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Post by artisans on Mar 9, 2009 21:12:58 GMT 2
It was reported elsewhere that Nationwide have changed their policy on flexaccount transactions abroad. Having now checked the facts, not the sensationalism of the tabloids, it appears that Nationwide, (from May 6th. on credit cards, June 1st on debit cards,) will be passing on the charges levied by Visa or any other institution, typically about 1%.
Nationwide cards remain commission-free anywhere in the world and, as the Visa fee does not apply in Europe, there will be no fees within the EU. Greece, therefore, will carry on as usual - no fees, no commission.
Steve
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pete sant
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Post by pete sant on Mar 10, 2009 0:35:20 GMT 2
Excellent news, i've been putting all my spare cash into my account ready for June. pete.
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pete sant
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Post by pete sant on Apr 20, 2009 23:25:40 GMT 2
Have had a letter from Nationwide today confirming all that Steve says, for the moment the charges do not apply in the eurozone, but it did say that other charges may be made in the future. Still the best value for money out there. pete.
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Post by artisans on Apr 21, 2009 7:31:40 GMT 2
Have had a letter from Nationwide today confirming all that Steve says, for the moment the charges do not apply in the eurozone, but it did say that other charges may be made in the future. Still the best value for money out there. pete. Thanks Pete for letting us know - I guess we have a letter waiting for us somewhere! ;D Julie
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pete sant
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Post by pete sant on May 12, 2010 17:12:46 GMT 2
Have just been to the local Nationwide and put some "Roda spends" on my Flex account card, it's still the best value out there and one of the safest ways to take your money abroad. pete.
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pete sant
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Post by pete sant on Aug 19, 2010 11:41:32 GMT 2
Sadly this morning i have had a letter from Nationwide confirming Steve's news that as from 1/11/10 they will be imposing a 2% commission charge for using your flex account card abroad, on top of this there will be a further 1% commission on cash withdrawals. This works out at £3 for every £100 you draw out. According to the Nationwide they will still be cheaper than other banks for cash withdrawals. If your flex account is your main bank account and you deposit at least £750 per month you will get free travel insurance. Ah well, it was good while it lasted, at least i'll get one more go with it next week. pete.
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Post by kathwebber on Aug 19, 2010 12:01:11 GMT 2
Yes Pete, we received our letter yesterday! Will have to investigate the cheapest way to access our money for next July!
regards, Kath.
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Post by kernowman on Aug 19, 2010 12:58:16 GMT 2
Seems there's two choices a prepaid card where you load it up and there's no charges for getting your cash out or a Halifax CLARITY Credit card where it appears there are no withdrawal fees and no interest if you pay it off in full by the due date.This holiday I'm going to try the Halifax card which literally only took a couple a minutes to get issused.
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pete sant
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Post by pete sant on Aug 19, 2010 14:55:37 GMT 2
Thanks for that Kernowman, i wonder what exchange rate they give, with the "old" Nationwide you always got a couple of cents more than the advertised rate The only danger of using a credit card to get your cash out is that you always mean to pay it off in full, but..... pete.
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Post by Ian on Aug 19, 2010 17:41:03 GMT 2
Pete
I have the same letter . I may be reading it wrong but my letter says that these charges are to replace the current 1% third party currency charge for all transactions outside the Visa European region.So I assume that it is still free in the Eurozone?
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pete sant
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Post by pete sant on Aug 19, 2010 18:01:37 GMT 2
I wish you were right Ian but i think it reads that all transactions will be charged from 1st november and that the old charge for outside the eurozone will be replaced by the new 3% charge. I've shredded my letter since the first post so can't check, anyone else got an understanding of this query ? pete.
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Post by Deleted on Aug 20, 2010 0:20:45 GMT 2
NATIONWIDE FLEXACCOUNT CHANGES
The following is taken from the above link regarding the new ruling for Flexaccount customers.
We will introduce a commission charge and a cash withdrawal charge for transactions in currencies other than sterling. These will still be among the lowest in the market and will replace the existing 1% fee for transactions made outside the Visa Europe region.
From 1 November 2010 you will be charged the charges shown in the table below when you use your card anywhere abroad (or make payments in currencies other than sterling). These include all charges that we have to pay to other organisations on your behalf.
Charge Amount Applies to cash withdrawals Applies to card purchases (see note 1) Commission charge for non-UK transactions 2.00% of the transaction amount Non-UK cash withdrawal charge (as well as the commission charge) £1 for each withdrawal (see note 2)
Note 1 - This fee also applies if you use your card to buy goods or services in a currency other than sterling on the internet or over the phone. Note 2 - If you have a cash card+, you cannot use your card to withdraw cash overseas.
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pete sant
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Post by pete sant on Aug 21, 2010 23:44:02 GMT 2
I've just been scrolling through the main website and under the Roda Pages section i clicked on the "holiday links" heading and had a look at the "FAIRFX" travel money card - commission free & offering 5 cents per pound more than the post office. There is a charge of £9.95 for the card unless you put more than £500 on it at first - further top ups are free. Have any of our members got one of these & if so, what do they think of it ? It sounds like a viable alternative to the Nationwide card to me. pete.
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Post by kathwebber on Aug 22, 2010 11:48:49 GMT 2
That sounds very interesting Pete - this may be a solution for next year - I would be interested to hear from anyone who has used this service.
regards, Kath.
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pete sant
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Post by pete sant on Aug 22, 2010 12:21:08 GMT 2
Been doing a bit if digging - Fair Fx say they are paying 5 cents more than the post office but in fact are only paying 1 cent more, the post office do a cash card, commission free, so i might go with them in future - love em or hate em they are not likely to disappear over night. ;D pete.
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