was slightly better if you drew 300 euros from an ATM, Caxton was better for 100-200 euro withdrawals (all down to FairFX having a slightly better load rate, but charging 1.5 euros per ATM transaction). As the quid has gone up against the euro, the difference has reduced - for the last 5 days, Caxton has been better than FairFX even if you withdraw 300 euros a time (last week rates):
11/08 - Caxton 1.1820, FairFX 1.1875
13/08 - Caxton 1.1960, FairFX 1.2000
15/08 - Caxton 1.2000, FairFX 1.2025

iblametheparents, your post seems to conflict to a certain extent with the above on which I formed my views.

Who is correct?

Fortyfoot

iblametheparents

Fortyfoot wrote: »

iblametheparents, your post seems to conflict to a certain extent with the above on which I formed my views.

Who is correct?

Fortyfoot

The rates you quoted are for the FairFX Euro card which is lower than the interbank rate, ie has a hidden load like the Caxton Euro Card, they are NOT the rates for the FairFX Anywhere card.

ManAtHome

iblametheparents wrote: »

You get a slightly better rate on the FairFX Anywhere card for Euros though.

Yes, but the Euro/Dollar cards let you play at being an international currency speculator...

[edit] - Fortyfoot - the Euro/Dollar cards fix the exchange rate when you load money on, the Anywhere/Global fix the exchange rates when you make a transaction.

iblametheparents

ManAtHome wrote: »

Yes, but the Euro/Dollar cards let you play at being an international currency speculator...

Haha, hence why I said "but of course with the Caxton card you could buy Euros at a particular exchange rate, which could then fall, and you have locked in at the higher rate."

davidgmmafan

"At least Nationwide have done one decent thing. As of November 2010, they will be capping fees for bounced DD's and SO's to £15.00"

Bit of topic but bid deal. Just like all the other BANKS they've lowered the charges whilst steadfastly denying any wrongdoing. If this sounds familiar its probably because that's exactly what our MP's did. Backslapping all round for this 'bold' move.

iblametheparents

davidgmmafan wrote: »

"At least Nationwide have done one decent thing. As of November 2010, they will be capping fees for bounced DD's and SO's to £15.00"

Bit of topic but bid deal. Just like all the other BANKS they've lowered the charges whilst steadfastly denying any wrongdoing. If this sounds familiar its probably because that's exactly what our MP's did. Backslapping all round for this 'bold' move.

Still twice as expensive as some other banks.

LondonPerson

On the positive side making a change from all the Claxton / Fairport convention stuff above, I opened my Metrobank account today with roughly the same deal as Nationwide before they started charging ie. 0 percent charge on use of the card abroad, that's Master Card debit with similar interest rates some better than Nationwide [web site Metrobankonline with the normal UK descriptors, not the other from a Google since that's banks in foreign parts]. The internet bank bit is due to go live towards the end of the week as well, although you have to go to the one and only branch of the bank in Holborn London, opposite Holburn tube station, to kick it off. Second branch opening in September. Anybody who lives in London would have seen the opening of the bank covered on BBC local news.

They tell me they are taking many Nationwide customers and some from a wide geographical patch as well. ie. people passing through London drop in and open an account. Dog biscuits are free and if you put more than £5 in it when you open it up you get a free gift of either a toaster, picnic rug or umbrella. You don't have to make it your only account and there are no other strings. Match that Nationwide.....

It seems to me for those people that want a solution for where to stash money and spend some abroad as one did with Nationwide this is a fairly painless solution... actually if you are travelling abroad through London armed with your passport, a recent bank account and a utility bill, you can open the account via a debit card transaction, get the Master card, set up the account and jet off. I just returned home.

The staff are very friendly and helpful.

apt

Yes, Metrobank must be very grateful to Beale and his fellow fat cat bunglers. Their announcement that they are going to start taking tips from Nationwide members using their cards abroad was perfectly timed to drum up custom for the new bank.