Uk Nationwide Bank Charges For Foreign Use To Change (Up Of Course!)

[DavidOxon]

Hi

those Brits in CM that use Nationwide cards for cheaper banking be warned!

i had a letter this week from Nationwide informing me that all foreign transactions are to be subject

to a 2% charge, plus an additional charge of £1 per cash withdrawl from 1st November this year!

just as a heads up, AEON bank (Hang Dong Tesco/Airport Plaza) Are the only ATM in Chiang Mai to be offering free

withdrawls using a non Thai card.

david

[Rinrada]

Spoke to a contact at Nationwide last week (about summit else)and mentioned the new arrangement and he in confidence said that it was a bit stupid but all down to senior management.

Will probably alienate anything up to 1 million customers and although its registered as a Building Society its now showing its true colours and adopted the old Gordon Geko principal of "GREED is Good"...and sod then all....SAD...

[DavidOxon]

so, what is the best deal for Brits going to be after 1st of November?

[cardholder]

On a different thread I stated RIP - the overseas ATM debit card is debt.

Nationwide were, of course, excellent but we will never again see genuine 'free banking' that we had with them.

I really don't see why anyone, other than tourists, would use foreign ATM cards for anything other than an emergency.

I ought to receive commission for the amount of times I have said - Get a Halifax Reward account and transfer funds, to a Kasikorn account in Thailand, online for £9.50 (less £5 reward if you pay in £1k or more each month)

[Contractor]

so, what is the best deal for Brits going to be after 1st of November?

Hi David

Please see my posts on the "Foreign ATM Fee" thread (last post 29 August).

According to the BBC, from 01 November, the three cheapest ATM/Debit cards for Brits to use in foreign ATM's are (in ascending order):

1. Metro Bank

2. Coventry Building Society

3. Nationwide Building Society.

Even with their new charging structure, Nationwide are still cheaper than most UK banks, although I agree it is a sad time for customers.

Rgds

[endure]

Strangely enough it's now cheaper to use a credit card than a Nationwide debit card. If you can get a Halifax Clarity card at 12.9% you'll pay no overseas usage charges, you'll get a good exchange rate and if you pay it off in full at the end of the month you'll pay 1.075% on the money you draw.

[greyfriarsbobby]

Strangely enough it's now cheaper to use a credit card than a Nationwide debit card. If you can get a Halifax Clarity card at 12.9% you'll pay no overseas usage charges, you'll get a good exchange rate and if you pay it off in full at the end of the month you'll pay 1.075% on the money you draw.

Can I suggest you check the terms and conditions of your credit card as most credit cards treat ALL cash transactions at a higher APR than other deals and charge that from the moment of the transaction, not when you pay the "statement balance. Apart from a loan shark it can be the MOST expensive way to get cash anywhere!

[endure]

Strangely enough it's now cheaper to use a credit card than a Nationwide debit card. If you can get a Halifax Clarity card at 12.9% you'll pay no overseas usage charges, you'll get a good exchange rate and if you pay it off in full at the end of the month you'll pay 1.075% on the money you draw.

Can I suggest you check the terms and conditions of your credit card as most credit cards treat ALL cash transactions at a higher APR than other deals and charge that from the moment of the transaction, not when you pay the "statement balance. Apart from a loan shark it can be the MOST expensive way to get cash anywhere!

I didn't say all credit cards - I specifically said the Halifax Clarity card

There you go:

"The Clarity card is our newest credit card and has one simple interest rate of 12.9% APR typical variable, however or wherever you use it.

What's really exciting about Clarity is that there are no usage fees:

* No fee to transfer a balance

* No cash withdrawal fee

* No fee to use it anywhere worldwide

* No annual fee.

That's it, it really is that simple!"

[cardholder]

Strangely enough it's now cheaper to use a credit card than a Nationwide debit card. If you can get a Halifax Clarity card at 12.9% you'll pay no overseas usage charges, you'll get a good exchange rate and if you pay it off in full at the end of the month you'll pay 1.075% on the money you draw.

