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Nationwide to charge for card use abroad

Nationwide has announced it will axe fee-free use of debit cards abroad - one of the most popular benefits of its current account.


The country's biggest building society will charge both 2% commission and a £1 cash withdrawal fee on foreign transactions for its FlexAccount from 1 November 2010.

Read more: http://www.thisismoney.co.uk/savings...#ixzz0vMnGd7sp

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I went to draw some cash over the counter in Nationwide. Did you know that the maximum cash you can draw in a day over the counter is £500 without giving 48 hours notice. I usually take cash out to Goa with me and I had not had a problem before drawing more than £500.

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Quote from MsJ5 - If you are talking of sterling travellers cheques please let me know where you get them commission free?You certainly will pay commission to exchange them.

Lloyds Bank Ltd. and Post Office are commission free travellers cheques. If you google Commission free travellers cheques you will find quite a few. We have never paid commission cashing T/C in Goa. Sometimes we were given more than stirling.

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Personally I get my commission free travellers cheques from Royal Bank, as part of my current account deal, they also take back any unused cheques at the full rate, not that my wife would ever have any of those!

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:rofl::rofl: a girl after my own heart. :sneaky:

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Foreign currency may be free Noni. Have you actually checked out sterling? Lloyds do charge commission and so do RBS if you get sterling Travellers cheques.You are not told you are paying commission you just get the going rate but not what you see on X rates which is what Nationwide give.

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Any engineers out there who can explain to me what "International Syphonic" drainage system is? It`s mentioned in the ToI today while referring to a CWG stadium.

Wally.

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Confused :confused::confused:

Lloyds TSB - Travel money
(There is also no commission charge when buying Sterling Travellers

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They take the commission by nobbling the rate they give you Noni. Shave it by a few points, and theres the commission, but you dont know it!

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Sorry, dont get this. If you are buying sterling travellers cheques from a british bank in sterling you would have to know if they were charging commission and when you change them in Goa you would know what the rate is, you can check it on the boards at a few places before you change them so you would know if you were getting a worse rate to cover commission wouldnt you. I wouldnt change them at an hotel as you would definitely get a poor rate which would be like paying commission

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Well I hope you're right but according to thisismoney they are going to charge 2% PLUS £1 (plus they do shave a bit on the exchange rate). So on a Rs. 10,000 withdrawal that's getting on for 3%.
If you've got a Nationwide account log in online, go to messages, and give them hell! - They announced this just after the AGM (at which senior management were Boo'd for taking massive bonuses) so you couldn't complain!

AndyD 8-)#

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Hidden details

"0% commission when you buy foreign currency banknotes and non-Sterling American Express® Travellers Cheques. (There is also no commission charge when buying Sterling Travellers Cheques over the phone but in a branch you will be charged 1.5% commission - minimum £3.)"

"Home delivery†for £4.50 (to cover the cost of registered post) By phone and online only."

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They do not (or certainly did not) shave the rate. The first year we used the card for all our cash transactions we compared the bank statement with "X-rates" daily historical look-up and they were identical! I know others who carried out the same exercise with the same result.


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Just changing the subject, has anyone heard about the big Commonwealth Games scandel thats been in Indian News on the Times News channel and some on CNN IBN. Apparently the chairman of the organising commitee in India Kalmadi ( I think thats how its spelt) has sent cheques to a UK company run by a Mr. Patel for something, it is not clear forwhat he was paying , nor is it clear which of Mr. Patels companies he paid. Kalmadi leading the Commonwealth organising committee said that he was recommended the company by the Indian High Commission, they catagorically deny this. Kalmadi is alleging a third division clerk in IHM gave him the name of the firm.

Confused? Well so am I, there is a lot more to the story which indicates something murky is going on. It appears that UK customs and excise may be investigating. Basically it seems that the issue is money laundering and corruption. The money for the Commonwealth Games comes in part from tax payers in the commonwealth countries.

If you get a chance to look at this story you will soon see that it is very murky. A member of the overall commonwealth commitee has said that the games are being brought in to disrepute.

Also the stadia are not ready and they now only have 58 days, maybe they can wing it, and throw in the missing roads on time. People working on the stadia have no safety equipment it seems and 45 have already died.

Sadly yet another example of the effects of corruption.

Ruskin

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As far as the Travellers Cheques are concerned, I think there may be confusion here between STERLING and foreign currencies. I certainly have never found anywhere that sterling ones were free............for the very reason that they cant finance it by shaving the exchange rate.
Why would anyone want to provide such a service for nothing?


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