Nationwide To Start Charging For Overseas Cash Withdrawals

[giruz]

This is a copy from Bangkok Banks website on the charge made when they receive funds in Thailand.

Transferring funds in Pounds Sterling (Conversion in Thailand)

• Bangkok Bank’s London branch will deduct a transfer fee of GBP 20 before sending the funds in Pounds Sterling to Bangkok Bank in Thailand.
• Bangkok Bank in Thailand will then convert the funds from Pounds Sterling to Thai Baht using its daily TT buying rate in Thailand.
• An international fee of 0.25% of the transferred amount will be deducted before crediting funds to the recipient’s account (minimum fee 200 Baht, maximum fee 500 Baht per transaction).
• Funds will be received in Thailand within five business days after the London branch receives the money transfer from your UK bank account.

If only hold a UK bank account I'm afraid to say that Nationwide is still the cheapest option to transfer small amounts into Thailand.

Barclays, Natwest, Santander and all the other banks are more all more expensive than Nw. I work for the biggest card scheme and I can see the rates that most banks applies....and NW is still the cheapest.

If you can pay by card (and if you can request a card) then ask for an Halifax Clarima, Post Office Mcard or Visa Saga. No fees on card purchases.

For cash transactions you should stay with Nationwide as from the banks I came across as part of my work...

I think that NW was forced to raise the fees for two reasons:

1) NW pay 1% to Visa for each transaction that is done outside the VE Region

2) NW pay around 1EUR to the ATM owner (acquirer) for each cash withdrawal that is made on the card (so if you take 20GBP out, then it cost 20GBP+1% FEE to Visa + 1EUR to the atm owner)

They probably had too many people using their cards just for overseas withdrawal and this was costing them too much.

giruzz

Edited September 7, 2010 by giruz

[cardholder]

If you take your card into the bank along with your passport are you still charged the 1% does anyone know.

Yes, N/Wide pass on the VISA charge (I am not sure you can identify that fact from the transaction details).

Last time I did it (ages ago) Kasikorn had still not latched on to the opportunity to charge me 150 Baht. As previously noted 150 Baht to use an electronic ATM, nothing to take up the time of a Teller who has to phone Bangkok AND manually dish out the dosh.

[cardholder]

Almost 10% of voting members – more than 62,500 people - rejected the society's remuneration report

So, by my calculation, that makes 90% of voting members - more than 562,000 people - approved the society's remuneration report

That means that the remaining 15,375,000 members could give a flying fart about the remuneration report and could not be ar5ed to vote.

(THey can't all be in Thailand........ can they ?)

Edited September 7, 2010 by cardholder

[Mali1964]

If only hold a UK bank account I'm afraid to say that Nationwide is still the cheapest option to transfer small amounts into Thailand.

Barclays, Natwest, Santander and all the other banks are more all more expensive than Nw. I work for the biggest card scheme and I can see the rates that most banks applies....and NW is still the cheapest.

If you can pay by card (and if you can request a card) then ask for an Halifax Clarima, Post Office Mcard or Visa Saga. No fees on card purchases.

For cash transactions you should stay with Nationwide as from the banks I came across as part of my work...

I think that NW was forced to raise the fees for two reasons:

1) NW pay 1% to Visa for each transaction that is done outside the VE Region

2) NW pay around 1EUR to the ATM owner (acquirer) for each cash withdrawal that is made on the card (so if you take 20GBP out, then it cost 20GBP+1% FEE to Visa + 1EUR to the atm owner)

They probably had too many people using their cards just for overseas withdrawal and this was costing them too much.

giruzz

I Agree NW is still the cheapest but £7 which was 6 months ago nil plus the 150 Baht fee (£3) is a lot to withdraw £300. Halifax standard card is 2.75% + £1.50 ATM fee making them £2.75 more expensive than NW for example.

A point on the post office account credit card they sting you on the exchange rate by some 2 baht under the TT rate you get when using your NW debit card, not sure how the other cards work, as anyone any experience with them & can post the rates they got as nothing is ever free these days, just a smoke screen these commission fee free cards are from my experience.

