Natwest charge for buying currency with your debit card!

Mikazaru

exel1966 wrote: »

You'll find that with the removal of this charge the costs will be reflected in the exchange rate given.

EDIT : NatWest/RBS ceased to charge from 4 July. Barclays June 1.
Lloyds TSB has yet to set a confirmed date.

Is that just through them or through travel agents/PO etc? I brought mine mid week and have just been charged, I read my T&Cs and thought it said there would be no charge for buying currency.

lynx10

lynx10 wrote: »

Just discovered a £4.50 'cash advance charge' for currency purchased by NWB/VISA debit card in June 2012 - but no charge 12 months ago for a comparable transaction...

After a challenge, this charge has since been refunded, although the person at the desk said (yesterday) that the matter is 'still under review'.

Thurlwood54

I was advised in branch when enquiring about currency exchange that Nationwide BS no longer offer the service.
They do however CHARGE YOU for ordering currency from a third party USING THE Nationwide Visa Debit card ! !
Rang Nwide Head office for clarification and was told they don't charge.
Very confused....
Unbelievable - they don't provide the service but when you go to someone else (because you have to) Nwide charge you....

Can anyone clarify this please ?
Would make VERY interesting piece for Martin's slot on Daybreak (considering the time of year)

lynx10

Travel Money
Name of complainant: Consumer Focus
Date of complaint: 21 September 2011
Date of publication of the OFT response to complaint: 20 December 2011

The OFT has found that charges for purchasing foreign currency and using cards overseas can be confusing and often not at all clear for consumers... The OFT has engaged closely with the industry to tackle the problems identified and welcomes a range of initiatives agreed with banks and other providers, including:

Agreement from five banks to scrap charges for consumers using their debit cards to purchase foreign currency in the UK

http://www.oft.gov.uk/OFTwork/markets-work/super-complaints/travel-money/

[NB The link on the above page to download the OFT report does not appear to work with IE8/WinXP - it's OK with IE9/Win7]

sunshinetours

I always use cash these days to purchase foreign currency. Pre order somehwere online where you can pay on collection - simples

loobs40

I don't order foreign currency ever. When we get to the destination airport we withdraw cash from the ATM using a Halifax Clarity card.

I'm surprised more people don't do this

benjus

Agree with loobs40 - we're in the 21st century now, and using (the right) plastic is certainly the cheapest way to get travel money.

If you really want to get foreign cash in the UK, it's worth remembering that almost all UK banks/BSes have now stopped charging for using debit cards to get foreign currency, and those that still do (Lloyds TSB and Co-op/Smile) will be stopping later this year.


Thurlwood54 - as far as I'm aware Nationwide have never charged for this, so it sounds like you spoke to someone who hasn't a clue what they're talking about (sadly not uncommon with Nationwide).

dzug1

Thurlwood54 wrote: »

I was advised in branch when enquiring about currency exchange that Nationwide BS no longer offer the service.
They do however CHARGE YOU for ordering currency from a third party USING THE Nationwide Visa Debit card ! !
Rang Nwide Head office for clarification and was told they don't charge.
Very confused....
Unbelievable - they don't provide the service but when you go to someone else (because you have to) Nwide charge you....

Can anyone clarify this please ?
Would make VERY interesting piece for Martin's slot on Daybreak (considering the time of year)

My experience (on numerous occasions) is that they DON'T charge (and never have) in this circumstance.

I would not expect the average bank staff or call centre operative - with any bank - to have much clue about this sort of thing

stephb34

No Nationwide don't charge for foreign exchange in this country but they do abroad, perhaps this is where the confusion was.

mcfisco

If you really want to get foreign cash in the UK, it's worth remembering that almost all UK banks/BSes have now stopped charging for using debit cards to get foreign currency, and those that still do (Lloyds TSB and Co-op/Smile) will be stopping later this year.

Never ordered cash with my Smile debit card but I regularly top up my FairFX card with it, no charges to date from Smile