Halifax vs Nationwide

[torrow]

Halifax vs Nationwide. Which is best for a UK citizen living in Thailand (Transferring money online, ATM etc)

Thanks

[rayinkrabi]

No contest, Nationwide charge 2% on the amount withdrawn plus 1 pound for each withdrawal, Halifax charge 2.75% plus 1.50 pound !! Others such as Barclays, Lloyds, HSBC, etc. charge much more so avoid them.

I recently changed my Nationwide account to the FlexPlus which does not charge at all although it costs 10 pounds per month.

There used to be good alternatives such as Metro, N&P Bs, who didn't charge for foreign withdrawals but thats all changed now. You might find this link interesting: http://www.independent.co.uk/money/spend-save/be-careful-when-you-spend-abroad-9069502.html

Finally, be careful which Thai ATM you use as many now charge 180 baht and only let you withdraw up to 20k, I use the Bangkok Bank ATM which still charges 150 baht and allows up to 25k withdrawal. p.s. best to use an ATM at the bank as it's a lot of hassle if your card is 'swallowed' (as mine was last week at a local petrol station).

[theoldgit]

To answer the other part of your question, the cost of transferring money from the UK to Thailand online, the Halifax charges £9.50 if you do the transaction online, or £19.50 over the phone or in a branch, whilst the Nationwide charges £20 for either method.

[torrow]

To answer the other part of your question, the cost of transferring money from the UK to Thailand online, the Halifax charges £9.50 if you do the transaction online, or £19.50 over the phone or in a branch, whilst the Nationwide charges £20 for either method.

So am I understanding this correctly? If I transfer £500 from a Nationwide account into my Kasikorn account, Nationwide will charge me £20?

[theoldgit]

Yes, but they will still only charge £20 if you transferred £5,000, it's really not cost effective for small amounts.

It's the cost of their telegraphic transfer, but you also need to be aware that if your UK bank uses an intermediary bank to process the transaction, they will also take a small cut.

Kasikorn will charge you 0.25% to receive the funds, with a minimum fee of 200 Baht and a maximum of 500 Baht.

[i claudius]

I have used Nationwide many times for a transfer to my Krungsri bank ,arrives in 1 day ,but do not bother with small amounts its not cost efective. shame about metro,they went the way of nationwide by stopping free card transactions ,oh for the days when ,the atms here didnt charge and neither did nationwide.

[rayinkrabi]

Good advice from The oldgit as usual. Another thing I learnt too late and to my cost that might help. I used to have several backup UK accounts with other banks but didn't use them as the nationwide was free to use abroad at the time. They refused to renew my debit cards when they expired as I live abroad and had not used their cards for a long period.

I know now that I should have simply shuffled my money around the accounts online every now and then which would have kept them 'active'. If you're still in the UK, might also be worth getting a Cash Card as another backup, can't use this in foreign ATM's but can get cash over the counter, the Nationwide charge 2% plus 1 pound for this, not sure if the exchange rate will be as good though.

Cheers, Ray.

[i claudius]

Good advice from The oldgit as usual. Another thing I learnt too late and to my cost that might help. I used to have several backup UK accounts with other banks but didn't use them as the nationwide was free to use abroad at the time. They refused to renew my debit cards when they expired as I live abroad and had not used their cards for a long period.

I know now that I should have simply shuffled my money around the accounts online every now and then which would have kept them 'active'. If you're still in the UK, might also be worth getting a Cash Card as another backup, can't use this in foreign ATM's but can get cash over the counter, the Nationwide charge 2% plus 1 pound for this, not sure if the exchange rate will be as good though.

Cheers, Ray.

Yes Hsbc ,just told me that they are cancelling my acc because i never use it ,wonder why?,they are useless thats why. ,still i keep my wifes live in the UK by putting a few quid in now and again ,just incase she needs it any time ,luckily i have an address in the UK that all our letters from banks go to (always helpfull),much as i do not like any banks ,nationwide have never let me down .

[Jip99]

Good advice from The oldgit as usual. Another thing I learnt too late and to my cost that might help. I used to have several backup UK accounts with other banks but didn't use them as the nationwide was free to use abroad at the time. They refused to renew my debit cards when they expired as I live abroad and had not used their cards for a long period.

I know now that I should have simply shuffled my money around the accounts online every now and then which would have kept them 'active'. If you're still in the UK, might also be worth getting a Cash Card as another backup, can't use this in foreign ATM's but can get cash over the counter, the Nationwide charge 2% plus 1 pound for this, not sure if the exchange rate will be as good though.

Cheers, Ray.

Yes Hsbc ,just told me that they are cancelling my acc because i never use it ,wonder why?,they are useless thats why. ,still i keep my wifes live in the UK by putting a few quid in now and again ,just incase she needs it any time ,luckily i have an address in the UK that all our letters from banks go to (always helpfull),much as i do not like any banks ,nationwide have never let me down .

Nationwide are not a patch on what they were 5 years ago.

Their overseas payments system is not user friendly.

