Thailand Live Friday 11 October 2024

[bwalker1973]

From September 2010, most UK banks will switch off International ATM withdrawals, due to the high fraudulent use of cloned cards by atm fraud. You will however be able to still make purchases, and cash advances.

Some customers would of alreadly received this info in their monthly statements. Nationwide, Coventry, HSBC, Natwest and LloydsTSB are currently signed up for this.

There is also talk, that if the country you are visiting is on the high watch fraud list, you will not be able to use your card in that country full stop.

Edited May 12, 2010 by bwalker1973

[NamKangMan]

If what you say is true, I would expect certain countries, that rely a lot on the tourist dollar, to allow foreigners to open bank accounts very easily, therefore, creating a situation for the UK banks where they will actually be losing money, in the short term, as people either withdraw a large amount of cash, or, transfer a large amount into their foreign bank account for their holiday.

Edited May 12, 2010 by NamKangMan

[Penkoprod]

And the OP's source for this info is............????

[bwalker1973]

And the OP's source for this info is............????

Nationwide Building Society Leaflet enclosed in Aprils Statement.

[Penkoprod]

Let me get this right...the Nationwide sent a leaflet stating that "most UK banks" will be actioning a block on all ATM withdrawals?

I got my statement from HSBC this week (one of the ones on the "hit list" you quoted) and no such info was provided by them.

Not that i am doubting YOU.....more a case of thinking that Nationwide are getting ideas above their station, in quoting other banks policies. Either in force or prospective

Rather worrying news to Nationwide card holders, i would think, though

Penkoprod

[bwalker1973]

If what you say is true, I would expect certain countries, that rely a lot on the tourist dollar, to allow foreigners to open bank accounts very easily, therefore, creating a situation for the UK banks where they will actually be losing money, in the short term, as people either withdraw a large amount of cash, or, transfer a large amount into their foreign bank account for their holiday.

Not as much as they be loosing, with the frauds. You can still use your card for purchases and cash advances inside banks. So they will still be making either way. As far as what I hear it does not effect offshore banks in Jersey, Guernsey or Isle of man.

[bwalker1973]

Let me get this right...the Nationwide sent a leaflet stating that "most UK banks" will be actioning a block on all ATM withdrawals?

I got my statement from HSBC this week (one of the ones on the "hit list" you quoted) and no such info was provided by them.

Not that i am doubting YOU.....more a case of thinking that Nationwide are getting ideas above their station, in quoting other banks policies. Either in force or prospective

Rather worrying news to Nationwide card holders, i would think, though

Penkoprod

Nationwide & Coventry Building Society Card Issuers are issued through HSBC Card Services, as their branch networks run on the HSBC intra banking network, basically HSBC are the building societies sponsors. Even when you send a swift transaction to these banks it goes through HSBC.

[duceahearts]

this could be refering to the Nationwide CASH card not the debit card.

[ESB7]

Edited May 12, 2010 by ESB7

[dave2]

bwalker1973.

re .... Nationwide Building Society Leaflet enclosed in Aprils Statement

please post a pic / copy or scan of this leaflet so we can all read it.

many thanks : ) ... dave2 ... a nationwide customer.

[Thongkorn]

I have a little card reader that I put my card in, it then gives me a code, I have 1 minute to use it or the code changes, Also my building society sends me a Tex to tell me my account is being accessed.

[schmutzie]

Would be bad news indeed, but how would VISA feel about that?

I'm pretty sure the banks make more on various fees than they ever loose in fraud. Hence their incapacity to come up with a better system.

Anyway, I don't see anything from Natwest. There's no notifications in my online banking. No emails either.

I can't find anything on the Nationwide site. A google search also turns up nothing.

Are you sure you didn't misread the pamphlet?

[Crossy]

Nationwide are certainly disabling overseas use of their ATM-only cards. Debit and credit cards are unaffected, at least that's what I understood a couple of months back.

To our OP, as previously suggested, please scan and post the leaflet, it's just possible that you've mis-understood the information.

[NamKangMan]

If what you say is true, I would expect certain countries, that rely a lot on the tourist dollar, to allow foreigners to open bank accounts very easily, therefore, creating a situation for the UK banks where they will actually be losing money, in the short term, as people either withdraw a large amount of cash, or, transfer a large amount into their foreign bank account for their holiday.

Not as much as they be loosing, with the frauds. You can still use your card for purchases and cash advances inside banks. So they will still be making either way. As far as what I hear it does not effect offshore banks in Jersey, Guernsey or Isle of man.

So, you are going to pay your beer bar bill at 2am with your credit card, are you???? Or, go inside a bank branch for a cash advance at 11pm at night when you have decided to "have a big night?" Banks close at 8pm and beer bars don't have EFTPOS machines. So, either way, you will have to withdraw, from where ever, a large amount of money. This means the UK now has less cash.

UK banks may see a drop in fraud, but Brits may see a rise in personal theft, whilst abroad, because the word will get around they are now "cashed up" because they can't use their debit/credit cards in ATM's in foreign countries.

[IsaanAndy]

And the OP's source for this info is............????

Nationwide Building Society Leaflet enclosed in Aprils Statement.

I've had my April Nationwide Flexaccount debit card statement and no such leaflet was inclosed.

[PattayaParent]

UK banks may see a drop in fraud, but Brits may see a rise in personal theft, whilst abroad, because the word will get around they are now "cashed up" because they can't use their debit/credit cards in ATM's in foreign countries.

Or they might just use travellers cheques or open a Thai bank account?

[jtrack33]

This is what I received from Nationwide. It says near the bottom in bold type, that I will no longer be able to withdraw cash overseas.

Edited May 13, 2010 by jtrack33

[Penkoprod]

So, just as i thought....its just the "new" cash card + thats affected, and not the Visa or credit cards

Still cant work out where the other banks mentioned come into the equation, though

Penkoprod

Edited May 13, 2010 by Penkoprod

[NamKangMan]

UK banks may see a drop in fraud, but Brits may see a rise in personal theft, whilst abroad, because the word will get around they are now "cashed up" because they can't use their debit/credit cards in ATM's in foreign countries.

Or they might just use travellers cheques or open a Thai bank account?

See my original post about foreign countries offering bank accounts to Brits.

Travelers cheques are an option, but, many places don't like to accept them and money change places that do accept them are not open 24/7, so, at 2am when you need more money, how do you change a travelers cheque? Also, this means you have to have your passport with you a lot more than usual.

My original point is, either way, Brits will still pull all their holiday funds out of the bank, making less money for the UK bank.