Can I suggest you check the terms and conditions of your credit card as most credit cards treat ALL cash transactions at a higher APR than other deals and charge that from the moment of the transaction, not when you pay the "statement balance. Apart from a loan shark it can be the MOST expensive way to get cash anywhere!

I didn't say all credit cards - I specifically said the Halifax Clarity card

There you go:

"The Clarity card is our newest credit card and has one simple interest rate of 12.9% APR typical variable, however or wherever you use it.

What's really exciting about Clarity is that there are no usage fees:

* No fee to transfer a balance

* No cash withdrawal fee

* No fee to use it anywhere worldwide

* No annual fee.

That's it, it really is that simple!"

I haven't checked the small print but will they charge the Mastercard transaction fee ?

[endure]

Strangely enough it's now cheaper to use a credit card than a Nationwide debit card. If you can get a Halifax Clarity card at 12.9% you'll pay no overseas usage charges, you'll get a good exchange rate and if you pay it off in full at the end of the month you'll pay 1.075% on the money you draw.

Can I suggest you check the terms and conditions of your credit card as most credit cards treat ALL cash transactions at a higher APR than other deals and charge that from the moment of the transaction, not when you pay the "statement balance. Apart from a loan shark it can be the MOST expensive way to get cash anywhere!

I didn't say all credit cards - I specifically said the Halifax Clarity card

There you go:

"The Clarity card is our newest credit card and has one simple interest rate of 12.9% APR typical variable, however or wherever you use it.

What's really exciting about Clarity is that there are no usage fees:

* No fee to transfer a balance

* No cash withdrawal fee

* No fee to use it anywhere worldwide

* No annual fee.

That's it, it really is that simple!"

I haven't checked the small print but will they charge the Mastercard transaction fee ?

What's really exciting about Clarity is that there are no usage fees:

* No fee to transfer a balance

* No cash withdrawal fee

* No fee to use it anywhere worldwide

* No annual fee.

[cardholder]

What's really exciting about Clarity is that there are no usage fees:

* No fee to transfer a balance

* No cash withdrawal fee

* No fee to use it anywhere worldwide

* No annual fee.

I read that bit first time

I recall Nationwide saying "no charges for useage" but (eventually passed on the VISA transaction fee.

If you are suggesting a TOTALLY free-to-customer service then they will be absorbing the Mastercard processing fee.

Nationwide couldn't maintain that (non-) cost structure and they were one of the best managed financial institutions in terms of cost management and, as a result, pricing to customers. Their wholesale funding costs went up and so did their service charges !

So, Lloyds-HBoS (43% owned by the UK government) will be able to maintain a 'loss-making' credit card (that only makes it to number 3 in their pecking order of card status) ?

[endure]

I've been with Nationwide for 20 years. They used to be a mutual society until Graham Beale (an accountant rather an mutual man) took over. That's when things started to go downhill. If you don't believe that the Clarity card is what it advertises itself to be then then go and research it yourself. On the transactions I've used it for so far it's given me a 2 cents per dollar advantage over a Nationwide ATM

[cardholder]

I was going to bed but thought I would check the Halifax 'small print' first.

The Clarity card does indeed state the following:-

4. KEY INFORMATION

4.1 We will charge:

• £12 each month in which a minimum payment amount that you should have paid remains due
• £12 each month if, at any time during that month, you go over your credit limit
• £12 each time we refuse to pay a direct debit, cheque or other item, including a cheque you write.

4.2 We will charge a fee for providing copy statements as stated in condition 5.

The 'superior' All in One card states:-

4. KEY INFORMATION

4.1 We will charge:-

• £12 each month in which a minimum payment amount that should have been paid remains outstanding.
• £12 each month if, at any time during that month, you go over your credit limit.
• £12 each time a direct debit, cheque or other item is not paid, including a cheque which you write.