I had been using Halifax @ £9.50 a time (I also get £5 'reward' each month) but it was the third working day by the time the funds were credited at Kasikorn Bank. Not at all bad.

I then tried HSBC once I discovered that you can remit Sterling. The online system was a piece of cake and this week I instructed a payment of £2,000 at 09:30 Thai time. The funds were in Kasikorn before 11:30.

[i claudius]

Oh come on nationwide May not be a building society ,just a bank in disguise but their swift transfer is a piece of p,even an.idiot could do it

[lelapin]

I find that the cost of transferring the money from the UK is almost irrelevant compared to the differences in the rate of exchange from one day to the next.

I have a sterling account with Bangkok bank into which I transfer money from Nationwide UK. With current interest rates you receive leaving money in my sterling account for a month or so with no interest loses me very little. When I see in the morning that the baht rate has moved to an acceptable level, I go to Bangkok bank, transfer the money into my ATM account and usually it is processed within an hour. Making the transaction at the right time far outweighs whether you are paying ten or twenty pounds for the transfer from the UK.

[torrow]

Thanks for all the replies. Judging by the comments here, it would appear more people are using Nationwide than Halifax. I'll take that as a vote of support for Nationwide

[wgdanson]

Hey Lelapin. Get your Bangkok Bank online, and money from your Foreign Account can be transferred into a Baht Savings Account IMMEDIATELY. Why wait an hour!

[Jip99]

Oh come on nationwide May not be a building society ,just a bank in disguise but their swift transfer is a piece of p,even an.idiot could do it

Obviously!

[lelapin]

wgdanson

Over a certain amount you can get a better rate of exchange than quoted on the internet.

[lungbing]

If you live in Thailand then be careful that the Nationwide Building Society do not find out, otherwise they will close your account. But through Nationwide BS, who will check and sign off your necessary paperwork and send it through their internal mail, you can open an account with Nationwide International on the Isle of Man and they don't mind you living here. The closure of account is probably also true with Halifax, but I'm not certain. With Nationwide BS you have to be UK resident to have an account.

[Jip99]

If you live in Thailand then be careful that the Nationwide Building Society do not find out, otherwise they will close your account. But through Nationwide BS, who will check and sign off your necessary paperwork and send it through their internal mail, you can open an account with Nationwide International on the Isle of Man and they don't mind you living here. The closure of account is probably also true with Halifax, but I'm not certain. With Nationwide BS you have to be UK resident to have an account.

Spoken like a true Forest fan . Nationwide online/paperwork steers you to Nationwide International if you are not UK resident. That was no use to those of us with Flexaccounts as NI didn't do them.

Most UK banks will not open an account if you cannot verify a UK address. Halifax will not send cards to Thailand but I have friends who have recorded their Thai address with Halifax.

I have a UK address for all my UK bank accounts, credit cards and Premium Bonds except HSBC.

[Jiu-Jitsu]

No contest, Nationwide charge 2% on the amount withdrawn plus 1 pound for each withdrawal, Halifax charge 2.75% plus 1.50 pound !! Others such as Barclays, Lloyds, HSBC, etc. charge much more so avoid them.

I recently changed my Nationwide account to the FlexPlus which does not charge at all although it costs 10 pounds per month.

There used to be good alternatives such as Metro, N&P Bs, who didn't charge for foreign withdrawals but thats all changed now. You might find this link interesting: http://www.independent.co.uk/money/spend-save/be-careful-when-you-spend-abroad-9069502.html

Finally, be careful which Thai ATM you use as many now charge 180 baht and only let you withdraw up to 20k, I use the Bangkok Bank ATM which still charges 150 baht and allows up to 25k withdrawal. p.s. best to use an ATM at the bank as it's a lot of hassle if your card is 'swallowed' (as mine was last week at a local petrol station).

Those alternatives still exist: Gold Classic Current Account and the Cumberland Plus are bank accounts with no fee debit cards.

It is the N&P Gold Light account that was phased out for new customers.

You can also use the Halifax Clarity CC for cash withdrawals. Though it advisable to use it for purchases too or they might reduce your credit limit.

[rayinkrabi]

Good point by Jui-Jitsu but it seems there is a catch:

Various Cumberland BS current accounts will not charge you to use your card for transactions abroad but these are only open to residents within its branch-operating area (which includes Cumbria, Dumfriesshire and select parts of north Lancashire and west Northumberland). (paragraph from the Daily Telegraph link I posted earlier)

Another good point made by Lungbing, the Nationwide saw fit to block my card the other day and following my email to them they asked about my travel plans! I simply replied that I have no planned return date to the UK as yet, hopefully that will satisfy them but a quick check on my statements will clearly show I've been here for over 13 yrs already! My guess is they are quite happy as long as my money is regularly paid in to the account.

[Jiu-Jitsu]

Good point by Jui-Jitsu but it seems there is a catch:

Various Cumberland BS current accounts will not charge you to use your card for transactions abroad but these are only open to residents within its branch-operating area (which includes Cumbria, Dumfriesshire and select parts of north Lancashire and west Northumberland). (paragraph from the Daily Telegraph link I posted earlier)

Another good point made by Lungbing, the Nationwide saw fit to block my card the other day and following my email to them they asked about my travel plans! I simply replied that I have no planned return date to the UK as yet, hopefully that will satisfy them but a quick check on my statements will clearly show I've been here for over 13 yrs already! My guess is they are quite happy as long as my money is regularly paid in to the account.

