Nationwide kills cheap overseas spending

bagand96

Chester85 wrote: »

They say its to stop people just using it for travel and therefore NW not gaining much from it

To quote myself from the other thread:

Unfortunately that is the side effect of websites such as this. How many current account holders did Nationwide have before sites like this reccomended them?

The problem is, people want it all - they want the benefits of every single account going. This website even reccommends getting a Flexaccount just for travel, but not using it as the main account.

If you want the benefits of any account then why shouldn't you use it as your main account? If you're not prepared to do that then you don't get the benefits - why should they subsidise you? I've been using the account for years as my main account - knowing that it may not be the absolute best deal for a current account, but I liked the overseas benefit so was hapy to use it.

I'm very dissapointed by this news and will probably review who I bank with. However, I do kind of understand Nationwide's viewpoint.

(Thats not aimed at you as it seems you use it as your main account too - just demonstrating Nationwide's position)

Really, customers who've been with Nationwide for a long long time before all this should have been rewarded instead of punishing us for a few that abuse the system

I don't see why those who have it as the main account, high usage, saving and salary incomings are being punished here, silly move

You will get annual travel insurance free for the policy holder if you use it as your current account. We'll have to wait for more details to see if this is a decent perk or not.

Chomeur

photome wrote: »

Can you do that? It seems like a to easy way to avoid interest charges

Yes. I've done it myself sometimes. Trouble is, you never know how much you're going to need.

bignred05

I thought the recent changes Nationwide made where to try an stop people just using this account for overseas etc

by that I mean they made it a condition of the account you had to have or use internet savings linked to the Flexaccount

looks like the wife and I will be taking our custom elsewhere

apt

Chomeur wrote: »

OMG. I must have saved £100s over the years through this. I guess the best thing now is to get a Halifax Clarity or Santander Zero credit card and put them into credit before going abroad. Then use them like debit cards when you need cash.

That's against the terms and conditions of both credit cards. There have been reports that Zero cards will not give you cash at ATMs if you've put them in credit.

fifeken

apt wrote: »

That's against the terms and conditions of both credit cards. There have been reports that Zero cards will not give you cash at ATMs if you've put them in credit.

Can you minimise the interest by making a payment the same day or the day after you make a withdrawal?

photome

apt wrote: »

That's against the terms and conditions of both credit cards. There have been reports that Zero cards will not give you cash at ATMs if you've put them in credit.

That makes sense to me, It seems to easy to avoid interest charges otherwise, and by putting your account in credit, it would be like getting a fee free debit card

Do you have any links to those t and c or any of those reports

photome

fifeken wrote: »

Can you minimise the interest by making a payment the same day or the day after you make a withdrawal?

Interesting although if you are away for a few weeks it might be a bit of hassle to keep withdrawing and then paying in?

magpiecottage

But they need the money to make their staff rooms like a billionaire playboy's yacht - the told that is what the fee on overseas transactions is used for in their advert.

kazd

magpiecottage wrote: »

But they need the money to make their staff rooms like a billionaire playboy's yacht - the told that is what the fee on overseas transactions is used for in their advert.

You are kidding aren't you. I work at Nationwide. Believe me the majority of the staff are underpaid compared to the Market average for the job. Nationwide used to be in the top ten of companies to work for not anymore!!

Chomeur

apt wrote: »

That's against the terms and conditions of both credit cards. There have been reports that Zero cards will not give you cash at ATMs if you've put them in credit.

From the Halifax Clarity ts and cs:

"7.7 You must not make payments or transfer funds from another credit or store card to your account that would leave a credit balance on your account. We may return any funds that exceed the balance owing on your account to the account from which the money was sent."

I suppose you could just set up a direct debit to pay £50/day or so while you're away to cover spending and cash withdrawals and see where you stand when you get back. I don't think they'd love you for it though.