Edited September 7, 2010 by Mali1964

[brizzle]

There are definately 2 cards out there that will be cheaper than the NW debit cards but they both happen to be credit cards.They are the Saga platinum Visa (have to be over 50 I believe) and the Halifax clarity visa. Both cards have no loading on purchases and the saga card charges 2% on cash witdrawals(up to 250 GBP max a day) and the Halifax card 1% on cash withdrawals.There are no interest charges on either card provided you pay off your o/s balance in full each month.The future cost of the NW flex card will be 2% plus 1 GBP per withdrawal so the Halifax is far better and the saga leaves you better off by a pound per atm transaction. The halifax card will give you 5 GBP cash back per month provided you spend at least 300 GBP each month and if you open a bank account with them and pay in 1000 GBP a month you get another fiver back.I have done this today and they paid me 50 GBP cash just for opening a bank account with them so I stand to get 170 GBP cash back in the first year which should offset a few charges.

But theres more ..I spoke to Saga this evening and provided you have a credit balance on their card..set up a payment transfer from your current account for example to top up each month,then you will not be charged anything,that is 0% on your ATM withdrawals in Thailand(Thai banking fee excepted of course).

Does anyone know if the Bank of Ayuddyha is still free for NW flex visa debit cards.A friend told me his Co-op visa card was also free to use at the BOA but that was back in April.

[Mali1964]

There are definately 2 cards out there that will be cheaper than the NW debit cards but they both happen to be credit cards.They are the Saga platinum Visa (have to be over 50 I believe) and the Halifax clarity visa. Both cards have no loading on purchases and the saga card charges 2% on cash witdrawals(up to 250 GBP max a day) and the Halifax card 1% on cash withdrawals.There are no interest charges on either card provided you pay off your o/s balance in full each month.The future cost of the NW flex card will be 2% plus 1 GBP per withdrawal so the Halifax is far better and the saga leaves you better off by a pound per atm transaction. The halifax card will give you 5 GBP cash back per month provided you spend at least 300 GBP each month and if you open a bank account with them and pay in 1000 GBP a month you get another fiver back.I have done this today and they paid me 50 GBP cash just for opening a bank account with them so I stand to get 170 GBP cash back in the first year which should offset a few charges.

But theres more ..I spoke to Saga this evening and provided you have a credit balance on their card..set up a payment transfer from your current account for example to top up each month,then you will not be charged anything,that is 0% on your ATM withdrawals in Thailand(Thai banking fee excepted of course).

Does anyone know if the Bank of Ayuddyha is still free for NW flex visa debit cards.A friend told me his Co-op visa card was also free to use at the BOA but that was back in April.

This is a copy from Martin Lewis on Moneysavingexpert.com it clearly states that all these credit cards including the Santander zero charge interest from the day you withdraw up to the day you repay in full but they may all not be able to charge this if your already in credit as Saga as confirmed to you.

Still at £3 for £300 over 1 month it will be cheaper than Nationwide from November.

Top open-to-all: Halifax Clarity

Worldwide 0% load & no cash withdrawal fee.

The Clarity card from Halifax has no foreign exchange fee anywhere in the world, so you can get the best rate possible. Plus it doesn't charge for cash withdrawals, although you will be charged interest even if you repay in full.

The rate for cash withdrawals is a fairly low 12.9% APR (this rate is 'typical' which means two thirds of those that are accepted will get it, the rest will be charged up to 21.9%). This works out as around £1 per month for every £100 withdrawn.

Cost of £100 worth of... Spending: £0

Cash w/ds: £1/mnth

Total:

£1

This card is top for spending abroad and can only be beaten by Nationwide debit card for ATM withdrawals within Europe (see below).

As an additional bonus, if you have a Halifax Reward current account and you apply for the Reward Clarity* you'll get £5 each month you spend over £300 on the credit card (ensure you repay in full every month). Read the Best bank accounts guide for how it measures up.