4.2 We will charge handling fees for cash advances, balance transfers and cheques; a minimum interest charge; and fees when you make transactions in foreign currency or pay us in a foreign currency.

Conclusive indeed.

I think I will get one to try because (if the exchange rate appled is the same as the rates obtained with VISA on Flexaccounts) we then have a new viable alternative - thank you endure.

[techno]

Another problem with Nationwide who l have been with for 10 years is that they will not send any correspondence to your Thai address but this is not to much of a problem as l use Internet banking. My main problem is that my flexi account debit card (Visa) expires in June next year so they will not send me a new card here Thailand. They send all correspondence to my sisters home as my registered address with them so will have to arrange for her to DHL/Fedex the new card to me. Very costly as not wanting to go back to the UK just to pick up a new debit card as l currently use the card to withdraw my monthly pension. !50 baht withdrawal fee and now 1 GBP and 2% fee on top is a lot to take into account but no option as there do not seem to be a lot of alternatives. Dissapointed with Nationwide but what else can us ex-pats on a pension in Thailand do?. Will try and get my pension companies to send the funds to my Thai bank account each month but not sure if they will charge. Any suggestions are welcome

[Contractor]

Transcript from BBC Radio 4 programme (presenter Ruth ALEXANDER) re using UK issued debit and credit cards in overseas ATMs. The Clarity Card gets a thumbs up, but best to use it as close to the statement date as possible and then pay off the balance in full to minimise interest charge.

Rgds

+++++++++++++++++++++++++++++++++++++++++++++

Now over the summer there's been a steady stream of Nationwide customers contacting Money Box complaining about the building society's decision to start charging for cash withdrawals made with debit cards at ATM machines on the continent. From November it will start making a commission charge of 2% plus a £1 flat fee. Nationwide says it's made the change to the Flex Account because it was bringing disproportionate benefits to only a tiny minority of its members. It says a much fairer way of rewarding these customers is to give them free travel insurance instead. But David Reagan from Berkshire is one of many Nationwide customers who have told Money Box they're unhappy about the change. He runs a small company which does a lot of business abroad and he says he'll really feel the new cash withdrawal charges.

REAGAN: The last bastion that we had was Nationwide in actual fact in terms of withdrawals abroad for no cost. We will be paying I would say £15 to £16 a month at least on that 2% on withdrawals. Anybody that's in a small business and are doing those sort of trips, then it's going to cost them.

ALEXANDER: Well Andrew Hagger is from the financial website Money Net and joins me down the line. Andrew, why do you think Nationwide has introduced these changes?

HAGGER: I spoke to Nationwide last month when this story first broke and they say they've got 5 million Flex Account customers, but only a quarter of those actually use the account as their main bank account. Everyone else was just in there for the cheap debit card. So, as they said, they're trying to sort of spread the value amongst the customers who use their account rather than those 5 million people.

ALEXANDER: So how will using a Nationwide debit card abroad compare with other providers come November?

HAGGER: Even though the costs are going up, it still stacks up quite well. If you look at debit cards, the only one that's free at the moment is Metro Bank, but that's only got one branch in London at the moment so probably not too many customers are going to be affected there. Coventry Building Society will charge you a 2% foreign loading fee but no ATM charge. And then Nationwide comes in in third place - a 2% usage charge and a £1 fee for the withdrawal. So it's still quite a good deal.

ALEXANDER: And if you're considering using a credit card abroad, there are a few of those which have no foreign usage charge or ATM withdrawal fees, aren't there?

HAGGER: There are. I would say the number one is the recently introduced Clarity credit card from Halifax. No foreign usage charge or ATM withdrawal fee. Just bear in mind that you will pay interest on the cash you withdraw up until your statement date. Again Metro Bank have a credit card that is free, as does Santander - their Zero Card - but you do have to have a Santander current or investment or mortgage to qualify.

