Nationwide Flexi Account Holder Changes

[marshbags]

Just got this info after logging into my account and rather than download it all..................

Please go to the following Ref url for the PDF summary of the changes.

http://www.nationwide.co.uk/pdf/current_ac...-conditions.pdf

marshbags

[neil324]

So whats changing then? Can't be arsed reading through all that crap.

[briley]

All UK banks are changing their terms and conditions following some EU regulation.

Changes what they must tell you when things change, how many days warning, what you can do if conditions change, also something about speed of transfer of funds, think to 3 days maximum.

All very well written by the bank so you fall asleep by the second paragraph.

Zzzzzzzzzzzzzzzzzzzzzzzzzzzz

[JetsetBkk]

One thing I found out recently was that Nationwide now do S.W.I.F.T transfers over the web! No more printing out their web page and filling it in and signing it and sending it to England and keeping your fingers crossed that it arrives.

Now, just complete the stuff on their web site and it gets transferred (mine did) the next day.

Still costs 20 quid though, but it's a dämn site more convenient. This change must've happened in the last 9 months.

[thecatman]

One thing I found out recently was that Nationwide now do S.W.I.F.T transfers over the web! No more printing out their web page and filling it in and signing it and sending it to England and keeping your fingers crossed that it arrives.

Now, just complete the stuff on their web site and it gets transferred (mine did) the next day.

Still costs 20 quid though, but it's a dämn site more convenient. This change must've happened in the last 9 months.

That's good to know JetsetBkk, but what kind of exchange rate did you get?? Did Nationwide do the exchange or your Thai bank??

Reason I ask is, because when you go through the process on the NW website it says 'currency' to overseas bank (swift), rather than sterling to overseas bank.

The wording makes me think that Nationwide do the exchange, meaning a poor exchange rate (I hope this is not the case).

Edited November 6, 2009 by thecatman

[phutoie2]

NATIONWIDE are a building society and not a full UK clearing bank so they have to use HSBC for SWIFT.

My branch have always asked me what currency to be transferred, ie sterling or dollars, it is then sent over to my Bangkok Bank who use TT rate which is always a little higher, and BB take off some commission too, around 500 Baht.

That is certainly new to me about doing SWIFT over the internet with NW, my last one was done in July by the usual postal route to their Swindon HQ. Though this time it only took some 8 days!!!

Edited November 7, 2009 by phutoie2

[Briggsy]

This is not just Nationwide. This is every UK bank.

[phutoie2]

Re posts 4 & 6, Yes Nationwide now do SWIFT transfers online. You need to have internet banking and will have to use the card reader device. As a trial I have just sent a request online, first time I have used that card reader, picked it up in April this year on a quick visit back to UK, never thought I would have need of it, so it has been at the daughters house since NW sent them out..

PS: I know this thread is about the new banking regs but can fellow NW BS members confirm that they are finally accepting a Thai address??

[marshbags]

Any information that is useful should be welcome IMHO.

Debate from my past experiences has always allowed for additional points of interest, so long as it comes within the context of the discussion and re the starter OP, it should be considered only as a base to expand on.

The latest SWIFT information posted by JS is much appreciated and yes it would be be of great benefit to all N. Wide members who use the online facility to know if they do the transfer in whatever currency the user wishes it to be.

If anyone can update on this before i get a reply to an online question relating to this important point, it would be most welcome.

I think that as it is a security issue re your address phutoie2 it may well be that they will still not post relevant / personal info to Thailand or to other high risk countries, IMHO

Thanks to everyone for the input.

Oh! I nearly forgot neil324

Sorry you can,t be arsed to read up on the information, for anyone of a reasonable disposition, it,s not very polite to offer such negative comments.

Silence is golden, comes to mind regarding your negativity on this occasion.

marshbags

[marshbags]

Reference SWIFT payments from Nationwide

Quote

Last updated: 04/11/2009 16:02:26

Making payments overseas using SWIFTTelegraphic transfers are electronic payments made between a UK account and an overseas account. Nationwide uses the Society for Worldwide InterBank Financial Telecommunications (SWIFT) for payments made between the UK and other countries.

There is a fee for this service, please check the fees and charges for further details.

Processing times

The transaction will be processed on the working day that it is received by Nationwide. If the form is received at the weekend, your request will be processed the next working day.

SWIFT payments within the EEA (European Economic Area) will usually take 3 working days to reach the destination bank, but payments outside the EEA may take longer. Payments to India can take up to 3 months and occasionally longer to reach the beneficiary account. Please follow this link for a list of EEA countries.

Requesting a SWIFT transfer in a branch

When requesting a SWIFT transfer at a branch, you need to ensure you have proof of identification with you. This should include your Nationwide account card or Passbook and one of the following: a valid passport or photo card driving licence (with the paper counterpart). There is no minimum or maximum payment amount when transferring using a SWIFT payment.

To find your nearest branch please follow this link to our branch finder.