[brizzle]

There are definately 2 cards out there that will be cheaper than the NW debit cards but they both happen to be credit cards.They are the Saga platinum Visa (have to be over 50 I believe) and the Halifax clarity visa. Both cards have no loading on purchases and the saga card charges 2% on cash witdrawals(up to 250 GBP max a day) and the Halifax card 1% on cash withdrawals.There are no interest charges on either card provided you pay off your o/s balance in full each month.The future cost of the NW flex card will be 2% plus 1 GBP per withdrawal so the Halifax is far better and the saga leaves you better off by a pound per atm transaction. The halifax card will give you 5 GBP cash back per month provided you spend at least 300 GBP each month and if you open a bank account with them and pay in 1000 GBP a month you get another fiver back.I have done this today and they paid me 50 GBP cash just for opening a bank account with them so I stand to get 170 GBP cash back in the first year which should offset a few charges.

But theres more ..I spoke to Saga this evening and provided you have a credit balance on their card..set up a payment transfer from your current account for example to top up each month,then you will not be charged anything,that is 0% on your ATM withdrawals in Thailand(Thai banking fee excepted of course).

Does anyone know if the Bank of Ayuddyha is still free for NW flex visa debit cards.A friend told me his Co-op visa card was also free to use at the BOA but that was back in April.

This is a copy from Martin Lewis on Moneysavingexpert.com it clearly states that all these credit cards including the Santander zero charge interest from the day you withdraw up to the day you repay in full but they may all not be able to charge this if your already in credit as Saga as confirmed to you.

Still at £3 for £300 over 1 month it will be cheaper than Nationwide from November.

Top open-to-all: Halifax Clarity

Worldwide 0% load & no cash withdrawal fee.

The Clarity card from Halifax has no foreign exchange fee anywhere in the world, so you can get the best rate possible. Plus it doesn't charge for cash withdrawals, although you will be charged interest even if you repay in full.

The rate for cash withdrawals is a fairly low 12.9% APR (this rate is 'typical' which means two thirds of those that are accepted will get it, the rest will be charged up to 21.9%). This works out as around £1 per month for every £100 withdrawn.

Cost of £100 worth of... Spending: £0

Cash w/ds: £1/mnth

Total:

£1

This card is top for spending abroad and can only be beaten by Nationwide debit card for ATM withdrawals within Europe (see below).

As an additional bonus, if you have a Halifax Reward current account and you apply for the Reward Clarity* you'll get £5 each month you spend over £300 on the credit card (ensure you repay in full every month). Read the Best bank accounts guide for how it measures up.

Well my terminoloy was slightly wrong but one per cent is one percent of your total withdrawal sum with halifax whatever,be it interest charge or withdrawal charge, so as you have confirmed it will beat the Nationwide hands down after November.Saga is different it charges 2% but no interest provided that like the Halifax you repay in full and on time. Saga at 0% (provided you have a credit balance) absolutely knocks the pants off of NW..I think that its time for a change for those that can.Incidentally I have kept all of my NW accounts open as backup should things not turn out as they appear.

[brizzle]

Still at £3 for £300 over 1 month it will be cheaper than Nationwide from November.

yes over 100% cheaper and the more you spend the more you save

Now Saga(provided my Saga source was correct) could save you about 252 GBP a year on about 900 GBP a month ATM withdrawals provided you keep in credit as per most peoples NW flex accounts and pay up on time.

Benefits of the Saga Platinum credit card

Interest free cash withdrawals – up to 55 days – If you use your card to withdraw cash, you will benefit from an interest free period of up to 55 days if the balance is settled in full before the due date. After that, interest will be charged at 23.9% APR from the date that the transaction is debited to your account. There is a 2% Fee (minimum £2) for each cash advance, whether it is made abroad or in the UK.

Edited September 8, 2010 by brizzle

[thaimate]

Come november ,my nationwide flex and savings accounts are history,from best to worst but i bet the bosses get nice bonuses.