[greyfriarsbobby]

Transcript from BBC Radio 4 programme (presenter Ruth ALEXANDER) re using UK issued debit and credit cards in overseas ATMs. The Clarity Card gets a thumbs up, but best to use it as close to the statement date as possible and then pay off the balance in full to minimise interest charge.

Rgds

+++++++++++++++++++++++++++++++++++++++++++++

Now over the summer there's been a steady stream of Nationwide customers contacting Money Box complaining about the building society's decision to start charging for cash withdrawals made with debit cards at ATM machines on the continent. From November it will start making a commission charge of 2% plus a £1 flat fee. Nationwide says it's made the change to the Flex Account because it was bringing disproportionate benefits to only a tiny minority of its members. It says a much fairer way of rewarding these customers is to give them free travel insurance instead. But David Reagan from Berkshire is one of many Nationwide customers who have told Money Box they're unhappy about the change. He runs a small company which does a lot of business abroad and he says he'll really feel the new cash withdrawal charges.

REAGAN: The last bastion that we had was Nationwide in actual fact in terms of withdrawals abroad for no cost. We will be paying I would say £15 to £16 a month at least on that 2% on withdrawals. Anybody that's in a small business and are doing those sort of trips, then it's going to cost them.

ALEXANDER: Well Andrew Hagger is from the financial website Money Net and joins me down the line. Andrew, why do you think Nationwide has introduced these changes?

HAGGER: I spoke to Nationwide last month when this story first broke and they say they've got 5 million Flex Account customers, but only a quarter of those actually use the account as their main bank account. Everyone else was just in there for the cheap debit card. So, as they said, they're trying to sort of spread the value amongst the customers who use their account rather than those 5 million people.

ALEXANDER: So how will using a Nationwide debit card abroad compare with other providers come November?

HAGGER: Even though the costs are going up, it still stacks up quite well. If you look at debit cards, the only one that's free at the moment is Metro Bank, but that's only got one branch in London at the moment so probably not too many customers are going to be affected there. Coventry Building Society will charge you a 2% foreign loading fee but no ATM charge. And then Nationwide comes in in third place - a 2% usage charge and a £1 fee for the withdrawal. So it's still quite a good deal.

ALEXANDER: And if you're considering using a credit card abroad, there are a few of those which have no foreign usage charge or ATM withdrawal fees, aren't there?

HAGGER: There are. I would say the number one is the recently introduced Clarity credit card from Halifax. No foreign usage charge or ATM withdrawal fee. Just bear in mind that you will pay interest on the cash you withdraw up until your statement date. Again Metro Bank have a credit card that is free, as does Santander - their Zero Card - but you do have to have a Santander current or investment or mortgage to qualify.

I rest my case! as stated above "Just bear in mind that you will pay interest on the cash you withdraw up until your statement date"

You are paying over 12%APR from the moment you use the ATM and of course the Baht 150 and the exchange rate of the day mark up.

This is from the Halifax web site on FAQ's "

"Using your credit card and managing your account

Using your card

You can use your card in any shop or cash machine at home or abroad, that displays the MasterCard or Visa symbol, depending on your type of card.

Cash withdrawals and credit card cheques are usually charged at a different interest rate to the purchase interest rate."

I am not rying to be smart. I am just trying to warn people that the use of a credit card for a CASH transaction is very expensive. Try using your credit card to buy lottery tickets, gamble on the net or order forgeign exchange. OUCH! they are all classified by visa/mastercard as CASH and will be above CREDET APR and applied at time of purchase, not time of statemnt.

Just be AWARE

Fee free and interest free are not the same!

EDIT I am talking UK credit card rules. Other countries may be different

Edited September 7, 2010 by greyfriarsbobby

[naboo]

To avoid paying the 12% APR, transfer the cash onto your credit card via internet banking before withdrawing. bear in mind it takes a few days to transfer money onto a credit card even from a Halifax account.