It's not a catch. It's either available to you or it is not. If it isn't you can go for the N&P Gold Classic. There's a 'catch' to that too...you should shift at least £500 per month into the account every month.

Notwithstanding, these are the two UK accounts yielding fee free debit cards for worldwide usage.

[rayinkrabi]

"It's not a catch. It's either available to you or it is not." Fair enough, just my bad wording I guess, I was simply pointing out the 'condition' that it's only for locals to that building society, good info none the less for some, and certainly worth sorting out before leaving England.

I can also report back that there was no problem re-instating my Nationwide card and certainly no problem with them knowing I'm here long term.

[i claudius]

Yesterday at 11am our time I did a swift transfer from nationwide,it arrived in my bank at 11am our time this morning 52.10 to the pound

[Jip99]

Yesterday at 11am our time I did a swift transfer from nationwide,it arrived in my bank at 11am our time this morning 52.10 to the pound

24 hours is OK - although HSBC beats that by a long way.

Just for comparison purposes i claudius, can I ask if 52.1 was the net rate after Thai bank charges - and what was the cost at the UK end ?

[a99az]

What about using the PO think they do a good deal.

[i claudius]

20 pounds charged and yes that was the net rate,wish I had brought it over 3 weeks ago I brought cash over and got 54.70

[Jip99]

20 pounds charged and yes that was the net rate,wish I had brought it over 3 weeks ago I brought cash over and got 54.70

Thanks.

I will lend you my crystal ball ........ when I can get it working properly.

[Jiu-Jitsu]

"It's not a catch. It's either available to you or it is not." Fair enough, just my bad wording I guess, I was simply pointing out the 'condition' that it's only for locals to that building society, good info none the less for some, and certainly worth sorting out before leaving England.

I can also report back that there was no problem re-instating my Nationwide card and certainly no problem with them knowing I'm here long term.

Must have been annoying when they changed their policy of no fee withdrawals.

Halifax Bank is better for transfers. Only £9.50 and best to send in Pounds, not Baht. You should get 53 baht, not 52.

[rayinkrabi]

'Annoying' is an understatement but I saw it coming, as I recall the whole planet was in financial turmoil at the time and I could picture their executives sat around a table discussing how to best squeeze more money from the customers. I reckon it was a calculated risk when they decided "to pass on charges that were previously absorbed by the Nationwide" and to honest, it was a good gambol 'cos they made sure they were still one of the most competitive around.

As well as the 'Non Sterling transaction' and 'Non Sterling cash' fees I remember reading somewhere that they also passed on another charge where they reduced the exchange rate by 1% but I'm not sure what the reason for that was?? I do however recall seeing the difference when comparing the rate I got with online currency convertors.

[Jiu-Jitsu]

'Annoying' is an understatement but I saw it coming, as I recall the whole planet was in financial turmoil at the time and I could picture their executives sat around a table discussing how to best squeeze more money from the customers. I reckon it was a calculated risk when they decided "to pass on charges that were previously absorbed by the Nationwide" and to honest, it was a good gambol 'cos they made sure they were still one of the most competitive around.

As well as the 'Non Sterling transaction' and 'Non Sterling cash' fees I remember reading somewhere that they also passed on another charge where they reduced the exchange rate by 1% but I'm not sure what the reason for that was?? I do however recall seeing the difference when comparing the rate I got with online currency convertors.

Normal FlexAccount debit changed from nothing to 2% plus £1 for ATM withdrawals. The Gold CC has stayed much the same. No forex fee on purchases within the Visa Europe region, but they no longer absorb the 1% VISA charge outside that region.

So now we have only the Halifax Clarity, Santander Zero credit cards and the N&P BS and Cumberland BS debit cards that allow fee free ATM withdrawals and purchases.

The other options available are within paid for accounts.

Edited August 21, 2014 by Jiu-Jitsu

[rayinkrabi]

Ok, that clears up the 1% query I had as I suspected it was the Visa charge, fair enough I suppose. Re 'paid for' accounts, controversial area of banking (see link) http://www.telegraph.co.uk/finance/personalfinance/bank-accounts/10601361/Complaints-about-paid-for-bank-accounts-reach-400-a-day.html as many of the 'benefits' do not apply anyway.

I also like this article as it covers most of the comments on this link and answers (I think) the OP in full plus many questions raised on other threads re financing our stay in Thailand. http://www.moneysavingexpert.com/travel/cheap-travel-money, I particularly like the sentence : "While the right card is absolutely the best way to spend abroad, the wrong one is absolutely the worst way."

btw, seems Jui-Jitsu missed some off of his list including the Natiionwide CC altho the Halifax Clarity does come out on top. (unless this article is already out of date?)

Hope this is of some help to the OP. Cheers, Ray.