Requesting a SWIFT transfer online

To be able to submit your SWIFT form online, you'll need to be registered for internet banking and have been issued with a Card Reader. Your Card Reader will be used to confirm your payment. If you haven't been issued with a Card Reader you will need to print your form and send it to us.

If you are abroad but do not have your Card Reader to hand, you can print the SWIFT transfer form by following this link to our SWIFT transfer form. Please complete the form, print and sign it and then send the form to the address printed at the top of the form.

To access and submit/print the SWIFT transfer form online:

Sign On to the Internet Bank

click on the 'My Accounts' tab to access the 'My Accounts' screen

from your 'Account List' click on the account you want to transfer funds from

click 'Other Services' from the menu on the left hand side of the screen

under the heading 'Financial Transactions', click on 'CHAPS or SWIFT Transfer'.

Customers without a Card Reader

click on 'Currency to Overseas Bank (SWIFT)'. Then complete, print and sign your form before sending it to the address shown on the printed form*.

Customers with a Card Reader

choose the 'type of payment to be sent' by clicking on the radio button, and click 'Continue'

you will now be asked to use your Card Reader for authorisation. For help using your Card Reader please follow this link to our Card Reader solution finder once you have authorised your payment, continue to complete the on-screen form and instructions to submit your request.

* there is no minimum or maximum payment amount when transferring using a CHAPS payment.

Receiving funds via SWIFT

If you're receiving payments from an overseas account please follow this link to our receiving overseas payments using SWIFT article.

SWIFT intermediary bank rates

Nationwide uses an agent bank to process Incoming SWIFT payments on our behalf. As part of this arrangement the agent bank provides Nationwide with exchange rates on a daily basis to enable us to process currency payments.

The exchange rate given to us by our agent bank is a commercial rate, which is set in the morning from the InterBank rate (national rate for financial institutions). These rates are fixed rates for the day up to a certain value, depending on the currency being received.

If a currency being received is over the stated value then our agent bank will provide us with another rate. This rate is obtained on the live market. The exchange rate could be higher or lower than the fixed rate depending on where the market is, at the time we convert the currency.

Did this answer your question? ( N.Wides comment / ? not mine by the way. )

Unquote of instructions.

This was automatically screened before sending my message but I,ll still send it for clarification and any additional / possible advice relating to preferred currency nomination.

In particular the reference to what I,ve highlighted in red for easy I.D.

Sorry I canot provide a ref url as you can only access this info via your online facility after logging on.

marshbags

Edited November 7, 2009 by marshbags

[marshbags]

I used the card reader for another service and yes it was quite easy, once i got the hang of it.

When you state the amount don,t forget to do it as eg £ 50.00 and put the .00 after the actual amount, should it not include pence.

I did my relevant business and it kept asking me to recheck my request, without indicating why.

I,d been putting the pounds without the .00 so it would not accept it.

O.K. I know, I,m a bit slow........... sorryyyyyyyyyyyyy

marshbags

Edited November 7, 2009 by marshbags

[JetsetBkk]

One thing I found out recently was that Nationwide now do S.W.I.F.T transfers over the web! No more printing out their web page and filling it in and signing it and sending it to England and keeping your fingers crossed that it arrives.

Now, just complete the stuff on their web site and it gets transferred (mine did) the next day.

Still costs 20 quid though, but it's a dämn site more convenient. This change must've happened in the last 9 months.

That's good to know JetsetBkk, but what kind of exchange rate did you get?? Did Nationwide do the exchange or your Thai bank??

<snip>

Good question. I believe that the web site asked whether I wanted to send GBP or Thai Baht, but I can't be sure. I know for certain that the old printed form asked that question and the answer I always put was GBP.

I just checked the rate I got: 53.075 Baht/GBP (lousy!) and also checked the historic rate at "X-Rates" http://www.x-rates.com/cgi-bin/hlookup.cgi for 6th October, and it was 53.0111, so I was getting an OK rate.... until you look at the previous day and see that it was 53.333, so I might have got the rate as it was going down.

[thecatman]

One thing I found out recently was that Nationwide now do S.W.I.F.T transfers over the web! No more printing out their web page and filling it in and signing it and sending it to England and keeping your fingers crossed that it arrives.

Now, just complete the stuff on their web site and it gets transferred (mine did) the next day.

Still costs 20 quid though, but it's a dämn site more convenient. This change must've happened in the last 9 months.

That's good to know JetsetBkk, but what kind of exchange rate did you get?? Did Nationwide do the exchange or your Thai bank??

<snip>

Good question. I believe that the web site asked whether I wanted to send GBP or Thai Baht, but I can't be sure. I know for certain that the old printed form asked that question and the answer I always put was GBP.

I just checked the rate I got: 53.075 Baht/GBP (lousy!) and also checked the historic rate at "X-Rates" http://www.x-rates.com/cgi-bin/hlookup.cgi for 6th October, and it was 53.0111, so I was getting an OK rate.... until you look at the previous day and see that it was 53.333, so I might have got the rate as it was going down.

Cheers for that JetsetBkk, so your exchange was done by your Thai bank by the look of things.

That's good to know, Thanks.