[greyfriarsbobby]

To avoid paying the 12% APR, transfer the cash onto your credit card via internet banking before withdrawing. bear in mind it takes a few days to transfer money onto a credit card even from a Halifax account.

The above is a pointless statement. You cannot transfer "cash" to a credit card. All you are doing is reducing your credit balance. Transferring from your credit card to your bank account (if you have no credit in your debit account) so you can use your DEBIT card at the ATM is even more expensive. In the UK it is called a "cashline transfer" and is even more expensive than using the CREDIT card at an ATM as a DEBIT card. They are not the same.

I say again. You are advised NOT to draw cash (in any shape or form) with a UK Crdit card.

(Visa or Mastercard) either online, in an ATM or online.

Edited September 8, 2010 by greyfriarsbobby

[endure]

Transcript from BBC Radio 4 programme (presenter Ruth ALEXANDER) re using UK issued debit and credit cards in overseas ATMs. The Clarity Card gets a thumbs up, but best to use it as close to the statement date as possible and then pay off the balance in full to minimise interest charge.

Rgds

+++++++++++++++++++++++++++++++++++++++++++++

Now over the summer there's been a steady stream of Nationwide customers contacting Money Box complaining about the building society's decision to start charging for cash withdrawals made with debit cards at ATM machines on the continent. From November it will start making a commission charge of 2% plus a £1 flat fee. Nationwide says it's made the change to the Flex Account because it was bringing disproportionate benefits to only a tiny minority of its members. It says a much fairer way of rewarding these customers is to give them free travel insurance instead. But David Reagan from Berkshire is one of many Nationwide customers who have told Money Box they're unhappy about the change. He runs a small company which does a lot of business abroad and he says he'll really feel the new cash withdrawal charges.

REAGAN: The last bastion that we had was Nationwide in actual fact in terms of withdrawals abroad for no cost. We will be paying I would say £15 to £16 a month at least on that 2% on withdrawals. Anybody that's in a small business and are doing those sort of trips, then it's going to cost them.

ALEXANDER: Well Andrew Hagger is from the financial website Money Net and joins me down the line. Andrew, why do you think Nationwide has introduced these changes?

HAGGER: I spoke to Nationwide last month when this story first broke and they say they've got 5 million Flex Account customers, but only a quarter of those actually use the account as their main bank account. Everyone else was just in there for the cheap debit card. So, as they said, they're trying to sort of spread the value amongst the customers who use their account rather than those 5 million people.

ALEXANDER: So how will using a Nationwide debit card abroad compare with other providers come November?

HAGGER: Even though the costs are going up, it still stacks up quite well. If you look at debit cards, the only one that's free at the moment is Metro Bank, but that's only got one branch in London at the moment so probably not too many customers are going to be affected there. Coventry Building Society will charge you a 2% foreign loading fee but no ATM charge. And then Nationwide comes in in third place - a 2% usage charge and a £1 fee for the withdrawal. So it's still quite a good deal.

ALEXANDER: And if you're considering using a credit card abroad, there are a few of those which have no foreign usage charge or ATM withdrawal fees, aren't there?

HAGGER: There are. I would say the number one is the recently introduced Clarity credit card from Halifax. No foreign usage charge or ATM withdrawal fee. Just bear in mind that you will pay interest on the cash you withdraw up until your statement date. Again Metro Bank have a credit card that is free, as does Santander - their Zero Card - but you do have to have a Santander current or investment or mortgage to qualify.

I rest my case! as stated above "Just bear in mind that you will pay interest on the cash you withdraw up until your statement date"

You are paying over 12%APR from the moment you use the ATM and of course the Baht 150 and the exchange rate of the day mark up.

This is from the Halifax web site on FAQ's "

"Using your credit card and managing your account

Using your card

You can use your card in any shop or cash machine at home or abroad, that displays the MasterCard or Visa symbol, depending on your type of card.

Cash withdrawals and credit card cheques are usually charged at a different interest rate to the purchase interest rate."

