Beware bank charges on Nationwide card

patrick_Cavanagh

I have recently returned from Tenerife and noticed when drawing cash with my Nationwide card that the cash machine offers to charge in Pounds or Euros. DO NOT CHOOSE POUNDS as you will be charged a transaction fee by the cash machine's bank. I was also asked the same question when purchasing goods on my credit card?? The same applies, always choose euros as the charge works out about £3 per £100:eek:

richardw

Yep, it is a con, always do the local currency.

alanrowell

Could you change the title please. This has NOTHING to do with Nationwide. It applies to ALL bank cards if you decide to pay in GBP rather than the local currency

It's called "dynamic currency conversion" and it allows the retailer to et the exchange rate - to their advantage

patrick_Cavanagh

alanrowell wrote: »

Could you change the title please. This has NOTHING to do with Nationwide. It applies to ALL bank cards if you decide to pay in GBP rather than the local currency

It's called "dynamic currency conversion" and it allows the retailer to et the exchange rate - to their advantage

Sorry you don't like the title but I high lighted this because any self respecting money saver knows there is no charge on Nationwide cards and they could easily fall into this trap. Yes I agree it is nothing to do with Nationwide but other cards charge a similar fee so the difference is less of a problem

Donnie

I agree, it's a poor headline grabbing title. DCC has been well documented on this site.
You could have simply added your experience to one of the many existing threads.

The charges are levied by the foreign bank and have nothing to do with Nationwide.

alanrowell

patrick_Cavanagh wrote: »

Sorry you don't like the title but I high lighted this because any self respecting money saver knows there is no charge on Nationwide cards and they could easily fall into this trap.

Actually you are wrong - Nationwide don't impose charges on their DC / CC which is totally different from any self respecting money saver knows there is no charge on Nationwide cards as there's nothing to stop other banks / companies from charging for using their machinery - try using a Nationwide DC in a pub cash machine and see how far no charge on Nationwide cards gets you.

In the US it's common for the ATMs to charge a fee for withdrawal - Nationwide card or not