Non Sterling Transactions

zagfles

MrWillyWonka wrote: »

Sorry, it wasn't fixed (no idea why I typed that!) but it was a 2.95% fee on a 19Euro purchase on 30th December (fee amounted to 45pence).

You'll probably find the rate was the VISA/Mastercard rate for the date and there was no markup within the rate, instead an explicit fee:

http://www.visaeurope.com/en/cardholders/exchange_rates.aspx

https://www.mastercard.com/global/currencyconversion/index.html

MadLoopy

I have just changed to Nationwide Flex Direct ..Was with the Co-op. Everything is going fine and look at my statement today. My on line backup is in US dollars and yes it was paid at Nationwide today £9.85 and also have a bank fee of 20p as a separate item marked "Non Sterling Transaction Fee" Really hacked off as I like the on-line service I have been getting form N wide. Only moved from the Co-op as I saw they were in the mire and have always liked Nationwide but this to me seems sharp practice. The item is on my Visa Debit Card and as I said the Co-operative bank NEVER made this charge

zagfles

MadLoopy wrote: »

I have just changed to Nationwide Flex Direct ..Was with the Co-op. Everything is going fine and look at my statement today. My on line backup is in US dollars and yes it was paid at Nationwide today £9.85 and also have a bank fee of 20p as a separate item marked "Non Sterling Transaction Fee" Really hacked off as I like the on-line service I have been getting form N wide. Only moved from the Co-op as I saw they were in the mire and have always liked Nationwide but this to me seems sharp practice.

It's not "sharp practice", Nationwide clearly state they make a 2% charge for foreign purchases on all their current accounts http://www.nationwide.co.uk/current_account/managing_your_account/using-your-cards-abroad.htm

The item is on my Visa Debit Card and as I said the Co-operative bank NEVER made this charge

Are you sure they didn't just hide it in the rate? If so that's more like "sharp practice", charging you without you even realising!

jonesMUFCforever

Although this is an old thread - we have always ''paid'' these non sterling transactions - before they were in the exchange rate.
These charges are nothing new - there are cards that do not have them.

grumbler

MadLoopy wrote: »

... as I said the Co-operative bank NEVER made this charge

Co-op: Account charges

MSE article: Your Card's Overseas Charges

OllyM

The rule change that forces banks to itemise foreign exchange fees separately is a very good thing because we can tell from the number of threads like this posted on here that many people are realising for the first time they are being charged for foreign transactions.

Perhaps it'll force more banks and credit card companies to drop the fee? Capital One have done it on some of their cards recently for example.

zagfles

OllyM wrote: »

The rule change that forces banks to itemise foreign exchange fees separately is a very good thing because we can tell from the number of threads like this posted on here that many people are realising for the first time they are being charged for foreign transactions.

Perhaps it'll force more banks and credit card companies to drop the fee? Capital One have done it on some of their cards recently for example.

Yes, although BdCs should be forced to do the same for a level playing field, instead of the rip-off practice of having buying and selling rates with massive margins and then pretending to be "commission free"!!

You will get people thick enough to look at the 2% charge their bank has charged them for foreign spending and thinking "sod that - next time I'll get my currency commission free at the Post Office" :rotfl:

MadLoopy

zagfles wrote: »

It's not "sharp practice", Nationwide clearly state they make a 2% charge for foreign purchases on all their current accounts
I think you answer to me was a bit harsh. People don't read T&Cs unless they have lots of time ..busy people just don't. Its just the principal. We are a global economy Really thought your tone was condescending.

MPH80

Speaking as a 'busy' person (60+ hour weeks, much international travel for work, 2 sub-three year old children) - I make a point of reading T&Cs as they are exceptionally important to understand!

I'd change the word 'busy' to 'uninterested' in your statement.

YorkshireBoy

MadLoopy wrote: »

People don't read T&Cs.

Perhaps the Co-op realise this, being as the following is two clicks only ('current account', and then 'travel') away from their homepage...

Not as expensive as you may think

We take a responsible approach to customers’ money, so we’re up front about the charges when you use your Visa card abroad.

Non-sterling transaction fee

2.75% of the transaction's value is charged for any non-sterling transaction. The transaction is converted in to sterling using the Visa Scheme Exchange Rate which can be found on the Visa website.

Cash fee
2% (£2 minimum) of the transaction's value will be charged for cash withdrawals from an overseas ATM or over the counter, or for the purchase of travellers cheques or foreign currency outside the UK. For credit cards, this charge is 3% (£3 minimum) except for the Clear credit card. This is in addition to the Non-Sterling Transaction Fee.

http://www.coopbank.co.uk/customerservices/travel/using-your-card-abroad

If you continue to sign up to things without reading and understanding them, or simply just checking every now and then, you're going to get stung for far more than a tenner in future!