I am not rying to be smart. I am just trying to warn people that the use of a credit card for a CASH transaction is very expensive. Try using your credit card to buy lottery tickets, gamble on the net or order forgeign exchange. OUCH! they are all classified by visa/mastercard as CASH and will be above CREDET APR and applied at time of purchase, not time of statemnt.

Just be AWARE

Fee free and interest free are not the same!

EDIT I am talking UK credit card rules. Other countries may be different

If you use a Halifax Clarity credit card to draw cash and pay the bill in full at the end of the month you will pay 12.09/12% in interest. That's 1.075%. If you use a Nationwide debit card for the same withdrawal you will pay 2% + £1. As I've already said the Halifax exchange rate is as good as the Nationwide and you'll pay 150bt whatever card you use so that's not relevant.

If you draw £300 from an ATM with a Nationwide card it will cost you £310 - with a Halifax card £306.22 (assuming 150bt = £3).

[naboo]

To avoid paying the 12% APR, transfer the cash onto your credit card via internet banking before withdrawing. bear in mind it takes a few days to transfer money onto a credit card even from a Halifax account.

The above is a pointless statement.  You cannot transfer "cash" to a credit card.  All you are doing is reducing your credit  balance.  Transferring from your credit card to your bank account (if you have no credit in your debit account) so you can use your DEBIT card at the ATM is even more expensive.  In the UK it is called a "cashline transfer" and is even more expensive than using the CREDIT card at an ATM as a DEBIT card.  They are not the same.

I say again.  You are advised NOT to draw cash (in any shape or form) with a UK Crdit card.

(Visa or Mastercard) either online, in an ATM or online.

I pay my Halifax credit card online by making the payment with my Halifax Reward account. I can make whatever payment I like onto it. Currently, it is £7.65 in credit. I can make it £1000 in credit if I like, just by transferring money online from Reward account to credit card. I can then withdraw all that money and pay nothing in fees (cash machine withdrawals abroad are free with my credit card, minus only Visa fees) and because I'm not going below zero, I never get charged interest. 

[Contractor]

To avoid paying the 12% APR, transfer the cash onto your credit card via internet banking before withdrawing. bear in mind it takes a few days to transfer money onto a credit card even from a Halifax account.

The above is a pointless statement. You cannot transfer "cash" to a credit card. All you are doing is reducing your credit balance. Transferring from your credit card to your bank account (if you have no credit in your debit account) so you can use your DEBIT card at the ATM is even more expensive. In the UK it is called a "cashline transfer" and is even more expensive than using the CREDIT card at an ATM as a DEBIT card. They are not the same.

I say again. You are advised NOT to draw cash (in any shape or form) with a UK Crdit card.

(Visa or Mastercard) either online, in an ATM or online.

I pay my Halifax credit card online by making the payment with my Halifax Reward account. I can make whatever payment I like onto it. Currently, it is £7.65 in credit. I can make it £1000 in credit if I like, just by transferring money online from Reward account to credit card. I can then withdraw all that money and pay nothing in fees (cash machine withdrawals abroad are free with my credit card, minus only Visa fees) and because I'm not going below zero, I never get charged interest.

It certainly does seem that the game has changed and, with care, ATM cash withdrawals using a credit card like the Halifax Clarity card make sense, especially if one can have a positive balance on the account. I have just applied for one online.

Rgds

Edited September 8, 2010 by Contractor

[cardholder]

To avoid paying the 12% APR, transfer the cash onto your credit card via internet banking before withdrawing. bear in mind it takes a few days to transfer money onto a credit card even from a Halifax account.

The above is a pointless statement. You cannot transfer "cash" to a credit card. All you are doing is reducing your credit balance. Transferring from your credit card to your bank account (if you have no credit in your debit account) so you can use your DEBIT card at the ATM is even more expensive. In the UK it is called a "cashline transfer" and is even more expensive than using the CREDIT card at an ATM as a DEBIT card. They are not the same.

