Sooty and Sweep

Been reading through the threads, and i have noticed that this current account, linked to an e-saver account seems to be a very popular product/savings investment vehicle? When making the initial move to Australia by way of recieving monthly pensions/ monthly savings/rental interest and birthday money gifts etc etc?

Now i popped into the Nationwide today, and was very impressed by what i was told, i even initiated the account opening up process. so hoefully i have made the correct decision?

My questions are, would anybody mind if they could clarify a couple of points?

I am planning to migrate all my DD's and linked accounts from my HSBC account to my newly opened Flex account, then close my HSBC account, so not to confuse myself by way of having two current accounts. Is the migration process to this Flex account a good idea for managing you UK based finances while residing in Australia?

Secondly is it really as easy as i was told, that you can say have £1000.00 in your e-saver account. You can transfer this £1000.00 to your Flex current account, by way of using the internet while in Australia.

Then once the £1000.00 is in your Fleax account, you can withdraw a partial amount of say £300.00, from a cashpoint in Australia. The cash will come out in Australian dollars. You will not be charged any costs at all. The exchange rate is better than the tourist rate, and not much worse than the current HIFIX rate for that day.

So in reality, if the exchange rate is good for that day, then its just like changing over money through OZFOREX without any costs incurred?

Has anyone had any good or bad experiences ragarding this process and this account?


Thanks very much for any feedback.

bobbyfaescotland

I have been with the Nationwide for over 15 years and they have been excellent.

With regard to the e-saver, you will only get the high interest rate for the first £3000 then it reverts to a lower rate for the rest, so if you have over £3000 you need to move it to a higher interest account like CitiBank or ING

You can transfer money from your e-saver to your Flex instantly on line as it is linked to your Flexaccount, and yes you can then withdraw from a cashpoint free of charge and at a better rate, but that will only be free of any charges that Nationwide may have, some banks will still charge you for using their cashpoint, and if I can remember right, most of the banks in Australia that I used charged me for using their cashpoint even with a Nationwide card, which will show up on your statement, some as much as $5 a time.

Hope this helps

Bobby

German Dave

I use my Flex Account regularly in Germany and I've used it in Australia as well. We plan to furnish our house and live off the money in my e-Saver until I start work when we arrive in Australia next week. I study the currency markets with great interest and am well up on the data of currencies that concern me, and believe me, in my opinion it is the best Account for people who are overseas wishing to draw on Sterling.

If you can get a Nationwide Credit Card as well. You can pay it online through your Flex/e-Saver Accounts.

Cheers -

Dave.

Amy79

I switched from halifax to nationwide just before I went on my working holiday visa to Australia and it was perfect. I kept money in my e-savings account transferred it online to flex account, withdrew funds at any cashpoint (in aus dollars). no charges. You can also use your card in shops just like you do here. again no charges. great service - i extended my overdraft limit while there and they called me back in Australia as I was on a payphone in a hostel - best service I've ever had from a bank. Plus you can speak to a real person in a real branch not just a foreign call centre.

I've stayed with them now and used cards all over world with zero problems and pretty much every english backpacker i met had a nationwide card and the other europeans & ozzies were jealous of the great deal!

Sooty and Sweep

Amy79, bobbyfaescotland, German Dave,

Thanks, thanks very much, appreciate the feedback, was a little worried, been with HSBC for quite some time, so it looks like i made the correct decision.

Your thoughts and feedback are very welcome, i suppose finance and leaving the UK are two things which make me a little nervous, as you always seem to leave some footprint here, no matter where you are going and for how long?

So the account seems to work well.

Thanks again Amy79, bobbyfaescotland and German Dave.

dugongs

moneysavingexpert email today claims nationwide introducing 2.5% fee min 3 quid from 17 october for overseas withdrawals. this brings them into line with nearly all other cards and moneysavingexpert recommends post office card as only other free one.

German Dave

Can you post a link?

German Dave

Found it. IT ONLY APPLIES TO CREDIT CARD (CASH) WITHDRAWALS.

Can't see any problem with the N/W Visa Debit Cash Card.

Cheers-

Dave.

Sooty and Sweep

I hope they have not, i was assured yesterday there was no cost involved?

Thanks Dave

kezzabird

I've been with Nationwide since I was sweet 16 I am now 35

I have travelled all over the world and always use my debit card to withdraw money abroad, I have never been charged. I do all my banking online and plan to continue to do so in Aus. I have never ever had a bad issue with Nationwide, they are always very helpful.

IMO you have made the right choice.

GinaUK

There are *no costs* involved. "Dugong" was confusing credit and debit cards.

If you withdraw cash with your Nationwide credit card, it's called a cash advance. And whether you withdraw cash on your credit card at home or abroad, there has always been a charge for it, because you're effectively borrowing money from the bank.

This thread has been about the FlexAccount (and eSaver), which comes with a debit card. There is no charge if you withdraw your money at home or abroad with the debit card.

There are also no charges if you purchase something with the credit card at home or abroad.

Gina

Sooty and Sweep

GinaUK, kezzabird,

Thanks, thought they had moved the goal posts the day after i thought i had scored?

1-0 Thanks for the post and update.

discobay

I think you meant to say £3,000,000 see here.

tony s

hi, can i withdraw cash from ATM'S in Dubai with my nationwide flex card.

thans tony

Reasonable

Do you know if it possible to open these accounts once living in Oz? I already have a NW credit card.

Thanks