Bye Bye Nationwide Hello Metrobank

[nong38]

I currently have a Nationwide Flext card, when I came out here atm charges from Nationwide were free, now they charge 2% + 1 pound. Last summer a new bank hit the British High Street, Metrobank ( www.metrobankonline.co.uk ) they do not charge for overseas withdrawals. You will still have to pay the local ones. Foreign transfers from the UK to a Thai Bank are 17.50. I will changing over when I go back to the UK. There are only 4 branches so far all within the M25, 2 are good for me, by the end of 2014 they expect to have 40 branches. Open 361 days a year, monday to friday 8am-8pm, also open saturday and sunday and debit cards are issued in the branch and you can choose your own password and pins. If this sounds good to you too, have a look at the above, there customer care is far better than my other banks.

[devdrinker]

I cant see them keeping this up for long. They can probably afford to handle the odd holiday maker making less than a dozen withdrawls a year from foreign ATM. Even players like Fairfx had to change conditions recently 1.5% + 1 pound atm withdrawl now, as Nationwide did, both citing direct costs incurred from the offer. Dont be surprised if additional conditions are attached shortly, its a new bank with a more social aspect, but its still for profit entity.

[citizen33]

This has been discussed a few times before. The downside is that you have to visit one of the Metro branches to open an account. Also look at Norwich and Peterborough Building Society, which has a similar offer.

Edited March 14, 2011 by citizen33

[Penkoprod]

Could be a case of "come into my parlour" said the spider to the fly, though

[transam]

Could be a case of "come into my parlour" said the spider to the fly, though

Spot on.

IF they give you a paper saying it will not change, fine but......................

[devdrinker]

By all means soak up the offer, but if the inconvenience of changing banks (and appearing in person in central london) for what could run for maybe another year or something and then stop, have to weigh up the costs. The mastercard/visa interchange spreads aren't amazing (although on low amount it very handy) - i.e. the rate you get (usual +1 day for settlement), so whilst its advertised 0% markup its not what seems to be, at a certain point a direct transfer is a better deal (I think I calculated it last time at 3-4k)

Edited March 14, 2011 by devdrinker

[nong38]

Guessing the future is great game but for now the offer is there so I will take advatage of it for however long it lasts, if it lasts a year I reckon I will save over 150 pounds so thats worth it. Until the network has a sufficient mass my guess is that the offer will be ongoing and costs absorbed, they need new business so take advantage, cannot see why the negativity, think of it as a happy hour and save some cash, as they say here "up to you."

[devdrinker]

nong38, fair enough, but for some changing banks is not worth the trouble of 150 quid enticer, especially when you can't sign up online and/or when you dont live in central londonn, and as I believe the case you need to pay in a minimum amount to qualify for the free banking so its changing basically all your DD, your salary/pension etc... Im just pointing out that it unlikely to last forever..

[citizen33]

nong38, fair enough, but for some changing banks is not worth the trouble of 150 quid enticer, especially when you can't sign up online and/or when you dont live in central londonn, and as I believe the case you need to pay in a minimum amount to qualify for the free banking so its changing basically all your DD, your salary/pension etc... Im just pointing out that it unlikely to last forever..

As hinted above, if your problem is signing up online look at Norwich and Peterborough BS - which offers a similar deal.

Edited March 14, 2011 by citizen33

[nong38]

nong38, fair enough, but for some changing banks is not worth the trouble of 150 quid enticer, especially when you can't sign up online and/or when you dont live in central londonn, and as I believe the case you need to pay in a minimum amount to qualify for the free banking so its changing basically all your DD, your salary/pension etc... Im just pointing out that it unlikely to last forever..

Ok Dave take your point, thye inform me its an easy process to change accounts so I will see and my DDs are diminishing with time,but, all I am saying is that Nationwide screwed a lot of people and here for the time being is an option. Yes you do have to go into the branch and that is convenient for me but not for a lot at the moment,but on line banking is available when you open. I will let you know if the grass is greener in due course.

[phutoie2]

Disgruntled Nationwide customer here too!, just been viewing their latest Bond rates.

I have been looking at moneycorp in the UK.

You can set up a regular monthly payment from your UK Bank via them to your Thai bank for 8 GBP per month.

They charge 15 GBP for one off payments which is a tad better than NW SWIFT fee of 25 GBP I was charged last month.

They state on their website that their exchange rates are competitive.

Anyone on TV have comments or experience on them??.

[ESB7]

N&P are free foreign withdrawls also

[makescents]

N&P are free foreign withdrawls also

Just opened an account with them.

Need to do 5 transactions a month to avoid a five pound charge though. That or use the Gold plus account.

[nong38]

Nationwide's exchange rate is not bad the last time I used it, only do 1 a month, I got 49.03 on 21st Feb. That though is their only saving grace and not enough for me to continue to bank with them.

[glegolo]

Disgruntled Nationwide customer here too!, just been viewing their latest Bond rates.

I have been looking at moneycorp in the UK.

You can set up a regular monthly payment from your UK Bank via them to your Thai bank for 8 GBP per month.

They charge 15 GBP for one off payments which is a tad better than NW SWIFT fee of 25 GBP I was charged last month.

They state on their website that their exchange rates are competitive.

Anyone on TV have comments or experience on them??.

Running the risk of misunderstanding you and your bankfees, I cannot hold back info about the fees

from our banks in Sweden.

if I send money from my bank in Sweden via SWIFT to my thaibank´s account, they charge me 4 GBP.

plus that I have to pay for the Thai bank as well and that is 225 baht per transfer.

I must say that often your bankcharges in the UK is a scam....... sorry about that.

[citizen33]

At the risk of repeating old news, one of the best UK deals is a SWIFT transfer via a Halifax Reward account. This costs GBP9.50 but you get GBP5.00 off if you transfer in GBP1000 in any given month. Exchange rate is good as long as you remember to send money in sterling and let the Thai bank do the exchange.