I say again. You are advised NOT to draw cash (in any shape or form) with a UK Crdit card.

(Visa or Mastercard) either online, in an ATM or online.

I pay my Halifax credit card online by making the payment with my Halifax Reward account. I can make whatever payment I like onto it. Currently, it is £7.65 in credit. I can make it £1000 in credit if I like, just by transferring money online from Reward account to credit card. I can then withdraw all that money and pay nothing in fees (cash machine withdrawals abroad are free with my credit card, minus only Visa fees) and because I'm not going below zero, I never get charged interest.

It certainly does seem that the game has changed and, with care, ATM cash withdrawals using a credit card like the Halifax Clarity card make sense, especially if one can have a positive balance on the account. I have just applied for one online.

Rgds

Commendable effort at beating the system and to answer the above question - of course you can pay in to a credit card account. I have seen several with credit balances. Why you would do that is another matter.

I think paying in a pre-requisite amount to a Clarity account will not work for one simple reason.

The bank does not calculate the interest on the balance, it calculates it the amount of the cash withdrawal from the date you make that withdrawal:-

3.4 If you pay the total balance shown on your current statement by the payment date (and have also paid the total balance on your previous statement by the payment date), then we will not charge interest on purchases shown on your current statement. On all transactions where we do charge interest, we charge it from the date we first charge the amount to your account.

I think that the bank will charge 'interest' from the date of the withdrawal until the next statement date (even though you have effectively paid in advance).

If anyone can prove me wrong from actual experience (or confirmation from Halifax) I shall be delighted because I am getting one of these cards.

Edited September 8, 2010 by cardholder

[cardholder]

Later......

I have spoken with Halifax.

Not conclusive.

I painted a scenario of paying in £1,000 to the card account sometime before your withdrawal/s in Thailand.

Whilst the answer was that NO interest would be charged I was told that you cannot have a card account going into credit. That is patently not true because you can easily pay an amount online (or over the counter) directly to the card account. I have overpaid in the past (by error).

The eventual conclusion was that whilst it might be possible to 'get away with it' do not rely on it as it against the operating principles of credit cards to put the account into credit.

I think the acid test will come when one of us tries it .

Edited September 8, 2010 by cardholder

[Contractor]

An alternative may be to opt for a card with a monthly fee. The following is taken from the ft.com website:

Sainsbury's new Gold credit card offers users no-cost cashpoint withdrawals, annual worldwide travel insurance and Nectar reward points – but also charges a £5 monthly fee. Cardholders who pay off their bills in full each month are not charged interest or other fees on cash withdrawals from UK or foreign cashpoints.

All cardholders get annual worldwide travel insurance. The policy, which includes winter sports, also covers partners and children.

Double Nectar points – worth 1p per £1 of spend – are earned on shopping at Sainsbury's, while other purchases earn points worth 0.5p per £5 of spend.

The card's interest rate is 9.94 per cent, equivalent to an 18 per cent so-called "typical" rate including the £5 monthly fee.

Is this good?

Wholly-free currency withdrawals and worldwide travel insurance are attractive benefits for travellers.

Most credit cards levy a foreign exchange charge plus interest and/or a withdrawal fee for using an overseas cashpoint. These costs typically amount to about 8 per cent of the withdrawal.

The travel insurance, which includes £10m of cover for medical expenses and £1,500 for baggage, looks comprehensive. Sainsbury's claims the policy is worth up to £250, although stand-alone policies are available for under £100

Rgds

[Hugh Jarse]

Another problem with Nationwide who l have been with for 10 years is that they will not send any correspondence to your Thai address but this is not to much of a problem as l use Internet banking. My main problem is that my flexi account debit card (Visa) expires in June next year so they will not send me a new card here Thailand. They send all correspondence to my sisters home as my registered address with them so will have to arrange for her to DHL/Fedex the new card to me. Very costly as not wanting to go back to the UK just to pick up a new debit card as l currently use the card to withdraw my monthly pension. !50 baht withdrawal fee and now 1 GBP and 2% fee on top is a lot to take into account but no option as there do not seem to be a lot of alternatives. Dissapointed with Nationwide but what else can us ex-pats on a pension in Thailand do?. Will try and get my pension companies to send the funds to my Thai bank account each month but not sure if they will charge. Any suggestions are welcome

[Hugh Jarse]

Another problem with Nationwide who l have been with for 10 years is that they will not send any correspondence to your Thai address but this is not to much of a problem as l use Internet banking. My main problem is that my flexi account debit card (Visa) expires in June next year so they will not send me a new card here Thailand. They send all correspondence to my sisters home as my registered address with them so will have to arrange for her to DHL/Fedex the new card to me. Very costly as not wanting to go back to the UK just to pick up a new debit card as l currently use the card to withdraw my monthly pension. !50 baht withdrawal fee and now 1 GBP and 2% fee on top is a lot to take into account but no option as there do not seem to be a lot of alternatives. Dissapointed with Nationwide but what else can us ex-pats on a pension in Thailand do?. Will try and get my pension companies to send the funds to my Thai bank account each month but not sure if they will charge. Any suggestions are welcome

At a time when the public's attitudes to banks and banking executives are at an all time low it is curious that N'wide are increasing their fees now. The gimmmicky free travel insurance ,is within the EU countries only, so pretty useless for those who travel outside the EU. It looks as though N'wide are losing their competitive edge. For Nationwide to take customer complaints seriously I would urge those who feel disastisfied/ outrage to write letters of complaint to :: Graham Pilkington, (Division Director, Banking) Nationwide building Soc. Swindon SN38. Nationwide continue to use a slogan ::Proud to be different' In reality they are proud to be like every other bank!

Edited September 13, 2010 by Hugh Jarse

[jfchandler]

What do you Brits think of the Metro Bank London's offering of a checking account with no foreign currency fees when used abroad???

Only downside I'm seeing is they don't reimburse the Thai bank 150 baht ATM withdrawal fees....

[Contractor]

What do you Brits think of the Metro Bank London's offering of a checking account with no foreign currency fees when used abroad???

Only downside I'm seeing is they don't reimburse the Thai bank 150 baht ATM withdrawal fees....

Metro Bank is "the new kid on the block" and is obviously trying to capitalise on a general negative impression of traditional high street banking services and charges.

They offer 7-day opening and gimmicks such as free dog biscuits in branches - the problem being that they only have one branch so far!

Their accounts certainly do appear in the "Best Buy" tables.

I do not know of any "home" bank reimbursing a foreign ATM fee.

Rgds

[jfchandler]

I believe if you look at Metro Bank's web site now, they're showing two branches open in London now, with more to come....

But more broadly, it's a pity that there aren't other bank options readily available to Brits that don't charge a foreign currency fee when used abroad...

For us U.S. folks, we have account options available that both DON'T charge any foreign currency fee and DO reimburse the Thai bank' 150 baht ATM fees... Not many do both, but there are still a few. And there are more that do either one or the other, but not both.

I keep hoping I'd have some better advice to offer when Brits go looking for low cost banking options when traveling abroad....

[Contractor]

I believe if you look at Metro Bank's web site now, they're showing two branches open in London now, with more to come....

Yep, their second branch opened 10 days ago. Sorry for being out of date.

But more broadly, it's a pity that there aren't other bank options readily available to Brits that don't charge a foreign currency fee when used abroad...

For us U.S. folks, we have account options available that both DON'T charge any foreign currency fee and DO reimburse the Thai bank' 150 baht ATM fees... Not many do both, but there are still a few. And there are more that do either one or the other, but not both.

Wow, a fee-free account with no foreign currency charges and reimbursement of the ATM fee? Please give us details.

Edited September 14, 2010 by Contractor